Transcript: Galactic Punks AMA Punk Staking and More

Terra Galactic Punks
Galactic Punks

Finn 0:42
Hello and welcome to The Ether. Today’s Sunday, February 27th 2022. This episode of The Ether is brought to you by WeFund. WeFund is a community crowdfunding cross-chain incubator on Terra and it’s the first launchpad that implements a milestone funding release system to protect investors. All money raised for projects is deposited in Anchor Protocol and it’s refundable, and all decisions are based on community voting power. WeFund is community focused and designed to be a user friendly experience for both project creators and investors. Be sure to follow them on Twitter and join the Telegram for more information. Links are in the show notes and check them out online at This episode of The Ether is also brought to you by Orbital Command, a community validator on Terra dedicated to educating, expanding, and promoting the LUNAtic community. Follow Orbital Command on Twitter using the link in the show notes to receive regular threads on Terra protocols and yield strategies, news, resources, and Twitter Space discussions. You can also support their community efforts by considering them next time you’re delegating or redelegating your LUNA. Find out more at TerraSpaces appreciates the support from all our sponsors. Today on The Ether, the Galactic Punks AMA, Punk Staking and More. Let’s take a listen.

Karma 2:00
DAO can actually sustain itself on community work. Now, I am going to give word, first to Jack, who is joining us today I believe from the main account. And we can also take a second just to introduce the Ambassadors who are joining us today so you all know whose voices you will be hearing today.

Jackisnotinabox 2:22
Thanks for the introduction, Karma. Hi, I’m Jack and I’m joining from the main Galactic Punks account today. Today we have the DAO account joining us, I’m not entirely sure who is joining from the account so please feel free to speak up.

mikatachan 2:36
Hi, this is Mikata Chan joining from the DAO account, one of the Ambassadors for the DAO.

Jackisnotinabox 2:43
And we also have Berzerker and Mannnos as well who are Galactic Ambassadors.

Mannnos 2:48
Hey, everyone.

Berserker 2:50
Hey, guys.

Jackisnotinabox 2:51
Great stuff. Thanks, guys. So yeah, as Karma’s said, we are going to cover a number of things today, starting with the Punk Staking, which we actually teased the other day. I’m just going to retweet that tweet so you can have a look at it just in case if you haven’t done so already. It just gives a brief image, which is blurred out, of what the staking platform is going to look like. I’m not entirely sure if the tweet is going to show up. Doesn’t look like it is so apologies for that. It is pinned to our profile so feel free to go over there and have a look instead. Yeah, as many of you know in the DAO, we have invested in a couple of projects launching on Terra. So far, that is Luart and Messier, which actually passed earlier this week. Now, to claim those tokens, GP holders are going to have to stake their GP in a staking contract, and tokens be rewarded on a Punk per Punk basis. Now, you can quite easily do the maths to work this out. I don’t have the maths in front of me, unfortunately, so I can’t tell you what that’s going to be. But you’ll be able to stake your Punks over the vesting period of each project. And you will be vested tokens as and when the airdrops are claimed by the staking contract. Now, depending on how many Punks you hold, you’ll be able to claim more or less tokens. Obviously, as it’s a Punk per Punk basis, this is the fairest way to make sure that the tokens were evenly distributed amongst our holders.

Jackisnotinabox 4:24
Just a few words of note to do of this staking contract. Now, obviously it is experimental, this is the first of its kind. So, anyone who is using the staking contract has to be aware that it is not yet audited and therefore you should stake at your own risk. Now we will be getting it audited, as in when this is going to happen will depend on the current auditing runs and the auditing company that we choose to do that with. So yeah, please only stake if you are willing to take that risk. We understand that it’s not the most convenient answer in the world. But nonetheless, we have to make you aware that it is the first of its kind and experimental. If anyone has any questions at any time, feel free to just put your hand up and I’ll bring it up to the floor. I understand that it’s obviously going to be quite important for people understand exactly how this works. So yeah, if you have any questions, feel free to put your hands up. Anyway, carrying on with the staking. Now, each punk will have to be staked for 21 days before it can start earning rewards. So this is just a way of basically stopping people from gaming the system and constantly staking or unstaking their Punk as when the market pumps. So if you’re serious on collecting these tokens, then obviously you’ll want to keep your Punk staked otherwise you’ll miss out on staking rewards.

Jackisnotinabox 5:55
We also have a couple of things that you have to bear in mind when unstaking your Punks. You need to make sure that any tokens that you have been rewarded with are claimed prior to unstaking. If you unstake before you claim the rewards, then these rewards will go back to the DAO. And this is just purely to make sure that there aren’t any glitches or issues with the staking contract. But as the staking, that is pretty much it. We will be posting a entire walkthrough guide for people to refer to. Obviously, it’s quite difficult to picture exactly how this is going to work without looking at the site. We promise that we will be revealing some more screenshots, some more details as and when the launch happens. We are just waiting on the Luart TGE, so you’ll be expecting these details very, very soon. Now, I think Karma did just drop out for a second, but if she is back, then I’ll hand over the floor to her in case she wants to add anything. Otherwise, if you have any questions, feel free to ask.

taoi 7:00
Yeah, hello. As I always say, me and Twitter Spaces is a love-hate relationship. I always seem to get locked out midway, but I am back. Now I think just to add to this, so there is no confusion, the reason why we designed it like this with this 21 day waiting period is so that… We can never know anyone’s situation, we personally think that you should always be able to unstake your Punk, there shouldn’t be any fixed lockup. And that’s what you will indeed be able to do. So you can unstake your Punk, withdraw it any time. However, if you do it before 21 days pass, you will be forfeiting all the rewards. So this should incentivize people to hold long term, not unstake and restake, have them listed. However, if you are in a situation and you need liquidity, I don’t think anyone should be penalized, and you can’t indeed withdraw your Punk. If you withdraw after those 21 days have passed, you will be able to claim rewards continuously. So that shouldn’t be a problem. If you then unstake and restake it again, you will again have to wait 21 days until you can claim your rewards. I think that’s a very, very fair balance of incentivizing long term holding but also not locking people’s liquidity away fully. We are all illiquid, and in JPEGs already as we are.

Jackisnotinabox 8:30
Yeah, just to add, there will be reminders for all these things along the process. So if you do try to unstake your punk before claiming your awards, you will be notified what will happen if you do. So just to make sure that no one misses out on that information, it is there and will be available in the form of notifications or pop ups, I should say.

Karma 8:49
Yeah, and as we’ve mentioned at first, all this will of course be detailed and coming in written form in the form of a community update. This is just an occasion to talk about this in a broader sense, and touch upon the community questions. So don’t worry about remembering all this. This is all going to be detailed, of course. And I believe Mannnos has a question.

Mannnos 9:16
Jack, can you talk a little bit about what you see the future benefit of staking being apart from potentially just this initial token drop for holders?

