As mentioned in LIP-0: Burn the keys to the Loot contract, there are 200 owner bags which have yet to be minted. Since it looks like the proposal might pass, I think it’d be good to start thinking about things that can be done with the bags. Let’s collect thoughts here and if LIP-0 passes I’ll follow up with a proposal on Monday.
Ideas I’ve seen mentioned so far:
- Do not mint the bags prior to burning keys
- Caps supply at 7,800 permanently
- Mint the 200 bags
- Place them into a neutral multi-sig that acts on behalf of community votes
- Establish a light proposal and voting framework (“mini DAO”) to allow the bags to be used for different reasons
- Mint the 200 bags
- Randomly drop them to existing Loot holders
There are likely some other ideas as well.
At the moment I’m most in favor of holding the bags in a neutral treasury, although this is not a strong preference. Although this might sound a lot like “governance”, it really isn’t. What it does establish is a process specifically for voting on what to do with the bags over time. For example, like previous proposals the bags could be used to proactively or retroactively reward builders in the ecosystem.
But it feels like there are a few important differences:
- It’s not an ongoing supply
- It would not be “official” in any way, it just controls some bags
- Incentives are fairly aligned
For now, I would say let’s discuss the merit of the ideas themselves at a high level, along with any new ideas that anyone has. We don’t need to get too caught up in the details (e.g. who would be on a theoretical multisig, how a lottery would be implemented on a technical level). If any idea is looking like it is passing the sentiment check, this can be a bit more formalized.
One more important detail: I’m leaving for my honeymoon on Tuesday () and will be away for most of the month.
Since there are some final manual processes involved in any outcome (burning the keys or not, minting the bags or not), any action we take regarding LIP-0 and this possible followup would not actually be executed until the beginning of October. Still, I consider the outcome of the things that the community decides on over the next few days to be binding.