Catdets NFT Collection - Boost JUP token value and enhance active staking rewards!

Jupiter DAO LFG Introductions
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Amendment 1:

This proposal would either build upon the current Jupiter Validator or introduce a second. See comment sections for additional details.

Introduction:

First and foremost, this proposal introduces the Jupiter Validator, operated and governed by the JupiterDAO. JUP for JUP! This initiative aims to elevate JUP token value, enhance active staking rewards, and foster ecosystem expansion.

Funding Structure:

LFG will fund the Catdets NFT collection, with an estimated allocation of between 50k - 100K JUP. The final funding value will be determined through DAO consensus. In turn, the NFT project will be responsible for funding the Jupiter Validator.

Catdets NFT Collection:

The Catdets NFT Collection will consist of 10k generative NFTs, each minted for 1.37 SOL ( J=1.0 + U=.21 + P=.16 )
a. Collection value - 13,700 SOL

Each NFT within the collection will grant the holding wallet a value of 100 perma-staked JUP. This means that NFT holders would receive all benefits of staking 100 JUP, including voting rights, active staking rewards, and airdrops. Other utilities or bonuses may be determined by DAO if decided.

Additionally, holders will have access to DAO voting, JUP staking, and SOL staking (to the Jupiter Validator) directly from the xNFT.

NFT Profits:

Profits from the NFT collection will be allocated in the following manner:

  1. Fund the Jupiter Validator - 6850 Sol, self stake excess
  2. Pay Project Runners - 2500 Sol
  3. JUP Active Staking Rewards - 2500 Sol
  4. LFG Kick Back - 1850 Sol
NFT Royalties:

Revenue generated from NFT royalties will be equally divided between the Jupiter Validator self stake, JUP active staking rewards, and the LFG fund.

Jupiter Validator Profits:

Profits from the Jupiter Validator will be distributed 50/50 every 10 epochs between self stake and JUP active staking rewards. DAO members must maintain their stake throughout the entire 10 epochs to receive a distribution.

Community-Driven Approach:

All DAO members will have a direct voice in shaping the NFT collection. Through a series of DAO votes, we will collectivity decide NFT design aspects such as a general art style, trait count, utility, profit and royalty distributions. The numbers in the proposal above are only recommended and will ultimately be decided by the DAO.

Conclusion:

The Jupiter Validator and the Catdets NFT collection represent an exciting opportunity to strengthen our ecosystem, foster engagement, and drive sustainable growth.

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:eyes:How many catdets are there in the community? Will there be enough for everyone?

:white_circle: If I stack a lot of JUP already, do I stand a chance of being whitelisted?

:art: Will there be a dedicated space (a chat room on discord or similar) for each catdet to post proposals and show what they can do?

:arrow_right: It’s important to me that this collection is the fruit of community work, and NOT the result of competition between rivals that would lead to the adoption of an individual’s work.

:arrow_right: It’s very important to me that the tools and techniques of creation can be taught by those who will naturally be designated as “master catdet” to their “apprentice catdet” who will be willing to assist them in the production effort.

:star: In order for their collaboration to run smoothly, and for their artistic skills to combine wonderfully to create incredible designs, the emergence of a dedicated Working Group seems to me to be an obvious must.

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Sounds like a plan to me, let’s vote! And how/where would we get the NFT?

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Thanks! I’m stoked for the project. We will have to wait until the next LFG vote. Keep active here and start talking to other people about it. If we want this project to be an official candidate in next months’ vote, they will need to see activity here. Once we get the project rolling and it’s time to mint, we should have an LFG mint page. This will also provide an example to get other NFT projects via LFG and not just tokens

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Thanks! I’m stoked for the project. We will have to wait until the next LFG vote. Keep active here and start talking to other people about it. If we want this project to be an official candidate in next months’ vote, they will need to see activity here. Once we get the project rolling and it’s time to mint, we should have an LFG mint page. This will also provide an example to get other NFT projects via LFG and not just tokens

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chaman, I appreciate the questions and thoughtful response, these are the exact things that make for effective discussion to contribute to the success of the proposed project.

