Skip to content

Should we stop burning MANA when a NAME is minted?

PassedPoll

Proposal Details

Author0xd11a…1f49
PublishedNov 28, 2022 13:03
Voting beginsNov 28, 2022 13:03
Voting endsDec 03, 2022 13:03
Snapshot#9d101e7

Description

*What are NAMEs?* Decentraland NAMEs are a key piece of our identity system. They represent our avatar name in-game and along the dapp ecosystem. *How ​​do they work?* NAMEs are implemented as subdomains of dcl.eth, thanks to ENS protocol. Any wallet can spend 100 MANA to mint a unique NAME. That fee is being burned at the moment. *What is the issue with burning?* Burning MANA coming from fees is a strategy to support the MANA price. However, redirecting the fees to the DAO to later re-invest them in projects that will eventually generate more income is a better strategy. This is how fees work at the marketplace with LAND sales and Wearables primary sales. *Should we stop burning MANA when a NAME is minted?* * Stop burning and send the fee to the DAO * Keep burning MANA

34 Comments

yemelJan 13, 2023

Thank you all for your contributions! It was great to see the community engaging on this matter and sharing their perspectives. I promoted the poll into a DRAFT and included some of your comments and data. Let's follow up on this conversation here: https://governance.decentraland.org/proposal/?id=5c469630-9350-11ed-ae61-5f6dd0bf8358

HPrivakosDec 05, 2022

This is only the pre-proposal, there are still a lot of talk about on this proposal. You have an opinion different from the majority of the community on that question and I think it would be interesting to know why you think burning MANA is a good thing. It's not because this proposal is finished that that conversation around it should stop.

ALPHAALVESDec 05, 2022

I wasn't here to argue Kyllian, simply shared an opinion.

HPrivakosDec 05, 2022

What a great argument, thank you for your input.

ALPHAALVESDec 05, 2022

it doesn't matter what i think is beneficial to Decentraland, the DCLFoundation will continue to direct this platform however they'd like. This was passed before the proposal was made :clinking_glasses:

HPrivakosDec 05, 2022

NAMEs is the only MANA still being burned, may we know why you think it is beneficial to Decentraland to keep burning this MANA?

daoDec 05, 2022

Should we stop burning MANA when a NAME is minted? This proposal has been PASSED by a DAO Committee Member (0xbef99f5f55cf7cdb3a70998c57061b7e1386a9b0)

TheCryptoTenguDec 04, 2022

ah in end im alright with it goin to dao. Instead of it burned now the mofos who get paid can swap it to pay there bills and stack other assets. Loss either way.

SanninDec 03, 2022

Pretty close votes huh 😅

daoDec 03, 2022

Should we stop burning MANA when a NAME is minted? This proposal is now in status: FINISHED. Voting Results: * Stop burning and send the fee to the dao 82% 10,272,148 VP (37 votes) * Keep burning mana 18% 2,352,446 VP (36 votes) * Invalid question/options 0% 0 VP (0 votes)

DAOTimesDec 03, 2022

Hey builders! Anyone wants to add a quote to the article? PM me if so https://twitter.com/dao_times/status/1598701164488540162

CheddarQuesoDec 02, 2022

I'm torn.. you all make good points. How much impact will it really make if we don't burn all this MANA from names? How much impact it will make if we reinvest it in platform development and content creation thru the DAO? Are we burning MANA in other healthy ways that we can take this piece of the pie without it making a negative impact on the token?

ALPHAALVESDec 02, 2022

keep burning mana. EASY NO.

SeannyDec 01, 2022

[quote="ile, post:17, topic:16826"] Yes! Name mana could be a good way to start building a DAO account for VP delegations/rewards to users. [/quote] I love this; you're awesome for bringing this up @ile, @mattimus @yemel thanks for pushing this. I feel this could really be a strong source of VP for a perpetual public delegate programme for the DAO. Excited on this. [quote="esteban, post:18, topic:16826"] Joel Monegro explains this really well: [https://www.placeholder.vc/blog/2020/9/17/stop-burning-tokens-buyback-and-make-instead ](https://www.placeholder.vc/blog/2020/9/17/stop-burning-tokens-buyback-and-make-instead) [/quote] Good read; really been thinking of this as of late. Been brainstorming lately about how we can upgrade the delegate's programme to be more fair and easy to delegate to. Pooling MANA into a potential DAO-owned pool, that can be distributed to a delegate programme is something we totally should consider. I think both proposals could be separate however, ie; the draft of this poll would focus on how exactly this shift would happen, and could open more doors for us to debate about publicly delegated VP

TheCryptoTenguNov 30, 2022

we been seeing that for while now in out other venture huh @Sannin. Id be down with it only if it was broken further. I want see the name mana distributed in a few ways. Some to the dao some to a delegation wallet to empower smaller holders as delegates. 3 A onboarding fund where new artists can publish wearables for free to the community or to pay streamers. I firmly believe DCL needs people putting content out if we want to grow. Just cause we got a game category put on twitch is not the same as us having constant streamers who can educate and onboard. @JTV and @SinfulMeatStick and @KevinOnEarth are probably the only 3 on partner level least that i know of.

SanninNov 29, 2022

idealistically a good idea, imo and from personal experience it is never good long term to reward users/people with no skin/risk in the ecosystem.

daxNov 29, 2022

very cool idea, voting yes :white_check_mark:

estebanNov 29, 2022

Easy YES, stop burning. Joel Monegro explains this really well: https://www.placeholder.vc/blog/2020/9/17/stop-burning-tokens-buyback-and-make-instead TL;DR: "Burning" and "Buyback" have the same short-term effect, but "Buyback" empowers the DAO in the long term.

ileNov 29, 2022

Yes! Name mana could be a good way to start building a DAO account for VP delegations/rewards to users. We still need to agree on whats being rewarded and what metrics are being used to quantify activity but it would be a good start. Heres the original proposal for anyone interested: https://forum.decentraland.org/t/vp-for-social-capital/15992

HPrivakosNov 29, 2022

[quote="mattimus, post:15, topic:16826"] is there a way to designate the funds from names minting into a separate location than the general dao treasury? [/quote] It's technically doable.

mattimusNov 28, 2022

@yemel @Nacho is there a way to designate the funds from names minting into a separate location than the general dao treasury? I thought the main concern was inflating the total VP counts but maybe if these are still removed from the ecosystem in some way then it is materially the same? One amazing idea @ile brought up initially was potentially having a dao delegation fund to increase vp equity. It would be interesting if the burned names fund could be used as part of this delegation fund? The idea was potentially to use dao reserves to delegate VP in some manner to those looking to receive delegation or who have earned delegation. We never settled on any specific process or metrics to assign the delegation but it is interesting to reconsider in this context of the names mana.

TheCryptoTenguNov 28, 2022

@SinfulMeatStick @BrandonManus @mattimus @ArtReYou @ALPHAALVES all the names we minted and mana we burned yall might wana peep this one.

TheCryptoTenguNov 28, 2022

Good time to mint a name. Y'all didnt want to peg it to 100usd or so. 1 dala 1 vp now here we is. Mana going down us with low vp minting names to get some vp. I second and back @Sannin on all sentiments. Let it burn.

SanninNov 28, 2022

How is it free if MANA is being burnt for the NAME? I thought this was what kept balance in VP/NAMEs situation.

HPrivakosNov 28, 2022

Free VP if MANA is redistributed to people buying NAMEs, but people receiving grants likely won't spend it all in NAMEs