$PRINTS Staking and Membership Perks

[Klamt.eth]

@magicdhz

I don’t see really see the value of implementing a staking mechanism (the only difference is “locking” vs “holding” for benefits). Staking to secure a protocol is one thing, but staking to reap benefits that you could otherwise gain by just holding the coin(s) seems unnecessary. I’d rather save the money (deployment + dev costs).

I see two main advantages for the DAO in staking vs. holding: (i) help to automate the allocation of perks, otherwise we will have to do snapshots for every drop, allowlist, event, etc.; (ii) decrease the supply of PRINTS available for sale, potentially helping to increase PRINTS price while also giving us visibility on selling pressure.

[Klamt.eth]

Hi all, please find below a suggestion for the proposal. Please let me know your thoughts.

Context

• Fingerprints is currently working to deliver membership perks such as FP Studio drops, allowlist/discount in partner projects, FP merch, tickets to events/exhibitions and physical prints of treasury pieces.
• A stacking mechanism would (i) reward long-term holders with perks; (ii) help to automate the delivery of such perks (real-time list of stakers vs. having to take snapshots every time); and (iii) give us constant visibility on a potential selling pressure (PRINTS not staked)
• Discussion about the topic in Discourse: https://discourse.fingerprintsdao.xyz/t/prints-staking-and-membership-perks/328/20

Proposal

• Develop a smart contract for PRINTS staking
  • Minimum number of PRINTS to be staked per wallet: 5,000
  • Minimum staking period: 6 months
  • The smart contract will be developed to allow staking of membership NFTs as well
  • Stakers can choose any wallet they want to receive perks
• To be developed by the team that is currently working on Traces
• Budget: 5,700 USDC
• Development period: 2 months

[lucaspon]

I would edit this and add that:

• staked tokens must not prevent people from voting in snapshot
• our yet-to-be-launched NFT membership can also be staked in the same contract

[Klamt.eth]

Thanks! Include those points on the Snapshot proposal.
https://snapshot.org/#/fingerprints.eth/proposal/0x539861a8b461ee6f7c700253a2c2ffa80772b5533dac34881e6b2c0e6dc0e8c5

[magicdhz]

i) this is great. this is why I like the idea of staking!
ii) rather than submit & approve proposals around decreasing the supply of $PRINTS (it’s not like we have a large inflation schedule, right?), the DAO’s priority should be approving proposals that increase reasons to buy $PRINTS and become members. We want to optimize our strategy around creating buying pressure - creating demand - not preventing selling pressure.

[Klamt.eth]

I agree with you that increasing demand is more important, but they are not mutually exclusive, we are trying to achieve both goals.