Registration for the Genesis City auction is now open

How to register, bonus structure, revisiting the land allocation policy

Starting today, users can lock their MANA tokens to register for the Genesis City auction, the December event where Genesis City land parcels will be sold to the highest bidders. The registration will remain open until early December, and will help us understand how big this initial city should be. You can participate by using MetaMask or Mist at terraform.decentraland.org.

We wanted to thank community member Dave Clancy, who has made some great tutorials to help you navigate the process:

  1. Moving MANA from MyEtherWallet to MetaMask.
  2. Staking MANA tokens to the Genesis City Auction

Bonus structure

To reward early participants who lock their tokens to the Genesis City auction early on, we have implemented a bonus structure:

  • Contributions made by the end of October will have a 15% bonus.
  • Contributions made during November will have a 10% bonus.

This means that if you stake 100,000 MANA to the Auction by the last day of October, you will have 115,000 MANA to bid on land parcels at the Terraform Event in December; similarly, if you stake 100,000 MANA to the Auction at any point in November, you will have 110,000 MANA for the Auction. If unused, the bonus MANA will not revert to your wallet (it will vanish).

I staked 5,000 MANA to the Auction and got a 15% bonus :-)

Revisiting the land allocation policy

We wanted to take the opportunity to shed some light on the land allocation policy, since we previously made some changes. Most importantly, there will be no queues, and there are no limits on how much people will be able to bid on an individual land parcel.

Our primary goal has always been to discourage a minority of people from grabbing a large extension of land near the coordinates (0,0), which will arguably be the most valuable area due to higher foot traffic. An early proposal was to cap the amount of MANA that users could allocate to buying land in this particular area, in the hopes of leveling the playing field. However, as soon as this proposal became public, several token holders started moving their MANA across dozens of wallets (what's known as a Sybil attack). Assumably, their goal was to claim as many high-traffic lands as possible, in the hopes of reselling them at a premium in the secondary market.

In response to this, and to reduce speculation, the Genesis City auction will be an uncapped auction. We’re assuming that those who pay a significant premium for a few land parcels are more likely to develop it: since the auction provides a price discovery mechanism, those who buy a parcel at a market price won't be able to re-sell it in the secondary market for a quick profit.

How to join a community district

For those who would like to join a group project (aka district), you can do so at terraform.decentraland.org. Please follow this tutorial to better understand the process.

Thanks

We wanted to thank our community for the invaluable feedback as we explored different economic policies for Decentraland, with a special mention to Giotto De Filippi for his insights.

Stay in touch with us through:

We’ll see you in the metaverse! 
The Decentraland Team