Defibox Foundation Launches DIP13 Officially – Defibox

Hello!

Defibox’s vision is to become a community-based project and promote the development of project through DAO governance. However, the Defibox Foundation’s awareness to the DAO is insufficient. Last week, without the process of proposal and voting, the Defibox Foundation released the adjustment plan to the BOX token model. The plan caused widespread controversy and dissatisfaction in the community. After receiving feedback from the community, the Defibox Foundation realized its own problems and rethought profoundly the mistakes and deficiencies in the process of executing the DAO in time.

The Defibox Foundation decides to make corrections about it after knowing the problem, and to make up the proposal and voting process. Therefore, Defibox officially launches DIP13, and the theme is about the adjustment of BOX token model, a total of 4 options in this proposal according to the community opinions. The Defibox Foundation decided to give the decision right about the token model adjustment to the community. The Defibox Foundation will not participate in the voting for this proposal on the BOX token model. At the same time, the Defibox Foundation solemnly promises that future major adjustments and decisions about Defibox will be executed through proposals and voting.

The voting time is from 10:00 (UTC) on September 25, 2020 to 10:00 (UTC) on September 27, 2020. The specific information is as follows:

Governance proposal content:

Proposal 1（Keep the existing token model unchanged）

Total supply: 100 million BOX；
Token distribution method: 70% is used for mining incentives；22.5% is distributed to the Defibox Foundation account for product development, operation and promotion, team incentives, risk reserves, etc. 7.5% is distributed to Newdex account as a reward for Newdex funding；
Swap 0.1% transaction amount distribution method: 50% is distributed to the Defibox Foundation account；50% is used for BOX staking dividends；
USN interest distribution method: 50% is distributed to the Defibox Foundation account；50% is used for BOX staking dividends；
USN liquidation penalty distribution method: 50% is distributed to the Defibox Foundation account；50% is distributed to the dividend account for BOX staking dividends；
Decentralized lending fees distribution method: 50% is distributed to the Defibox Foundation account; 50% is used for BOX staking dividends;
Defibox Foundation participates in BOX staking, but only participates in voting governance, and does not participate in staking dividends；

proposal 2

Total supply: 5 million BOX
After the total BOX supply reaches 1 million, the new token model will be executed according to the following plan;
Token distribution method: the remaining 4 million BOX will all be used for mining incentives, and the Defibox Foundation and Newdex will no longer participate in the distribution of the remaining 4 million BOX;
Cancel BOX staking dividends;
Swap 0.1% transaction amount distribution method: 75% is distributed to the Defibox Foundation account；15% is used for BOX buy-back and burning；10% is used for NDX buy-back and burning；
USN interest distribution method: 75% is distributed to the Defibox Foundation account；15% is used for BOX buy-back and burning；10% is used for NDX buy-back and burning；
USN liquidation penalty distribution method: 75% is distributed to the Defibox Foundation account；15% is used for BOX buy-back and burning；10% is used for NDX buy-back and burning；
Decentralized lending fees distribution method: 75% is distributed to the Defibox Foundation account; 15% is used for BOX buy-back; 10% is used for NDX buy-back and burning;
Bought-back BOX: directly burned or used for BOX staking rewards and other purposes;

Proposal 3

Total supply: 5 million BOX
After the total BOX supply reaches 1 million, the new token model will be executed according to the following plan;
Token distribution method: 70% is used for mining incentives；22.5% is distributed to the Defibox Foundation account for product development, operation and promotion, team incentives, risk reserves, etc. 7.5% is distributed to Newdex account as a reward for Newdex funding；(Keep the existing distribution method unchanged)
Swap 0.1% transaction amount distribution method: all (100%) are used for BOX staking dividends；
USN interest distribution method: all (100%) are used for BOX staking dividends；
USN liquidation penalty distribution method: all (100%) are used for BOX staking dividends；
Decentralized lending fees distribution method: 100% is used for BOX staking dividends;
BOX token realizes complete “same right when holding same token”: BOX token holders and Defibox Foundation can participate in staking dividends and voting governance, and each BOX token enjoys the same economic benefit and voting right;

Proposal 4

Total supply: 5 million BOX
Token distribution method: 70% is used for mining incentives；22.5% is distributed to the Defibox Foundation account for product development, operation and promotion, team incentives, risk reserves, etc. 7.5% is distributed to Newdex account as a reward for Newdex funding；(Keep the existing distribution method unchanged)
Swap 0.1% transaction amount distribution method: 50% is distributed to the Defibox Foundation account；50% is used for BOX staking dividends；(Keep the existing distribution method unchanged)
USN interest distribution method: 50% is distributed to the Defibox Foundation account；50% is used for BOX staking dividends；
USN liquidation penalty distribution method: 50% is distributed to the Defibox Foundation account；50% is distributed to the dividend account for BOX staking dividends
Decentralized lending fees distribution method: 50% is distributed to the Defibox Foundation account; 50% is used for BOX staking dividends;
Defibox Foundation participates in BOX staking, but only participates in voting governance, and does not participate in staking dividends；

Execution conditions:

The total votes of the proposal must account for ≥ 30% of the total BOX staking amount; (abbreviation: proposal participation)
The votes for an option must ≥ 28.00% of the total votes of the proposal;
The Foundation will start execution after the vote is successful;
Proposals that do not meet the execution conditions after the voting ends will be cancelled.

Execution plan:

If an option satisfies the execution conditions, it means that the voting is successful. The Defibox Foundation will adjust the BOX token model according to the option. For the specific adjustment time and more information, please follow the official announcement. The new version of Defibox whitepaper will be revised and released as soon as possible according to the new BOX token model after the voting is successful.

Voting time description:

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.

Defibox community:
Overseas: https://t.me/Defibox
Chinese:

Thank you for your support and attention to Defibox!
Defibox Foundation
September 23, 2020