wipiwip

Summary

High gas fee might have driven significant part of (smaller) actors from eth to other chains. These entities might have an interest in using Juicebox. We should reach these ecosystems, even in a temporary form. This could be easily done with our current infrastructure using off-chain voting.

Details

• Having Juicebox V2 contracts deployed on another chain than mainnet (hereafter “L2” - Arbitrum, Optimism, Zk for simplicity, but can be a L1 side-chain like BSC, Harmony, Fantom, etc)
• Ideally, contracts would be deployed on the same addresses as mainnet (deployer shouldn’t be used on these chain anymore in order to be able to catch up nonces)
• Funding cycles would be (roughly) synced with mainnet (timestamp shouldn’t diverge too much between chains, this would be the only variation), using the same data
• Juicebox wouldn’t provide a bridge (but would still use the same weight on both chains, to avoid having one chain draining the treasury from the other if said bridge is created by a third-party)
• $JBX / $JBX-L2 value settlement would then only take place when voting, both chains would be under JuiceboxDAO umbrella
• Voting via Snapshot would then be based on ETH as an intermediary store of value:
  • If both chains are having a secondary market, $JBX-L2 voting power is weighted via the price of $JBX/$JBX-L2, aggregation of $JBX/ETH (mainnet) and $JBX-L2/$WETH (L2)
  • If L2 has no $JBX-L2/$WETH reliable market, use the chain native currency (ie BNB for BSC, FTM for Fantom, etc).
  • If L2 has no secondary market at all, assume the natural opportunity would be to mint on L2 and redeem or sell on L1 (or vice-versa) → use the biggest theoretical arbitrage, defined as $Max(redemption_{L1}-weight_{L2}, AMM_{L1} - weight_{L2}, redemption_{L2} - weight_{L1}, redemption_{L2} - AMM_{L1})$
  • These data are easily used in Snapshot via a graph query
• Having lower gas fee would allow to increase the protocol fee to 4% on L2 without loosing the economical benefit of cheaper gas cost on L2 (hopefully creating diversity in our current volume origin - see Twodam’s dashboard and ~96% of current runway coming from the top 10 projects on L1 https://twitter.com/twodam_eth/status/1519718266905657344?s=20&t=jOuXbQgJUQyYaFu19aiT5g)
• L2 treasury would proportionally contribute to the current distribution (biweekly bridging it to L1), based on its current total value

New chain requirement

• Ideally mainnet L2, in order to avoid sacrifice of one of the scalability triangle elements

• Should host TheGraph (curated or decentralized)
• Should ideally host Chainlink (or another reliable price feed aggregator)