Adjustments are already necessary due to the addition of the Jupiter Validator for the jupSol LST. My proposal presents two options: setting up a second validator to enhance decentralization or increasing the self-stake for the current one. However, the current validator’s self-stake is utilized to boost the LST APY % through MEV kickbacks, while my proposal allocates rewards to JUP active staking rewards. I believe providing kickbacks to both LST and JUP contributes to the health of our ecosystem. Yet, implementing this from a single validator might pose challenges.

We currently have over 300,000 unique wallets staking JUP. While we could potentially expand the collection size, not everyone may be inclined to purchase an NFT. Also, if the supply is too high, we could potentially degrade the collection value.

This makes me wonder if this collection could be approached differently. If we want to ensure that anyone who wants a Catdet can get one, we could consider offering unlimited minting for a limited period, perhaps one week. Instead of a generative approach, we could opt for a build-your-own method, allowing users to manually select traits that resonate with their personality.

What exactly do you mean, could you elaborate? What is whitelisting?

I think getting a channel on our Discord would be great. We can easily conduct polls there. My initial thought was to use vote.jup.ag. However, the disproportionate influence of whales could sideline the broader community’s input in the NFT design.

I agree 100%! We must make this project as community-driven as possible.

Please expand, I’m not following.

We will need a temporary group for the project, I agree. We would run the project, get our allocation of revenue, and subsequently disband the group once the project concludes.

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There are different ways of organizing a mint. The one I’m thinking of is to set up several phases to ensure that rights holders have priority.

:pencil2:FOR EXAMPLE, 4 phases in chronological order:

  1. the first takes place at the beginning and is reserved for “OGs” (=the first mockjup participants with a sufficient quantity of JUP ASR*,

  2. the second to people on a “White List”(=still according to their JUP ASR*, but without the mockjup condition),

  3. the third reserved for Catdets (=role holders with a minimum quantity of JUP ASR*),

  4. and the fourth and last Public phase, which will be open if there are still nfts available.

(*threshold to be defined)

:arrow_right:These conditions are not exhaustive, and many more can be found, particularly in connection with the new validator.

:hammer_and_pick:Creative workshops could be run by the most experienced designers, in the form of tutorials, to show how the making of features is programmed on the platform chosen to edit the collection.

:crayon:The aim is for interested artists to propose a few items, which may or may not be selected.

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Cool, It would be nice to have some jup nft’s. I like AWAG, as an artist…

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Hard pass, respectfully. NFT collections on Solana are a dead meta. Jupiter is a Defi product and minting an NFT collection would only bring unneccassary issues in the long run.

To qoute Armani Ferrante (Founder of MadLads & Backpack):
“NFTs are just art”

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TheCity777, to be honest, I wholeheartedly disagree… NFTs are far from dead. Yes they are art, but why frame art in a negative light? Art is the embodiment of culture, conduit of emotion, and a bridge to community. I personally have a few paintings myself and a small collection of NFTs. I didn’t make these purchases as an investment, I purchased these because they reflect aspects of my identity or because they simply spark my interest.

How so?

What I’m proposing is, at its core, a community driven artistic endeavor. I think our community would truly enjoy being a part of the creation process. I want to unlock our community’s creative expression and be able to fund the expansion of the Jupiter ecosystem. Whats wrong with that? Without a doubt, this collection is for all of us Catdets and hopefully, it could serve as an invitation for others to join the Jupiverse.

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Yes, setting up a series of candy guards to get our OGs, key members, and catdets the first opportunity would be the best way to launch. After all, this collection primarily serves our community. I think it would be most fair to have a series of rounds for minting. Run a candy guard with an “allow list” and “mint limit” . . . Each wallet will be limited to one mint per round before we make the collection public. A round could be something like 12 or 24 hours.

