Got JBX? This guide is for you!

Juicebox V3.1 contracts are now live and the V3 JBX token has been deployed to mainnet. If you hold V1 JBX or have unclaimed tokens from the Juicebox V2 project, you can now migrate to the V3 JBX token.

V1 JBX token address: 0x3abf2a4f8452ccc2cf7b4c1e4663147600646f66

V3 JBX token address: 0x4554CC10898f92D45378b98D6D6c2dD54c687Fb2

Before you start​

Here are a couple things to keep in mind before starting:

• The migration process will ask you to submit 3 or 4 transactions
• This process can take 15 minutes or longer
• You can migrate your tokens over time

The following guide assumes the following:

• you have V1 JBX and/or unclaimed Juicebox V2 tokens
• you use Metamask as your browser wallet

Your steps may vary depending on your situation. If you have questions, please visit the Support channel in Juicebox Discord.

Step 1: Navigate to the JuiceboxDAO project​

Connect your wallet and navigate to the JuiceboxDAO project: https://juicebox.money/@juicebox.

Step 2: Tokens tab​

Select the Tokens tab and refer to the Legacy tokens section. If you have JBX from JuiceboxDAO's V1 or V2 project, you should have legacy tokens. Click Migrate tokens.

Step 3: Grant permission for V1 tokens​

Click Grant permission for your V1 JBX and confirm the transaction in your browser wallet.

This transaction grants the V3 JBX contract permission to transfer your JBX on your behalf. If you have V1 JBX, this step is required for migration.

Step 4: Grant permission for V2 tokens​

Click Grant permission for your V2 JBX and confirm the transaction in your browser wallet.

This transaction grants the V3 JBX contract permission to transfer your Juicebox V2 tokens on your behalf. If you have Juicebox V2 tokens, this step is required for migration.

Step 5: Approve migration and set spending cap​

This transaction approves the V3 JBX contract to spend your V1 JBX on your behalf. If you have V1 JBX, this step is required for migration.

Click Approve and in Metamask select Use Default. This will approve the spend of your total claimed V1 JBX balance.

Click Next to proceed and then Approve to confirm the transaction.

Step 6: Migrate all approved tokens​

Click Migrate all approved tokens and confirm the transaction in your browser wallet.

This transaction migrates all approved V1 JBX and unclaimed Juicebox V2 tokens to JBX V3.

Step 7: Success!​

Refresh the page and revisit the Tokens tab. Be sure to verify the following:

• Your balance: should be greater than zero
• Legacy balance: should be zero

That's it! If you have questions, please visit the Support channel in Juicebox Discord.

Since launching over a year ago, Juicebox has improved its features and security for programmable treasuries to its current and third version of contracts. The jump from V1 to V2 gave more control and flexibility around tokenomics, and now the V3 contracts include new NFT rewards functionality as well as small security patches following the audit report on V2.

All project owners can migrate their projects to V3 easily and quickly by essentially reconfiguring their project on V3. In this tutorial, we’ll show you how STVG, a Juicebox contributor and project owner of Marin County Swim Association migrated his project from V2 to V3 in less than 5 minutes.

To learn more about Marin County Swim Association, check out Juicecast episode 11 with STVG on Youtube, Spotify, and Apple Podcasts.

You can follow along in the video made by STVG or step-by-step in this article. Note that you must be the owner of the Juicebox project in order to migrate to V3.

Step 1: Project Settings​

Go to your project page that you are the owner of and click on Project Settings.

Step 2: Project Upgrade​

Once you’re in project settings, scroll down to Project upgrades on the left side panel at the bottom. Next you’ll see what version you’re currently on and a button that says Start upgrade.

This is where you’ll begin to reconfigure your project settings to launch a V3 funding cycle.

The first thing to set is theStart time. You can set this to whatever time you want to relaunch your project on V3. If you want it to start immediately you can just leave it blank. Note that if you have a specific time you want, it will have to be set in a Unix timestamp, which you can easily determine by using this online unix converter here.

In this example, STVG wanted to launch his V3 funding cycle on December 1st, 2022 at 1:00AM PST. You can enter whatever time you want your project to start here and simply copy and paste the timestamp into the Start time on the Juicebox project upgrade page.

When you’re done setting a start time, click Funding.

Step 3: Funding​

Here you can set your Funding Cycles (how long all the settings on your project are locked for) and Payouts (what address(s) the funds in the treasury can be sent to once per funding cycle).

This process is similar to the latest create project flow on Juicebox, where you can have Automated Funding Cycles or Manual Funding Cycles. You can keep the same settings from your old contract if you don’t want to change things like the payout address(s) or funding cycles, or you can use this opportunity to update changes to reflect the needs of your project.