Jackisnotinabox 9:29
Yes. So obviously, we as a DAO have a fairly good sized treasury, which we are going to look to increase over the months and years that the DAO continues to grow. And the idea is that staking these Punks is almost like a promise to wanting to be a part of that and wanting to better the future of the DAO. It is obviously basically a way of saying you’re bullish about the project by locking your… Not locking your Punk away, but staking your Punk and claiming these tokens. And it’s not only a betterment for the DAO, but also for the projects that we invest in. Obviously, depending on the size of the raise that the DAO does, we’ll be holding a number of tokens which will be kept out of circulation until the DAO decides to do something different with those tokens. And helping to disperse them to more wallets also brings more attention to these protocols and these projects. For example, if you get an airdrop or something, you’re more likely to research into that project or to have a look at that project at least, and try to understand what it’s doing. So it’s a good way of basically just helping Terra advance itself. I understand that there’s some people that only concern themselves with NFTs, and some that only can concern themselves with DeFi products. But by combining the two like we are, by allowing people to claim these tokens, you can then venture into both. And it just allows people to basically just get a taste of these other projects that are launching, that they might not know much about. On the staking page, we will be providing project overviews as well as links to their social channels, etcetera. So it will be a hub of information as well as a staking contract. But as for the future of the staking, it’s obviously difficult to say where it’s going to go. The idea is that as the months go on, we will be investing into more projects as a DAO, and therefore there’ll be more rewards available for people to claim. But yeah, as for that, that is what the staking contract is for.

taoi 11:46
Yeah. And I might just chime in and talk about this as well. I really wanted to stress and mention that it’s not necessarily our main goal to provide the highest APR you can possibly imagine. I just want people to manage their expectations. This Punk Staking in its first iteration is a proof of concept for basically dispersing tokens from this private round investments. So something that we do as a DAO that most individual members possibly wouldn’t have access to, we are providing this access via the DAO, via investments and voting. So this is just a way to disperse these tokens in a new and innovative way via holding NFTs. And I think going forward, there are many ways in which this can possibly develop further because new incoming NFT projects, NFT protocols, or protocols providing NFT infrastructure could in a way have access to multiple thousand people staking Punks. So almost it’s like a verified NFT community upon Terra and they could use this to disperse a percentage of their tokens. Almost like the way early upcoming protocols used to airdrop a part of their tokens to LUNA stakers. Now, this is just obviously a possibility. We are talking to some protocols, but nothing is yet confirmed. I just want everybody to manage the expectations and know that this is something new, something that we’re all exploring together. And 200% APR is not necessarily at the forefront of this, in this iteration.

Jackisnotinabox 13:30
I’ve just invited a couple of people up to speak. If you have a question, let’s start with Defi Zealot.

Defi Zealot 13:36
Hey, thanks. This sounds really exciting. I just wanted to understand if there’s anyone from Messier. I took a look at the project and I haven’t seen any big details about what differentiates Messier from other projects. And so before I lock up my Galactic Punk for some tokens, can someone pitch to me why Messier is a good project, what the tokenomics is going to be like? And then the second question here, and this is not a jab at anything, but it’s more about… I want to understand what is the benefit of having so many different marketplaces, right. From a user’s perspective, I almost want one or two marketplaces that I can go to that I can trust, right, instead of so many different ones. And also the floor prices end up being different in different marketplaces. And so maybe I’m missing something and I would love for someone to explain what having multiple marketplaces, what benefit it has to the community.

taoi 14:57
Yep. Jack if you don’t mind I can launch straight into it because we’ve discussed this recently.

Jackisnotinabox 15:04
Yeah, sure, go ahead.

Karma 15:05
Well, basically, I think if we were to summarize it very briefly was that competition is always good for the space. And when multiple projects or protocols compete for the same pool of liquidity, it’s the users who usually win. There’s nothing worse than monopole. And I agree with you, it is very annoying in these early stages that we are in right now, when we are all competing, all these marketplaces are competing for the same very limited pool of NFT liquidity. However, they can all differentiate between each other, if I would now quickly summarize, RandomEarth has the first mover advantage, and some pretty advanced features for how quickly it actually came to be. Luart has incredible customer support, good marketing, also some innovative gamification that will hopefully come soon. And then Messier, actually, when you look for the litepaper has the most attractive fee structure, and some really interesting features coming up when it comes to the analytics and the roadmap. So each one of them does have a certain niche that they are trying to address. I encourage you, however, to go into Galactic Punks Discord, and there are separate channels, Messier Art Marketplace and Luart News, where marketing heads of each of these protocols are actually present, can answer your questions, and discuss exactly that, the roadmaps and how each of these marketplaces plan to take their lion’s share of the market. Now, I think I will cap this at that because we would truly like to keep this about the Punk Staking, we have a lot to discuss about. But that would be just a very quick overview. The more competition we see, the better. And the more analytics tools and tooling comes into the space, the less divide and the less spread will be between the liquidity of the markets and between… Well maybe not liquidity, but the floor prices and such.

Defi Zealot 17:10
Cool. Thank you so much for that. One quick other question that I had was around the 21 days, was that something that is the same as staking your LUNA or validator kind of ideas, that’s where it came from? Or where did that number come from? And I’m just curious, why isn’t it longer or shorter?

Jackisnotinabox 17:34
Yes, so we took inspiration from LUNA staking, but it is the opposite. So you have to stake for 21 days before you can claim or earn your awards. Whereas with LUNA, it takes 21 days to unstake. So that’s where the number came from. But we wanted to make sure that people were able to withdraw their Punks at any time as the minute they hit, the transactions go through just for, obviously, safety reasons, then we understand that it’s not ideal having to wait for your GPs to unstake. So that’s the reason why it’s set up that way. I hope that answers that question.

Defi Zealot 18:16
Thank you.

Mannnos 18:18
I just want to quickly jump in as well, just about the different marketplaces. I think it’s important that people don’t set their mind in stone about what marketplace is going to be number one or number two already. The LUNA NFT ecosystem is tiny. If you look at the Solana ecosystem, and Magic Eden in the last 30 days settled over 2.5 million LUNA worth in 30 days, Random Earth settlers about 50,000 LUNA a month. So to make a decision on what’s going to be number one already, I think it’s far too early.

Jackisnotinabox 18:56
Okay, there’s quite a few people lined up to ask questions. So I hope you don’t mind but we’re going to move on to the next one. I believe it was taoi. Sorry, I don’t know if I’m pronouncing your name right, but you are up next to speak.

taoi 19:11
Yeah. So could you quickly touch up on the audit side of the staking contract, please. And my bigger question is we’re talking about getting voting on-chain as well, so is there plans to connect that up with the staking contract, or anything like that? Because you already have an aggregated list of people that are Punk holders and stakers, right?

Jackisnotinabox 19:38
Yeah, exactly. So on the audit side, we are looking to get the contract audited. As we do have a $30 million market cap, we understand that there’s a lot of capital at risk, and therefore we want to get this audited as soon as possible. And we are currently going through the motions of getting that done. It’s basically just to help reassure people that it’s safe to stake their GPs. Obviously, until that audit’s done, just please be aware that there are risks. But we are doing our best to test it and to make sure that any loopholes are filled. And as for the on-chain DAO, yep, that is in the works. And we are hoping that within… I want to say the next month, that will be live. And yes, they will coincide with one another. So, if you are staking your punk, you’ll also be able to participate in governance.

taoi 20:36
So it is that one way street, like you will have to stake in order for you to vote and there is no alternative mechanism for you to vote, right?

