1. Summary
This proposal seeks to close the loop on VP inflation from community access passes introduced without DAO approval after BIP-12 by retroactively approving them with a commitment to no longer introduce additional access passes again without prior DAO approval, and to also reduce VP inflation from SuperRare Access Passes by objectively anchoring distribution of VP from SupeRare's treasury holding of 1M BOTTO vis-a-vis 1 BOTTO staked = 1 VP with the recent approval of BIP-100 enabling VP delegation.
2. Rationale
BIP-12 introduced four sets of access passes that were approved by Botto DAO: Botto Access Pass, CyborgDAO Access Pass, SuperRare Access Pass, and the "Ceci n'est pas un Botto" Pipes collection.
SuperRare Access Passes were intended to enable their holders to access VP attributed to the 1M BOTTO held by SuperRare's treasury. As noted in the linked forum post, "SuperRareDAO Access Passes are a way to distribute access from the 1M $BOTTO tokens SuperRareDAO hold in their treasury."
SuperRare Access Passes were mintable for free as long as folks held at least 100 RARE tokens in their wallets at the time. They were originally set up with a logarthmic VP bonus and were theoretically mintable to up to 10K passes. Only 471 of such passes were ultimately minted, but since they each generate 1225 VP per week, they account for up to 567,975 VP inflation per week.
With the recent approval of BIP-100, SuperRare will soon be able to stake a portion of their 1M BOTTO holdings held in their treasury wallet and delegate VP as they see fit, which was not an option for them when BIP-12 was originally passed. Accordingly, it's proposed that VP inflation from SuperRare Access Passes be reduced to 1 VP per week, effectively deprecating them and only requiring a quick update, without the technical burden of having to blacklist them by zeroing them out, which would be more time-consuming from an implementation standpoint.
Considering up to 10K such passes were originally mintable, each pass should have generated no more than 100 VP when accounting for 1 BOTTO staked = 1 VP. Since the implementation of BIP-54, every Botto user now receives 100 VP as a baseline amount to vote with per week, effectively making up for the loss of VP from such access passes.
SuperRare can thereafter distribute VP from their treasury's 1M BOTTO holdings as they see fit depending on how much BOTTO they decide to stake and contribute to VP delegation once that's implemented. This would obejctively anchor VP distribution to SuperRare's BOTTO stake moving forward.
Furthermore, with the recent approval of BIP-97 enabling Pipes stacking, a broader conversation surfaced around VP inflation from access passes in general. In response to concerns from those who were against Pipes stacking as it related to VP inflation, the observation was made that there are multiple community access passes that weren't even approved by Botto DAO which generate VPs.
Specifically, nine sets of community access passes were introduced after BIP-12 without DAO approval. These access passes were all mintable for free, and they each generate 700 VP per week for their holders: Tender.Art, Verse, GrailersDAO, HashesDAO, ZenAcademy, GEN.ART, GALLERY, PROOF, and Farcaster Frame (Base).
It's thus proposed that the abovementioned access passes be retroactively approved by the DAO to close the loop on the BIP-12 overstep, with a commitment to introduce no additional access passes again without DAO approval beforehand.
Separately, Guest Curator Access Passes were also introduced after BIP-12 without DAO approval, and they each generate 1575 VP per week. Such access passes were distributed in lieu of BOTTO payments to compensate guest curators, and a total of 13 such passes were distributed. As these do not fall under the community access pass designation, they could be addressed separately by burning a corresponding amount of BOTTO from the Botto DAO treasury to back their associated VP inflation, equal to 20,475 BOTTO.
3. Proposal Specifications
Reduce VP inflation for SuperRare Access Passes from 1225 VP per week to 1 VP per week, effectively deprecating them. SuperRare can then stake a portion of their 1M BOTTO holdings and delegate VP as they see fit.
Retroactively approve the nine community access passes listed above as introduced without DAO approval after BIP-12, with a commitment to not introduce additional access passes again without prior DAO approval.
Burn a corresponding amount of BOTTO from the Botto DAO treasury to back the 1575 VP per week inflation from each of the thirteen Guest Curator Access Passes, as such passes were distributed in lieu of BOTTO to compensate guest curators. In total, this would be 20,475 BOTTO.
4. Criteria of Success
Close the loop on the BIP-12 overstep to reinforce governance congruity.
Better align the VP system to BOTTO vis-a-vis 1 BOTTO staked = 1 VP, thus reinforcing BOTTO's centrality and overall value proposition to training Botto from a tokenomics standpoint.
Enshrine and simplify the narrative around Botto's access passes.
5. Disadvantages/Risks
- Those holding SuperRare Access Passes which would see a reduction of their VP inflation to 1 VP per week may be disappointed by this proposal, but this should be counterbalanced by the fact that all such access passes were mintable for free, BIP-54 introduced 100 VP baseline afterwards, and SuperRare can now distribute VP from their 1M BOTTO holdings in the future via staking and VP delegation.
