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We aim to create a fully on-chain governance mechanism for sweeping and deploying NFTs to profitable NFT-Fi strategies, as well as testing and managing our own products and services in the growing NFT-Fi ecosystem. FLOOR token holders will have ultimate control over which collections are swept on a weekly basis, imbuing the FLOOR token with voting power that can be traded for yield on vote markets. Our primary goal is to drive as much ETH as possible to the sweeping mechanism, scaling the treasury with desirable, yield-generating collections and becoming a major player in the inevitable metaverse future.
The FLOOR token acts as the gatekeeper of the Floor Treasury, allowing holders to decide which collections are added to and swept by the DAO. Ultimately, FLOOR is a token that coordinates capital to solve the inherent liquidity and financial utility issues of NFT collections.
The two core features of Floor governance are:
- New Collection Wars
- Sweep Wars
New Collection Wars determine which collections are added to the Floor Treasury, enabling them to be swept every other week in Sweep Wars. These two votes exist under the umbrella of the Floor Wars.
Sweep Wars were previously called Gauge Votes, and work the exact same way: 50% of the yield from the subsequent 14 days after the vote is directed to the top voted choices on the Floor Snapshot.
The DAO Treasury currently deploys NFTs and NFT liquidity to various NFT-Fi strategies to earn yield. These include, but are not limited to:
50% of the yield generated is directed to the Floor Wars to sweep collections. The remaining 50% is retained by the DAO. As the yield generated may not be paid in ETH, while the sweeps are executed with ETH, the DAO naturally has to occasionally rebalance into ETH.
Floor's mission is to be an NFT liquidity layer, and the FLOOR token is a governance token that will be used for on-chain voting in V2. FLOOR is currently used in off-chain voting through Snapshot to help signal community interests. FLOOR has no strict requirement for market cap vs treasury parity, but as the DAO contracts become further decentralized and move on-chain these ideas can be explored.