[IIP-14 Account Abstraction - Side Topic] Gamification and adding value to your bucket

Governance Proposals IIP Discussion
1

During the IoTeXperts Office Hours today (April 5, 2023), there was a great discussion around the IIP-14 proposal (thanks Marcos!).

To start, I think this all sounds amazing. The flexibility this will bring to voters is unparalleled, and to my knowledge no other blockchains are doing this. Kudos for developing this technology.

Still, during this discussion, I started thinking about how these NFT will actually look and feel to own and trade. What would selling or buying one of these things feel like?

I quickly realized a few things:

  • [1] A bucket has a set amount of staked IOTX, and this is one of the only factors that contributes to it’s value.
  • [2] Value might fluctuate based on staking period and whether the bucket is stake locked

And so I asked myself this question:

  • What could an individual do to increase the value of their bucket without changing any of the parameters listed above [1] [2]?

If a separate platform existed that allowed bucket holders to “gamify” their bucket and increase it value in some way or another, this would be a great addition to this already great technology.

i.e. The bucket is earning. You could level your bucket up on other platforms or possibly with IoTeX in some way to add perks to your NFT thus increasing its value. This of course should require some sort of effort or energy expenditure from the individual who wishes to increase the value of their bucket, if it was too easy to achieve, than there would be no reason to pay extra.

Anyways, this was just an idea I floated during the discussion today and thought I would share to see if anyone has any thoughts on this.

Cheers!
myJeenie

4 Likes
2

I believe you mean to reference IIP-13 and you do make an interesting point.
If this were somehow possible, I could disincentivize people from ever redeeming the NFTs for the underlying staked assets. However, my thinking is that we are most likely to see the reverse (esp in the short term). Here’s what I mean.

Imagine a DeFi lending protocol analogous to Maker; that allows you to borrow stable coins against said NFTs. If the value of the collateral falls below the liquidation ratio, the collateral is auctioned off to regain collateralization ratio, but unlike coins and tokens that can be liquidated in parts. NFTs would most likely be liquidated completely. This shows that in many cases these NFTs would be valued below the actually worth of staked IoTeX mostly because they are way less liquid.

3 Likes