[WIP] Mega City Exchange

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Alpha vault has matured the past few months and the vault has been making consistently good investments into the NFT space. The community operates in good faith and has provided excellent alpha. Let’s take this a step further and make an organized DAO to invest together. This way, people in the community no longer need to micromanage plays to keep up with the vault.

Main goals and utility provided by the DAO

  1. Long term investments
  2. Medium term flips
  3. Obtaining whitelists
  4. NFT trading tools (ie, sniping, mint bots, offer bots)

Long term goals

  1. Become market maker for NFTs
  2. Improve the reputation of Chain Runners community
  3. Increase floor price of Chain Runners


Funding strategy

The first and most important thing component is the underlying token of the DAO. In the spirit of NFTs, the DAO will be funded by a NFT sale. Only Chain Runner holders can participate in this token sale. In addition, the token sale will run with unlimited cap for a total of a week so that every runner has an opportunity to buy into this DAO in their own preferred time. Once the sale concludes, there will be no additional tokens issued unless there’s a new funding proposal.

Since this token is exclusive to Chain Runners, each token will have the exact same utility and any form is rarity is cosmetic only. Each token will represent 1 vote, 1 portion of returns, and 1 share of the DAO. Ideally, the token price will increase proportionally to the valuation increase of the underlying fund of the DAO.

Future Fundings

Of course, as the fund evolves and we get new members in the community, we might consider offering up another token sale.

Alternatives considered

We can also leave minting permanently open, but all scenarios seem not worth it to implement. For the sake of discussion, let’s look into the other ways to approach this:

  1. Fixed mint price
  2. Floating mint price

With a fixed mint price, there is an unfair advantage to those entering late if the fund appreciates in value. More specifically, a fund with a 1 million valuation minted at 0.05 should not still cost 0.05 to mint when the fund has appreciated to 2 million.

The floating mint price could be an interesting idea to explore in the future. The idea is that when the user tries to mint, the contract will have a function and compute a “fair” mint price, which is the fund valuation divided by token count plus some fixed amount. Although this idea would be the most user-friendly and technically interesting, it’s probably not feasible on L1 since this mint function would cost a lot of gas. On top of that, we’d also need some kind of NFT appraisal oracle to compute the total wallet valuation (which again, would probably cost a lot of gas to use).



  • Ethereum transactions are expensive, how do we be capital efficient in distributing gains?
  • What functions do we build into the contract?



  • How do we decide when to distribute gains?
  • How do we reach a consensus on shot-calling?
  • Paying out to high contributors of the DAO?