A Retrospective on the Floor Wars
Looking back on Floor War 1
The story begins on April 10th, 2022. FloorDAO had just voted through the first two collections that were added to the treasury. A user named Kino creates a Research Report for Milady and Tubby Cats, suggesting that the DAO accumulate 2.5% of Milady Maker NFTs and 2.5% of Tubby Cats to their treasury. Any potential NFT sweeps from the treasury must first go through a Research Report, so Kino submits one in the hopes of garnering enough interest. One interesting aspect of the report is that Kino went to high profile Milady Twitter accounts and asked them to support the research report, boosting it so that the research report could drum up enough interest to become a proposal.
This proposal was met with warm reception, and the proposal would go to vote on Snapshot. However, the Snapshot vote was met with a different reaction. Blockomoco, the largest gFLOOR holder, tweeted some compelling arguments against the proposal. One issue was that the vote was that it was all or nothing. Some holders only wanted one or the other. The vote quickly turned around, and the DAO voted at the end to “acquire neither.” While the vote hadn’t turned out as some had hoped, this would be the spark that would ignite the fire.
While the proposal hadn’t gone through, community members believed that Milady Maker and Tubby Cats should be included in the upcoming collection vote to decide which NFT collection to add to the treasury. There were seven NFT collections that could be voted on but as the vote started, the crowded battlefield narrowed down to two leaders: Milady Makers and Tubby Cats. The battle to be voted in was neck-in-neck. This was the precursor to what would become known as the Floor Wars.
For some perspective on what these projects were fighting for, if an NFT collection wins the floor vote, it would become eligible for bonding and sweeping by the FloorDAO treasury. Historically, this has resulted in positive price action for the winning project and increasing available liquidity for the collection.
With these impacts in mind, both the Milady and Tubby communities came out in full force vying to convince Floor voters to vote for their collection by the Floor community. This is the story of the war that ensued.
All is Fair in Love and Floor Wars
As the vote started, Milady and Tubby community members began by bribing gFLOOR (Staked FLOOR) holders to swing the votes in their direction through the FloorDAO Discord Bribes Channel where people can go to bribe gFLOOR holders for votes. The first successful bribe was conducted between user Barthazian and the Milady community. The Milady community sent Barthazian a Jabba and Milady NFT in exchange for 7200 votes. The transaction was OTC and done on-chain for all to see.
This would just be the start for Milady Maker. The official Milady treasury address (remiliacollective.eth) purchased around 80 ETH worth of FLOOR to vote on the proposal,which they seem to still hold today. Bribes, server raids, shitposting, and other tactics were used to gain the upper hand. These campaigns lasted for two days, and at various points the margins were razor thin. You couldn’t tell who was going to win.
Community Chaos
As people got wind of the battle that was happening between Tubby Cats and Miladies, the community took to CT to engage and receive more votes. The power of memes is something that NFT projects often use to their advantage, and this was no different. People blew up Twitter with memes of the Floor Wars.
On Discord, there was absolute insanity going on. The chat was completely flooded with memes of the war. Notable personalities like Loomdart showed up to join the fun, going absolutely nuts on the server in true Loomdart fashion. Copypastas and memes spread throughout the chats like wildfire. Messages were flooding through every second with no sign of slowing down.
It didn’t take long for word to spread. What started off as a small rivalry became a phenomenon that had everyone on Crypto Twitter talking. Absorbed by the chaos happening in real time. The event became so big that the founders of Milady Maker, CharlotteFang and Sprite, both participated in a text-based AMA with the FloorDAO community to defend their position on why Miladies should be voted in.
The Tubby Cat Founders also joined to chat with the core members of FloorDAO. While they were supportive of the war, they didn’t want the Tubby Cats team to be involved with strategies such as bribing gFLOOR holders or buying gFLOOR. That said, this didn’t stop the Tubby Cats community. While the team was being more covert compared to Milady Maker, the votes were still very close. This war was getting serious, and all eyes were on who was going to win.
To The Moon
While communities were vying to win the votes needed to be win, speculation on the eventual winner was well underway. Both the Miladies and Tubby Cats saw their NFT collection’s price skyrocket over the hype and speculation on who would win the war. This would later be known as “The Floor Effect.”
Final Results
At the end of the war, the Milady community was victorious, securing their place as a supported collection in FloorDAO and opening up the potential for both bonding and sweeping the cheapest Milady NFTs (sweep the floor). The purchased NFTs would be deployed as liquidity by the Floor Treasury, generating yield through NFTX vaults.
Aftermath
One would think that since Milady Maker won the vote, the NFT collection should receive a major pump in price. However, Crypto is an unpredictable environment. After the vote passed, the floor price of Milady NFTs dumped. (Note that during the Floor Wars, prices of both Miladies and Tubby Cats pumped).
After the vote, Milady NFT prices dipped to around the same starting price before the Floor Wars started. While FloorDAO did DCA their purchase through bonds, this was not an ideal situation for FloorDAO. Nonetheless, the community learned a lot from the experience and have gleaned valuable information. For example, the Floor Wars showed that there needed to be a better system to bribe users rather than having to go through OTC deals. This led to the recent announcement on FloorDAO working with Redacted Cartel to implement Hidden Hand as a way to bribe FLOOR Holders efficiently.
These experiences help the DAO learn and grow. Through this learning process, FloorDAO will be ready for any Floor Wars that may happen in the future.