For Payouts you can decide if one address is receiving all the funds that get distributed or you could configure it to add other people, for example if you had a second person working on the project you split the payouts 50/50. You can do this either through Percentages of Specific amounts denominated in ETH or USD. When you’re done making any changes, click Save funding configuration, then click Token.

Step 4: Token​

This is where you can customize different settings for the tokenomics of your project including:

• Mint Rate (number of tokens per 1 ETH minted)
• Reserved token allocation (option to set aside a percentage of all tokens that get minted when people contribute ETH to the project)
• Discount Rate (option to decrease how many tokens are issued over each funding cycle to incentivize early contributors)
• Redemption rate (determine what proportion of treasury assets can be reclaimed by a token holder by redeeming their tokens, AKA incentivize contributors to hold their tokens longer to get a better rate if they decide to burn the tokens in exchange for ETH in the future)

In this example, STVG left most of these settings untouched but added himself to the Reserved Token Allocationby clicking Add Token Allocation. then adding his ENS address in the field for the Beneficiary address and changing the Percentage allocation to 100% and confirming by clicking Add Token Allocation.

These token settings are turned off by default. If you’re not sure what to do, the Default Token Settings will work for most projects. You can always reconfigure these settings in the future, depending on the strategy of your Juicebox project. You can always hop into the Juicebox Discord if you need help! When you’re done, click Save token configuration.

Step 5: NFTs (Optional)​

Here you have the option to add NFTs to your Juicebox project so contributors can receive an NFT if they meet your minimum funding criteria. You can add as many NFTs as you want and determine the supply and price of each NFT. Next you’ll add a Collection Name and Collection Symbol, as well as an optional description of the NFTs. If you’re not ready, you can always add NFTs later on. You can also check out this tutorial on how to use NFTs. When you’re done, click Save NFTs.

Step 6: Rules​

Last but not least, you'll need to set the rules for your project before deploying.

Make sure to set your Reconfiguration Rules, which essentially creates a safety measure of how soon you can reconfigure your Juicebox project settings before they take effect. You can choose the 3-day delay (default) 7-day delay, No delay, or a Custom Strategy.

You can also decide to Pause Payments, Allow Token Minting, and Allow Terminal Reconfiguration. When you’re all done, click Save Rules.

Step 7: Review and Deploy​

Last but not least, you can review a summary of all your new V3 settings before you deploy.

When you’re good to go, click Launch V3 funding cycle. This will prompt a transaction in your wallet which you’ll have to confirm and you’re done!

And that’s it! You’ve successfully migrated to V3.

If you need help along the way, jump into the Support channel in the Juicebox Discord.

🐦 Follow Juicebox on Twitter: @JuiceboxETH

🚀 Trending projects on Juicebox

📚 Project Creator Docs

📹 YouTube Tutorials

Juicebox enables creators and communities to create and launch NFT projects with powerful yet simple tools tailored to your needs in an ongoing basis. In this tutorial we’ll guide you through how to configure a Juicebox project to sell NFTs in less than 10 minutes. Whether you’re a creator selling content, managing a DAO, NFT project or cryptocurrency crowdfund, you can sell NFTs easily on Juicebox with complete control and transparency.

You can follow along in this article or the Youtube video.

The example for this tutorial is an NFT project called Flamingo Sunday. We’re using Juicebox to sell flamingo NFTs at 0.1, 1, and 10 ETH tiers and anyone who contributes at those amounts will receive the corresponding NFT.

So head to juicebox.money, connect your wallet, and click Create a project.

Step 1: Project Details​

Here you’ll provide general information about your Juicebox project including the name, description, a logo, and add social links. You can even customize the Pay button, for this example we could make it say “we love flamingos.” Once you’re done, click Next.

Step 2: Funding Cycles​

If we set this to 14 days then all of our project settings will be locked for 14 days and we can only distribute funds from the treasury once during that 14-day cycle. This helps build trust so contributors feel safe that they won’t get rugged.

You can decide what’s best for your project and if you need the flexibility to change at any time, you can choose Manual Funding Cycles. If you’re not sure, you can start with Automated Funding Cycles.

Step 3: Funding Target​

This is where you decide how much money from the project can be distributed per 14 days (the length of your funding cycle)

If we set a Specific Funding Target of 10,000 USD, we can distribute up to 10,000 USD worth of ETH per 14-day funding cycle. This is like a hard cap on the amount that can be distributed from the treasury so the project owner can’t take all the funds and disappear. Anything over 10,000 USD worth of ETH will be considered Overflow and can be redeemed by anyone who contributed to the project, almost like a refund.

