Hello! In the early stage of Defibox, in order to repay Newdex for its funding, 7.5% of the total BOX token release was given to Newdex. After the DIP21, Defibox obtained 10% of the protocol revenue by giving up its 7.5% BOX tokens right. At present, considering future development of Defibox , on the basis of project independence, it is now planned to make adjustments to the 10% income right. The proposed proposal is as follows:
Since September 30, 2021, Defibox has gained its independence and continuously promoted "Defibox-DAO" to govern the Defibox project. After Newdex stopped funding the Defibox project, the Defibox Foundation has been disbanded. So far, the Defibox DAO is the party who makes strategic decisions. Considering the actual stage of the project and the current opinions of the Defibox community, the representatives of the Defibox executive team have negotiated with the Newdex party, and now plans to initiate the adjustment of the 10% protocol revenue right. The proposal is as follows:
1. 7.5% of the unreleased amount of BOX tokens for Newdex will be given at one time, and 10% of the protocol revenue will be retrieved at the same time.
2. Newdex agreed to deposit the obtained 140,000 BOX (The actual quantity shall prevail) into the 360-day BSS system, and continue to use the yields from the deposit to repurchase and destroy DEX tokens.
3. Newdex agrees to sell BOX only through OTC after the expiration of the 360 BSS deposit, not through the secondary market.
1. Defibox has been completely independent from the Newdex and they are two completely independent projects now, and Newdex no longer participates in Defibox's decision-making. Based on the current project development needs and community suggestions, it is reasonable and necessary to retrieve 10% of the income;
2. Based on the principle of equivalence, 7.5% of the token distribution rights will be used to retrieve 10% of the protocol revenue rights; according to the white paper, the maximum circulation of BOX is 5 million, the current circulation: 2,954,347 BOX, buy-back and burn 223,695.37 BOX. If this DIP is passed and executed , 10% of the protocol revenue will be retrieved, and the 7.5% of remaining BOX for Newdex, that is, 140,000 BOX (The actual quantity shall prevail) will be released to the Newdex project at one time.
3. The one-time release is a better solution for the development of Defibox's decentralization, and it is also a one-time problem solving;
4. After 10% of the protocol income rights are retrieved, a new proposal will be initiated to determine the protocol income distribution method;
* If this DIP is passed and executed , 140,000 BOX (The actual quantity shall prevail) will be deposited in BSS 360, adjustments of token distribution and protocol income will be made in order to keep the BSS APY on a stable level or even higher.
*If the proposal is approved and executed, after 140,000 BOX (the actual amount is determined on execution) is deposited in the BSS system for 360 days with no voting rights until the deposit expires and is released.
We hope that every user who holds BOX tokens can participate in the governance of the Defibox project and help the development of Defibox!
- The total votes of the proposal must account for ≥ 10.00% of the total valid BOX votes; (abbreviation: proposal participation)
- The votes for an option must ≥ 55.00% of the total votes of the proposal;
- After the voting is successful, the Defibox executive team will start to execute;
- Proposals that do not meet the execution conditions after the voting ends will be cancelled.
If one option satisfies execution plan, it means a successful voting. Defibox will start execution after the vote is successful. For the latest information, please follow the official announcement.
- After the governance proposal is officially announced, it is not allowed to vote during the publicity period;
- Voting will be open after the publicity period ends. Please vote within the valid time.
Thank you for your support and attention to Defibox!
Defibox Project Executive Team
July 19, 2022