Summary
Transfer 511k gFLY which was obtained via TIP-16 and is currently vesting to BattleFly DAO in exchange for 7x Rare Genesis Legions and 2x Special Genesis Legions.
Rationale
Aligning Incentives
To date, TreasureDAO has had no direct exposure to Genesis Legions as the collection was freely distributed and airdropped to early users who bridged MAGIC over to Arbitrum from Ethereum Mainnet at the start of Treasure. Acquiring core NFTs will align Treasure with Bridgeworld NFT holders even further, especially as Treasure continues developing and driving towards the next evolution of Bridgeworld as the interoperable center and nexus of the Treasure ecosystem.
Difficulty of utilising gFLY for growth
Treasure’s allocation of gFLY is currently locked and vesting, and the team has no concrete plans to mobilise gFLY for growth.
- When Treasure’s gFLY is finally fully vested in 24 months time, there is currently no distribution or exit strategy to meaningfully divest 511k gFLY without causing harm to gFLY stakeholders.
- Staying true to Treasure’s ethos of being “game builders first”, the core council’s perspective is that game assets and coins that have been obtained via partnerships should be used as UA incentives, or divested OTC in discussion with the partner so as to maintain stability for partner games and retain Treasure’s reputation as a highly builder-friendly game publisher within web3.
- Players currently playing BattleFly are the best audience to distribute gFLY rewards as they are more likely to actually use the coins in-game.
Coincidence of Wants
BattleFly is looking to unwind their positions in illiquid Genesis Legions NFTs, presenting a unique opportunity for Treasure to both assist and acquire these NFTs. Mobilising gFLY and putting it to use as part of BattleFly Battlegrounds leaderboard rewards satisfies both of these aims.
Proposal
Transfer 511k gFLY obtained via TIP-16 and is currently vesting to BattleFly DAO in exchange for 7 Rare Genesis Legions and 2x Special Genesis Legions.
6-month TWAP Calculations for Genesis Legions are as follows (from June 1, 2023 to December 1, 2023):
- 6,452 average MAGIC sale price per Rare Genesis Legion
- 1,552 average MAGIC sale price per Special Genesis Legion
- 7x Rare Genesis Legions and 2x Special Genesis Legions to be acquired
- Totalling 48,265 MAGIC or 128,738.73 total gFLY equivalent, assuming $0.305265 gFLY and $0.842527 MAGIC (price as of December 1, 2023)
Note: 6 months was selected for the TWAP as an extended duration of time given the illiquidity and lower trading activity of Rare Genesis Legions.
Genesis Legions sent from BattleFly DAO are to be received in Treasure DAO’s treasury multisig: arb1:0x0eB5B03c0303f2F47cD81d7BE4275AF8Ed347576.
Polling Period
The polling process begins now and will end on December 8, 2023 at 3:00pm EST (timestamp: 1702065600 - see local time). If quorum is reached, a following Snapshot vote will be conducted.