Where Illuvium News Lives

Welcome to our latest update on the Illuvinati Council, a decentralized autonomous organization (DAO) created for a web3 game. In February 2023, several proposals were voted on and passed by the council. ICCP-3 clarified the definition of revenue distribution, IIP-29 created a safety pool within the treasury to cover DAO costs, ICCP-4 held funds from the Illuvitar sale in the Illuvitar Safety Pool, and IIP-30 finalized details of the Illuvitar sale.

You can find links and summaries to this month’s activities below. Please feel free to message me with any questions or concerns, my DMs are always open to the Illuvium community. 

Artemis

Governance in Discord

The community is exploring new governance forums and making improvements as needed. IIP-30 Proposal for the Sale of Illuvitars raised concern among community members. They worried that their opinions would be overlooked in a lengthy thread. To address this issue, two enhancements have been implemented in government forums for future proposals.

The proposal suggested implementing a slow mode for future proposals. This would encourage community members to post succinct comments. The slow mode would minimize the number of messages new readers would need to read. The goal is to help them understand the full scope of the conversation.

The second improvement is the creation of the IIP/ICCP General Discussion thread. This new thread is so that those who would like to discuss proposals can do so in a dedicated area while also helping to keep the dedicated proposal chats on topic. 

IIP-30 Proposal for the Sale of Illuvitars

On February 8th, Rich, the Community Manager, announced the publication of the IIP-30 Proposal for the Sale of Illuvitars. The proposal aimed to approve the creation of D1sks for marketing purposes and introduce the concept of Alpha D1sks. Although the community initially criticized it, they eventually revised and approved it. The approved proposal included the inclusion of Alphas and an entirely new pricing strategy for D1sks.

Read full proposal HERE           

The Fight 4 ETH

In recent meetings the Illuvinati council has discussed the possibility of the DAO still having wagering in PVP. Legal and council discussed options for enabling wagering. They agreed to continue evaluating strategies for regulatory compliance. 

Illuvinati Council Votes

In February, four proposals were passed. ICCP-3 defined how future product directions would use vault distributions of revenue. IIP-29 created a safety pool within the treasury to cover DAO costs up to $15M USDC. ICCP-4 held funds from the first Illuvitar sale in the Illuvitar Safety Pool (IIP-29). IIP-30 finalized the details of the upcoming Illuvitar sale, including price and the introduction of Alpha D1sks. Illuvinati council member rationales are summarized below, and full accounts can be found in the #council-chambers channel in the Illuvium discord.

Blickter approved all proposals:

ICCP-3

“This is a common sense expansion of the original definition for revenue distribution. It allows the DAO to pursue new product directions beyond information products. Additionally, this proposal requires future products to specify what category they will fall under (negligible cost vs. non-negligible cost), which is good for transparency.”

IIP-29 & ICCP-4

“I believe the Safety Pool to be the best option available to the DAO for financial flexibility, and I believe that diverting revenue from the Illuvitar sale is the best option available to the DAO for revenue diversion to fund the Safety Pool. Having these funds on hand will ensure the DAO is best equipped to launch core products regardless of market trends.”

IIP-30

“A number of changes were made over the lifetime of this draft. Pricing was not right initially, but I believe we’ve rectified that in the current format. Fundamentally, we need Illuvitars to be a product people want to interact with, and pricing is a major factor in ensuring people are able to do so. Ensuring alpha disks are able to be held un-opened indefinitely greatly increases the reach and appeal of Illuvitars.”

Deraji approved all proposals:

ICCP-3

“The Illuvium DAO and its product scope has expanded significantly since the its inception. As such, prior to the broad launch of various product streams, it was essential to clarify the definition of revenue from greatly differing products.”

IIP-29 & ICCP-4

“The community has shown strong support to the long-term vision of the DAO, and establishing the Safety Pool provides greater resource stability and flexibility to ensure the proposed products come to fruition. In strong collaboration with community members and appropriate core contributors, I am confident that the safety pool establishes much needed runway stability in challenging macroeconomic times, while maintaining a balanced commitment to all stakeholders.”

IIP-30

“Illuvitars have come a long way since their initial proposal, and the parameters that I voted to approve today greatly extend the reach and engagement of this product. For Illuvium to succeed, we must continue to bring more people into the DAO and its various games, and not only focus on those already in the community. On the contrary, we need to collectively examine who isn’t yet part of our community, and ensure products are configured in a way to expand our reach and interest. Illuvitars does that, offering appeal to multiple new demographics. At the same time, while an important initial launch, these parameters are highly configurable and adjustments can be made in future waves to price, quantity, and more to continue refining our efforts to sustain and grow the DAO.”

Scoriox approved all proposals:

ICCP-3

“ I think it is important to further define the core structure that Illuvium is built on and this proposal effectively manages this. Revenue distribution in its current form was sustainable under the premise of purely digital products such as the overworld and Illuvitars. However it is clear that Illuvium is building much more than just that. Fostering the strength the Illuvium IP will bring and ensuring the DAO and its systems are sustainable as they move into the future is undeniably important.”

