Cancelled

JBP-266: Pay $18,200 to MTOTM team at milestones

Author

Anon

Cycle

32

loading

Author:michaelmaher, epowell101, colinmcnamara
Date: 2022-09-21)

Thesis

Upon achievement of milestones, provide an $18,200 grant to fund the continued development of MTOTM: a risk-sharing & community-building primitive for DAOs. MTOTM will enable DAOs to pool risk at early stages while also jump-starting community and governance.

Juicebox will benefit by MTOTM continuing to focus on Juicebox because:

  • It makes fundraising on Juicebox more attractive to early-stage DAOs
  • Enables DAOs to easily add meta governance, improving their effectiveness
  • Enables DAOs to achieve some treasury diversification, improving their resilience

Additionally, as explained by some of the core development team of Juicebox, MTOTM is providing value in experimenting with and extending Juicebox terminal functionality. This work will improve the usefulness of this functionality for future partners and potentially for future Juicebox development as well.

MTOTM enables an n-way swap, creating a shared ERC-20 or ERC-721 token that is returned to DAOs that submit their ERC-20 or ERC-721 tokens at an agreed-upon proportion.

For example:

  • 20 DAOs contribute 5% of their tokens
  • Based on an oracle look-up, the value is determined to be equal for all of them
  • Each DAO receives back in this example 5% of a newly minted meta DAO token
  • Other options:
    • establish a total number of tokens to distribute and calculate payouts out of this total
    • pay streaming % to shared DAO
    • allow redemption / rage quit - based on existing JuiceBox functionality

We are also starting experimentation with ERC-1155 tokens.

The scope of this grant is to build the first DAPP and to trial our initial ERC-20 implementation. Payouts will be based on the achievement of milestones.

Motivation

MTOTM can help founders achieve a level of resilience that is impossible to achieve in the web2 world, thanks to the diversification, community, and governance that MTOTM enables.  As a result, when used with the services and support of launchpads and accelerators, we believe MTOTM will:

  • Reduce the cost of achieving a basic level of diversification
  • Improve the attractiveness of web3 vs. web2 ecosystems for founders
  • Increase and preserve the sense of common purpose that has characterized the early history of web3
  • Provide a model for meta governance of early-stage DAOs

As of September 2022, there are more companies registered in a day by the State of Deleware than there are DAOs that, in the history of web3, were listed by DeepDAO. Primitives such as MTOTM cannot be easily matched by web2 off-chain legal structures - and as such can be a part of an effort that increases the innovation and project building occurring in the overall web3 ecosystem.

Specification and milestones:

Upon the delivery of:

  • operating back-end, showing erc-20 operating on test net

Distribute $9,100 worth of ETH to the project multisig: eth:0x829d68Ee28E6783AAb6413a722C48786111fa726

Upon the delivery of:

  • operating front-end and back-end, showing erc-20 functionality operating on test net Distribute $9,100 worth of ETH to the project multisig: eth:0x829d68Ee28E6783AAb6413a722C48786111fa726

This evaluation is to be made at the discretion of the Juicebox DAO Multisig (0xaf28bcb48c40dbc86f52d459a6562f658fc94b1e) signers.

Risks

Delays are dependent on the engineering team being able to collaborate effectively, in particular, as the front-end alternatives are tested with users for each persona type.  Our front-end team is just joining the project, and as such, their estimates, even as adjusted for additional conservatism, may be overly optimistic.

While some primitives have been developed, unforeseen roadblocks in smart contract execution and/or quality UX development could delay releases.

Additionally, we are estimating that our community will continue to grow and that this community will provide some benefits in achieving production readiness through testing, assistance with documentation, and some contributions. The importance of this community is one reason we are especially interested in partnering with Juicebox. While we are confident that we will continue to grow the community, community growth is difficult to predict, so we include it as a risk.

Timeline

We have been working on the underlying smart contracts since March of 2022 with the assistance of the Juicebox.eth community.  We can demonstrate most of the back-end functionality and have conducted initial testing.

The scope of this request is to:

  • Finish development of a more efficient n-way terminal
  • Experiment with the use of ERC-1155 tokens as a means of taking entirely on-chain the index, which otherwise would consist of a shared token backed by a locked-down Treasury
  • Experiment with ERC-721 Terminals to broaden the applications
  • Develop multi-token terminals to provide efficiency and gas-savings
  • Design a modular front-end focused on two personas:
    • DAOs themselves
    • Launchpads and others interested in inviting and supporting a cohort of DAOs
  • Extensive additional testing
  • Mainnet launch and first production usage

This grant, plus ongoing funding from the Funding Cooperative DAO and community contributions, will allow us to achieve mainnet launch in November of 2022.