Launched: Galactic Punks Community Validator
The Galactic Punks Validator was born out of Proposal 003 brought forward by members of the GalacticDAO community — an organization of Galactic Punks NFT holders.
Stake LUNA with the Galactic Punks Validator: HERE
TLDR
Validator objectives
- Contribute to securing the Terra Blockchain.
- Generate value for stakers & GalacticDAO members.
- Provide a reliable, low-commission, and community-focused validator option.
- Create a self-sustaining, alternative source of revenue for the GalacticDAO treasury that isn’t subject to NFT market fluctuations.
- Reward stakers with weekly GP airdrop raffles (2/week minimum for first 4 weeks).
- Forward governance proposals to the GalacticDAO community to vote on before voting as a validator.
Details
Validator Commission: 5%*
- *Note: the validator commission won’t reach 5% mark untill Monday November 15th. This is because we can only lower the starting commission of 10% by 1% daily.
- The validator also must be in the top 130 validators to be active. You can still delegate before it’s active.
Commission Distribution / Breakdown
- 65% re-invested into the GalacticDAO treasury.
- 25% to buy floor Galactic Punks and raffle them off weekly to stakers.
- 10% to the core team for maintenance & operations.
Validator in Action
The Galactic Punk validator is live and can be accessed here. However, staking rewards won’t start untill the validator reaches a threshold of approximately 50,000 LUNA staked.
Background
We believe NFT projects and their communities can go beyond holding a jpeg. They have the ability to push the boundaries of what Web3 communities can achieve. As a DAO equipped with the power of decentralized decision-making, we can help build and support ecosystems. We can engage with governance and should also plan for longevity and sustainability. Terra is an innovative blockchain and we believe it’s NFT projects should follow suit.
Validator Details
The Galactic Punks Validator sets out to do exactly that. It supports GalacticDAO on its way to a self-sustaining community contributing not only to the security of the Terra blockchain, but the development of NFTs within the Terra ecosystem through the GalacticDAO roadmap.
It aims to provide everyone, regardless if you’re a holder, with the option to stake LUNA with a reliable, low-commission (5%), community-led Validator. In addition to general incentives, the Galactic Punks validator will re-invest 65% of the commission revenues into the community governed GalacticDAO treasury, which is controlled by its members.
Thus, GalacticDAO members indirectly (or directly) benefit from having the ability to use these funds as they see fit, and work together to vote on proposals that increase the adoption, utility, and overall development of both Galactic Punks and Terra NFTs.
-> But what if you don’t hold a Galactic Punk NFT? Free GPs ;)
Besides being a reliable, low-commission, and community-led option, we will also airdrop Galactic Punks weekly to winning stakers similarly to that of Pylon Galactic Punk raffles.
We’ll use 25% of validator commissions within a weekly timeframe to buy floor Galactic Punks and airdrop them to winners the following week, thus rewarding those who stake with a lottery-like lossless incentive while creating floor buying pressure.
Requirement: stake at least 10 LUNA
Intervals: Every 10 LUNA staked = 1 ticket / total amount of tickets determines your probability of winning thedraw
First 4 weeks: Minimum of 2 Galactic Punks will be raffled and airdropped to stakers weekly. If 25% of early staking commission enables us to buy and raffle more we will. This is just a minimum guarantee.
After 4 weeks: whatever amount of floor price Galactic Punks 25% of commission rewards purchases, these will be bought on a weekly basis and raffled to stakers.
Stake LUNA, support the GalacticDAO & win Galactic Punks: HERE
Or, head over to Terra Station desktop or mobile and look for the king GP ;)
GalacticDAO Validator Voting
As a validator, it is our duty to be engaged with and support the Terra ecosystem. This also means participating in governance and we believe that a community-led and gathered approach can help take it one step further.
Governance proposals are public and anyone who stakes LUNA is able to have their say by voting. Terra, being a delegated proof-of-stake blockchain, also enables validators to vote on behalf of their stakers. As a DAO-led validator, we believe the community should guide our voting.
When a governance proposal is brought forward to the Terra ecosystem, the Galactic Punks validator team will forward the proposal to the GalacticDAO community to vote on. We hope this will encourage community discourse and engagement with governance on Terra in a DAO fashion.
After the GalacticDAO community votes on the forwarded proposal, we, as a validator, will then in turn vote whatever the community decides.
Disclaimer: you can always vote independently from your own wallet. If you do so, it will override the validator's vote on your behalf. Therefore if you do not agree with the community’s decision, just vote on your own.
In theory — everyone can vote by themselves. However, our goal is to get stakers who might not engage with governance regularly a chance to do so, by encouraging discussion and providing a platform to ask and answer questions within the DAO.
As always, please reach out to a Galactic Moderator or Crew Member in our discord if you have any questions.
