n00unish #01
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Twitter | Website | About n00uns DAO
About the newsletter: We believe the best way to predict the future is to create it.
n00uns DAO is an ambitious multi-chain DAO proliferating via the @nounsdao protocol and @y00tsNFT. The aim of this newsletter is to be the bridge of information to introduce the ETH Nouns to Solana/Polygon and Solana/Polygon natives to the ETH Nouns.
Overview
Coverage of the Solana & Nouns ecosystems: Overview of n00uns DAO, $Bonk, Value of NFTs, and a Nouns DAO Weekly Recap.
DAO News: The n00uns DAO formally backed y00ts Coffee in their proliferation of Nouns via coffee - they are providing directly sourced beans (Top 3% in the world) to web3 consumers. Subscribe today and they will give 25% of revenue to the n00uns DAO treasury.
① What is n00uns DAO?
Authors: @BigsbyWest, @ive77i; Video: @DeFiExplained
📈 n00uns DAO Update
n00uns DAO is a multi-chain DAO whose aim is to build and proliferate culture-impacting ideas via the Nouns DAO protocol. We are a group of ambitious founders, builders, artists and change makers brought together by the mutual conviction that a DAO, that is ...
Empowered by a strong community,
Funded by a sustainable treasury,
And incentivized to do good,
... can have a meaningful impact on society and the communities around us.
We admit NFTs can be silly.
But underpinning NFTs is a technology that can change how we think about people and communities and their potential for impact.
Combining the power of people and communities with a decentralized governance structure allows for fast mobilization and capital deployment.
This operationalizes an incredible protocol for funding brilliant ideas.
How We Operate: We are convinced that people, when given a platform to create, can greatly impact the world around them. Everything we do is guided by an internal ethos of doing good, creating positive externalities and building bridges.
Operating Principles:
Incentivizing positive DAO participation and building that translates into real world impact on the communities around us 💥
Funding a treasury to build, support, and incubate both large and small culture shifting brands, businesses, projects, events and fundraisers 💥
Investing in fellow founders, builders and entrepreneurs via an investment syndicate and venture agency 💥
How to Join:
To join now: Buy a y00ts Noun NFT from Magic Eden on the Solana Blockchain
To join later and support the DAO treasury: Buy a n00un NFT when auctions start on the Polygon blockchain (Q1 2023)
Membership to an incredible multi-chain DAO on Polygon and Solana
Voting and proposal submission power w/access to a treasury to fund your ideas
Access to a worldwide network of n00unsDAO members
Opportunity to invest through the n00unsDAO syndicate
Partnerships with leading brands and businesses
Including all partners backed by the DAO including xNFT Backpack, Squads, y00ts Coffee, Bonk and more.
② $BONK - The New Face of Solana?
📈 Bonk Update
One more token in the ocean of 20,000 cryptocurrencies. His nickname? BONK.
The "meme coin" with a dog's head has gained more than 4,000% since its launch on December 25, according to CoinMarketCap. If its progress slowed down in a few days, the crypto still gained 114% in the space of 24 hours post airdrop, trading at the time of writing this article around $0.000000903687.
What is the BONK token? How does it work?
BONK is the latest addition to the meme coin category via its launch on December 25, 2022. According to the project's White Paper, this new memecoin was born to make people forget the negative results of 2022 and give back "fun" to Solana contributors. Also according to the document, BONK aims to provide a fairer distribution of crypto through a focus on airdropping to active Solana developers.
When bonk launched, 50% of the supply of this token (whose total supply had been set at 100 trillion tokens) was distributed to Solana users in the form of an airdrop.
This distribution has led to a certain enthusiasm around this project, involving large trading volumes on decentralized platforms linked to the Solana ecosystem.
For example, the Bonk/Solana pair saw around $20 million in volume within 24 hours. Likewise, the team behind the bonk project has already “burned” many tokens over the past few weeks, in an attempt re-spark the DeFi in the Solana ecosystem.
Additionally, the Omni Creative team worked directly with the Bonk team to develop, an NFT collection that broke the leaderboard charts for Magic Eden, and lead to the burning of 2.4B $BONK since the reveal. It has nearly burned as much $BONK as all other projects combined since $BONK launched in December.
A Needed Boost
Since the fall of Sam Bankman-Fried's empire, the Solana blockchain has received the kiss of death (similar to the news cycle for Ethereum in 2018) from many individuals and news outlets.
However, its users and developers did not seem to give up hope of seeing the ecosystem emancipate itself from the shadow of FTX. In this sense, the airdrop of the BONK token wants to provide community support for Solana.
Solana's feverishness of the past few weeks has been partly offset by the appearance of Bonk. Indeed, the price of SOL has increased by more than 30% since the beginning of the year and the Bonk airdrop is certainly no stranger to this sudden popular interest.
50% of the total supply was distributed to the Solana community, i.e. 500 billion according to the following proportions:
20% dedicated to Solana 's NFT collections, comprising nearly 297,000 individual NFTs
15% paid to early traders
10% distributed to artists and collectors present on Solana
5% of tokens are reserved for Solana network developers
The Silver Lining
We don’t want to forget that a memecoin, whatever the value originally is can be a truly bullish news from a community standpoint 👇
Increased interest: Airdrops can create buzz and excitement around a coin, leading to an increase in community engagement and interest in the project.
Distribution: Airdrops can increase the distribution of the coin, which can help improve the decentralization and security of the network.
Free coins: Receiving free coins is generally seen as a positive event, as it can lead to increased adoption and usage of the coin. Bonk saw over 50k new wallets join the Solana ecosystem from presumably, BNB, ETH, AVA, and ADA.
Liquidity: Airdrops can help increase the liquidity of the coin, which can make it easier for people to buy and sell the coin on exchanges.
