🗳️Governance
Last updated
Last updated
Governance operates on a bi-weekly cycle and can best be described in terms of a season, where an entire season consists of five separate governance rounds: four SAP and concludes with The Floornament, as outlined below.
Every other week, NFT communites engage in competitive governance battles known as Sweepr Acquisition Proposals in order to influence the allocation of treasury funds towards one select NFT collection. SAP are held over a seven day period and consist of four curated collections in which one winner will be selected through xSWEEPR governance via Snapshot. Once quorum is met and the voting period comes to a close, a single collection with the most votes is then swept and deployed as liquidity.
To mitigate front-running risks, treasury funds are strategically deployed following the conclusion of each proposal. The winning collection and runner-up of each proposal progress to The Floornament.
The Floornament is a distinctive feature of our governance system, designed to add excitement and competitive spirit while enhancing liquidity for NFT collections. Let's delve deeper into its structure:
Seeding
Each collection is assigned a seed based on its performance in the respective season's acquisition proposals. The top four winners claim higher seeds (1-4), while the remaining four runners up occupy lower seeds (5-8).
Collections with higher seeds face off against collections with lower seeds. For instance, the collection with the #1 seed competes against the collection with the #8 seed, #2 seed against #7 seed, and so on.
Tournament Structure
The Floornament unfolds in three distinct rounds over one week's time with each seperate match up occuring within a 24 hour window:
Preliminary Round: All eight collections engage in a series of four 1v1 governance phases. These phases serve as initial matches, where collections compete to advance.
Semi-Final Round: The four victorious collections from the preliminary round progress to two 1v1 matches. The winners of this phase moves forward to the final round.
Final Round: The remaining two collections face off in a conclusive 1v1 governance match to determine the ultimate Floornament champion for the season.
Reward Allocation
The winner of The Floornament earns a treasury sweep allocation, further bolstering liquidity for the champion collection.
The Floornament represents a gamified approach to governance and liquidity provision in the NFT space. By combining competition, community involvement, and treasury incentives, it embodies our vision of a vibrant and dynamic ecosystem driven by collective action and shared success.
