The Prop Lot team is proud to introduce the Wave Protocol. The Wave Protocol works by matching ideas with delegated voting power so the best ideas can get onchain, and latent voting power can be monetized rather than ignored.
What is the Wave Protocol?
The Wave Protocol is a protocol designed to enhance Nouns' proposal process by creating a new, scalable pipeline for builders. Unlike the current governance-driven approach, where a small group of token holders identify and support ideas to the voting stage, Wave leverages delegation and community attention to determine which ideas should be presented for an on-chain vote. By activating idle Nouns, the protocol introduces Proposal Scouting—a mechanism which allows Nouns fans to permissionlessly participate in the proposal process.
How does it work?
Builders can submit their ideas to Wave, after which anyone can show their support by minting it. The top ideas after each cycle are turned into proposals. Here’s a detailed breakdown:
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Nouns fans who want to support an idea do so by minting it with ETH.
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Supporters receive an ERC1155 token representing their support.
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The amount of ETH pledged is determined by each supporter.
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At the end of each cycle, the ideas with the most ETH pledged are submitted to Nouns DAO for an on-chain vote.
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The proposals are made using Nouns that have been delegated to the protocol
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Delegators earn a yield from the ETH pledged to the winning ideas
So what does this mean for Nouns DAO?
By activating the voting power of idle Nouns and creating a new way for Nouns fans to participate, Wave introduces the following benefits to the Nouns ecosystem:
Scalable Proposal Process
To bring an idea to a vote within Nouns you need either Nouns tokens, a delegate, or know how to navigate the social layer. This system is difficult to scale and lacks clarity, making it hard for builders to present ideas and for fans to contribute. Wave offers a permissionless, crowdsourced proposal pipeline, improving transparency and encouraging broader participation.
New Revenue Stream
With Nouns' treasury potentially running out in 8-14 months, Wave provides an opportunity to monetize idle treasury Nouns by leveraging their voting power, creating a new funding source for the DAO.
Permissionless way of building reputation
Nouns fans want to contribute but don’t have many ways of meaningfully doing so, especially without a track record. They can champion proposals and leave VWRs, but these efforts often go unnoticed and unrewarded, when done without voting power. The Wave Protocol introduces a scouting model where fans can support and mint promising ideas, earning NFTs and building their reputation over time. This system gives them a new, permissionless way to gain recognition within the Nouns ecosystem.
Proposal scouting is a potential game-changer for the Nouns ecosystem because It empowers Nouns fans to permissionlessly participate in identifying promising ideas, regardless of their prior exposure or social capital. This approach not only brings fresh perspectives to the table but also allows contributors to build their reputation over time, in a provable manner (by earning NFTs). By lowering the social barriers to entry and rewarding active participation, proposal scouting ensures that the most engaged members can emerge from anywhere within the community.
An experiment in governance
At the very least, we hope the Wave Protocol can serve as an experiment in new governance initiatives and are proud to be building alongside Nouns which has long been a leader in pushing the boundaries of governance, fundraising, brand building and more.
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Get involved
Do you have an idea you think will benefit Nouns DAO? Then get involved in one of the most inspiring experiments of web 3! Getting involved is easy. You can:
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Build on top of the Wave protocol and share what you’ve built. No permission needed! (find a link to our documentation below)
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Share your idea with the Nouns community (or submit it to an active Wave)
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Find ideas from any corner of the internet you think will benefit Nouns and introduce it to the community. Better yet, scout it!
Helpful links
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Wave protocol docs If you are technical, check out our docs!
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Protocol repo Check out the contracts.
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Frontend repo Check out the frontend + indexer.
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/wave-protocol Reach out to us on Warpcast
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/nouns Say hi to the the Nouns community
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