Why Build a Lil VRGDA Sandbox?
- To test out an innovative VRGDA minting mechanism for lil nouns
- So buyers can purchase lils in one step
- To fix the burn issue which threatens quorum
- To develop a more engaging [lilblockparty.wtf] style sniping process into the primary minting mechanic
WTF is VRGDA?
Variable Rate Gradual Dutch Auction. This mechanism let Lil Nouns sell tokens close to a custom schedule over time by raising prices when sales are ahead of schedule and lowering prices when sales are behind schedule. [Paradigm explainer]
Spec & Design goals
- One step flow - Purchase, mint, and settle in a single transaction
- Dynamic pricing based on linear VRGDA rules to allow for more revenue capture and eliminate burned lils
- Gamification: Lil Block Party style trait generation - The traits of the noun for sale change each block, so users must act quickly to purchase the noun, or it will expire and the transaction will revert
Deliverables
- Deploy Solidity architecture on goerli or polygon (TBD based on community feedback)
- Develop a VRGDA auction contract based on the Paradigm implementation, but tailored to the Lil Nouns ecosystem
- Deploy a clone of the Lil Noun smart contracts that use the new VRGDA contract instead of the current English auction mechanic
-
Fork the lilnouns.wtf front-end to upgrade UI to support new VRGDA mechanism for this goerli deploy.
- Will be deployed at www.lilsandbox.wtf
- All code will be open-source and forkable on our github
- A dune dashboard to visualize data about the VRGDA mechanism
VRGDA contract
The core VRGDA logic will use Paradigm’s [code], but we will implement purchase/mint logic as well as some auxiliary read only functions useful to the frontend for fetching price and trait information.
High Level Flow
- New block is finalized
- Frontend fetches auction price and svg of the noun for sale from VRGDA contract
- User calls mint on the VRGDA auction contract specifying the blockhash corresponding to their desired noun
- VRGDA auction contract checks the blockhash is not expired and immediately reverts and refunds the user if so
- The auction contract validates the purchase request against the VRGDA rules
- Auction contract calls mint on the token contract
- Auction contract sends token to user
- Auction contract sends the funds to the DAO
The contract design may evolve based on community feedback if we encounter unexplored edge cases and other considerations.
Team
TEAM
- [nvonpentz] solidity
- [lilpanda.branigan.eth]: PM, DAO and external comms, marketing, testing
- [willhayjr]: Front-end + design
Budget & Delivery
- We request XXΞ for team
-
- 1.11Ξ for incentives to play [lilsandbox.wtf] Season 1 (.69Ξ for best collection; .42Ξ for second-best collection to be awarded by team or via special http://prop.house round). Details TBD based on community feedback.
- Team expects to deliver before November 15. Unexpected issues may delay delivery
Disclosure of Previous Nounish Funding
- [nvonpentz]received .4Ξ and [lilpanda.branigan.eth] received .2Ξ from [lil prop 1340]
- [lilpanda.branigan.eth] and [nvonpentz] each received 3Ξ [retro funding from lil funding for lilblockparty.wtf]
- [lilpanda.branigan.eth] received 1Ξ for [prop 1488]
- [willhayjr] has not received any nounish funding