Pixel locking mechanism
We’ve been considering how we could add functions and value to pixels and whilst much discussion revolves around possible yields for pixel holders I would instead like to suggest that holding and locking/staking pixels should result in an increased share in influence over governance of the DAOge, on top of other benefits that we could create along the way.
I would like to suggest that a member have the option to lock their pixels over different timespans, showing different levels of dedication to the DAOge.
The longer a pixel gets locked the higher the resulting increase in voting power.
The locking mechanism should result in it becoming impossible to trade the pixel for $DOG until the locking period has expired.
A locked pixel could when locked be exchanged with a different NFT, an wowPixel which represents the pixel that has been locked.
The wowPixel should be visually representative of the action the holder has taken by deciding to lock the pixel. The representation should differ depending on how much time the pixel holder has decided to lock the pixel for.
The wowPixel should also contain the coordinates to the pixel that has been locked.
The wowPixel could contain a timestamp which represents the period that pixel has be locked for and the contract could perhaps be made in a way so that the person, who upon expiry of the contract, holds the pixel, gets sent the original pixel to their wallet automatically turning the expired wowPixel into a heirloom item/POAP (If it’s possible to use gas now to pay for a transaction that will occur in the future?)
Whilst the wowPixel can’t be converted into $dog tokens it should still be possible to trade the wowPixel on secondary markets since the wowPixel equals a 1:1 representation of the locked/staked pixel.
This could allow for the secondary market to become more liquid, if these wowPixels are represented among the ordinary pixels on markets.
For pixel whales, to avoid having to pay gas to lock each pixel separately, a contract that allows for bundling pixels into a “big super pixel” would be preferable, allowing for bulk staking NFT:s. Hopefully this is doable - I’m guessing Gainormather could let us know if it’s possible.
(Contribution via Saladpingers)
Locked pixels/ wowPixels also allow people to make a slightly greater claim on pixel perks, an option would be that 80% of perks are reserved for snapshotted holders whilst 20% of the perk is first come first served holders of wowPixels.
(Contribution via Zona)
Added possibility to influence the project direction for pixel holders who plan to stay involved in the project over a longer time. An extra way for community members to interact with the Pixel portal/Dog Park. The introduction of a new way of thinking about staking.
Increased interest in holding pixels over $DOG for active members. Increased incentives to remain active and engaged in the project over time. For wowPixlers an increased feeling of influence over outcomes in community votes. A much wow feeling over how we’ve decided to work with staking mechanisms, allowing them to matter in ways which are not only represented in monetary ways.