Jackisnotinabox 20:44
Sorry, yeah, just to clarify that, you do not need to stake to be able to participate in governance, it will literally just be querying whether or not you hold a Galactic Punk, there’s no need to stake if you do not want to.

taoi 20:57
So you’re using a snapshot mechanism, or there will be a… What is that transaction specifically called, I forget, where you can view that wallet’s token just for that one moment.

Jackisnotinabox 21:11
Unfortunately, I’m not a developer and can’t answer that to the fullest. But it works similar to how token snapshot works, where you connect your okay wallet and it’s able to query what you’re holding.

taoi 21:27
Thank you very much, man.

Jackisnotinabox 21:28
No problem.

Karma 21:31
Sorry, sorry, Jack, I just wanted to stress, we cannot stress this enough, at first this Punk Staking is very experimental, is a beta, is done at your own risk, despite us testing it as much as we can. Audits are very, very difficult to come by and you do wait a long time. So we just… This is our decision to release this in beta first and people have to be aware of the risks, we are just transparent about them. However, not staking your Punk immediately does not in any way detract from your quality as a DAO member. This has to be… Everybody has different risk capacity and risk ratio and risk acceptance. Just please do this within your own realm of possibilities. And know that you will not be missing that much. Yes, these tokens will be dispersed to people staking because that’s the way we can best do it per Punk as well, per Punk staked. That’s what the DAO voted for, dispersion of tokens per Punk. This would not have been possible with Lunar Assistant, this would not really have been able easily with other DAO member ways of verification, but do not feel pressured into staking your Punk immediately. Because you just have to assess your own risk. That’s all I wanted to say.

taoi 22:55
Thank you very much for those great answers. I’ll step down. Thank you.

Jackisnotinabox 22:59
Perfect. Thank you for asking questions. We also have Marco, who’s lined up to speak.

Marco 23:04
Gm GPs. My question was since staking is on a Punk per Punk basis, the excess of tokens, does it go to the DAO or does it get dispersed against the ones that are staking?

Karma 23:23
So for most of the investments, the… So for Luart and for Messier, the way it happens is upon TGE, 10% of tokens are unlocked. And the rest is vested daily. But it would make no sense for us to be dispersing tokens daily, because if… It’s not very likely, but if surely 7k or 8k people were to stake their Punks, this would amount to very little tokens per Punk per day so we would be paying so much in transaction fees. So it makes more sense for us to be dispersing tokens weekly. That’s how they will very likely be dispersed even though the vesting is daily. This is still something that we are discussing. And it will very likely still have to be refined once we have actual staking numbers, once we see how this goes. And everything will be provided in this written write up, the final numbers or things that were decided upon for the launch, for the first iteration, and first testing. Sorry, does that answer the question?

Marco 24:30
That was more than perfect.

Jackisnotinabox 24:33
Perfect, okay. And we also have danku, who has come up to speak as well.

danku_r 24:38
Hey, ladies and gentlemen, I just wanted to congratulate you, right. You’re doing an amazing work and you always sound so serious. Don’t be so serious, right, I think this is amazing news. So, really, congratulations. I can’t wait to stake my Punks. This is really, really cool. And it’s great that you help the people understand that this is right now experimental. Yes, something can go wrong. But I think this is a huge step forward as a DAO in Terra to become a true organization. Super, super cool. So congrats. I have two small questions, right, in terms of… Probably you don’t have the answers yet. If not, it’s maybe food for thought long term. The first piece, Karma, you said earlier that there will be APRs. I’m surprised even that you even show APR, I would not expect that because it’s not only, as you said, about financial upside. So is there also a revenue stream in general coming in that the DAO is generating and then redistributed because there would be APRs? That would be the first question. And the second question is, just as I said, this is really just food for thought long term. I think you did a great job with the 21 days, kind of not penalizing people if they want to unstake. I of course, as a very long term holder, would enjoy if long term stakers, the longer they stake, the more governance power they get, like the AMPS from Prism, because that will truly change the game from just the big whale has a lot of money and buys a Punk and is now as important as me as a DAO member, instead of me staking now for 10 years in a row, which is the minimum holding amount. I will hold my Punks for sure, that would be great. But just as food for thought not expecting it now.

Karma 26:07
Yeah, so I will start with the APR… Well, no, I will start with something serious. No, we are actually incredibly excited. We are just so intense because there’s so much to think about this. We’ve had months debating this, brainstorming this. And being a DAO you can never please everybody. So no matter what we do, there is always backlash. So maybe we’re just a bit too concentrated on sounding very concise, and addressing every possible aspect of this. But we are incredibly excited. We’ve worked very, very hard for all of this. So yeah, on the topic of the APR, you will not be shown any APR, I was just using this as an example that this is not what’s the goal, because we can’t be showing APR because we will never know fully… We can’t project something that’s based on the amount of Punks staked. If one week more people have staked their Punks, the rewards will obviously be distributed differently than if suddenly everybody unstakes, and there is a lesser amount to be distributed amongst. I think that’s just something to keep in mind that this will be very fluid, depending on how many people actually participate, and depending on just the rewards that are being generated. At first, it will only be rewards, eventually upon TGE of Messier, you will be claiming these duel token rewards. Maybe down the line, we really truly hope we will be adding some more options. So I have to admit, I’m a bit lost on the second question, maybe Jack can help me here.

Jackisnotinabox 27:46
Sorry, danku, you’re gonna have to repeat your second question because I have forgotten it.

danku_r 27:51
Yeah, no worries. It’s like… So because you said earlier, Jack, in terms of… There was this question can I just take part of governance if I’m staking and you immediately said no, right. But then it immediately crossed my mind also, it would be amazing if people that really staked with you for hundreds of days would get more governance power, because that’s basically the proof of conviction, right, in the end that people would never sell and those people are true community members. Because if not, you guys know that I say somebody could just come on the market, have a ton of money, buy a lot of Punks, and then he is equally as important as somebody who is for years holding his Punk, right. So the mechanism now that you have staking that benefits people that are really holding long, in terms of governance power, would be maybe a great idea. Just sharing an idea, not expecting anything, but that just crossed my mind in terms of governance, because now you can express it.

Jackisnotinabox 28:43
Yeah, I completely agree with you. And it’s something that I’ve been scratching my head over for months. Now, since we had decided to start up the DAO and put it on the roadmap. It’s very difficult to to work out exactly how this governance should work with NFTs, or just for tokens in general. Like you said, someone can just swoop in and buy up a large supply because they’re a whale. It doesn’t mean that they necessarily care about the project more, they just have the money and capital to do so. And that shouldn’t be a fair way to vote, because that person can come in and have malicious intent, or just not be as involved in the DAO, or as, like you said, a long term holder. And it’s very difficult to work out exactly how that’s going to work. Now, because the DAO is a fluid model, there are things that we can add down the line and having some form of longevity to your staking that basically amplifies your staking power could be something to look at. And it’s certainly something that’s gone through my head a couple of times now, but it’s still very, very difficult to work out what’s the fairest model to do this, especially if some people are concerned about staking and locking up their Punks. I understand that there’s always a security risk, and some people prefer to hold their assets in their wallet and not have to stake them to be able to participate in governance. But being a DAO, this is the sort of thing that can be voted on as there’s no restriction to possibility, it’s just time and development.

