CIP030 - What to do with Dystopa veNFT?
The people have spoken. We will be migrating our Dystopia LPs to Penrose! This will give us greater revenue and governance power within the Dystopia ecosystem, ultimately funneling more rewards to the CLAM/MAI pair which is an indirect reward for otters who want to provide liquidity, incentivizes outsiders to take a chance on CLAM, and brings more revenue to the protocol.
The next phase of discussions will revolve around what to do with the veNFT that was airdropped to the protocol before the launch of Dystopia. This veNFT has a certain amount of veDYST in it (the governance token on Dystopia) worth about $20k currently.
This gave us a strong head start in gauge voting on Dystopia, but as time goes on that influence will wane with more money pouring into the protocol. Moving to Penrose was a great first step in maintaining governance power (as the PEN token can be locked for Penrose governance, which is easier to have a large share of and has more influence in the Dystopia ecosystem than we do). As a second step, we should discuss how to best utilize our veNFT to maximize its effectiveness. There are several potential options:
1.) Do nothing and keep the veNFT right where it is. Our DYST inflow is now drastically reduced (replaced with a greater inflow of penDYST and PEN), so the governance power of the veNFT will shrink over time. But it keeps some of our assets on Dystopia in the event of a Penrose collapse.
2.) Convert the NFT to an equivalent amount of penDYST. This happens on the Penrose protocol and entitles us to (very powerful) Partner Benefits there, which will net us a larger share of PEN emissions. See more info here: https://docs.penrose.money/partners/partners-faq. From there, we can stake the penDYST for max rewards. We can then convert the current $$ value of our veNFT to PEN and lock to vlPEN so we don't miss a step in governance.
Off-Chain Vote
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- Author
0x4122…664E
- IPFS#QmVpnw4c
- Voting Systemsingle-choice
- Start DateJun 10, 2022
- End DateJun 11, 2022
- Total Votes Cast10.64K vPEARL
- Total Voters16
Timeline
- Jun 10, 2022Proposal created
- Jun 10, 2022Proposal vote started
- Jun 11, 2022Proposal vote ended
- Oct 26, 2023Proposal updated