ERC721P Dedicated Budget

Introduction ERC721P is an NFT project developed by the community alone, whether it is contract design or pictures all from the bottom. The project involves the construction of the LP pool of NFT, which requires a large amount of $PANDA Token. It has exceeded the community's daily operating budget and needs to be entered into a community Snapshot referendum, with the voting results eventually going to a multi-signer for review.

Proposal Details ERC721P There are three rounds of mint in total, the first round is the Dutch Snapshot, the second round is the WL mint, and the third round is the contract LP interaction. Currently only the first round is using ETH, the later ones are using $PANDA circulating in the market without treasury spending. The total number of NFTs will be 10,000, of which about 8,000-9,000 will enter the market circulation and the rest will be locked in the LP pool. The community will need to draw a certain amount of Panda tokens from the treasury, which will anchor the NFT price for the first round of Dutch auction.

We do not currently know the final execution of the Dutch auction, but we can ensure that every $PANDA token called by the treasury has a corresponding collateral and is not released unsecured. Because all of ChainLink's consumption is in LINK tokens to offset the Gas fee, in the process of using LINK as a prophecy machine, the ERC721P contract is also able to continuously convert LINK into ETH. The ERC721P contract will be hosted by the community treasury address, and each month the community will occasionally convert ETH within the contract into LINK, satisfying The ERC721P contract will be hosted by the community treasury address, and the community will exchange ETH into LINK from time to time each month to meet the interactive needs of the ERC721P contract.

Positive Impact of the Proposal

ERC721P because of the LP design, the entire NFT pool will continuously generate some fees, some of which will hit the LP pool and be used as the anchor price growth of NFT, and some of which will go directly to the community treasury to generate passive revenue. And the ERC721P protocol can only use PANDA tokens for interaction, increasing the utility of community governance tokens. At the same time a large number of tokens are locked within the ERC721P protocol, the amount of token pledged within the PandaDAO staking contract will drop dramatically and APY gains will rise with it.

Proposal Negative Impact

Each ERC721P corresponds to a certain number of PANDA tokens, and NFT holders have corresponding governance rights to the community, ultimately traveling their voting rights with the PANDA tokens corresponding to NFT, and the community needs to balance the positions of both NFT holders and regular Token holders. Because the ERC721P protocol has a free exit nature that prevents a bear market in NFT from coming, any holder can freely exchange ERC721P and PANDA tokens at any time. When a large number of NFTs are exchanged for Panda tokens, the tokens will suffer a massive sell-off. But because each token release has a corresponding collateral, the community will use the treasury to take on any risk of a sell-off.

Budget details Meanwhile the first round of Dutch auction, the community will add a large amount of ETH revenue, and the community's passive revenue in other DEFI platforms will increase. We plan to apply to the treasury for a spending limit of 500 million PANDA tokens, ultimately based on the number of Dutch auctions * initial anchor price. Also request $20,000 to purchase LINK for random parameter acquisition for the prophecy machine.

ERC721P Tech Details: https://docs.pandadao.xyz/erc721p/erc721p-v1-jing-zhe-ban

前言 ERC721P是社区独自研发的NFT项目，不管是合约设计还是图片全部从底层做起。 该项目涉及到NFT的LP池建设，需要大量的$PANDA Token。 已经超过社区的日常运营预算，需要进入社区Snapshot公投，最终将投票结果交由多签人审核。

提案详情 ERC721P 总共有三轮mint，第一轮是荷兰拍，第二轮是WL mint，第三轮是合约LP交互。 目前只有第一轮是使用ETH，后面的都是使用市场上流通的$PANDA，无需国库开支。 NFT总数量会有1万个，其中大约8000-9000个会进入市场流通，其余的则锁定在LP池子内。 社区需要从国库内抽取一定量的Panda代币，以此锚定第一轮荷兰拍的NFT价格。

目前我们并不清楚荷兰拍最终的执行情况，但是我们可以确保，国库调用的每一个$PANDA代币，都有对应的抵押物，而不是无抵押释放。 因为ChainLink所有的消耗都是以LINK代币去抵消Gas fee，在使用LINK作为预言机的过程中，ERC721P合约也能源源不断的把LINK兑换成ETH，ERC721P合约将由社区国库地址托管，每个月社区会不定期将合约内的ETH兑换成LINK，满足ERC721P合约的交互需求。

提案正面影响

ERC721P因为LP的设计，整个NFT池子会源源不断的产生一些手续费，其中一部分会打入LP池子，用作NFT的锚定价格增长，另外一部分会直接进入社区国库，产生被动收益。 并且ERC721P协议只能使用PANDA代币进行交互，增加社区治理代币的实用性。 同时大量的代币被锁定在ERC721P协议内，PandaDAO staking合约内的代币质押量会急剧下降，APY收益也会随着上涨。

提案负面影响

每个ERC721P 都对应了一定数量的PANDA代币，NFT持有者对社区也拥有对应的治理权利，最终以NFT对应的PANDA代币行驶他们的投票权，社区需要兼顾NFT持有者和普通Token持有者双方的立场。因为ERC721P协议拥有自由退出的性质，防止NFT的熊市来袭，任何持有者可以随时将ERC721P和PANDA代币自由兑换。当有大量NFT被置换成Panda代币，代币会遭受大量的抛压。但是因为每一枚代币的释放都有对应的抵押物，社区将会动用国库，承接一切的抛压风险。

预算详情 同时第一轮的荷兰拍，社区将会增加大量的ETH收益，社区在其它DEFI平台的被动收益将会提高。 我们计划向国库申请5亿 PANDA代币的开支上限，最终以荷兰拍拍卖数量* 初期锚定价格为准。 同时申请2万美金购买LINK，用作预言机的随机参数获取。

ERC721P 惊蛰版技术详情： https://docs.pandadao.xyz/erc721p/erc721p-v1-jing-zhe-ban