[Meme] $NYANSUSHI/$NEKOSHI: Use & Tokenomics Proposal

Summary
A proposal regarding $NYANSUSHI’s tokenomics and token use as a curation token of an NFT series of meme and to incentivize meme artists.
Also proposing an alternative name: $NEKOSHI for the sake to create “Nekoshi Sushimoto” genesis meme.

Content
Recent meme trends of animals token has gained crazy traction in cryptocurrency ecosystem. 0xMaki’s tweet of $NYANSUSHI showed interest in such token and $WUFFY has proven to give positive impact to YFI’s price action.

Discussing on this idea further, I have several points to be discussed for this proposal:

  1. To mint new $NYANSUSHI/$NEKOSHI, we should use $xSushi wrapped at initial rate of 1 xSushi : 1 mega $NYANSUSHI/$NEKOSHI but subsequent rate will be adjusted based on $NYANSUSHI/$NEKOSHI’s total supply. This behavior should be possible by forking SushiBar.sol contract. This choice is proposed to ensure $NYANSUSHI/$NEKOSHI will have intrinsic value from SushiSwap usage.

  2. $NYANSUSHI/$NEKOSHI will be used to curate and incentivize for NFT meme submission from artist, the curated collection then can be listed on NFT marketplaces such as OpenSea and Rarible as “NYANSUSHI/NEKOSHI Curated Arworks”.

  3. The curation and incentive process works as the following:

  • Meme artist create a submission using $NYANSUSHI/$NEKOSHI NFT minter, the status of such submission will initially be vote, and no supply will be created. (We may also need to consider some cost associated to avoid spam submissions, parameter is subject to token governance)
  • Submission that has passed the quorum and minimum vote thresholds will be minted and claimable to token hodler who has minimum of x tokens the status of such submission will be set to minted.
  • If an artwork has passed curation process, 0.05% of total token that voted yes for the artwork will be minted to 65% to artist, and 35% to community treasury. Incentive to both token holder and artist should be able to work as a proxy to valuate submitted works and build a well-curated collections of NFT.
  • NFT being sold in secondary markets are also subject to 1% royalty ( 65% to artist, 35% to community treasury) to further incentivize quality submission to the collection.

(all parameters denoted as bold are subject to token governance)

  1. The first NFT vote could use old SushiSwap logo i.e.


    and the token received (from process in (3)) should be used to incentive liquidity mining.

  2. We can consider to add the token to Onsen to further incentivize token liquidity.

  3. I propose to use $NEKOSHI ticker, so we can name the old logo NFT as Nekoshi Suhimoto, lol. But I have reserved some domains for this, i.e.

  • nekoshi(dot)art
  • nekoshi(dot)org
  • nyansushi(dot)art
  • nyansushi(dot)com
  • nyansushi(dot)org
  1. The token and contracts will be deployed on MATIC (Polygon).

Motivation

  • It seems that people love low priced animal coins, but without a use and tokenomics these things are doomed to be worthless, hence I proposed this document.
  • A marketing effort to introduce Sushi.com to a wider audience.
  • I wanted to develop this thing alone previously, but I thought it would be better if there’s community support and signals before going forward.

Polls
There’s a popup msg that says I can’t create polls, please find vote on Snapshot → Sushi → Community.

1 Like

Vote link 1 | $ned or Nope.: Snapshot

Vote link 2 | $NYANSUSHI or $NEKOSHI: Snapshot

This is really cool. Parallel and for the memes, I did a light implementation of a ‘Nyan’-like token that plugs into xSushi and BentoBox. The rate of minting is *10,000 to each xSushi BentoBox ‘share.’ Since xSushi and Bento shares have changing rates based on earning activity, it felt simple and meme-able to keep a fixed number at Nyan-level.

While deploying Nyan on Polygon (L2) would be efficient, it could make sense to first deploy on mainnet in order to easily leverage the legacy Sushi/xSushi contracts for tokenomics. The idea of using Nyan for NFT market curation and governance also seems great and can be layered onto a basic Nyan token – I would avoid hardcoding governance and market stuff at token level, as these can be emergent, complex to what governance ends up wanting to do.

In terms of brand, something with less letters, like $NYAN or $NEKO also feels easier. In any case, I think this can be a fun way for the community to learn more about xSushi and BentoBox tools, and we should test things out.

3 Likes

Awesome! I thought about MEME of sushi and you guy seems did it! :bento: