NootDAO June 2022 Update
Hey my Nooters ❤️ NootDAO is pleased to bring you our June installment of the Pesky Goings-On! This month we’ll be talking about the SECRET EVENT, our partnership with Frakt, and the structure and voting practices of the DAO. Let’s jump right in!
1. Secret event
As many of you have heard, NFK and NFP have been dropping some bits of information about the SECRET EVENT, including some mysterious type of fish-shaped potion. What is it? What will we be able to do with it? Wenwenwen? Well, to be honest – we don’t know yet. Some secrets are kept even from us, the DAO leadership team. But don’t worry, NFK leaked some alpha in her last Spaces (yes, alpha is shared on those so make sure to pop into those and represent us Noots on Twitter spaces too). Here’s what we know:
1.1 Event is more inclusive
"The secret event is not very different from Nootvember, but more inclusive" If you’ve been around for the big November unmasking event, you know what this might mean. If not, please take a couple of minutes to read about Nootvember in this article I wrote.
My understanding of ‘more inclusive’ can mean two things: a) every Penguin can participate, not just the ones with masks b) everyone can participate, even if you don’t own a Penguin Please understand that I’m just speculating, I don’t know more than you do.
1.2 What is Gargolon up to?
“Gargolon is up to something. If you read the lore, then you know that last time he was in outer space, he’s still in the Ailienoot spaceships and we can’t find him. He’s been wanting to eradicate the Penguins for a while now and he just can’t figure out how. He’s somehow convinced that the answer is somewhere out in space. Who knows where that fish is from and where it will be, but it’s part of the June secret event.”
1.3 $PESKY token
The alpha has been leaked! I heard when I went through the Twitter Spaces, that we will be able to use our hard earned $PESKY tokens for the secret event in June! What will this look like? No idea. What benefits will we reap? No idea. Will it be super fun? 100%. Stay tuned for options to buy $PESKY outside of Famous Foxes token market (eye emoji)
2. Frakt partnership
Some of you may already be familiar with Frakt. They were the first team to create generative art NFTs on Solana – a real OG project, older than we are! Frakt was also the first to fractionalize NFTs on Solana and are on the forefront of the intersection of NFTs x DeFi, working hard, as many other teams in the space, to enable the financialization of NFTs. We are pleased to announce that we have partnered with Frakt to allow holders to take out loans on their Pesky Penguins. This grants Pesky Penguins holders access to instant liquidity in exchange for a small fee, 50% of which goes straight into the NootDAO treasury! Use your penguins as collateral while also supporting the DAO!
How does a Frakt loan work? You can take a loan in Solana with a loan-to-value (LTV) of 40%, meaning you can get a loan at 40% of the current floor price You can use this capital for anything you’d like, but it’s important to remember to be careful with leverage and to be aware of the fact that your NFT is forefit if you default on (fail to pay back) your loan.
Risk management TLDR:
- be aware that you are introducing leverage to your portfolio
- be aware that currently all lending solutions on Solana work based on floor prices, not based on any type of rarities
You can read a twitter thread from Frakt on lending here. To support this new opportunity, we’ve created a new channel group in our Discord called “Frakt liquidity”. Inside, you will find information and links for support regarding the topic of lending Noots.
Please make sure to follow @FRAKT_Updates on Twitter if you want to see live when a new loan has been taken out on a Pesky Penguin. We’re happy to be partners to such an amazing team as Frakt, and it’s our active community that enables us to have these opportunities. Thank you for your participation!
3. DAO vote and structure
This section covers some information about NootDAO related topics.
3.1 DAO Vote
There’s an active vote to give NootDAO a share of all aftermarket royalties, running until the end of June 8. Haven't voted yet? Close everything on your computer, open the browser again and GO VOTE! https://vote.pesky-penguins.com/
The vote on the royalties is the first on-chain vote we’re having. In my personal opinion, a DAO consists of more than just a gated Discord. It should include some organizational structure and also include elements of verifiable on-chain voting which is NOT fully linked to a centralized service. Other projects can and may choose their own definitions of what a decentralized autonomous organization looks like – we’re shaping the Solana ecosystem in a way that we believe in. We subscribe to the ethos of decentralization as far as it makes sense as well as to the ethos of inclusivity: 1 Noot = 1 Noot = 1 vote. I’m super excited to see where this goes and what it will enable us to do in the future. We’re happy to be part of this journey with you ❤️.
