**wowPixels - A suggestion for a locking/staking mechanism**

Bark Tank Ideas & Drafts
1

Pixel locking mechanism

  1. Overview:

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)

  1. Expected Results
    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.

  2. Expected result
    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.

4 Likes
2

Love the concept of locking Pixels; I’ve pitched it a few times in different presentations to the team. I’m bullish on this proposal & if it has big support would love to participate in fleshing out the details.

1 Like
3

That would be great, it’s barebones right now so all input is great input pushing it forwards! :smiley:

4

As well as an increase in voting power, xPixels could multiply the amount of pixel perks one can receive.

eg. For the monthly pixel perks, we’ve been fractionalising a 1/1 NFT, creating an arbitrary amount of fractions, then allowing Pixel holders to claim fractions 1:1. What if an xPixel lets you claim 2:1.

IDK how we do the maths though. If ppl have leveraged Pixels, it means they could claim more more fractions than we’ve typically been creating, so someone clever might have to think about that.

Also, as a holder of many Pixels, I hope that the staking mechanism can bundle them together, rather than having to lock each one individually.

2 Likes
5

yea i think the idea of wrapping pixels into a “super pixel” is cleaner on collections and whale frenly to buy/sell pixels in bulk. The only way that people can’t game the perk claim is if holders are snapshotted the day prior to the drop. I know this idea has caused a bit of a rift that it doesn’t incentivize people to mint pixels during the month, but perhaps we could a hybrid - 80% of the perk are reserved for the snapshotted holders, 20% of the perk is first come first served for new pixel holders.

2 Likes
6

A locking/staking mechanic for pixels would be beneficial in terms of retaining and/or creating “fully fledged” dao members. Maybe a voting escrow model similar to Curve’s tokenomics would be suitable here?

In exchange for locked pixels, members can have their ens/address assigned to some sort of leaderbork within the leaderbork… idk call em curators who have leveraged voting on proposals.

1 Like
7

this reminds me of FOREVER PIXELS @gainormather @zona

1 Like
8

agreed. i think the locking mechanic would be most powerful for weighted decision making in the DAO. great suggestion and something we’ve been looking into.

1 Like