Another way to do this is an Infinite Funding Target which means you can distribute as much as you want from the treasury, but this can be perceived as risky to contributors to your project because you could take all the money and run. So for this example, we’ll go with a Specific Funding Target of 10,000 USD worth of ETH.

Step 4: Payouts​

Here you can decide where to distribute the ETH that we receive every 14 days. We can do this with percentages or specific amounts.

For example, with percentages, let’s say I am the artist that made Flamingo Sunday and I want to receive 100% of the funds that come in every 14 days.

If we were doing specific amounts, I could say that I want to receive 10,000 USD worth of ETH which is the total amount that can be distributed every 14 days to myself.

Both of these can be configured to add other people, for example if you had a team of four people (including yourself) working on the project, you could split the payouts 25% to each address by clicking Add Payout and adding their address and 25%.

But for this tutorial we’ll keep it simple and stick with 100% going to the project creator.

Step 5: Project Token​

Here you can decide how your project’s tokens will work. There’s a lot of things you can customize here but the Default Token Settings will work for most projects. You can always reconfigure this setting in the future, depending on the roadmap for your NFT project.

Step 6: NFTs​

Click Add NFT choose an image, and give it a name, a description, and the minimum ETH contribution in order for someone to buy the NFT. This is also where you can decide the supply. You can either have a limited supply—for example, only 10 can be minted—or an unlimited supply. You can also add an external link to point to a website of your choice.

You can repeat this process as many times as you like for each NFT you have. They can be priced and supplied all the same, or you can create tiers. Using tiered NFTs is a great way to create different incentives for people to support your Juicebox project at different price points.

Once you have all your NFTs added, you can create a collection name, description, and custom token symbol. For this project, we’ll call it “Flamingo”

There’s also an option to add a message that appears when contributors receive an NFT as well as a button with a link, this could be a project website, Twitter, Discord, etc.

Step 7: Confirm all settings (rules)​

The default is a 3-day delay, which means that any changes to the project settings need to be submitted at least 3 days before the next funding cycle starts. You can think of this as a safety measure. In other words, the project can’t suddenly change all of their settings.

You can change this to be longer, shorter, or no delay, but we’ll stick with the 3-day default.

Before deploying, review your settings and make any changes needed. You can always go back and tweak things before you deploy. Check the Terms of Service box and you’re ready to go! Click Deploy, confirm the transaction in your wallet, and your project is live!

Note that the NFT images might take awhile to display properly. If someone wants to purchase an NFT at the 0.1 ETH tier, for example, they just click on the NFT, click the customized pay button, click I understand to acknowledge the safety warning, and then click Pay. You can even leave a little on-chain memo like “we love the flamingos”, an image, or Banny sticker with your contribution.

So we’ll refresh the page and now you can see the NFT that we just purchased in the Activity feed on the right.

If you need help along the way, jump into the Support channel in the Juicebox Discord.

🐦 Follow Juicebox on Twitter: @JuiceboxETH

🚀 Trending projects on Juicebox

📚 Project Creator Docs

📹 YouTube Tutorials

Setting a handle for your project on Juicebox is a great way to customize your page by linking your ENS to your project. Project handles on Juicebox make it easier for people to find your project and help set it apart with a vanity URL. This guide will show you how to set the handle directly from juicebox.money and manually using the ENS app in less than 5 minutes.

You can follow along in this article or the Youtube video.

Before you start, you need to have:

• An ENS name that you own and control
• A Juicebox project that you are the owner of

Step 1: Add Handle​

Click right underneath the Project title where it says Add handle.

Step 2: Set ENS name​

Enter an ENS name that you own, and click Set ENS name This will prompt a transaction that you’ll have to confirm with your wallet.

Step 3: Set text record​

After the transaction is confirmed, you’ll see that it lists the ENS chosen as the project handle, but you’re not done yet. Next you need to set the text record for that ENS name, so click the button below that says Set text record. Then confirm the transaction with your wallet.

It might take a few minutes to update, but you can refresh your project page and see the project handle below the project title. The project URL with the project ID number will still work, but you can also use your new URL which is juicebox.money/ @yourensname

And that’s it!

You can also set this text record manually using the ENS app.​

Before you do that, take note of your project number which you can always find under the project name or you can look at the URL for your project. In this example, our project is #368.

(Using ENS) Step 1: Add / Edit Record​

Go to app.ens.domains, go to My Account on the left and choose the ENS address that you want to use. Then you’ll click Add / Edit Record on the right side

(Using ENS) Step 2: Create juicebox_project_id​

You’ll choose text in the drop-down menu on the left and in the next drop-down where it says key we’ll click and start typing juicebox_project_id and then click the message that appear below that says create juicebox_project_id. Then we’ll click the field to the right and enter our project number which is 368.

