The NFTX smart contract uses an upgradeable proxy which is controlled by the NFTX Dao (on Aragon). This means that NFTX token holders have the power to change the NFTX smart contract if we reach consensus. Right now all changes require 80% of participating (i.e. voting) tokens to support a proposal in order for it to pass, with the voting period lasting for 24 hours. In the future we will propose decreasing the support threshold and increasing the duration (e.g. 65% support over 5 days), but for now the shorter duration allows our platform to make updates faster, and the 80% threshold helps protect against governance attacks.
The NFTX token supply is 650,000, and the distribution is as follows:
- 10% vested over 5 years for founder
- 30% distributed for NFT contributions (community raise)
- 30% distributed for ETH contributions (community raise)
- 10% earmarked for NFTX liquidity
- 20% earmarked for farming
NFTX Token Distribution
Keeping popular funds liquid is important, so the community raise will be accepting ETH as well as NFTs (in the form of D1 fund tokens) in exchange for vested NFTX tokens. The idea is for the NFTX Dao to raise enough NFTs and ETH to bootstrap AMM pools with liquidity. Being an LP makes sense for our Dao because it improves the liquidity of funds (i.e. our product) while also earning yield for our treasury.