IIP-29 & ICCP-4

“When it comes to diverting the Illuvitar revenue and any revenue in general I take the circumstances very seriously. I wouldn’t be approving this proposal if it weren’t for the added flexibility of the safety pool, meaning that we can maintain the security of preserving the runway without directly taking funds from stakers. We are left with all of our options intact just in case we need them.”

IIP-30

“This proposal had to balance 3 key aspects. The collectables game, Web 3 NFT scarcity and the ability to market the product. By adjusting the alpha d1sks sale prices and timing we better aligned the first two aspects while still keeping them distinctly different. I am also very happy where we landed especially for the $8 price point of the non-alpha d1sks. This will allow the collecting focus of the product to shine through and enable many in the future to enjoy the IP of Illuvium. Although some might see Alpha d1sks as unnecessary they do enable an entirely different kind of collector to get involved with the project whilst helping Illuvium generate further revenue to benefit everyone. I also appreciate the 3 day sale period for alpha d1sks which I feel aligns well with the different incentives for different kinds of collectors.”

Animositas approved all proposals:

ICCP-3

“ It provides needed transparency to the community about which costs are excluded from revdis.  The intent here is unchanged from the original purpose of the revdis structure but now that more potential income sources are identified and on the horizon, it became essential to specify how those would be handled in greater detail.  Unit costs must clearly be excluded from revdis for physical merchandise (and similarly additional overhead costs for items like real-life events).  This ICCP sets up the framework and allows for a clear framework to be used for future activities the DAO may engage in.”

IIP-29 & ICCP-4

“The safety pool allows us to watch and determine if the funds are actively needed, it provides flexibility (if not needed) and security.  The runway amount is reasonable and strikes an appropriate balance between security for the project and not pulling excessive funds away from revdis.  The ability to capitalize on hiring additional talent during a down market will pay dividends in the long-run.”

IIP-30

“From a structural standpoint it gives us a product with mass market appeal that will engage collectors and is accessible to the vast majority of individuals worldwide.  Many 7-year old kids that will be able to afford an $8 Illuvitar every month or two will become life-long fans.  And those avid collectors that can spend thousands or even millions on the greatest collection of Illuvitars will have a truly epic experience buying and trading to build out each Wave.” … “I believe this IIP is both a reflection on the power of decentralized governance and a demonstration of the maturation of our DAO processes.”

Kieran approved all proposals but chose not to comment upon his decisions in the  #council-chambers channel.

Council Catch-Up

To keep the community informed, I’ll interview an Illuvinati council member each month. This month, join Deraji and me as we reflect on this Epoch compared to his previous term. We’ll also discuss how Alpha D1sks came into the picture. Finally, we’ll talk about what to expect next from the Illuvinati council.

Interview with Deraji

Tracking Ideas and Proposals

In an effort to help make the proposals listed in Illuviums discord #ideas channel more digestible I set out to create summaries of each posting. Below is a link to a google sheet where I’ve cataloged all ideas posted in the month of January. This sheet provides date posted, topic, title, original poster, link to the conversation in discord, along with a very brief abstract by the OP. 

Also included is an information page about current Illuvium council members along with their socials. I highly suggest following each council member on their respected media to stay up to date with the latest in Illuvium Governance. 

Illuvium Governance Tracker: ILV Governance Tracker

Final words

The next issue of The Illuvinati Times will be published in the first week of April. Have a specific question, or looking to find more information on an aspect of Illuvium Governance? Feel free to shoot me a DM on: 

Twitter: @artemisILV

Discord: Artemis | Illuvialmaster #0233

Until next time! 

Relevant Links

Meetings

2/1/2023 – Illuvinati Council Meeting Agenda [Jan 31]

2/8/2023 – Illuvinati Council Meeting Agenda [FEB 8]

Town Halls

2/10/2023 – Illuvium: Beyond! | Illuvium (Co-Founder Town Hall) (Kieran Warwick & Aaron Warwick)

Proposals Voted on

ICCP-3:

https://gov.illuvium.io/#/proposal/0x245e440c3b517a0b7a7ff11c2c038cfd96c503ab9cbf3e593bd8d7c73cd07fae

ICCP-4:

https://gov.illuvium.io/#/proposal/0x38d3dbcc820ce445be789b470a5ace26f628b0b449aebdf7ed8bd5ce0231898e

IIP-29:

https://gov.illuvium.io/#/proposal/0x7b20e1ea653608da5b31a5f2b54147c73a0854bd79439d08d4b88afdafbbfc15

IIP-30:

https://gov.illuvium.io/#/proposal/0x06e5303ca3cc76d9596bbbb96c742dc9d72d09a7aac136a8ba3bd51a4a4a1bd1

Proposals Awaiting Community Feedback and Revision:

Gov V2.2 – Governance V2 Draft Proposal + Appendix (V0.2)

Council Interview and Ideas Tracker

Interview with Deraji

 Illuvium Governance Tracker: ILV Governance Tracker