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Wave Protocol is a decentralized system built on top of the Nouns Governance ecosystem to noncustodially and permissionlessly democratize access to the Nouns sphere and lower the barrier of entry so that anyone with a worthy Nouns governance idea may participate and make a difference.

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Wave Protocol

This repository comprises Wave Protocol smart contracts- the Wave Protocol app frontend monorepo can be found here

Wave Protocol is an onchain crowdfunding system built upon the Nouns Governance ecosystem to permissionlessly and meritocratically democratize access to Nouns contributions in the form of proposals.

At its heart, the protocol offers Nouns governance proposals as a service to the Nouns peripheral community who may not be capitalized enough to afford the 2 Nouns NFTs required to push their proposal onchain. The result is democratization of access to the Nouns sphere by lowering the barrier of entry for anyone with a worthy idea and desire to contribute.

The protocol makes use of currently unproductive Nouns token voting power to engender a competitive idea machine powered by the untapped market of non-tokenholder mindshare.

Economic incentives for each type of protocol participant (Nounders, Idea Creators, and Sponsors) are aligned by compensating Nouns token delegators with yield, granting Idea Creators competitive access to pushing Nouns proposals onchain, and Idea Sponsors with scouting provenance and lobbying opportunities.

📚 Protocol Documentation

For comprehensive discussion of protocol architecture, technical reference, and developer/user guides, visit the official Wave Protocol documentation.

Table of Contents

Protocol Overview

Wave Protocol accepts Nouns token voting power noncustodially via delegation, leveraging optimistic state to compensate registered Noun delegators with yield in exchange for delegating their voting power. The yield comprises the total funds raised by each Wave's winning ideas, which are represented as ERC1155 tokens.

Idea tokens that amass the highest capital from Sponsors are selected as winners at the conclusion of each Wave, the crowdfunding period during which ideas can be created and sponsored. The Wave Core contract determines the number of winning ideas per Wave and validates optimistic state at finalization based on its available "liquidity" (ie voting power) which it uses to push onchain proposals to the Nouns Governor.

Security Considerations

To run, Wave Protocol is designed to require only noncustodial delegation of the Nouns token's ERC721CheckPointable voting power ledger, which is entirely separate from the token's ownership ledger. As a result, Wave Protocol never requires Nouns token approvals, transfers, or custody of any kind.

To provide voting power "liquidity" in exchange for yield, Nounder token holders need only lend their voting power by delegating and registering using the Wave UI and can rest assured that Wave Protocol does not ever touch the Nouns token's custodial ledger.

Why extend Nouns governance?

The Wave protocol introduces numerous benefits to all parties involved. It provides Nouns NFT holders with a way to earn yield on their Nouns tokens by noncustodially lending their voting power to the Wave protocol via delegation. Delegating to Wave thereby extends the right to make onchain proposals to addresses that don't hold Nouns tokens but would like to submit proposal ideas.

To run fuzz tests

$ forge test

Live Deployments

Wave protocol is currently live and deployed on Ethereum mainnet at the following contract addresses:

Name Contract Details Contract Address
IdeaTokenHub Proxy 0x000000000088b111eA8679dD42f7D55512fD6bE8
Wave Proxy 0x00000000008DDB753b2dfD31e7127f4094CE5630
WaveRenderer Singleton 0x65DBB4C59d4D5d279beec6dfdb169D986c55962C
PolymathFont Singleton 0xf3A20995C9dD0F2d8e0DDAa738320F2C8871BD2b
NounsToken Dependency 0x9C8fF314C9Bc7F6e59A9d9225Fb22946427eDC03
NounsGovernor Dependency 0x6f3E6272A167e8AcCb32072d08E0957F9c79223d

Testnet deployments can be found in previous release tags (<= v1)

About

Wave Protocol is a decentralized system built on top of the Nouns Governance ecosystem to noncustodially and permissionlessly democratize access to the Nouns sphere and lower the barrier of entry so that anyone with a worthy Nouns governance idea may participate and make a difference.

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