First proposal on Mintable and all $MINT holders can vote on this!
$MINT DAO received the first proposal from the community! In the future Mintable Townhall series, we will be sharing the latest update about proposals submitted on Mintable DAO. If you are new to Mintable DAO or DAO in general, find out more via the links below-
On 14th December, one of our community members bought 10,000 $MINT directly from Mintable bonding curve and Token ID 44 became the first voting NFT to be eligible for proposal submission.
And all $MINT holders will benefit from this proposal if it’s voted for! The best part is — The outcome of this proposal is decided by $MINT holders as well 😎.
Proposal to share 2.5% fees with $MINT holders
Currently, buyers and sellers will receive $MINT in return for using Mintable marketplace. There is currently a 2.5% fee for transacting on Mintable marketplace. As members of the DAO, $MINT holders should also be rewarded with a fee on Mintable.
I am proposing to share these fees to $MINT holders. $MINT holders will need to exchange their $MINT for a share in the 2.5% fee from transactions on Mintable. After exchanging $MINT for fee reward, the $MINT will be burnt from total supply.
Percentage of fee distributed to $MINT holders will be determined by its percentage in total supply.
Fee received = $MINT balance/Total existing $MINT supply x Total 2.5% fee collected so far
Eg, Someone owns 5,000,000 $MINT, Total 2.5% fees collected = $1,000,000 in ETH, Total $MINT Supply =10,000,000 If he/she exchanges all of the $MINT for total transaction revenue on Mintable, $500,000 worth in ETH will be received. Total supply of $MINT now is 5,000,000 instead of 10,000,000, since the 500,000 $MINT used to exchange will be burnt.
Thereafter, if someone else exchanges 2,500,000 $MINT for another $500,000 total fees collected, he/she will receive $250,000 worth in ETH as well. Since the updated supply now is 5,000,000 $MINT after the initial burn.
This deflationary mechanism will reduce the supply of $MINT in the future as more users exchange it for fees. Those who have not exchanged their $MINT for revenue yet will have a bigger share in future revenue. Rewarding $MINT holders for holding on to their voting NFT.
This will also encourage more users to transact on Mintable and partake in Mintable’s governance.
If you hold $MINT (any amount), you are eligible to vote on this proposal! Just need to vote “YES” or “NO” and your $MINT will be locked up during voting period. After proposal pending period concludes, your $MINT will be back in your wallet.
Proposals require a quorum of 15% of total votes in order to succeed and then be decided upon their outcome.
Link to proposal and vote: https://mintable.app/proposals/1
Link to get votes from bonding curve: https://mintable.app/vote#buy
Meanwhile, if you are transacting on Mintable NFT marketplace, you will receive $MINT as well!
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