Discover more from AssangeDAO
Updates on Juicebox funding and $JUSTICE distribution
AssangeDAO has raised over 10,500 ETH. The DAO managed to find a significant amount of support for Julian. There is still a long fight ahead, but the support is strong.
AssangeDAO is providing an update to address questions about the multisig, Juicebox funding cycle, fees and token distribution.
1. AssangeDAO Gnosis Safe multisig
The address of the AssangeDAO Gnosis Safe multisig is:
You can follow its activities here: https://gnosis-safe.io/app/eth:0x7BE99ca4E6893ef57cf349ab56307628100feA00/balances.
2. Funding cycle update
The current funding cycle ends at 22:32 UTC, Sunday, 6 February, 2022 and was previously configured to repeat for another 3 days. However, the Pak Censored auction will run from 14:00 UTC on 7 February 2022 until 14:00 UTC on 9 February 2022.
We had hoped to sync the second funding cycle to the end of the auction time, however Juicebox does not allow us to make changes to the funding cycle duration in smaller denominations than one day. We therefore consider it prudent to adjust the second funding cycle to end after 2 days instead of 3. This ensures that any potential fractionalisation of the NFT— if a proposal for fractionalisation is decided by the DAO — will happen in the most fair way possible. Hence the second funding cycle will officially run until 22:32 UTC on Tuesday, 8 February 2022. This will conclude this raise.
If anyone would like to contribute to the AssangeDAO after the 2nd Juicebox funding cycle ends, this will have to be done by directly contributing to the AssangeDAO Gnosis Safe at:
*Direct contributions to the AssangeDAO Gnosis Safe will NOT receive $JUSTICE tokens and will not be refunded if the auction isn't won by the DAO*
3. Juicebox Governance Proposal
Juicebox takes a 5% fee on all ETH raised; in return JBX tokens are distributed to the DAO after conclusion of the funding campaign. JBX tokens are the governance token of Juicebox. After the NFT auction has ended, AssangeDAO may submit a Juicebox governance proposal (JBP) to request ETH in exchange for our allocation of JBX tokens.
4. $JUSTICE Token Distribution: Successful auction scenario
AssangeDAO will bid on the Censored 1/1 NFT by digital artist Pak in collaboration with Julian Assange. In the scenario where AssangeDAO wins the NFT on Pak's custom platform, the multisig address will receive the NFT. 100% of the ETH net-proceeds will go to the Wau Holland Foundation for Julian's defence fund.
Note that the NFT auction is also displayed on Opensea.io - however, the auction will exclusively take place on censored.art.
No later than 48 hours after the auction concludes, a Gnosis Safe transaction will be signed to deploy the $JUSTICE governance token on the Juicebox platform - where contributors will be able to claim their share. Claiming the $JUSTICE tokens will cost gas fees.
5. $JUSTICE Token Distribution: Unsuccessful auction scenario
If AssangeDAO does not win the 1/1 NFT auction, we will still have succeeded in our mission to raise capital for Assange's defence by leveraging the permissionless and uncensorable nature of cryptocurrencies. Proceeds of Pak NFT auction will go to Julian Assange's defence fund at Wau Holland Foundation.
ETH used to bid for the NFT will return to the AssangeDAO Gnosis Safe. No later than 48 hours after the auction concludes, the Gnosis Safe will trigger a transaction to deploy the $JUSTICE governance token via Juicebox.
The Zodiac Exit module will give all $JUSTICE holders the ability to exit the DAO at any time and receive their portion of AssangeDAO's treasury held in the Gnosis Safe. The Zodiac Exit module requires a treasury in ERC-20 tokens, thus AssangeDAO will wrap the current ETH and hold it in WETH.
As mentioned in the Juicebox Governance Proposal section, 5% of our treasury will be in JBX after the second funding cycle concludes. As such, contributors may only be able to get up to 95% of their ETH back. If Juicebox approves the governance proposal, contributors may receive 100% of their ETH back.
There will be a 7 day window before any funding proposals are executed to allow participants to exit the DAO. If a contributor exits the DAO after it has made expenses, the amount of assets returned will be diluted.