Are you proposing an art competition? Then vote on the specific trait layers to be incorporated into the collection.

I’m excited to see what our community can create. Having members submit their art and ideas should be fun and engaging.

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TheCity777, to be honest, I wholeheartedly disagree… NFTs are far from dead. Yes they are art, but why frame art in a negative light? Art is the embodiment of culture, conduit of emotion, and a bridge to community. I personally have a few paintings myself and a small collection of NFTs. I didn’t make these purchases as an investment, I purchased these because they reflect aspects of my identity or because they simply spark my interest.

I’m not framing art in a negative light, but a generative 10k collection lacks all those elements you described as it’s only superficial combination. You mentioned painting, but a generative collection lacks an important factor: the human touch, hence the word generative . But all that is beside the point from my perspective. I say this as someone who’s had a prolific career on Solana in the NFT space at its inception and has seen both the ups and downs of the space.

Where do you want me to start: NFT collections are a thankless effort. NFTs thrive on hype, and when that hype dies down, people become upset. NFT holders are an entitled bunch, and unless you’re ready to wear multiple hats and please them till the end of time, there’s no point. You say there will be project runners, but if this new group are essentially going to be DAO members, their issues and expectations are going to bleed into the main project. The proposed 10K JUP wouldn’t give this group substantial voting power in the DAO. This group of people may have an agenda to increase the value of their NFTs. What you’re proposing is introducing a 10k minority class into the DAO, whose vote would never really matter, creating frustration in the long run.

NFT royalties aren’t a sustainable business model; revenue will have to come from somewhere to keep the project afloat.

Additionally, Jupiter has no need for an additional validator as it already has one and is using it for their LST: JupSOL. Your validator plans aren’t really compatible with the team’s and would only lure away sol from Jupiter’s main validator, potentionaly in a parasitic manner. So that 50k - 100K JUP is not needed (estimate: $58.5K - $117K at today’s price).

Also, here are several questions:

  • Who will be the project runners?

  • Do you have experience running/managing an NFT project?

  • Are you a Developer?

  • Are you an Artist?

  • If you’re not an Artist, who will you be outsourcing to, and will you work with someone who’s well known in the NFT space?

  • Who will be responsible for the development work/time/money that goes into modifying our perfectly working governance, considering our governance appears to be a custom solution?

  • If the point is the art and not the investment, wouldn’t having to stake them, with an unlock period of 30 day go against that?

With that being said, if it’s for the art and not an investment, I wouldn’t see an issue with funding a free collection to be airdropped to the top JUP holders as complementary piece, assuming it has a reasonable budget and plan (assets). A smaller scale project would be a more reasonable ask then one that seeks to entangle itself with the DAO at it’s core.

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I understand the importance of human touch in art and can see your skepticism about the lack thereof in NFTs. But I want to highlight, that humans are indeed a part of the creative process behind my proposed collection. All DAO members will have the opportunity to “touch” the art.

While the Catdats may be generative, each trait layer will be the result of human-touched decentralized design and creativity. The collaborative effort of DAO members in voting on the art direction, trait layers/aspects, and any utility contributes to a collective persona of the JupiterDAO. IMO, a collaborative approach fosters engagement and excitement among members as they see contributions come to life into a final art form.

Can you elaborate on your career? What specific ups and downs are you referring to? Moreso, have you had experience using NFTs to fund projects? How did they turn out; what did success entail and how did you navigate failure?

I intended to distance the proposed collection from lacking appreciation or inherent value. I truly beleive offering some tangible utility would be the best way forward. However, I admit my lack of experience in NFT development. Perhaps just keeping it purely art, without utility, could mitigate the potential for disappointment or faulty expectations. Ultimately, this decision should be made by the DAO and the working group involved.

