Details include possible Rari governance token changes which would introduce RARI staking, rewarding, and further decentralizing governance participation. Also, adjustments to the RARI distribution model would include funding the Rarible DAO by way of a governance-controlled RARI treasury, all in the interests of the Rarible community. If you are not familiar, here is a quick read covering RARi's purpose as a governance token
TL;DR, here is the proposal we are currently considering:
RARI would be “activated” through staking RARI in a governance smart contract (“Activated RARI”)
Stakers would be able to use their Activated RARI to vote on governance proposals or delegate voting power to eligible community participants;
The RARI distribution plan would be adjusted so that:
25% of the marketplace mining fund (i.e.,15% of the RARI TotalSupply) would be reallocated away from the marketplace mining fund and into a smart contract Community Treasury governed by Activated RARI for developer and creator grants and other purposes beneficial to the Rarible community;
25% of the marketplace mining fund (i.e., 15% of the RARI TotalSupply) would be reallocated away from the marketplace mining fund and into a governance mining fund used to reward holders of Activated RARI who actively participate in governance;
Community treasury and Activated RARI holder rewards maintain the same weekly distribution schedule.
(Thus, in total, the distribution plan would be changed for 50% of the marketplace mining fund (i.e., 30% of the RARI TotalSupply, while the other aspects of the RARI distribution plan would remain the same);
Whereas currently all RARI votes are “non-binding advisory votes,” votes of Activated RARI on proposals relating to use of the Community Treasury would be binding votes, bringing us one step closer to creating a fully decentralized Rarible DAO;
Un-staked RARI would remain eligible to participate in signaling votes through snapshot, but, to mitigate the potential for governance attacks, would not be eligible to participate in binding votes such as votes on uses of the Community Treasury;
Please share your comments and reasoned improvement suggestions below.
P.S. we’re running the contest for the best name for Activated RARI 😉
We know you’ve been waiting for it! It’s time to set up the founding rules for Rarible DAO. The draft proposal for DAO Structure: Community Treasury, Staking for Voting power is up on the governance forum. Let’s finalize it and put it up for voting! 👇https://t.co/dscFC8RoVl pic.twitter.com/37SXD8vP22— Rarible (@rariblecom) February 10, 2021
This week's price action might suggest no shortage of intrigued investors ready to commit to the new potential RARI tokenomics... Price action over the past 30 days however has actually been even more bullish!
Could also have a lot to do with recent celebrity interest and endorsements seen on Rarible. We've seen RARI incentives on their own create massive waves throughout the NFT space in the past, are things different this time?
Regardless if this proposal is made official and eventually is approved one thing is becoming clear. Rarible is evolving.
The Rarible Discord might be a great place to learn more about the potential impact of this draft proposal.
The rapid rise of the Rarible platform has been remarkable. We are especially interested to watch the continually onward and upward progress unfold right in front of us. We're also extremely proud to have been a part of Rarible since its infancy.
Keep up the great work Team Rarible!