GM!
Welcome to the first-ever Lil Nouns Weekly Newsletter! ⌐◨-◨
We’re so glad you’re here. The best thing you can do is to forward this along to your friends (even if they’re not part of Lil Nouns DAO) and share on social media. If this is your first time reading:
Here’s what we’ll be covering in this post:
This Week in the Lil Nouniverse (ICYMI)
Lil ⌐◨-◨ Funding Mechanisms
Lil ⌐◨-◨ Community-Made
Lil ⌐◨-◨ Events
LIL ⌐◨-◨ Explore More
One last thing — since this is episode numero uno — let’s start with what is on the Lil Nouns website:
TLDR?
Alright, let’s get into it.
This Week in the Lil Nouniverse (ICYMI)
~300 new members have joined the Lil Nouns Discord in the last week. The Treasury now sits at ~1,100 ETH. We purchased our second Noun (unanimously voting on it via Prop 10) in the first-ever DAO-to-DAO transaction! And there are ~800 unique holders for Lil Nouns — this amazing diversification for this stage of a project!
But the most exciting part is seeing the community come together to build things that make our lil world a better place.
Here are some top highlights…
Lil Nouns Featured in Proof June Report
Kevin Rose is a legend in the NFT space and has a good eye for projects. So when he dropped this episode, we were excited to see that he spent the first 20+ minutes talking about Lil Nouns. ⌐◨-◨ Bullish.
Settling auctions discussion
The community has been in discussion about who should settle auctions — here is how it works today:
When an auction ends, a gas-only transaction is required to mint the current Lil Noun to the winners wallet and start the next auction. Anyone can settle an auction. As gas price fluctuates, the cost of settlement also fluctuates.
Settlement gas price of every 9th Lil Noun is higher. This is due to the transaction also triggering 2 free Lil Noun mints: The Lil Nounders mint and The Nouns DAO mint.
It is a common question for new folks in Lil Nouns. And it’s a fair question. As Punk4156 said:
The NFT is not the art, the governance is the art.
There has been some heated debate (and some talking in circles). But mfrs summarized the debate nicely here:
Will Price (legend) has settled ~150 auctions personally (6+ ETH spent — hoping to refund him through a Prop… more on that down below). It’s an interesting experiment.
So, who should settle an auction? The buyer? The Lil Noun Treasury? Someone else? For now, the person who should settle an auction is the person who has been settling auctions ⌐◨-◨. In other words, it is working, albeit, not perfectly. Supply and demand are settling where the market sees fit. Sometimes that’s within seconds. Other times it takes hours.
But the experiment is running, And that is a big win.
LIL ⌐◨-◨ FUNDING MECHANISMS
Lil Nouns DAO has three ways of funding projects that benefit the community:
Prop House
Retroactive funding and Lil grants
Proposals
1. Prop House
A place where builders get funded for future builds. It works by accepting ideas from anyone with an ETH address. Every week, community members (Lil Nouners in this case) vote on which ones to fund. The winners of the vote are sent ETH to build out their idea.
Here are the bounties and schedule:
Round 1 → 5 winners for 2 ETH each
Round 2 → 11 winners for 1 ETH each
Round 3 → 3 winners for 3 ETH each
Voting for Round 1 closes in two days — vote now!
2. Retroactive Funding and Lil Grants
This is a pool of funds kept in a Gnosis Safe controlled by Lil Nouners. The aim is to quickly allocate small amounts of capital to builders and contributors. This is to encourage small, one-off, or alpha versions of projects/tooling, without having to wait days for a proposal to pass. Small grants can also award retroactively, for past contributions.
Anyone can apply for a Lil grant — funding is decided by the Lil Nouner’s in charge of the safe.
3. Proposals
Used to execute functions on-chain. This can either be for funding (by executing a transaction) or governance (by adjusting governance parameters). Only community members can submit and vote on proposals.
Vote here for the Active Proposals.
LIL ⌐◨-◨ COMMUNITY-MADE
One of the main goals of Nouns (and thus, Lil Nouns) is to proliferate the Meme of Nouns. It is our greatest honor to showcase the best memes and projects from the community from the past week.
Lil Nouns Dune Analytics dashboard is live! Shout-out to mfrs and his team at SeaLaunch for putting this today. 🔥 Let us know what you’d like to see added here!
LIL ⌐◨-◨ EVENTS
The first town hall meeting was last week. We will record and send notes going forward.
Town Lil Noun Hall - June 12 @ 12 pm EST
Agenda:
Treasury. What percentage of the treasury should be spent on purchasing Nouns? @lilworld held a quick temp check on how much to allocate - 60% seems most popular option so far (Discord discussion link).
Legal entity. We will begin discussing the formation of a legal entity for Lil Nouns. Some helpful context: a16z did a couple of papers regarding the legal constitution of DAOs. The first paper was written in 2021 and then they published an update this month. Nouns use a cayman structure. (Discord discussion here).
Lil Nouns Mission. This is obviously a bit topic, but worthy of some discussion. This will likely evolve over time, but it’s good to be thinking about the unique value prop and core differentiation from Nouns (and any other project, for that matter).
LIL ⌐◨-◨ EXPLORE MORE
If you haven’t already, check out the following resources:
lilnouns.wtf (duh)
Follow on Twitter: Lil Nouns and Lil Nouns Weekly
Check out the active Proposals on Discourse
Most importantly, come hang out in the Discord (you don’t have to own a Lil Noun)
See you next Sunday,
Lil Nouns ⌐◨-◨