VIP 6 - LP NFT Program

Abstract/Executive Summary

  • Herein we propose to fund and commission a branded NFT series designed to be used as a reward/incentive for Liquidity Providers during the Varen product launch phase.

Motivation

  • In order to encourage LPs and continue building increased liquidity ahead of and during the product launch we propose to launch a commisioned NFT series that will be distributed to LPs. The series will be distributed based on a pair of snapshots to be taken at non-disclosed times between the passing of this proposal and Oct 15, 2021. The NFT drop will be done based on 3 tiers based on the amount of liquidity provided by the individual LPs. There will be a lower limit for LPs to qualify of 10 VRN and equivalent ETH.

Specification

  • Execution:

    • The team will commision artist(s) to produce 3 different branded Varen pieces. These will be divided into 3 tiers representative of the contributions early LPs make to pave the way for the Varen launch.

      1. Order of Varen - Founders Edition - Quantity: 3
        -def. Founder - One who establishes

      2. Order of Varen - Vanguard Edition - Quantity: 5
        -def. Vanguard - the forefront of an action or movement

      3. Order of Varen - Harbinger Edition - Quantity: 25
        -def. Harbinger - one that initiates major change

    • Between the passage of this proposal and Oct 15, 2021 a pair of snapshots will be taken to record the current LPs in the Sushi VRN/ETH pool.

    • The first snapshot will be the KEY SNAPSHOT

    • The second snapshot will be the CONTINUATION SNAPSHOT

    • The LPs will be ranked based on total amount of liquidity being provided in the pool at the time of the KEY SNAPSHOT

    • LPs that are still (and have continued to provide liquidity) based on the CONTINUATION SNAPSHOT will have their liquidity totals from the KEY SNAPSHOT doubled and LPs that have pulled liquidity will have the liquidity totals halved for the purpose of the FINAL RANKING

    • Based on the FINAL RANKING LPs will be assigned to the above Editions. (i.e. top 3 to Founders, next 5 to Vanguard, next 25 to Harbinger)

    • On or soon after Oct 25, 2021 the NFTs will be dropped to the LPs based on the rankings

    • In the event that there are fewer qualifying LPs than total NFTs (33) then the remaining NFTs will be remanded to the control of the treasury for future promotional purposes.

  • Funding:

    • For the purposes of commissioning the art, minting the NFTs and covering gas costs for the NFT drop this proposal requests approximately 3 ETH to carry out the proposed NFT incentive program.

Voting options:

  • For:

    • Execute proposal and allocate approximately 3 ETH for this purpose from the Treasury
  • Against:

    • Do not execute proposal. No action taken.