Berserker 30:23
Yeah, I just like to chime in on this governance topic, I’ll also try to sound a bit more happy excited about the staking. [chuckle] So one of the important aspects here the to understand is as a DAO, the government’s is decided on merit, right. So all the Ambassadors are actually elected officials. And they’ve been elected because of kind of their work that they’ve been doing inside the DAO, as well as their application. So the governance inside the Nebulas is also based on merit. So if you executed some important strategies, or developed, wrote some interesting proposals, carried out pertinent actions that actually advance the DAO, you will be compensated for that through either the tip pot or any other kind of compensation, or a governance role. So all this governance talk that we’re doing is basically, you have to show us that you deserve to govern through actions that you take, right, which makes a lot of sense. So staking more Punks because you have more money, but actually not actively partaking in DAO governance doesn’t really advance us. So I’m not 100% Sure, I understand that you should receive more rewards, because you have more Punks, and you have more skin in the game, and you will receive more rewards, right? Because the rewards are based on a per Punk basis. So if you have 10 Punks, you get 10 times the amount of tokens. But the governance is a completely separate issue, in my opinion, and should be really driven on merit. That’s all I’m saying.

danku_r 32:11
I agree with you, but so that I don’t misunderstand you, I think we are both on the same line. Because right now, unless you guys, correct me because unfortunately, I haven’t had time to read deep dive. If I have a Punk right now I can take part in governance, right? That’s correct, right?

Berserker 32:26
Yeah, absolutely. And you can be an ambassador with only one Punk or a leader of a Nebula and kind of carry out very important decisions concerning the budget with only one Punk. So there isn’t that limit of having more Punks, or requirement to stake Punks. Does that make sense?

danku_r 32:46
Yeah, but you would be even better as if you anyway, have one Punk and you take it for a long time, you would get more power, because now I don’t do anything in the Galactic DAO. But I can still vote because I have 100. And if I’m now Do Kwon, I could just buy 5,000 Punks out there and basically over vote everybody. But if you basically give stake more governance power to the ones that stake for years, weeks, months, that makes just more… It’s basically like the vote escrow stuff that we see with Anchor Protocol, right. So the ve token model, that you basically give more voting power to the people with skin in the game that either lock up their stuff for a long time or the other way around is the Prism model, where what you’re doing is saying you get more and more power of something when you stay for a longer time. Those are the two pieces that you can then connect to stake. I’m not saying that it should be and I’m very happy that you are driving anyway, the topic of merits. I’m fully supporting that, and as I said, this was just a quick feedback, right, in terms of now that you have staking, those kinds of ve model stuff could be integrated with Punks, so vePunks. Whoo, that sounds fun.

Karma 33:53
Yeah, just… Sorry Berserker to butt in, I just wanted to… This is an incredibly important discussion, and decentralized governance is hard, decentralized governance in NFT space is even harder. The discussion between the NFT, the merit-driven model and a possible token model, which we will talk about in a second, is incredibly exciting and very, very complicated and convoluted. I would love nothing more than to talk about this for hours. But I’m really, really afraid we will have to move on otherwise we will end up spending you know a three hours here on this Spaces. So what we will do is we will take two more questions from the Galactic DAO and then from Midas who has been raising his hand for a while, and then we will move on to the next topic being the Spaceship airdrop, and how it is to be distributed, because it could potentially involve a token model. Now the Galactic DAO, please go ahead.

mikatachan 34:53
Sure. So we have two questions from the Discord. The first would be is there an ETA for when staking will become live?

Karma 35:03
A completely valid question. Yeah, sorry, Jack. Go ahead.

Jackisnotinabox 35:09
Yeah, I was just going to give a meme response of “soon”. But it’s going to be pretty much ready once Luart have their TGE. That’s the plan. The staking contract is operational, the site is operational, on testnet that is. So yeah, we’re just waiting for the TGE and then we’ll be able to launch.

mikatachan 35:31
Awesome. And then second question was can you talk a little bit about the method in which tokens are going to be airdropped to holders? Are we going to be using the beluga.kujira app, or is it through the smart contract just deposited directly from the DAO’s holdings?

Jackisnotinabox 35:50
Yeah, it’s done directly through the smart contract which we’ll be able to distribute according to Punk by Punk, by whoever’s staking in that contract.

mikatachan 36:02
Cool, thanks.

Jackisnotinabox 36:06
No problem. I see Midas has just dropped out, but we do have easylunasniper who wants to ask a question.

Karma 36:16
I still see Midas. The Twitter Spaces is just so unreliable. Midas ser, if you’re still here feel free to request to speak.

Jackisnotinabox 36:27
I have a feeling that it’s your Twitter Spaces that is rubbing you. I can see Rebel Defi though, who may have a question.

Karma 36:36
Oh, possibly a very good one.

Rebel Defi 36:38
Hi, guys. Yep. I’m super excited for all this. Loved listening to danku’s comments with staking for 10 years. Just a little bit concerned, I wonder if he’s going to pay all his validate rewards into buying Punks, staking for 10 years, and maybe take over the DAO. But maybe a conversation for another day. My question was basically about an unaudited contract. Why use one? Why not just wait? Are we in a rush? Just like to hear your comments on that.

Karma 37:12
Yeah, I will start. I think this is an incredibly important question. Now, I can only speak for myself. However, I do feel like this is what most of the team feels. I personally feel as much as we are trying to protect the community from obviously, making wrong decisions, I feel like this is a decentralized space. Audits, as most of you will know, are notorious for being difficult to come by in the space, you can wait for months pay tens of thousands of dollars and still wait for months. So being in a decentralized space, I personally feel like it is completely fair to make it up to the community to assess their own risk, either participate or not. Again, it does not impede on your quality as a DAO member. You are for fitting some rewards, but it’s like with the question or whether or not to participate in a new farm, a new protocol, if it’s an audited, if it’s a beta. You might have some advantages by being an early participant, but you also accept higher risk. I just personally would feel very, very bad being almost a custodian of the community and wagging my finger and saying, “Well, you guys have to wait because we are going to wait four months for an audit.” I feel like we live in a space where everybody should assess their own risk and should learn to assess their own risk. As long as we communicate this clearly and transparently. I personally feel it’s everybody’s own cards. Now, Jack, feel free to supplement.

Jackisnotinabox 39:00
Yeah, I hate to be the bearer of bad news, but the entire infrastructure on Terra for NFTs is unaudited. None of the marketplaces as far as I’m aware have an audit. So anyone who leaves their NFTs in any of the staking or sell contracts, you are putting your assets at risk. So yeah, obviously, I don’t want to compare it to, “Oh, if no one else is doing it, then why should we do it?” Because that’s not the case. We want to look at getting this audited. But yeah, anyone who is using Random Earth, and I’m pretty sure Luart as well, I don’t believe they have audited any of their contracts yet. So yeah, there is risk everywhere. But yet people still choose to sell their Punks, or sell their other NFTs, and hold them in the assessment contract, which I would highly recommend against. So if you currently have your NFTs in the assessment contract, I’d go to Random Earth now and withdraw them. Obviously, feel free to sell, because I’m not going to tell you to do that.