3.2 Future votes and governance proposal
We will figure out what we want the processto be regarding going from an idea in the community :point_right: proposal :point_right: DAO vote. We need to be aware of the fact that ideas need discussions around them and proposals need to be vetted and discussed by the community. We do not want to create voter fatigue, so we need clear guidelines for what constitutes a vote, and what falls under “normal DAO operating procedure.” The leadership team will work on defining the criteria and operating procedures with input from the community. Our amazing mods are already giving us suggestions on how to do this: Thanks Qwerty for already coming up with an actionable idea. First, DAO vote. Then we plan for the next thing.
3.3 Role descriptions and DAO Council purge
A couple of months ago when we reorganized the Discord, we purged the moderator roles. We did not want “moderator” to be an honorary role. Roles in an organization must have a function and a reason to be. They also need descriptions which makes expectation management from and to the community easier and more transparent.
So we’re defining explicit roles within the DAO, and these will appear on the official Pesky Penguins homepage. Stay tuned for more information about the website from the devs, some cool stuff coming up on that front!
As already mentioned, we’re not keeping roles for the sake of it. As part of our ongoing efforts to streamline the DAO and how it operates, DAO council roles have transitioned to more specific roles with duties split up between the DAO leadership, moderators and the partnerships- & research team.
We are thinking about an honorary role that community members can aspire to get – we still need inputs on what that should sound like: Noot Legend maybe?
We can bring back a council-type role if we figure out how that would integrate into the decision making process and if we see that it is needed in one way or another. For now, our new moderators are the only ones with closer ties to the DAO leadership and the devs. We're happy to
3.4 Thanks to our amazing mods
Big shoutout to Drathez, Qwerty and Navise. These community members were doing everything a moderator had to do, even without the accompanying title or role. They hang out in general chat, help new members get to the information they need, and are huge assets to our community. They’re exemplars of the friendly Pesky Penguins community, and we are thrilled to have them on the moderator team! Thank you! ❤️
Here are some of the items that the DAO is tracking for the community:
4.1 Fixing of Howrare metadata
Many people are using the rarity system on Howrare.is. I love the site, but metadata is not updated correctly. You can read about that update in the ‘Attribute Name Changes’ section in the HD Image update devblog. Hence some NFTs still have the old names of some attributes, which makes their NFTs seem rarer than they are. We reported this to the Howrare team and are waiting on a response. Keep in mind that every rarity site uses different criteria, but there is an OFFICIAL rarity tool on the Pesky Penguins homepage. To avoid confusion for new members, we’ve had rarities removed from MagicEden listings.
4.2 Updated collection description on MagicEden
We reached out to Magiceden to update the collection description from “A fun, deflationary collection of pixel-art penguins!” to what we have on Opensea: “Pesky Penguins is a fun, deflationary collection of pixel Pengus built for everyone! Join a global community working to grow Nootopia, evade The Snowball, and defeat the dread magus Gargolon. Noot Noot!”
4.3 Twitter Sales Bot
Friendly reminder to follow the new Pesky Penguins Salesbot if you want to see us go brrrr. The bot includes sales on OpenSea and regularly posts sales, floor updates through all marketplaces as well as graphics of the top sales of the day.
4.4 Discord Security: Cold admin
We set up a cold admin account for the Pesky Penguins discord, which will help us further secure the server. Special thank you to https://twitter.com/ryuk_dev for the suggestion! We perform regular security audits and have confirmed that every user in the server with special permissions has two-factor authentication enabled. We are making sure we do everything possible to keep our community safe, and our lack of discord incidents reflects this.
4.5 Daily Noot Newspaper
We’re thinking about how and in what shape we could bring back the Daily Noot newspaper. This would be a great opportunity to break down information into smaller bits - no matter if we’re talking about updates or just fun and engaging facts. If you’re interested in taking up the task and to support in this regard, reach out to DeusNero. Happy to ideate on what this could look like.
5. Final thoughts
No matter how bad the market conditions are, you can rest assured of three things
- Pesky Penguins is here to stay
- 1 Noot = 1 Noot
- Market up, we Noot - market down, we Noot
Thanks to everyone in the community and to everyone who support us, Pesky Penguins is here to stay, see you all in Nootopia. Noot Noot!