Abstract: To onboard Mutant Ape Yacht Club (MAYC) NFTs to Onyx Liquidity Protocol as supported collateral and eligible for liquidity mining.
Discussion:
Onyx DAO proposes to add MAYC to the Onyx Liquidity Protocol as a supported cross-token asset. MAYC is part of the broader Yuga Labs BAYC collection of 20,000 collectibles on the Ethereum blockchain.
MAYC has had a lifetime volume of over 700,000 ETH, 11 thousand owners of which 58% are unique, and a floor price above 10 Ether. There is sufficient daily liquidity in the event of vault liquidations across various NFT marketplaces.
The proposal will give MAYC a 60% collateral factor alongside a 500,000 daily XCN distribution.
This proposal will be deployed next week for an official on-chain vote pending discussions here in the forum.
MAYC are more volatile and there is an increased leverage to Yuga. Believe collatarel factor should be lower also due to higher volatility. Bend which has been battle tested with auctions only offers 50%.
Also 500,000 XCN is 2.5x what the flagship BAYC rewards are. Doesn’t make much sense to give out that many tokens daily (same reward as ETH, which MAYC would never come close to).
Do not think this proposal should pass. Next asset should be a non-yuga asset or more continued focus on onboarding Blue-chips (BAYC / Punks) into ecosystem as those are the most stable assets through promotions. Once we have proven we can onboard blue-chip NFT whales, then go after smaller collections.
I would be excited to see a new NFT option offered and I think MAYC is a good one.
I agree with bettor that the collateral factor should only be 50% based on the volatility. I also agree that more XCN incentive should instead be applied to BAYC/Punks blue-chips. How about 500k XCN for the blue-chip NFT and 200k XCN for MAYC.
I would love to hear some logic on why the XCN rewards and collateral should be what is posted in the proposal.