Karma 40:08
Yeah, feel free to say what you think about that. But I personally think that’s a very fair assessment.

Rebel Defi 40:16
Yep. Thank you very much for sharing that. I was also just wondering we talked about… Sorry, I mean, I know you’re working really hard, and my comments are not to criticize more just to sort of challenge. Keep talking about the Galactic DAO, but this Punk Staking from what you’ve said is not going to a DAO vote which I find interesting.

Karma 40:42
Yeah, I can actually speak about that. This was another thing that we’ve discussed recently with Jack. Basically, what we’ve… Again, one of the things that I personally find very, very important with all of this is clear communication. Now, what we’ve done from the start was communicate that what we are doing right now is we are actually in the V1 of the DAO. We are trying to be as decentralized as possible, but neither on-chain voting nor true infrastructure for decentralization of DAOs exist on Terra yet, we are slowly building it in the background with our developers but it’s taking a long time because we are just doing so many things at the same time and we are a small team.

Karma 41:28
However, the way we function right now, decentralization is a spectrum. We have to accept a certain way of centralization right now in the stage that the project is at to ensure swift and constructive approach to certain problems. Now, for example, we are not perfect, we have voted on the distribution of Luart tokens. The actual vote was per Punk and for DAO members. Now, that was incredibly nice and fair. However, what we have then found ourselves in front of as a team was the problem of actual custody of tokens and distributing them to DAO members. We don’t want to have access to lists of who holds how many Punks or whose account is which on Lunar Assistant. We would rather distribute these tokens in a fair way, incentivizing long term holding via Punk Staking and ensuring that this DAO is very sustainable. And in a way we just had to make this decision on what is doable for us as a team, what we can actually ensure to do. And on the other hand, maybe Jack can speak more to that if it’s necessary, but we also cannot function as a custody of the tokens because then we would obviously run into some problems. And the legal structures on DAOs, this is also new, there is no precedent, it’s very, very confusing. But via sharing these tokens upon staking, distributing to stakeholders, we are not acting as a custodian, we are just basically passing these tokens on. And from my understanding, that was a very, very good move when it came to just the fair distribution.

Jackisnotinabox 43:21
Yeah, the issue is the legislation around DAOs at the moment, and the regulations are very, very, very thin. There’s not much information out there. And depending what territory you’re based in, it’s completely different. If you were to hold tokens and make transactions and distribute them to holders, then that can be flagged as a taxable transaction for the DAO. So the best way to do it was through a trustless contract where people can stake their Punks and claim tokens that way, and that basically keeps the DAO out of the involvement of those transactions that are happening. And until we have some proper legislation from regulating bodies, that is the best way to proceed with this sort of thing. But, yeah, we hope down the line that there’ll be a clearer regulation around DAOs as and when governance decide it’s important to address them.

Rebel Defi 44:21
Awesome. Thank you for putting my mind at ease. And thank you for all your hard work. Cheers.

Jackisnotinabox 44:27
No problem. Thank you, Rebel. I can’t see any other speakers at the moment. So I suggest we move on to the next topic, as time is progressing rather quickly during the Spaces.

Karma 44:43
Yes, it’s incredible. We’ve been already chatting for 47 minutes, everybody. Absolutely incredible, past five minutes, but that’s just maybe because I really like talking. Now I will move forward with the next point which was the spaceship airdrop. Now depending on how much you are immersed in the Galactic Punks universe, or how good your memory is, one of the very big meme in the Galactic DAO is the question that actually brings the worst feelings in me, “wen spaceships”. Now, a spaceship airdrop is something that has been put on the Galactic Punks roadmap from the very beginning. So even before mint, this was on our roadmap, we wanted to airdrop a spaceship to every single Punk holder, so it would be airdropped per Punk. Now, I have to admit, it has been a long time. We’ve been working on the Galactic Ship since November, shortly after mint. And it was on the roadmap, we really are committed to fulfilling our roadmap, but we’ve run into so many problems with this development process. Our initial idea was to develop these for free for the community and airdrop them for free. So this also means that we were and we are very limited on the budget, we are paying this out of our own pocket, we wanted to provide this to the community.

Karma 46:11
But the Galactic DAO developed so quickly and we just… Being a small part-time team, let’s just for transparency, we are five people, all of us part-time. In comparison, for example, Levana that has 60 people on their team. Now, we just concentrated on other things, I just want to be transparent with you. We were working on setting up the validator, on partnership with Prism, with White Whale, with other protocols, with Stader, providing other value, and the hackathon that we run took just so much of our time, which we didn’t actually anticipate. So in a way, we have consciously chosen to concentrate on some other community projects. Trying to build a spaceship in the background, we have had some proposals and some artworks presented to us from different artists, we just wanted these to be simple pixel spaceships. These artists took way longer than we anticipated to provide these randomized examples. So we paid for them, we weren’t really happy with them. This was not the quality that we wanted to be airdropping to our community. And we’ve made the conscious choice of delaying them, trying to improve them, still not being happy. After hackathon has finished, we’ve tried to add some utility to them and tried to develop a simple game, like a browser game with the spaceship. But having talked to multiple studios and game developers, this was again… Unless you know game developers personally, unless they are willing to provide you with a of friendship rate, this is just impossible to pay for out of our own pocket and being free to the community.

Karma 47:54
So we have we’ve basically gridlocked ourselves, and this has to be said very transparently. On one hand, yes, free spaceships are on the roadmap, and we want to honor the roadmap. But on the other hand, the NFT space on Terra has progressed. And I think we are way past airdropping useless 2D, basically, JPEGs, let’s just stick to the meme. This is not what we believe is value that we want to provide as Galactic Punks. And we feel we need to search for new alternatives. And we have a vote going… Well, not a vote, excuse me, a discussion on a proposal going right now where we can together discuss how to basically find a way out of this big conundrum, of this big problem. Now we can airdrop you 2D spaceships for free, but these I believe would just hurt our brand and the quality we deliver in the long run. Or we could wait a bit longer and concentrate on delivering 3D spaceships that would be metaverse compatible, that would allow you to, for example, fly around the Lunaverse in your own spaceship, possibly generated with trades based on Punks. This would naturally cost us a bit more and would be impossible to pay for just out of our own pocket. To summarize, the free options that we have provided to the community within this proposal discussion would be to keep the 2D pixel ship plan, which could be delivered in two to four weeks, this would be free, but not metaverse compatible. The second option would be to provide 3d Metaverse compatible ships. The minimum time for development would be three months, and the cost for the DAO Treasury would be around 100k. Now within this second option we could offset this by just charging as little as $50 per person minting, or even less. And then the third option, which I’m sure we will discuss most extensively, would be to provide the 3D metaverse ships mint, payable in a GPUNK, or let’s say another name, token, that would be obtained via Punk staking. Now why is this option the best of two worlds, or at least combines two worlds? On one hand, this would be still providing the 3D metaverse compatible ships, but would at the same time not cost anything in terms of people who stake their Punks, you would be accruing this token for free just by staking your punk. And you could then use the tokens to mint your ships once these are done.

