Synopsis 概要#

Stop the issuance of $JBX token by setting the issuance reduction rate as 0% and the discounted weight as 1, in order to put an end to the inflation of $JBX.

将 issuance reduction rate 设置为 0，将权重系数 weight 设置为 1，从而停止 $JBX 代币发行，以此停止$ JBX 通胀。

Motivation 动机#

Current issues:

$JBX has been in the face of a hidden danger with unlimited inflation, rendering FDV impossible to be estimated or controlled, which makes it the case that very few sophisticated investors are considering $JBX as an option to put their funds to. This problem has been manifested quite obviously in the liquidity pool of $JBX, where most of the price increases came from transactions by Buyback Delegate (abbr.: BBD) instead of independent investors. With the implementation of BBD, the market price of $JBX did get elevated to some extent, but as it is getting closer to its issuance rate, the investment value of $JBX is also decreasing in tandem. It will be very unrealistic to see new incoming investors in the foreseeable future.

The merits of this change:

1. $JBX will not have inflation after its issuance is stopped, which will in turn boost the investment value of $JBX by a very large margin.

2. Increased investment value of $JBX can attract more involvement into the ecosystem, realizing an effect of self-marketing, which will be favorable for the further expansion of our community.

3. Increased price of $JBX helps incrementing treasury funds, which will be favorable for accruing funds to support the long-term building of the project.

4. The treasury can still take in $JBX through reserved rate, when necessary, $JBX in the treasury can be sold to increase its ETH assets, hence elevating $JBX's redemption value.

一直以来$JBX面临着无限通胀的隐患，从而导致FDV无法预估和控制，因此有经验的投资人不会考虑对$JBX进行投资。这一问题，很明显的表现在他的流动性上，目前的价格抬升大部分只是由于BBD执行带来的，而非由独立投资人购买达成。随着BBD的执行，目前$JBX有所抬升，随着$JBX加个越来越靠近issuance rate，$JBX的投资价值进一步减弱，预计很难有投资人愿意进入。

改进的好处：

1. 停止$JBX发行，$JBX将不再通胀，会大幅提升$JBX的投资价值

2. $JBX投资价值提升，可以吸引更多人进入，可以形成self-marketing的作用，有利于社区壮大

3. $JBX价格提升，有利于国库资金提升，有利于积累资金长期支持项目建设

4. 国库依然可以通过reserved rate来回收$JBX，在必要的时候国库可以通过卖出$JBX来提升国库$ETH储备，从而提升赎回价格

Specification 执行细节#

After the proposal is approved, set `weight` to `1` and `discountRate` to `0`, thus completely putting an end to the issuance of $JBX token starting from next cycle.

投票通过后，可立即将issuance reduction rate设置为0，将权重系数weight设置为1，从而从下一周期开始停止$JBX代币发行

Rationale 理据#

1. Only some configurations will be required, leaving the current process intact, the $JBX distribution to projects paying protocol fees thereafter will rely upon the execution of BBD.

2. The treasury will still be able to carry out its accrual of $JBX through the control of reserved rate, and the redemption value can be ensured by swapping $JBX in the treasury into $ETH.

1. 只需要修改配置，并不改变现有流程，修改后$JBX发行将依赖于BBD来达成

2. 金库依然可以通过控制reserved rate来进行$JBX积累，赎回价格可以通过出售国库的$JBX为$ETH来保障

Risks 风险#

After the issuance is stopped, there will only be inflow of reserved $JBX to the treasury through the execution of BBD and no other assets will be taken in, which might leave the redemption value of $JBX unable to be secured. This risk can be mitigated through swapping $JBX in the treasury into $ETH in the future. Overall, I think the risks of this proposal are foreseeable and can be put under proper control.

停止 issuance 之后，将只有通过 BBD 的执行获得的保留 $JBX 会流入国库，其他资金将不再流入国库，可能导致赎回价无法得到保障。对于这一风险，可以通过售出国库中的 $JBX 为$ ETH 来解决。总体来说，我认为这个方案的风险是可预见，并且是可控的。

Timeline 时间线#

Come into effect right after this proposal gets approved.

提案获得批准之后立即生效。