0x32d1a53f…d4f5sent to0xf790a5f5…1365·#19,166,032·view on Etherscan
nounswap-auction-houseimo it's undesirable to not collateralize the auction with a noun- it will produce a disorderly/unfair market condition, where someone can bid up an auction without consequence. would strongly oppose this approach & encourage the prop to be explicit about collateralization and to work to find gas-efficient ways to do it and maybe even ultimately allow governance participation, though i think this is a good trade-off if necessary.
also should we address the issue that traders with less 'valuable' nouns are advantaged (since they will be the ones likely to pay the largest premiums for the swap auction)? Feels like the complete version of this would allow nouns collateralized in auctions to be themselves permissionlessly auctioned with any premiums flowing directly to the original owner. Then the swapper can apply a reserve to their swap noun, where their bid for the treasury noun is only valid if they receive that reserve in their original noun's auction. The bidder for that noun's noun can also be auctioned etc etc . A lot more complicated but nesting auctions like this would provide a fair market mechanism where excess noun value can be recouped by the swap participant, rather than limiting participation to 'floor' noun owners... maybe could be shipped in a v2