Karma 50:53
The big part about this is obviously the creation of GPUNK token in the first place. Now, I would hate for anyone to think that this token is just being created for the ships. We have discussed and brainstormed creation of a token for months, even from before the mint, just because it would allow us so much more as a DAO and would allow the on-chain DAO functions to thrive. And we feel like because the ships will take three to four months in development, this aligns perfectly with when we wanted to start discussion on the token and start developing it. And we just think this would be a very exciting option that the community obviously now has the opportunity to feedback on. I encourage every single one of you to go into the DAO if you’re a member, read the proposal, which is posted in proposals, and just give your feedback on what you believe is the right thing to do. And I do believe that many people will now have questions about the token and about the viability of this solution. So do feel free to go through it. I am aware that this was a lot of information. But it’s very difficult to summarize in just five minutes, go ahead with the questions.

Jackisnotinabox 52:09
I think you had a pretty good summary there, Karma. Just to touch on the token a little bit more. We have spoken to Delphi Digital, and they will be helping us with the tokenomics. So this isn’t just going to be a token thrown together by the team, it’s going to be put together by one of the most renowned VCs on Terra, who are very well known for their giga big brains, as well as the tokens that they’ve produced. So just yeah, that’s just some clarity on that. And this information will be obviously passed through the DAO, people will be able to see the proposed tokenomics and hopefully also vote on them. And by the time that comes around, hopefully that vote will also be on-chain. But yeah, this isn’t just something that’s been thrown hash together in a couple of days, this has been on our minds for months now. And we’re constantly trying to find ways or trying to make decisions that aren’t going to hurt the collection. And this is certainly one of the biggest decisions that we will make as a DAO. This is not something which is quick and easy to do. And it will completely change the dynamic of the DAO, as well as the possibilities for the voting mechanism as well. But once again, this is definitely something which is going to be discussed for a long time still. So yeah, as Karma said, please feel free to add your feedback into the proposals. We will appreciate every single comment that you guys make there. We do have a question from Travis&Teddy, who I’m going to bring up now. Hey, Travis, I think you are speaking now.

Travis&Teddy 53:47
Yes. Hi, everybody. This is Travis&Teddy. I’m a newest… I’m a very new member of the DAO, really excited about the staking coming up. I actually had a question, it wasn’t about the GPUNK token, it’s about ship attributes. I saw from the schematic, the little drop, that the ships are gonna be in line with our suits and a bunch of other traits and attributes. And I was curious if you’re going to hit every single subcategory, or if some will be left out. Obviously, as you can see, my Punk has a silver crown, is like headwear going to be incorporated into the ships, or are we going to kind of create some attributes that might be more valuable than others because they’re going to be on the ships while others might not be? That’s my question. Thanks, guys.

Jackisnotinabox 53:47
Yes, so unfortunately, not all the traits will be able to be translated across the ships just because the practicalities of them. So for example, the ships will be able to have attachments such as guns and that sort of thing, which the Punks don’t have currently. So there will be new traits added to this collection as well as existing ones which we will translate onto the ships in different forms. So A good example of this would be the skins. So obviously, you have zombies, aliens, humans, etcetera, etcetera, etcetera. So the body of the ship will be affected by this as well as the coloring. So that’s just an example of a trait which is translatable into a ship.

Berserker 55:21
I’d like to chime in here. I don’t think anything is set in stone really for the ships. This is kind of a concept image. I’ll give my opinion, I’m not too sure that the traits should be in the ships, I think they should be two separate drops. It would be cool to have a zombie ship, Travis, I think we can agree on that. [chuckle] But I feel like it can be a little tricky on how we distribute these ships. And I foresee maybe some people that are unsatisfied, or some backlash with some traits not incorporated in the ships. So I feel like the ships should just be an independent piece. And if you want to represent your Galactic Punk, well, then I think we should have 3D Galactic Punks that go in the ships. So I just opened that up. But the Punks are the Punks, the ships are the ships, so that’s kind of my take on it. I guess it’s a very unofficial take just my two cents.

Jackisnotinabox 56:26
Yes, just… Sorry there, Karma. Just to clarify that mock up that we have posted is literally just a mock up. It is the body of an X-wing from Star Wars. And it is just a basic mock up just showing an example of what they could look like in their most basic form. Now, they threw that together within a couple of hours just purely for us to post and give an example of a voxel spaceship. So yeah, it’s not a full translation of what this collection will look like, it is purely just a mock up.

Karma 56:59
Yeah, and the relation between the spaceships, and your punk, and the rarity, the famed rarity, is another discussion that I believe will have to be had within the DAO, otherwise whatever we as a team decide, the community will eat us alive. Whether your spaceship is correlated to the rarity of your Punk or inversely correlated, or if the spaceships are just minted per Punk, so for each Punk there is a spaceship representation with corresponding attributes. But then when you mint, these are actually randomized. Those are all options that I personally would be very uncomfortable deciding on. And I think this will be just material for another DAO vote potentially. Because otherwise, again, we as a team would be deciding for the entire collection, which might be seen very unfavorably. But right now, the main discussion is just between low quality 2D drop that was promised on the roadmap, or more elaborate 3D drop with more utility, but with longer waiting periods, possibly some funds involved, or with the staking system. So that’s I think the first thing we need to decide so that the team knows what to work on. And then finities can be discussed further.

Berserker 58:25
Yeah, sorry, for chiming in again and giving my opinion, but those 2D ships, I seen them. And I agree with karma, I think they would hurt the brand. So I don’t want to go further than that. [chuckle] But I think they would do more damage than good, even though they’re free and you would get him quickly. It’s just, yeah… We built a impressive branding for Galactic Punks. It’s $30 million market cap, which is by far the highest market cap of all the Terra NFTs. So there’s a certain reputation and quality standard that has to be coming out of this DAO, and they just don’t meet that. So that’s my take.

Jackisnotinabox 59:06
Perfect. I don’t see any other questions currently, but if you do have a question, feel free to put your hand up. If not, we do have one more item on the list to discuss tonight, which I believe Karma wanted to discuss. Once again, she’s been kicked out of Spaces. But I think she’s back now.

Karma 59:25
Just stop talking, [chuckle] but…

Jackisnotinabox 59:28
[chuckle] Not yet, not yet. I’m going to remember that for next time.

Karma 59:33
Year. Sure. Subtle. I am really sorry. I was kicked off. So if that was a question to me, you will have to repeat it.

Jackisnotinabox 59:42
No, there weren’t any questions. I was just saying that we can move on to the next point as there aren’t any questions.

Karma 59:50
Well, brilliant. I can just incentivize everybody to go into the DAO and discuss this with us. We just want to find a common… Well, a common ground on this. The spaceships have… Obviously, for me, I’ve been losing sleep over this, I want to find a solution. But I think this NFT space is just beyond airdropping, basically just a utility-less NFT. Yeah, and I really hope that we can align on this with the community. Obviously, having over 3k members, you can never really satisfy everybody. I would have invited everybody to just peek into my DMs for one day, and they would see that very vocal disagreements. But I’m sure that in some way, shape, or form, discussing this openly and transparently will always be a better solution than us as a team, just deciding upon someone and forcing the community to deal with it.

