Status: Discussion
Author: Nicholas
Date: (2022-12-13)
Synopsis
Distribute 400k JBX from the multisig to each of the 25 addresses on the Reserved list (except the multisig itself), for a total of 10M JBX.
Allocate 5M JBX to be distributed from the multisig according to a Ranked Choice Vote amongst an open list of candidates.
Motivation
Reserved rate issuance allows JuiceboxDAO to give consistent contributors part of JBX token supply issuance. Builders are issued reserved JBX when their work leads to more issuance.
JBX issuance to the reserved list has been very limited due to the compounding effects of a previously aggressive discount rate (issuance today: 61,000 JBX/ETH) and relatively little issuance in general, due to slow revenues since early 2022.
As a result, JuiceboxDAO builders have received very little JBX, despite being on the reserved list for many months.
To give its builders a stronger voice in the DAO they are building, this proposal seeks to distribute JBX to active contributors, and experiment with a small scale JBX distribution by token holder vote.
Specification
Distribute 400k JBX from the multisig to each of the following 25 addresses (total 15M JBX):
- burtula.eth
- jmill.eth
- jigglyjams.eth
- 0xstvg.eth
- 0x2DdA8dc2f67f1eB94b250CaEFAc9De16f70c5A51 (Viraz)
- filipv.eth
- zom-bae.eth
- jb.daodevinc.eth
- zhape.eth
- peri.eth
- drgorilla.eth
- matthewbrooks.eth
- jango.eth
- sagekellyn.eth
- felixander.eth
- jb.0xba5ed.eth
- wraeth.eth
- twodam.eth
- aeolian.eth
- mieos.eth
- johnnyd.eth
- gulan.eth
- brileigh.eth
- strathmckay.eth
- 0xblaz.eth
Distribute 5M JBX according to a Ranked Choice Vote. Anyone will be allowed to add their address to the candidates list until Dec 24,2022 at 00:00 UTC. Nicholas will coordinate the details of the Ranked Choice Vote of these candidates, to be voted on by JBX holders, and the DAO will execute its outcome by the end of January 2023.
Rationale
15M JBX represents 7.15% of the total v1 $JBX in the multisig (209.5M JBX).
For context, 15M JBX is 0.7% of the total JBX outstanding across all versions (JBX v1/2/3). The multisig currently holds 10% of all v1 $JBX and is tending toward 15% according to the current reserved rate (30% of the 50% of tokens reserved).
This specification will achieve the goal of distributing a modest portion of the DAO's JBX holdings to active DAO contributors to increase governance access and further decentralize JBX ownership.
Risks
The JBX could go to the wrong addresses.
Some contributors or ecosystem members not on the list may feel left out.
This proposal could distribute too much of the DAO's JBX; however, given the current reserved rate configuration, the DAO multisig will always tend toward 15% of all tokens issued, thus replenishing the coffers. The multisig currently holds 10% of all v1 $JBX, so it is already tending upward.
Timeline
The multisig should execute the proposal before the end of January 2023. If this timeline passes without the proposal being executed, this proposal should be canceled.