What is FloorDAO?

> FloorDAO is a decentralized NFT market-making protocol. It enables deep, sticky liquidity for all NFT collections contained in the FloorDAO treasury. FloorDAO uses the bond & rebase mechanisms pioneered by OlympusDAO to accumulate productive NFT liquidity, which is then deployed in strategies such as NFTX vaults to generate yield. → FloorDAO Mechanism :slightly_smiling_face:

FLOOR token

FLOOR is an ERC20 token backed by ETH and ETH-denominated NFT assets (eg. NFTX vault positions). The value of FLOOR is determined by a combination of assets owned by the treasury, with a minimum protocol-guaranteed value of 0.001Ξ, and a speculative premium on the continued growth of FLOOR.

New FLOOR is minted when

FLOOR is greater than backing, which results in a "rebase" of new tokens following the current APY inflation, distributed every 8 hours to staked FLOOR
Eligible assets are “bonded” to the FloorDAO treasury, which sells new tokens to the bonder at a discount

If FLOOR is ever below the treasury asset backing value, then a theoretical arbitrage exists where FloorDAO can dissolve and distribute assets that are worth more than the market value of FLOOR.

Useful links

Floor Tokens list

FLOOR: FLOOR is an ERC20 token backed by ETH and ETH-denominated NFT assets. → etherscan / Docs
sFLOOR: sFLOOR stands for "staked" FLOOR. → etherscan / Docs
gFLOOR: gFLOOR stands for "governance FLOOR. → etherscan / Docs
aFLOOR: aFLOOR stands for "alpha" FLOOR. → etherscan / Docs
pFLOOR: For team incentives, FloorDAO follows the Olympus pOHM model with “supply share” vesting using a pFLOOR token. → etherscan / Docs

Description of Work

In this bounty we want to check what users are doing with Floor tokens. For this, we check the following:

Are users Staking/Unstaking floor tokens?
Are users Swapping floor tokens for another asset?
Are the Rebase rewards received from Staking FLOOR enough to incentivize users to continue staking?

Note

We use the ethereum.core and ethereum schema, fact_transactions table in ethereum.core for find floor tokens Staking==/==Unstaking/Rebase transaction and dex_swaps table in ethereum schema for find floor tokens Swapping
Floor Staking contract address is 0x759c6de5bca9ade8a1a2719a31553c4b7de02539 → etherscan
Staking method is 0xd866c9d8 → origin_function_signature = ‘0xd866c9d8’ → etherscan
Unstaking method is 0x990966d5→ origin_function_signature = ‘0x990966d5’ → etherscan
Rebase method is 0xaf14052c→ origin_function_signature = ‘0xaf14052c’ → etherscan
Swapping from Floor token → Sample transaction: users swap floor token to other asset using Uniswap V3: Router 2

1 → Staking/Unstaking floor tokens

To address this part, we obtain the list of transactions for Staking/Unstaking using the ==fact_transactions== table.

For Staking use the origin_function_signature = ‘0xd866c9d8’ (Staking method) and to_address = ‘0x759c6de5bca9ade8a1a2719a31553c4b7de02539‘ (Staking contract address)
For Unstaking use the origin_function_signature = ‘0x990966d5’ (Unstaking method) and to_address = ‘0x759c6de5bca9ade8a1a2719a31553c4b7de02539‘ (Staking contract address)
block_timestamp::date >= current_date - 90 → In the last 90 days

Staking/Unstaking mechanism

> FLOOR must be staked with the FloorDAO protocol in order to receive rebase rewards

Stake FLOOR to receive sFLOOR in a 1:1 ratio
Accrue rebase rewards, in terms of sFLOOR, from protocol emissions
Wrap sFLOOR into gFLOOR to take part in governance
Unstake sFLOOR to receive FLOOR back in the same 1:1 ratio

\

Conclusion of part 1 - ==Staking/Unstaking==

The above charts show the amount and number of Staking/Unstaking and the Top 10 wallets based on the amount of Staking/Unstaking in the last 90 days for Floor. According to the obtained results, it is clear that:

On Apr 16, we see the highest number of Staking and Unstaking
On May 11, we see the highest amount of staking and Unstaking
The Number of Staking and Unstaking has been decreasing since Apr 16
The total amount of Unstaking in the last 90 days is more than Staking

Out of the top 10 wallets that have the most Staking in the last three months, 6 of them are also among the top 10 wallets that have the most Unstaking.

2 → Swapping floor tokens for another asset

To get the swap, we use the ethereum schema and the dex_swaps table, provided that:

token_address = '0xf59257e961883636290411c11ec5ae622d19455e' → Floor: FLOOR Token
block_timestamp::date >= current_date - 90 → In the last 90 days
direction = 'OUT' → Swap from Floor

Conclusion of part 2 - ==Swapping==

The highest volume and number of swaps such as Staking/Unstaking is related to Apr 16
After Apr 16, the largest volume and number of swaps is related to May 11
Like Staking/Unstaking, the number of swaps is decreasing after Apr 16
The largest asset in terms of Floor volume that Floor is swapped to is WETH
After WETH ==stablecoins== DAI and USDC, it can be seen that more floor has been swapped to them in terms of volume

3 → Rebase rewards received analyze

To address this part, we get the Rebase list using the ==fact_transactions== table, provided that:

origin_function_signature = ‘0xaf14052c’ → Rebase method
to_address = ‘0x759c6de5bca9ade8a1a2719a31553c4b7de02539‘ → Staking contract address
block_timestamp::date >= current_date - 90 → In the last 90 days

Conclusion of part 3 - Rebase rewards

The number and amount of Rebase rewards received in the last three months has a constant trend because Each rebase epoch is 8 hours.
The total amount of Rebase rewards received in the last three months was 100k Floor, while the total amount of Unstaking in this period was 645k Floor.
The address 0x329393e440fd67ba84296a6d64de42ee79ddd0bd has the highest amount of Rebase rewards received, even though it is not among the top 10 addresses that have Staking/Unstaking in the last three months.

It is interesting that the address 0x3645dff2e8ff9fb6075632ecf3a0097c16943f41 has the second rank for Rebase rewards received, while it is also among the top 10 addresses that have Staking/Unstaking in the last three months.

4 → Staking/Unstaking/Swapping/Rebase analyze

Conclusion

According to the results obtained in the last three months, the amount of Staking, Unstaking and Swapping was almost ==very close== to each other. The number of swaps performed is more than staking and Unstaking, but the swap volume is less. The number of Unstaking transactions is less than Swapping and Staking, but the volume of Unstaking is more, and the volume and number of Swapping, Unstaking and Staking on a daily basis in the last three months have seen a similar trend.

It is interesting that among the 10 addresses that have received the highest amount of Rebase rewards, only 1 address is among the top 10 wallets that have the highest amount of Unstaking, and according to the result we got from Analysis of Rebase rewards and Staking/Unstaking ==(Last part)== , so this result shows that rebase rewards received from staking FLOOR enough to incentivize users to continue staking

Analysis of Rebase rewards and Staking/Unstaking (Last part)

> We checked all the addresses that received Rebase rewards, out of 32 addresses that received Rebase rewards in the last three months, 18 of them had Staking again and 14 of them had Unstaking. Among these addresses, there are wallets that have both Stake and Unstake, but the amount they have staked is more than Unstake, except for one address.

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