I would like the community to collect some ideas on how to use the royalties from Lightning OG NFT sales.
We can create a Friktion Validator and use 30% of the SOL from the royalties to secure the network while earning yield.
Deposit the other 70% into a special vault that earns higher yield for Lightning OG NFT holders. Each week holders can claim their share of the interest. The principal which would come from the royalties shouldn’t be touched.
Vaults suggests: A) The Crab Vault
B) Arbitrage Vault.
One thing to consider was that it cost the team roughly 25 SOL to mint all of the NFTs and then distribute them to the community.
So far, the royalties have recouped this cost.
There are plans for these royalties to subsidize future NFT collections and airdrops. Genesis Wielders will receive a portion of future NFT airdrops.
I propose that until the royalties exceed a nominal amount (say 100 SOL), we can look into using them for more creative purposes.
Agreed. Where to find treasury address?
A discord member had the idea to put it in the SOL cc Volt in the meantime.
Well, minus the cost to mint, it’s about 3 SOL we currently have. @Galileo, how long it took to earn the 28 SOL from royalties? Trying to estimate the ETA to 100 SOL.
@MeyerWaluszek as a short term use, it’s not a bad idea. If the team finds the risk level too high there is always the option to lend it out on Francium. While it accumulates to 100 SOL we can leverage existing mechanisms for efficient capital utilization of what we have. Probably going to need a bot to send it to the CC vault or where ever (let’s say when 1 SOL is reached) as managing this may take up devs time. Thoughts?
Seems we’ve made it over 100 SOL deposited into the address - were next steps decided? Also, there are some withdrawals - I assume spend on the creative uses?
Hey frens! I know I’m a little late to the party here, but wanted to share some thoughts on what could potentially be done with the royalties from NFT sales.
Although this is not quite economically feasible and would require a significant amount of additional dev work, I really like the thought of earning yield while helping to secure the network.
What do we think about staking these royalties with Marinade and then depositing the mSOL into Friktion’s own mSOL CC Volt?
Doing so would help contribute to network security and decentralization and allow for a decent amount of yield generation. Given the recent announcement of MNDE liquidity mining incentives on Friktion, this would also open the door for participation in Marinade’s governance system - if that is of interest at some point. Even if not, I think it’s a great way to show some support for partner protocols!
I love securing the network.
Ready for those creative ways to use the Royalties? We are at 102 SOL net of mint cost.
I think this is a great idea. Let’s move forward with it.