mLoot minted earlier be entitled to more AGLD airdrops while mLoot minted later will get very little. The exact shifting curve of the claimable amount per mLoot should be discussed further.
Benefits:
- Airdrop to mLoot holders is consistent with how AGLD is issued to Loot in the first place.
- This will create a smoothed out inflation curve for ALGD while preserving maximum governance legitimacy.
- This preserves AGLD as the only gov token, prevents community forking & branding damage.
- Gas fees prevent massive claiming & dumping, resulting in less market disruption.
Reasonings:
- The exact reason why mLoot is minted, not new/additional Loot, is to protect the interest of early participants who built Loot ecosystem to what we are seeing today. When dealing with the AGLD token, despite aiming to be the gov token of the entire Loot ecosystem, should follow a similar philosophy.
- Looking more in-depht, the original Loot NFTs are not non-diluted at all from a community perspective. As more mLoot floods the market (as they intended to do so), Loot as the only fundamental asset of the Loot ecosystem loses rarity to some extent. This is exactly why we need an ERC-20 token, not NFTs, as governance tokens.
- An ideal way of progressing this governance “scaling” alongside the mLoot “scaling” is to allow some dilution to the original AGLD, but the extent of dilution is key. The AGLD community should be wise and long-term-visoned enough to realise that giving away some interest for now would gain the return of wider acceptance from the entire Loot community, mLoot community included.
