Miladies? Tubby Cats? FloorDAO?
What the hell has taken over Crypto Twitter?
Welcome to: THE FLOOR WARS
A thread on MetaFi, governance, and the strange DeFi NFT phenomenon making NFTs moon.
๐งต
What the hell has taken over Crypto Twitter?
Welcome to: THE FLOOR WARS
A thread on MetaFi, governance, and the strange DeFi NFT phenomenon making NFTs moon.
๐งต
This story starts with NFTX.
Think of NFTX as a way to create liquidity for for NFTs.
How it works:
โข Take your Crypto Punk
โข Plug it into NFTX
โข You get 1 'PUNK' ERC-20 Token
Now, you can trade your Punk on a DEX as you would with any other token.
Think of NFTX as a way to create liquidity for for NFTs.
How it works:
โข Take your Crypto Punk
โข Plug it into NFTX
โข You get 1 'PUNK' ERC-20 Token
Now, you can trade your Punk on a DEX as you would with any other token.
A few things to note:
1. You can redeem your token for an NFT at any time at a 1-1 ratio
2. You can fractionalize tokens this way, as you can now sell .5 or .25 PUNK on Uniswap
3. Earn yield on tokens by LPing PUNK-ETH
1. You can redeem your token for an NFT at any time at a 1-1 ratio
2. You can fractionalize tokens this way, as you can now sell .5 or .25 PUNK on Uniswap
3. Earn yield on tokens by LPing PUNK-ETH
So NFTX solves a few problems around NFTs and unlocks new utility for users.
Plus, you can now earn juicy yields on your NFTs.
And that's where FloorDAO comes in.
Plus, you can now earn juicy yields on your NFTs.
And that's where FloorDAO comes in.
FloorDAO is an OHM fork that hopes to become the first decentralized market maker for NFTs.
Basically, their goal is to create permanent liquidity for certain NFT collections.
They do this by accepting certain NFT assets into their treasury.
Basically, their goal is to create permanent liquidity for certain NFT collections.
They do this by accepting certain NFT assets into their treasury.
It works like this:
1. Create an (accepted) NFTX LP with an NFT Floor DAO wants
2. Lock in your NFTX LP to FloorDAO
3. Get $FLOOR tokens
You get discounted $FLOOR tokens, they get yield-earning treasury assets. It's a win-win.
1. Create an (accepted) NFTX LP with an NFT Floor DAO wants
2. Lock in your NFTX LP to FloorDAO
3. Get $FLOOR tokens
You get discounted $FLOOR tokens, they get yield-earning treasury assets. It's a win-win.
Alright, so those are the basics.
What's happening today?
Different NFT collections are all vying to be included in the treasury, and prices of the two leading collections are going insane.
What's happening today?
Different NFT collections are all vying to be included in the treasury, and prices of the two leading collections are going insane.
FLOOR token holders are voting for the NFT collections they hold.
And, because inclusion to the treasury could potentially mean millions of dollars of buying pressure, the prices for the two leaders (Milady and Tubby Cats) are going insane.
And, because inclusion to the treasury could potentially mean millions of dollars of buying pressure, the prices for the two leaders (Milady and Tubby Cats) are going insane.
You can see how this builds a flywheel: there are insane governance incentives around owning $FLOOR, because you can direct buying pressure towards the NFTs you hold.
Some people are even bribing FloorDAO holders (see screenshot below) to get FLOOR holders to vote for their NFTs
Some people are even bribing FloorDAO holders (see screenshot below) to get FLOOR holders to vote for their NFTs
This phenomenon is called the 'Floor Wars,' and to us at @cryptoprag, it's the confluence of a few narratives:
1. MetaFi (Metaverse Finance) is here to stay
2. Governance is intrinsically valuable--the meme of the 'valueless governance token' is coming to an end.
1. MetaFi (Metaverse Finance) is here to stay
2. Governance is intrinsically valuable--the meme of the 'valueless governance token' is coming to an end.
And the Floor Wars rage on.
Still neck and neck, with 6 hours to go.
NFT prices still pumping.
Who will win?
@ratwell0x's famous tubby cat collection?
Or a collection of 'neochibi aesthetic street style' Miladies.
Vote, watch the price pump, or simply enjoy the chaos.
Still neck and neck, with 6 hours to go.
NFT prices still pumping.
Who will win?
@ratwell0x's famous tubby cat collection?
Or a collection of 'neochibi aesthetic street style' Miladies.
Vote, watch the price pump, or simply enjoy the chaos.
Like the thread? Please do me a favor!
1. Give me a follow: @JackNiewold, I write threads on the assets and narratives shaping crypto.
2. Help me out and give that first tweet a favorite/RT. It helps the thread get seen by more people.
1. Give me a follow: @JackNiewold, I write threads on the assets and narratives shaping crypto.
2. Help me out and give that first tweet a favorite/RT. It helps the thread get seen by more people.
Like the thread? Please do me a favor!
1. Give me a follow: @JackNiewold, I write threads on the assets and narratives shaping crypto.
2. Help me out and give that first tweet a favorite/RT. It helps the thread get seen by more people.
1. Give me a follow: @JackNiewold, I write threads on the assets and narratives shaping crypto.
2. Help me out and give that first tweet a favorite/RT. It helps the thread get seen by more people.
Last thing: I'm the founder of Crypto Pragmatist, a weekly newsletter.
We help you navigate crypto every week, hitting topics like:
โข Finding airdrops
โข Tracking whale wallets
โข Project Due Diligence
โข Yield-farming strategies
Subscribe here: cryptopragmatist.com
We help you navigate crypto every week, hitting topics like:
โข Finding airdrops
โข Tracking whale wallets
โข Project Due Diligence
โข Yield-farming strategies
Subscribe here: cryptopragmatist.com
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