Karma 1:00:47
And I will now move on to just an outlook of what is next for the Galactic DAO. So one of the next important votes that we will try to push through and I feel like we are just… We never get to discuss very fun and easy things anymore, it’s just very, very difficult topics. Would be the topic of decentralizing power away from the team. The DAO is growing so quickly, and this is obviously a good problem to have, it’s growing so quickly and there are so many partnerships and possible projects that we could pursue, that we as a team, and the Ambassadors, can no longer keep up and be expected to fulfill all these functions. Now, as Berserker has mentioned before in Spaces, currently, the most common structure for DAOs to have, I mean, more established DAOs, on Ethereum, on Solana, is kind of a pot structure where you have, yes, full decentralization, people can apply to be chosen for roles, but you do have certain work groups that are given responsibilities and some more power so that the DAO doesn’t have to vote on every single small thing via general vote. Everybody will know even if you don’t participate in NFTs and just participate in DeFi, governance of protocols is one of the most difficult parts. There is such a low voter voter turnout because there are just so many votes, people get voter fatigue. So we don’t want to be voting on every single thing but at the same time we don’t want to be deciding everything as a team because that’s centralized.

Karma 1:02:32
The solution is what we created, which are these Nebulas. So we have like a dev Nebula, Education Nebula, NFT Nebula, Marketing Nebula. People can apply and choose roles to be part of these. And our next vote will involve actually giving these Nebulas power, because right now they are more discussion ups than they are really work groups, because they can’t do anything without the main team, without the funding, without a general DAO vote. The next vote would involve, I think, selecting a head for each of these Nebulas, possibly making them equal to an ambassador, or maybe some Ambassadors would be interested in being heads of Nebulas. And then for these heads of Nebulas to form their own council that is responsible for spearheading projects, but still doesn’t lock out other members from participating. And these people could possibly be incentivized via a weekly salary. That would be quite low at first just to ensure that people are really interested in not doing this purely for money. Now, these are just the ideas that we are right now discussing in the DAO. And I just want to underline that this is incredibly important for the long term quality of Galactic Punks and for our future. Because as this DAO grows, our team and Ambassadors are… It’s impossible for us to keep up with this all, we are already working 14 hours day sometimes… [chuckle] It feels like 14 days a week. And yeah, I just encourage everybody to weigh in on this conversation, because it’s one of the most important ones for the longetivity of the DAO.

Jackisnotinabox 1:04:16
Just to just to add to that, I think it’d be worth just giving people a description or an explanation of how this could look. So if we use the Finance Nebula as an example, ‘cuse that tends to get a lot of discussions in there. So you’d have some form a head of Nebula, they would basically be in charge of that Nebula and making sure that things running smoothly, proposals are put together, and that the team below them are voting or casting their votes on possible proposals that that Finance Nebula could pursue. So, for example, we had the Mars Protocol Lockdrop. And there were lots of discussions happening within the DAO as to whether or not we should participate. Unfortunately, we didn’t participate. But this is just purely because we didn’t have the infrastructure in place for people to discuss this, and then form a proposal and make a decision quickly. So the idea of creating this empowerment for the Nebulas is to allow these groups of people to formulate votes and structures that will allow proposals to be put forward faster, and also done in a way which is going to decentralize the power from the main team. So currently, the majority of votes do come through us, it’d be great, bviously, once we put this proposal out there, is for these Nebulas to be decentralized further, for them to be making their own decisions without input from the team. Because at the end of the day, we obviously want to have a positive outlook on the project. But it’s the DAO members who truly make the DAO, without them we wouldn’t have one. So it’s only right that they are going to have their say on what the DAO does. And further down the line, the Treasury will be utilizing a multisig wallet. That is another discussion for another day. Just because working out exactly how that’s going to work is, yeah, another kettle of fish. Is that the saying? I might have got that completely wrong, so excuse me. But yeah, there’s a lot to be discussed with that. So yeah, that does me for tonight, I think.

Mannnos 1:06:38
Just to quickly add to that, Jack, I think even a more clear example would be in the NFT Nebula where at the moment, we can’t even go to buy a $400 NFT because we have no way to do that we can’t send that to a full DAO vote to buy something for 4 LUNA. So the way I would like to see it is just to have effectively an election season in the Galactic DAO, where people can apply for different roles, whether it’s being on the council in any of the Nebulas, and if we’re looking for, for example, one of those people to be a communication person, or a link between the Nebula team and the Ambassadors and the Galactic Punks team, then the person that has the most amount of votes from the community, in my mind, would be that representative. So rather than being a head they’re more just a communication link between… But I agree, the Nebulas are key and something that we need to work out as soon as possible and get them going. It’s extremely difficult. And if you read the proposal, chat, and the comments in there, it’s at times going around in circles, because it’s just very difficult to get everyone on the same page.

Jackisnotinabox 1:08:16
Yeah, just for reference, if anyone wants to read the proposal, it is called Proposal to Decentralize DAO Work and Empower Nebulas, and it is… Let me check. It hasn’t been archived, so it should appear underneath the Proposals tab for everyone to see. So yeah, I’d highly recommend going to check that out and casting your comments in there any opinions you have.

Karma 1:08:41
Absolutely. And again, we are aware we’ve just bombarded you all with lots of information. But this is incredible. This is bullish, there’s so much happening in this DAO that we as a team, we as Ambassadors, in the thick of it can’t keep up anymore. And there’s nothing more beautiful than seeing that the community really embraces this framework that we are building and wants to contribute. Now, decentralizing this Nebulas will be nothing else but allowing the community to contribute without being gridlocked by these main DAO votes that just aren’t feasible for every decision. Let’s hope that we can get this passed. Let’s hope that we can find a way to create a structure that most people agree with. This is something that I really had to learn that you can never satisfy everybody in this DAO no matter how hard you try, some people will believe you’ve made the mistake. And that’s okay. That’s something we will never change, we shouldn’t try to change, and this is our power. So please do feed in, this is one of the most important discussions we are having right now.

Jackisnotinabox 1:09:48
Perfect. So if anyone has any questions, feel free to raise your hand and come and speak. If not, I think that is it for the list of things to discuss tonight. Unless of course the Ambassadors want to feed in any information.

Mannnos 1:10:02
I think all good. Did Travis just have his hand raised before maybe?

Travis&Teddy 1:10:06
I was just going to ask a quick question sort of about… I think that the Nebulas work really well. But currently, what I’m seeing is that they’re very siloed from each other. And if I’m a finance guy, I’m only going to hang out in the Finance Nebula, whereas I might not ever journey into another Nebula. And so I was just wondering if there’s a way to incentivize people to sort of cross communicate and begin getting the Nebulas to sort of interoperate, I guess.

Karma 1:10:37
Yeah, I think the best way to compare it to is the MonkeDAO, so the leading community DAO on Solana, Jack can talk about them in depth about this as a Monke connoisseur and ape. Well, I think it’s very important that once we elect Nebula heads or Nebula councils, that these have weekly or biweekly meetings, where every single week or every second week, another person is the chair of that meeting. And that would allow us to have touch points, get up to speed with each other, always be aware of other people or of what other people are building, because so much is happening in this chat that no one can be expected to read all of this. Not even I can keep up. And I think meeting would be our way to talk to each other ensure that will keep each other up to speed. Would you agree, Jack?