Marketing: Airdrops can serve as a marketing tool, helping to attract new users to the project and increase awareness about the coin.
Developers: Many developers from 2nd and 3rd world countries received life changing airdrops of $5,000-$20,000 (up to $60,000 at the peak). Which showcased the unbeknownst reward for building with no expectations of return.
In conclusion, while the excitement surrounding $BONK can be tempting, it's important to do thorough research and understand the potential risks before investing. Investing in any memecoin in general should only be done as part of a well-diversified portfolio, and caution should be exercised to avoid getting caught up in the hype.
③The Real Value of Non-Fungible Tokens (NFTs)
Author: @otaku.sol
📈 NFT Update
Can NFTs provide actual value or are they only ponzis?
When an NFT project provides you with an airdrop or SPL tokens for access to a specific tool (be it a liquidity pool, swap, loan platform or raffle), are they actually providing any utility?
This question has been perplexing investors for the past four years, so let’s dive in to some specific Solana projects that we think have the potential to provide true utility to holders/users alike:
1) BLXCKOUT:
Building a mobile app called the "SYNX" which is built upon Genesys Go (Solana native storage provider) and planned to be released in SAGA mobile.
The synx will be one of the apps which will act as a tool to onboard to masses to Solana by taking advantage of it's easy UI/UX and mobile friendly use cases.
2) NETRUNNER:
Built a Tax reporting Dapp, which helps you from filing taxes on your virtual assets to identifying the P/L on your current NFT portfolio .
This comes in pretty handy during tax season where we might face a headache in finding out how much we have spent over the year.
3) HELIONS:
One of the main use case of crypto is payments. Helio Pay, a product of Helions has been one of the most widely used payment platforms in the solana ecosystem.
It covers a wide range of use cases like:
Pre-sales
Pay stream
Pay links
IRL Products
Companies using Helio Include:
y00ts Coffee - Directly sourced coffee company for web3 consumers.
Famous Fox Federation - The Famous Fox Federation (FFF) is a collection of 7,777 randomly generated NFTs that exist on the Solana Blockchain. FFF is known as the most prolific builders on Solana via the development of the most sought after tools in the ecosystem.
Solana Foundation - Breakpoint & the Solana Foundation use Helio for everything from ticket sales to rewards!
There are hundreds more from artists to designers like Woven.
④ Nouns DAO Weekly Recap [1/23/23 - 1/29/23]
👥 Author: @blues_content
Proposal Overview
Proposal 207 - Nouns Studio1 - extension 2023
Votes: 249 For, 1 Against, 1 Abstain → Executed
Total asking amount: $203,100.00 USDC (135.3 ETH) for one year
Proposal 208 (which we will dive into some more later) - Nouns Whisky ⌐◨-◨
Votes: 99 For, 57 Against, 61 Abstain → Executed
Total asking amount: $153,000.00 USDC (102 ETH)
Proposal 209 - Mucho Love v1.25 [revised]
Votes: 207 For, 0 Against, 4 Abstain → Executed
Total asking amount: $106,290.00 USDC (70.86 ETH)
Proposal 210 - Redirect 10% of future Lil Noun emissions to Lil Treasury
Votes: 32 For, 176 Against, 3 Abstain → Defeated
Total asking amount: $0 USDC (ETH)
Proposal 211 - Nouns Presence In Chinese Community
Votes: 171 For, 36 Against, 22 Abstain → Executed
Total asking amount: $220,080.00 USDC (163 ETH)
Proposal 214 - NounsAI Pod 6 Month Extension
Votes: 190 For, 6 Against, 0 Abstain → Executed
Total asking amount: $624,000.00 USDC (416 ETH)
Proposal 215 - Uplink.wtf - a marketing platform for all ⌐◧-◧
Votes: 146 For, 126 Against, 2 Abstain → Executed
Total asking amount: $75,000 USDC (50 ETH)
Summary of the DAO Funds
1 ETH = $1584.00 At the time of writing this.
Total amount brought into the DAO from the daily auctions → 230.44 ETH, which amounts to $365,016.96
Total amount spent to fund proposals to the DAO → 937.16 ETH, which amounts to $1,484,461.44
Total votes casted → 1094 For, 402 Against, 93 Abstain → 1589 in total
Diving into Proposal 208
I’ll be using some quotes from the proposal to provide an overview of what it involved.
They’re asking for 102 ETH, which ”will be to create and craft a premium, 3-year old Nouns Whisky. Our model is sustainable and returns a percentage of profits back to the DAO”
”anyone with 0.35 Eth in their wallet can buy 1 of 500 barrels of whisky (25L / 6.6 Gallons) on OpenSea” → It will be a physically backed token (which will be 1/1 Noun Barrel Head artwork), tying the whisky barrel stored in the warehouse directly to the buyers wallet. The whiskey aging process will take 3 years, until it’s ready to be bottled and shipped. 100 of these barrels will be allocated to Nouns DAO, who can decide how they are distributed.
Find the link for their first batch of Barrel Head NFTs here, with sales & claiming starting on February 15th this year with a soft launch.
Overall, their proposition received: 99 Votes For, 57 Votes Against & 61 Nouns Abstained → Resulting in it passing and being executed.
Total asking amount: $153,000.00 USDC (102 ETH)
You can find comments from some of the Noun community members, regarding how they voted, here.
Common opinions were echoed. Some voted for because they love the concept, and would love to see it executed. They also believe that there’s a good product market fit.
Some voted against because they believe the impact it will have on a large scale will be minimal. In addition, they are not sure of how the Nouns brand will play with alcohol.
Some abstained because they don’t know enough about the industry to make an informed vote.
If you would like to read the whole proposition, you can find it here.