Hello Nouners,
I’d like to propose that we set a reserve price for Noun auctions.
This is to address the current issues of voter dilution and near-zero voter retention. The majority of bidders in our auctions are scalpers who are primarily trying to catch the secondary bid and have not participated in governance at all - they have cast zero votes.
The reserve price I propose is NAV minus our daily staked yield. This is the same as Book Value calculated by our primary staked assets. This calculation only includes our primary staked assets held in the Treasury (ETH, wstETH, mETH, rETH, and WETH). It does not include USDC, which is reserved separately for our operational needs and tax commitments. It also does not include miner funds such as those in the 'client rewards' and 'token buyer' contracts.
The formula is:
**Reserve Price = NAV − Daily Staked Yield per Noun ** Here is the current breakdown of our primary staked assets (Treasury only):
| Ticker | Token Name | Quantity | Value (ETH) |
|---|---|---|---|
| ETH | Ethereum | 62.9884 | 56.4083 |
| wstETH | Wrapped Liquid Staked ETH | 2,134.0754 | 2,629.4457 |
| mETH | Mantle Staked ETH | 934.8945 | 1,018.7536 |
| rETH | Rocket Pool ETH | 163.0893 | 189.9814 |
| WETH | Wrapped Ether | 55.0653 | 55.0653 |
| Total | - | - | 3,949.6543 |
**NAV Calculation (minus daily staked yield): **
| Description | Value |
|---|---|
| Primary staked assets | 3,949.65 ETH |
| Estimated annual yield (2 %, accrued daily) | 76.76 ETH |
| Net value | 3,872.89 ETH |
| Circulating Nouns | 1,344 |
| Book Value per Noun | 2.881 ETH |
I believe setting the reserve price at 2.80 ETH will set a fair floor based on the actual value each Noun holds in the treasury and should help bring in real long-term stewards instead of scalpers who never vote.