Jackisnotinabox 1:11:34
Yes. So a good way to host this would be basically an open meeting where any DAO member can join. So it’d be held in the Discord, you’d have speakers from each Nebula, who are representing each Nebula, and will basically just be covering all the topics which have been touched during that period between the meetings. And this is just a great way for everyone to be kept up to date, and would hopefully prevent the siloing from happening. So people obviously discussing different proposals which been put forwards. And if someone’s interested in that proposal, then obviously they can then go to that Nebula and carry on the discussion there. Yeah, this is just one idea that we’ve had of how we can help things progress. But having a weekly or biweekly DAO meeting would be a great place to start in my opinion.

Berserker 1:12:26
Yeah, it’s important point that you raised, Travis, the concern with having these Nebulas are silos if there is no communication, and the fact that the budget comes from the same place, right. So at the Finance Nebula, I remember the Mars Protocol proposal was about let’s put in $200,000, right, because it’s basically free MARS tokens. But if we do put that money in there, that’s money that’s locked up, we can’t use to build something like spaceships. So if you weren’t aware of the spaceships, then you kind of would say, “Let’s just put all our money in there,” and don’t care. But maybe the NFT Nebula has an interesting project in the pipeline, or the Education Nebula, or the Marketing Nebula has also very good initiatives. And if there’s no communication between these pods, or these teams, you’re kind of handicapping yourself. So what Jack is talking about is a really excellent idea to have these weekly meetings, board meetings between Nebula heads, so everyone is kind of aligned. And the spend is kind of prioritized between these Nebulas according to what they have in the pipeline.

Mannnos 1:13:37
To add to that quickly, one of the… Working out the power and the kind of areas that these Nebulas can work in is one of the few things that gives me a headache every time we start to talk about it or think about it, it is extremely difficult and is, I think, a pretty fine line to walk across of getting it right.

Jackisnotinabox 1:14:03
Perfect, I think that’s all the questions that we’ve got for tonight. I can’t see anyone with their hands up. And I believe we have covered everything we wanted to talk about. So yeah, I say we end the Spaces there. Once again, just want to add, please go into the Proposals channel and read through the proposals which are listed there currently. It’s very important that you all give your opinions and comment on what is being proposed. At the end of the day this is a DAO and we need your input to make this happen. That is the briefest way I can put it basically. I have just seen that TerraForm has requested to speak and I’ll just bring them up now.

TerraFormer 1:14:51
Hello. Hi. It just gave me… I hope I didn’t override anybody. It just gave me a chance to speak. Am I my interrupting? I’m sorry.

Jackisnotinabox 1:15:01
No, no, you’re all good, go ahead.

TerraFormer 1:15:03
Okay. Well, I just wanted to say I’m really bullish on the commitment to quality. Berserker was talking about it and you guys could have just gone ahead with the 2D stuff and that would have fulfilled the roadmap. But I’m really excited that it wasn’t good enough. So you went back to the drawing board. And I guess I just wanted to tie that into one earlier thought, and I missed some of the beginning. But the topic on audits, that can be part of the commitment to quality as well. I know it’ll take longer. And I know it isn’t something that’s currently the standard in Terra NFTs, but it doesn’t have to be that way. So we’re already leading the NFT space on Terra. And we can continue to do it also in a security way, rather than, everybody makes their own decision. I just wanted to throw that out there. Thank you for everything that you guys have done and all the hard work, really appreciate it. Sorry to interrupt at the very end.

mikatachan 1:16:13
Just a quick comment on that. It wasn’t that we’re not or that we’re thinking about doing an audit, it’s just that an audit will happen, it’ll just take longer.

Karma 1:16:24
Yeah, I think it’s… So I first received some ads from Midas and some possible contacts for further, quicker audits. We are doing our best, we do have as a team some connections that might help us speed this process up. But we are also in a way pressured a little bit by the TGE of the projects we’ve invested in. So waiting for an audit, if this could possibly realistically take three to four months, people who voted for dispersing these tokens to DAO members, to Punk stakers in that case, again, there could be backlash on why are we not allowing people to claim these tokens on their own risk, upon their own risk. I think that would be a big topic. And I don’t know if you’ve heard it, if you were here on Spaces while we were discussing it. I think we live in decentralized space, and it should be left to everybody. Basically, the risk assessment should be left to individual people, as long as the risks are clearly and transparently stated. But I agree with you and we are committed to quality, we are doing our very best to test this, to get an audit as soon as possible. But some things cannot always be a compromise upon in a satisfactory manner.

TerraFormer 1:17:52
Okay, yeah, thanks for that. I think if it’s happening, and it’s just the timeframe, maybe it’s launched but the timeframe for the audit takes a little bit longer, I think that’s understandable. I’m sure they’re really, really busy. I think I had probably missed the part where you’re going for it but it might not be in time for the launch. That’s a compromise scenario, and I understand about the tokens, if you hold on to them for too long, your DMs are going to be even more full.

Jackisnotinabox 1:18:26
Right. In that case, thank you all for your questions. And thank you for attending the Spaces tonight. And we will be looking to wrap up now. So if our speakers have any final comments they’d like to make, please feel free to do so.

Karma 1:18:41
The only comment from me would be to thank everybody for the really, really valuable insights. Again, we can never really make everybody happy. This is something that I had to learn I was losing sleep over this very often, but I had to learn that there will always be people who are just very unhappy with how we are progressing. And that is okay. That is a sign that, well, I guess we are doing something valuable. Discussion is always better than complacency. So we really, really appreciate all your feedback, everything. And it’s incredible to be building this as a community, as a decentralized collective, and we hope that you are all getting value out of it and out of being the DAO members that we know and value. So thank you, everybody.

Jackisnotinabox 1:19:26
Yes, thank you, everyone. I hope you have a lovely morning, afternoon, evening, no matter what time zone you’re in. And good day.

Finn 1:19:35
Thanks for checking out another episode of The Ether. That was the Galactic Punks AMA, about Punk Staking and more. Recorded on Sunday, February 27th 2022. This episode of The Ether was brought to you by Luart. Luart is the first gamified NFT platform built on the Terra network. Luart provides a seamless minting and trading experience all while earning you rewards just for being a user. Be sure to follow that on Twitter and join the community in the Discord server for the most up to date news and announcements regarding all the hot new NFT launches, platform upgrades, and new projects hitting the secondary marketplace. Are you ready to #PutYourHelmetOn and join the movement? Find out more This episode of The Ether was also brought to you by Talis. Talis Protocol is the NFT platform for independent artists on Terra. Talis helps to provide artists with the tools and resources needed to transition from traditional arts into the NFT world. With their V1 launch coming soon, Talis will be the place to see real world art reflected on Terra. Be sure to join their Telegram and follow Talis on Twitter for updates on their roadmap, validator, and other Talis news. Find your next favorite artist on TerraSpaces appreciates the support from all our sponsors. For, I’m Finn. Thanks for listening.