Author: filipv
Date: 2022-11-28

Synopsis

If the proposal to Reallocate ETH From v1 → v3 is not ratified, add 150 ETH to the DAO’s v2 treasury balance and leave the remaining 1,055.31527829 ETH in the multisig.

Motivation

The DAO’s v2 treasury does not currently hold enough ETH to fulfill the DAO’s FC#36 payout obligations. Contributors receiving a payout from the v2 treasury did not receive their full payout for this funding cycle, and will not receive the rest of their payout unless ETH is transferred from the multisig to the treasury.

JBP-284 allocated 1,205.31527829 multisig ETH to the v1 treasury. If this ETH were deposited into the v1 treasury, it would generate 30.13 ETH in fees upon leaving the treasury, which would in turn erroneously issue 30.13 ETH worth of JBX to the reserved list and the multisig.

The proposal to Reallocate ETH From v1 → v3 attempts to solve this problem by reallocating that ETH to the v3 treasury. However, some community members may not want to add this ETH to the v3 treasury because:

• It may take several months to deploy a v1 → v3 token migrator, meaning this ETH will not be available for redemption by v1 JBX token holders.
• The DAO multisig and the v1 JuiceboxDAO treasury have both held large ETH balances for extended periods of time, giving confidence that the associated smart contracts are secure. The v3 treasury is not as “battle tested”.

This proposal is a middle ground for those community members. It prevents erroneous issuance of v1 JBX without preemptively depositing this ETH into the v3 treasury.

Specification

If the proposal to Reallocate ETH From v1 → v3 is not ratified by the DAO, revoke the following sentence from the Specification of JBP-284:

Multisig to add the resulting ETH to the balance of the JuiceboxDAO v1 treasury.

and add 150 ETH to the DAO’s v2 treasury balance.

Rationale

If the DAO sufficiently supports the proposal to Reallocate ETH From v1 → v3, this proposal is no longer necessary.

Risks

Leaving ETH in the multisig could be risky if there were any multisig collusion. By not adding this ETH to the v3 treasury, future DAO operations may be more complicated than they would otherwise be.

Timeline

150 ETH to be added to the DAO’s v2 treasury balance within 2 days of this proposal’s Snapshot ratification. The remainder of this proposal’s specification is to be executed within 36 days of this proposal’s Snapshot ratification. If the proposal to Reallocate ETH From v1 → v3 is ratified, this proposal shall be considered revoked in its entirety.