After long talks within the SP Alliance, the input from @MaxCallisto, @codenoodle, @consoul and the community we have learned a lot.
We have decided to alter the pool from âxyk poolâ to the âstableswap poolâ.
After speaking with Astroport we have learned a lot and have good news. We have of a way to convert the pools while enabling the $ASTRO incentives all in this single proposal.
We thank everyone who has taken the time to give their input. None of what we are trying to do would be possible without you.
Full support for a project that has adopted a position that benefits the protocol and the community members and at the same time its open to valid criticism and hear different opinions
COMMUNITY UPDATE $bLUNA - $LUNA (Pool type and incentives)
BackBone Labs Family, Safety is always first in our planning After going over everything, the safest and wisest option to achieve our goals is to do it in a few steps.
Regarding the 70% of fees to be shared with the pool:
This has not been activated yet. Correct me if Iâm wrong, but the pool is not currently receiving any reward sharing from BackBoneLabs now that the pool is live.
It is very frequently said that BackBoneLabs keeps nothing, however that is not 100% true, for if they own a large portion of the Skeleton Punk DAO then they will indeed likely receive a decent payment over time proportional to the success of boneLuna. RandomEarth currently shows that there are only 732 owners for a collection of ~5.1k. For comparison, Galactic Punks shows ~2.1k holders for a 5k collection size. How many Skeleton Punks do BackBoneLabs, NFTSwitch, and individual team members own? Are these team wallets publicly known? (forgive me if they are and I just did not see them anywhere)
It is true since BackBone labs owns 0 Skeleton punks. None
The holders look low because we have to finish releasing the left-behind SPs from V1.
These will be slowly reminted to the community over the next 90 days or so.
We are sharing all of it with the holders. We have a Launchpad to generate revenue moving forward and the launchpad will also require minting projects to self-bond 25% of the mint for 6 months which will be vaulted and LPed in the bLUNA/LUNA pool on astroport.
I do not know what others hold, but I hold 35 SPs and I plan on staking them. This is how I plan to make money after working for free for the past 7 months and we offer the same to anyone who holds 3 or more.
edit - accidentally deleted my reply, and reposting lol
The transparency is much appreciated for sure How many are in that left-behind number? What made you decide on the minimum of 3 SPs held?
In regards to pay, many complained about Eris Protocol just forking STEAK and calling it work, which is essentially what boneLuna is at this point. However, that said, I do think NFTSwitch is a valuable addition to Terra in of itself And am hopefully that future work done regarding BackBoneLabs products will provide even more to the ecosystem (which your previous message just hinted at directly, so good news there as well)!
What about the first item about boneLuna fees to the LP? Is there a reason this is not implemented already as stated?
P.S. I know I may come off as overly critical at times, but I think my point of view is understandable given the previously unstable history of Skeleton Punks (and other NFT-oriented projects) as well as Terraâs and Astroportâs current state. I would rather look back on this and think I was dumb for saying something than dumb for saying nothing. Know that I ask these things for my love for Terra and am willing to be swayed with logic and time.
NFTswitch is its own project and actually stands alone, but is crucial to our model since all SP holders receive a 50% discount on broker fees (major utility)
This is a separate thing but NFTswitch only allows inter-community trading. Sellers and buyers both need to be holders in the collection that they want to deal in. This will create a safe NFT space which will be more vibrant. I disagree and believe NFTswitch is crucial to thwarting scammers. Now you can make any online deal you want and go to NFTswitch to ensure you are safe. GameChanger IMHO
As to the fees being implemented, in all fairness, we had to deregister the XYK pool and create the new stable-swap pool which only happened 48 hours ago. It will be implemented before the incentives vote concludes.
Also, addressing the unstable history? We have been the most consistent project in the Terra NFT space for months now. Show me a more consistent team and I will give you a Skeleton Punk. We were rugged by the founder @cryptophrex, we tracked him down and took the project away. Now he watches as we thrive. Sucker. Since the crash, a handful of community members have stepped up and done everything. We are a 100% community-driven project.
Octan
Mahyar
BetterCallChino
JGnft
These are the 4 who are putting everything into this and have only been paid a few jpegs for all the work. We are a completely different project we would appreciate it if this was recognized.
I absolutely hate scammers, so not sure what is being disagreed with here, I am 100% agreeing that NFTSwitch is a valuable product for Terra. A product that leading up to launch was claimed to be created by the same team that took over Skeleton Punks project as a service to existing holders and all of Terra as a whole. If it spun out as a completely separate team since then, that is good to know as well.
This directly answers my question, thanks!
I am well aware of the full story, this is why I specifically mentioned âhistory.â
I thank you for this dialogue and for asking the questions that most donât even realize the need to be asked. You have given us a lot of your time these past weeks as we navigated this LP and incentive process. I thank you for all your hard work and dedication.
We are excited to LP as well, but phase 2 is what we have our sights set on. We believe once the community has a strong collateral (bLUNA) to borrow against and a stable to store value then our alliance with @Capapult Finance could reignite $LUNA DEFI.
Once these components are in place, volatility is your friend and the value capture games can reopen.
Why should I support this? - Letâs see, Iâve been supporting JG and the team for the past few months with weekly videos, these vidz take up to 20 hours to publish each week and they donât pay me to do this. My motivations
I was deeply effected by the attack on our ecosystem not just financially
I see a team of brilliant minds working free to build something great for Terra users
I felt the feeling I felt when Terra was thriving and we were buying groceries with UST
This is a move that supports decentralised finance
There is a bigger picture they are working on that will help Terra maintain a strong footprint as we expand into cosmos
If youâre concerned about a few % yield reduction on other pools, well just think about the impact when Backbone Labs, Skeleton Punks, Gidorah, Orbital Command, Capapult, PFC, NFT Switch, Hermes and other alliances drive this masterplan into full swing!
We are hitting up to 5000 qualified viewers a week right now with free promotions. When the market eventually gets over this repeat of 2018 and the last of the big players have fallen, the Terra comeback is highly likely to be phenomenal.
A vote for this proposal is a vote to support hard working devs & community members that are grinding away without funding (as many are) to help build a better tomorrow for Terra.
Thanks for reading all this, wow, I better get back to work!
How many are in that left-behind number? What made you decide on the minimum of 3 SPs held?
And am hopefully that future work done regarding BackBoneLabs products will provide even more to the ecosystem (which your previous message just hinted at directly, so good news there as well)!