I proposed 100 JUP per NFT - 1 million total. I believe this figure could be flexible and contingent upon a percentage of total supply agreed upon by the DAO. We would need to scale the cost of the NFT collection to match the value of JUP allocated to not dilute JUP token value. This could potentially be cost-prohibitive to many DAO members because honestly JUP is overvalued right now… 1.5 billion market cap is notably high.

Though I do like the idea of having usable votes, we could allocate around 1%, or 1350 JUP per NFT for 7 Sol each.

Royalties aren’t the main revenue model. It is supplementary and not necessary for the project to be successful. Consider it bonus income for the JUP DAO.

Validator self-stake will be used to keep the project afloat. If the calculator I used served well, a minimum self-stake of 5000 SOL should be sufficient.

When I was first writing this proposal I had no idea Jupiter was working with Sanctum for the LST. From my understanding though, 100k self-stake MEV rewards are used to increase jupSol APY. My proposal would not take any rewards generated from the current self-stake. Only the additional self-stake generated and allocated from the NFT collection would benefit JUP holders. If we can’t use the same validator, I don’t see an issue with creating a second specifically for the revenue from the proposed collection. After all, more validators, more decentralization.

We would establish a new temporary working group.

No, my experience in NFT development is null. I would not be the person in charge, that will be reserved for the working group. Since you have experience, I believe you would pose a great asset and could be a part of the working group. If you are up for it…

Not at the level required for the project. Reserved for the working group and other DAO members. See comments from chaman. He suggested we could hold a workshop and members could provide submissions. We would then place votes.

This would be delegated to a newly established temporary working group and voting DAO members.

Anything that has to do with governance would need to be delegated to the JUP team and CWG. However, we will be allocating a portion of the collection profits to the new working group.

It will not be necessary to stake the NFT. As the proposal mentions, the NFT comes with “perma-staked JUP.” So any value that the perma-stake JUP attains, would be delivered to the NFT holders without having to actually stake the NFT. Sort of like an LST but for JUP not Sol, and in the form of an NFT not an SPL token. The revenue allocation would be sent directly to the holders.

Indeed, simplicity can often be key. This could merely be the personification of JupiterDAO, an NFT collection for us. Let the DAO decide how far we take this. However, I strongly believe my proposal would serve to be a great way to expand the Jupiter ecosystem and provide additional revuene streams for the DAO, increasing token value, enhancing active staking rewards… and honestly, just be fun.

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Agree :100:

If anything I think we could look at the SPL404 ecosystem and possible secondary SPL404 launchpad…

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many of us want to practice with creative tutorials

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SOLseeker, can you elaborate on the SPL404 ecosystem and how it can benefit this project? I know nothing of it

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I believe maybe you can get over the issue of 300k cadets by making a fractionalized nft where you can own parts of.

maybe cadets get a representation of the share as the image and how many share. then rewards can be distributed to holders faily without leaving any cats behind

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Excellent, and wen the collection is created, then plz make it abundantly clear that any cat-based nft collection, which came prior to this, are not not JUP cats, and/or are merely art, or other. Not looking to bash the derivatives, but we kw they are coming. This is a fantastic proposal and hoping I do not have to be a JUP maxi to mint or get WL. Limit 1 per mint would make for a broader community holding. Just a suggestion for the guy that could care less about chasing wl and just wants to hodl, belong, and be catastic. Thanks!

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Thank you for the feedback. However, I do feel this may add additional complexity to the already complex NFT collection. Is it possible to fractionalize pNFTs or xNFTs? I am not familiar with fractionalized process, do you actually get to keep a full copy in your wallet, or only partial pixels equivalent to the percentage owned?

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The Mutantmon NFT/$MUTANT project is an example of the SPL404 protocol.

10K $MUTANT Tokens can be converted to an NFT (random rarity/gamblefi) 2% tax is (50% burned 50% To Treasury) Deflationary.

NFT can be converted to 10K tokens anytime.

Memecoins + NFTs + Gamblefi all in one!

I personally think this is the only way NFTs proliferate during this cycle.

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