by 0xbc02db030361121dd43bbb2fcbcb4f9f98c1dc7d (Feisty)
Linked Pre-Proposal
L1 Ethereum Wearables Voting Power Allocation Proposal
Summary
It has come to my attention that, L1 Wearables Voting Power from the approved 6 collections are actually quite low.
Here’s my proposed VP for L1’s
- Mythic: 2000 VP
-Legendary: 200 VP
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Epic: 20 VP
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Rare: 10 VP
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Uncommon: 2 VP
Abstract
This is a binding governance proposal calling for the attachment of voting power (VP) to the original six (OG6) official Decentraland Layer One (L1) wearable collections, released in 2019. This includes the following collections: 1) Community Contest; 2) DCL Launch; 3) Exclusive Masks; 4) Halloween 2019; 5) MCH Collection; and 6) Xmas 2019.
The hope is that this solution meets the demands of wearable stakeholders, and is both accepted by other stakeholders and viewed as technically feasible due to its limited application to only the six (6) first and official Decentraland wearables collections.
Motivation
This proposal seeks to resolve the issue of wearables VP, which has been a point of contention since passage of the first non-binding poll in June 2022. It aims to provide an implementation pathway that distributes wearable VP in as equitable a way as possible, while mitigating technical blockers. It further fulfills a demand that was made by the community with a relatively strong level of support, equating to nearly 20% of historical VP, however, was not enacted by the DAO committee because there was no clear implementation pathway.
While there was no initial promise of VP with purchase of early L1 wearables, assets from the Halloween 2019 collection remain the only officially-sponsored asset in which MANA was spent by community members, burned by the Foundation, and is not associated with any form of VP. The problem with some past solutions proposed by wearable stakeholders to attach VP to ALL L1 wearables is that, a) it is incredibly arduous to implement, particularly when considering distributing VP by rarity of each collection; b) it is somewhat arbitrary in that there is no precedent for such a VP-generating act; and c) In the majority of cases it would in fact be creating double VP in that wearables were purchased in a p2p transaction in which no MANA was burned, so the seller would have received MANA equating to VP and the buyer a wearable equating to VP. As a result of the above, an all encompassing L1 solution is technically impractical and both quantitatively and qualitatively difficult to justify.
The Halloween 2019 collection, however, was the first wearable collection after the Exclusive Masks beta, and the only collection partially sold by the Decentraland Foundation, raising 1,077,320 MANA in sales. Although subsequent collections in the 2019 wearable offerings were distributed for free or as a reward, this spent MANA, which was removed from the ecosystem, has not received any democratic utility. By attaching VP to these “initial offering” wearable collections (and only to these initial six), which are the foundation of the robust wearables market we see today, this proposal aims to assert wearables as an essential asset class - similar to MANA, LAND, and Names.
Specification
Attach voting power, distributed by rarity to the six (6) official Decentraland wearable collections released in 2019. This includes:
- Community Contest
- DCL Launch
- Exclusive Masks
- Halloween 2019
- MCH Collection
- Xmas 2019
There are 48,620 total wearables in these six collections, spread across 7000+ wallets. This equates to nearly 70% of the 71,082 total L1 wearables, which are spread across 10000+ unique wallets.
VP will be distributed according to rarity as follows:
Mythic: 2000 VP
Legendary: 200 VP
Epic: 20 VP
Rare: 10 VP
Uncommon: 2 VP
There are 644 mythics across 189 unique wallets; 4,249 Legendary across 827 unique wallets; 17,382 Epic across 4,820 unique wallets; and 24,713 rares across 4,126 unique wallets.
In total this will create 2,732,570 VP. This equates to ~15% of the historically active VP in the DAO, and is less than 2x the amount of MANA spent (and burned) by community members to purchase Halloween 2019 wearables from the Decentraland Foundation.
Conclusion
These six (6) original wearable collections from 2019 are the final group of initial offering assets that have no associated VP. Other assets in this category include MANA, LAND and Names. What unites these assets are the fact that they are tied to either the core Decentraland smart contracts, or were linked to a foundation-led asset sale in which MANA was burned or the assets were distributed freely to early project adopters.
Voting in favor of this proposal is meant to put a close to the question of creating additional voting power assets in the future. This final section of the proposal should be referred to if there are further attempts to use past precedent as an argue for extending VP to additional asset sets or categories.