The lower barrier-to-entry version of Nouns
Today, it’s @lilnounsdao turn. LilNouns DAO was born as a lower-barrier-entry to Nouns DAO, but has become a vibrant community in and of itself. Hope you enjoy this article where I deep-dive into how LilNouns DAO works.
In case you didn’t get a chance to feed your decentralized soul with some Nouns DAO meat, feel free to first read the original thread.
DISCLAIMER: I have since acquired 1 Noun, that the community has deemed the Doom Gatekeeper. I’m lucky enough to consume my own #alpha, so I decided to name him Noun on @NFT_Registry. I have had LilNouns for a while and plan on acquiring >= 1 other Noun.
LilNouns was born as a near 1:1 fork of Nouns. Contractually, they are nearly identical. The main differences are: 1. Cadence (originally 15 mins. vs. 24 hours) 2. Artwork Regarding artwork, as you can imagine, LilNouns are mini versions of Nouns.
LilNouns traits are also selected pseudorandomly, determined by the block number in which they are minted.
The DAO has 3 main goals:
- Proliferate the @nounsdao meme
2. Exposing more people hands-on to Nouns
3. Bootstrapping liquidity through its NFT sales to build up a treasury, that partly goes to buying Nouns As the DAO holds Nouns, owners get to vote on Nouns proposals via Lils.
Similar to Nouns, after every 9 LilNouns that are minted + auctioned, 1 is minted and sent (free) to the lilnounders (founders) Interestingly, 1 additional is minted and sent (free) to the Nouns DAO treasury as a thank you This is an alternate way that Nouns accrue value.
The Nouns treasury has accumulated 681 LilNouns through this pay it backwards mechanism.
I’ve found the way governance works fascinating. LilNouns governance is done completely on-chain (https://lilnouns.wtf/vote) as Nouns does it. However, as a LilNouns NFT holder you also have the right to vote indirectly on Nouns proposals.
When a Nouns DAO Prop is created, LilNouns initiate their voting on the Nouns prop. Then, after the 2-day Nouns DAO waiting period when Nouns can start voting. LilNouns submits their (currently) 9 votes on the Nouns Prop on behalf of the LilNouns DAO.
Currently, LilNouns > Nouns governance is handled with off-chain signatures (showing proofs), and then a LilNouns multisig submits the votes on chain into Nouns DAO governance. This is soon to change as governance will become trustless via Federation.
Its apparent the LilNouns community shares a lot of the same principles that govern the social norms and intention of the Nouns DAO. Feel free to join the discord and get your feet wet using LilNouns as a potential eventual gateway to Nouns.