Dog 0 is a member of the Degen Dogs Club

Oct 06 2021

Dog 0

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Dog 2 is a member of the Degen Dogs Club Dog 3 is a member of the Degen Dogs Club Dog 4 is a member of the Degen Dogs Club Dog 5 is a member of the Degen Dogs Club Dog 6 is a member of the Degen Dogs Club Dog 7 is a member of the Degen Dogs Club Dog 8 is a member of the Degen Dogs Club Dog 9 is a member of the Degen Dogs Club Dog 10 is a member of the Degen Dogs Club Dog 11 is a member of the Degen Dogs Club

Degen Dogs?

Degen Dogs combine NFTs with DeFi. The degenerative art is inspired by Cryptopunks. The treasury aspect is inspired by Nouns. The DeFi and money streams aim to explore a new community that collides the worlds of NFTs and DeFi into a new type of crypto dog off-leash park. Grab your Dog and join the Club.

Degen Dogs is a submission for the 2021 ETHOnline Hackathon, and is powered by Superfluid, Uniswap, Chainlink, Compound, DAI by Maker, and hosted on Skynet. The website (dapp) HTML and CSS are modified from Nounds DAO, as is the Auction House contract, which was itself modified from the Zora Auction House contract -- used under a GPL licence. Nouns is a very interesting project, check it out.

Daily Auctions

The Dog Auction Contract will act as a self-sufficient noun generation and distribution mechanism, auctioning one noun every 24 hours, as long as there are dogs needing a new home.

Each time an auction is settled, the settlement transaction will also cause a new dog to be minted and a new auction to begin.

While settlement is most heavily incentivized for the winning bidder, it can be triggered by anyone, allowing the system to trustlessly auction dogs as long as Ethereum is operational and there are interested bidders.

Dogs do DeFi?

Degen Dogs is an experiment that combines NFTs and DeFi. The proceeds of each auction are sent to the treasury. That's when the DeFi Dog magic starts:

  • The ETH from the winning bid is swapped on Uniswap for DAI
  • The resulting DAI is then deposited in Compound Finance, and begins to earn yield
  • A portion of the Compound tokens (cDAI) representing the deposits are then upgraded to "Super Tokens" in the Superfluid protocol.
  • Then dog urine Super Tokens then begin streaming -- every second -- back to Dog owners:
  • 10% of of the proceeds of the auction stream back to the Dog Owner over the next 365 days. If the Dog is sold or transfered, the stream switches to the new owner.
  • 40% of the proceeds of each auction are shared by all current Dog owners and streamed to them over the next 365 days.
  • 20% of the proceeds for each auction go to the owner of the 10th Dog before this one. For example, 20% of the proceeds of the auction for Dog 11 will get streamed to the owner of Dog 1, over the next 365 days.
  • In future, the Club may decide to change the DeFi investments and distributions in interesting ways.

Chew on that!

Dog DAO?

Degen Dogs are currently on testnet. The plan for a mainnet launch would include a DAO to manage the Club and treasury. To start, this might be comprised of a small number of Dogfathers, with all Dog owners automatically joining the DAO. Bark if you want in.

Dog Traits

Degen Dogs are composed of multiple traits, including:

  • bodies (tbd)
  • accessories (tbd)
  • headwear (tbd)
  • glasses (tbd)
Degenerative Artwork

Degen Dogs are dogs in the same spirit as the Cryptopunks. We call it degenerative art.

Future dogs may be submitted and voted on by the club, with winning artists earning a cut. Stay tuned.

Roadmap

These Dogs are just getting started. Possible next steps and additonal features include:

  • Gather a team!
  • Gas cost optimizations
  • Feature: every 52 days, a prize from the treasury earned by a random Dog owner.
  • Feature: a pre-auction tool where artists can submit Dogs and the community can vote on which Dogs are freed from the pound and minted to the collection (portion of proceeds to artists).
  • Explore other DeFi options (Aave, Balancer, Yearn, etc.)
  • Explore and simulate incentivized tokenomics models
  • Smart contract refinements to support fully decentralized operation
  • DAO governance implementation
  • Support for resale auctions in the dapp
  • Mainnet launch!