Proposal to add Loot mining

Proposal
Adding rarity-based ALD reward mining using Loot.

Why
Loot is one of the most exciting projects in the crypto space right now, absorbing a majority share of the crypto community and building power. Adding ALD liquidity mining with Loot can set an example of how NFT can be composable with DeFi . It can also help to bootstrap AladdinDAO’s community upon the genesis of ALD reward mining.

How
A new NFT oriented mining contract will be created (e.g https://twitter.com/yuming0x/status/1434686456241479682?s=20) that allows users to stake their Loot NFTs to gain scores in the mining contract. Rewards are then distributed to stakers proportionally based on their scores.

The logic of scoring a Loot NFT can be done based on the rarity of items in a Loot bag. E.g https://docs.google.com/spreadsheets/d/1Al0Yi-tM7K_05pCKjkQtSJjwbV2jMfac1i_oC4j2EYI/edit#gid=1666761696

14 Likes

it could be a good idea. Go ahead

i dont get it. maybe more details how to spread aladin token for loot rarity - i personaly hold loot, but i have no idea how to re-calculate ALD
okay - update-
like rarity points / % of the pool? possibly

It would work similar to existing staking reward contracts, but instead of distributing based on user staked balance / total staked balance, it will be distributing based on user staked loot score / total staked loot score.

2 Likes

I like the idea of introducing NFTs in mining, but not Loot. Because

  1. the distribution is relatively concentrated and that is disregarding the fact that multiple addresses holding Loot can belong to a single person;

  2. on top of 1), using rarity for scoring would further create unfairness among loot holders if it were to be staked for mining, especially given that majority of the community members are already priced out of a loot NFT, let alone a “rare” one.

I like this idea. NFT + DeFi experiment. Specifically Loot, with a strong community and gaming aspect is definitely worth it. However, original Loot contract was only limited to 8000. Which kind of good for original NFT prices, scarcity. Not good for a gaming project. If Aladdin would implement this Loot mining it should include both original Loot, and the More Loot which was deployed later by the original creator of the Loot project. More Loot has the same parameters as the original ones, except no limits. Therefore more accessible. They could be ranked, scored according to items in the Loot. If you remove the scoring, Loots will be similar to DeFi tokens, which kind of loses its meaning. NFTs are unique, and should be treated like that. We can’t say that all Loots are the same. So, I support this idea, just make it so to use both Loot and More Loot.

1 Like

I don’t get it either. The basic principle how this works is not clear in this proposal,how the Loot holders, $ALD holders, stakers is going to benefit from this, and what are the risks.Most importantly, what is the decision making process for the specific proposal like, does it complied with AladdinDao’s rule.

——— Summary of comments from the original thread (Proposal to add Loot mining - #7 by zywwqq) ——

The Innovation of mining ALD through NFTs is something that the community welcomes, but there are concerns regarding the risks associated with LOOT, who can benefit from it, and how to calculate the rewards. It is also not clear what is the process of approving a proposal like this one.

——— Below you will find a detailed summary of comments from the original thread ————

Questions :

  • How to spread ALD token for loot rarity. How to re-calculate ALD?
  • Like the idea of introducing NFTs in mining, but not Loot: 1) distribution is concentrated 2) majority of the community members are already priced out of a loot NFT.
  • How are $ALD holders, stakers are going to benefit from this?
  • What are the risks?
  • What is the decision-making process for a proposal like this one, does it comply with AladdinDao’s rule?

Suggestions :

  • I support this idea, just make it so to use both Loot (original Loot) and More Loot ( deployed later by the original creator ).
2 Likes

I agree with what you say, but how to do it.

2 Likes

I thought I was late for Loot but I just checked that it’s only 12M from MCAP.
I don’t know exactly how they intend to distribute the profits, but Loot as a project, I like it.
It is a current benchmark when it comes to NFTs innovation.

2 Likes

After reading all comments I would suggest:

  1. Go ahead as a small experiment with a reduced amount of ALD and keep it as simple as possible, only LOOT. Review the rewards allocation after 2 weeks, once we have a better understanding of the economics of this action : increase community engagement , TVL, rewards, projections.

  2. Open a separate thread focused on what should be the process to discuss and approve ( or not ) proposals similar to this one.

3 Likes

Agree and support the LOOT and mLOOT staking for the ALD, this will give exposure to NFT lovers and give more additional users, not sure if they will dump or something, but still a major exposure

1 Like

Very much agree with this both points. We should keep this simple to try out if there is some response for this. Maybe extend this to a Loot clone if there is a good reason too. (I can’t judge this, to fare from this)

The second point is even more important to build a working governance for AladdinDao. Most DAOs have a form of standardized way for improvement, and. we need a structure for Aladdin Improvement Proposal (AIP) too. A stub is already here for the forum category “Aladdin Improvement Proposal”: About the Aladdin Improvement Proposals category

Let’s open a new thread for this as suggested ( Formalization of Aladdin Improvement Proposal)

3 Likes

it should be the great idea,DEFI+NFT sounds attractive

1 Like

Perfect combination DeFi+NFT