shegenerates/dance-floor

Dance Floor protocol

Dance Floor Protocol

Dance Floor protocol provides a minimum price that any NFT can be wrapped at.

Why is it called Dance Floor?

The protocol essentially creates a floor price for any NFT types included, so it is named after the most fun floor there is: the Dance Floor.

Overview

For most up to date info check the docs at https://dancefloordefi.com/

Any NFT type included can be wrapped into a fungible single type of ERC-20 token, a Wrapped Mystery NFT (WMN), and traded on Sushiswap, Uniswap, or anywhere else that there is shared liquidity. Any WMN token can be unwrapped, and exchanged for what ever the most recently wrapped NFT was. This creates a stack of NFTs that are locked into the protocol, that back WMN tokens 1:1 in value.

To decide which types of NFTs should be allowed to be included in the protocol, there needs to be a community governance protocol. So another regular ERC-20 token, called DANCE, is used by the community to vote on which NFT types to include, and what multiplier to give it.

Users can acquire DANCE tokens, to participate in governance, in several ways.

DANCE Distribution

In order to incentivize NFT holders + creators to contribute to the Dance Floor protocol, DANCE will be:

• Airdropped to certain NFT creators and holders
• Farmed by those who wrap their NFTs and leave them in the stack for significant periods of time.
• Farmed to reward those who provide DANCE/ETH liquidity.
• Farmed to reward those who provide WMN/ETH liquidity.

33% will be used to reward farmers over the next 2 years, after which point the NFT stack will be large enough to be sustainable. 30% will be airdropped immediately. 20% will be locked into a DANCE community fund to be used to develop the protocol further, according to community votes, or used as potential future farm yeilds and airdrops. 10% will be used to fund community growth and platform development over the next 6 months, as controlled by the dev team with input and direct oversight from community. 7% reward to founding members vested over 3 years.

Air drop

This will change over time and depend on snapshot dates. Check the airdrop repo for specifics: https://github.com/shegenerates/DANCE-recipients

Current planned governance token airdrop will include these groups, but this list will change before the airdrop. Check the DANCE recipients repo for the updated list:

• Minters on Foundation who have sold work above 1 ETH
• Minters on Super Rare who have sold work above 1 ETH
• Minters on Rariable who have sold work above 1 ETH
• Minters on Nifty Ink
• Minters on Nifty Chess
• Minters on Meebits
• Minters on Punks Comic
• NFDAO members
• Hero DAO members
• Flamingo DAO members
• MetaCartel members
• Gen0 Cryptokitty holders
• Decentraland parcel holders
• Cryptovoxels area holders
• Misfit University holders / minters
• @Shegenerates followers

Farms

Providing liquidity is a valuable service to the project because it makes the price floor less volatile and the protocol more stable. It also makes it easier to join when there is more accessible liquidity available. Because of this, liquidity providers should be rewarded in governance tokens, in our case this is DANCE.