FloorDAO is an NFT market-making protocol. It aims to enable deep liquidity for NFT collections through the use of Protocol Controlled Value and yield-generating strategies, starting with NFTX vaults.
What is the FLOOR token?
FLOOR is FloorDAO's ERC20 native token. Modeled after Olympus's OHM, each FLOOR is intrinsically backed by 0.001Ξ (1 finney), and supports a treasury of yield-generating NFT liquidity. New FLOOR is minted via rebasing or bonding.
How does the rebasing mechanism work?
FLOOR uses an "intrinsic" value of 0.001Ξ, (1 finney), made up of a combination of ETH and ETH-denominated blue chip NFTs. When FloorDAO's treasury holds more intrinsic value than that of the circulating supply of FLOOR, and the reward rate is greater than 0, then new FLOOR will be minted and distributed to those staking FLOOR.
What is PUNK? How do the NFTX vaults work?
PUNK is an ERC20 token backed by CryptoPunk NFTs in the NFTX vault. The number of circulating PUNK is always equal to (or less than) the number of CryptoPunks in the vault, so 1 PUNK is always backed by at least 1 CryptoPunk. The PUNK vault allows instant selling or buying of CryptoPunk pieces and broadly tracks "floor" prices.
PUNK and PUNKWETH are expected to be the first bonds offered by FloorDAO when the protocol is live.
Do I need to own an NFT to participate in bonding?
Nope! FloorDAO bonds primarily use NFTX vault tokens representing NFT liquidity. While you can mint applicable NFTs (like CryptoPunks) into their NFTX vaults for bond liquidity, you can also purchase them directly from DEXes like Sushiswap.
What are the tokenomics?
An initial circulating supply of at most 500,000 aFLOOR will be released via Copper LBP. Governance will then vote on deploying the full set of contracts and redeeming aFLOOR for FLOOR. More details: https://blog.floor.xyz/floor-tokenomics-66b80adbad27
When is the LBP?
The aFLOOR LBP took place on Copper on February 22, 2022 @ 5pm UTC.
Why is APY 0%?
Rebasing rewards follow a specific rate based on circulating supply, and get paid out relative to how much FLOOR has accrued in the staking contract and how much FLOOR is staked. Sometimes when there’s heavy bonding, there is more staked FLOOR (from vesting) than accrued in rewards, so we have to wait an epoch for the rewards to build back up.