(Using ENS) Step 3: Save and confirm​

Press Save and then scroll down to the bottom of the page to click Confirm. This will prompt a transaction that you’ll need to confirm your wallet. Once confirmed, you’ll see that it’s been added to the list of text records for that ENS address.

Now you can go back to your project on Juicebox, refresh the page, and your handle is now set to your ENS name! Please note that your old URL with the project ID will still work but we can now use juicebox.money/@flamingosunday.

And that's it!

If you need help along the way, drop into the Support channel in the Juicebox Discord.

🐦 Follow Juicebox on Twitter: @JuiceboxETH

🚀 Trending projects on Juicebox

📚 Project Creator Docs

📹 YouTube Tutorials

How ConstitutionDAO raised over $40 million dollars in less than a week using Juicebox

In this article, we’ll cover how ConstitutionDAO used Juicebox to fundraise ~ $46 million (11,500+ ETH) in less than a week.

Nicolas Cage in National Treasure

The estimated value of the U.S. Constitution prior to the auction was $10-15 million dollars. In order to build trust with the crypto community and the wider public, the core team set up a 9/13 multisig with core team members and well-known figures in web3. They also set up a Juicebox project to fundraise transparently and out in the open with the community. And if they lost the bid, project contributors could get a refund using Juicebox’s overflow mechanism.

Spoiler alert: ConstitutionDAO did not win the auction. As a result, the core team enabled refunds and burned the keys to the project. In other words, the core team is no longer associated with or in control of the ConstitutionDAO project or the $PEOPLE token. On the Funding Cycle panel on the left, we can look in the History tab to see past funding cycle configurations. This article will break down the settings from Funding cycle #1 to see how they raised funds and Funding cycle #3 to see how they winded down the project.

Understanding ConstitutionDAO’s fundraising project configuration 🔎​

Taking a closer look at the configuration settings for Cycle #1, we can see that the following settings were used for their fundraise:

• Target: No target means that there is no predefined funding target (e.g. $15 million USD). This gave ConstitutionDAO the flexibility to raise as much as they could in order to try and win the auction. In other words, even if they raised $50 million USD, they could distribute the entire amount.

• Please note that Target is now Distribution Limit for v2/v3 projects on Juicebox, so in this example they set Distribution Limit to Infinite.

• Duration: Not set means that the project owner can start a new funding cycle with new configuration settings at any time without notice. This is a very flexible strategy but can seem risky to potential contributors because the project owner might change the project rules at any time. In ConstitutionDAO’s case, Duration could have potentially been set to 7 days to match the deadline for the auction at Sotheby’s.

• Redemption rate: 100% means that when claiming overflow i.e. funds in excess of the funding target, project contributors will be able to redeem their $PEOPLE tokens for ETH in the treasury at any time at the same rate at which they initially contributed. In other words, there is no incentive for holding tokens longer and redeeming later: all tokens have equal value regardless of when they are redeemed.

• Please note that since Target is set to No Target (same as Distribution Limit: Infinite), funds in the treasury will never be considered as Overflow and will therefore not be redeemable.

• Contributor rate: 1,000,000 PEOPLE/ETH means that project contributors would receive 1,000,000 $PEOPLE tokens per 1 ETH. This rate is the default setting when creating a Juicebox project but can be set to any amount desired.

• Discount rate: 0% means that the amount of tokens issued per 1 ETH will not decrease over time by a certain percentage. In other words, there is no incentive for contributing in Funding Cycle #1 vs. later funding cycles.

• Reserved $PEOPLE is set to 0% so project contributors would receive 100% of the 1,000,000 $PEOPLE per ETH with none set aside for addresses on the Reserved List. The core team made this choice to ensure that everyone had equal access to $PEOPLE tokens with no special team allocation.

• Payments: Enabled simply means that the project is currently accepting payments.

• Reconfiguration strategy: No Strategy means that there is no delay required before submitting a new Funding Cycle reconfiguration. If this were set to 3-day delay, the team would need to submit any changes 3 days before the next funding cycle begins. Delay periods give project contributors peace of mind by giving them advance notice of any changes being made to the project rules. Setting this to No Strategy has the same perceived risk as Duration: Not set.

ConstitutionDAO’s configuration for Funding Cycle #1

How ConstitutionDAO changed its project configuration after winding down 🤝​

After losing the auction at Sotheby’s, the core team reconfigured the project to indicate that they stopped fundraising and enabled refunds. We can see a few settings in Funding Cycle #3 that reflect this:

• Target is set to Ξ0. Instead of setting Target to No Target, the team set a target of Ξ0 meaning that since the target has been surpassed (obviously) all funds in the treasury are considered Overflow. $PEOPLE tokens could therefore be redeemed by project contributors for ETH in the treasury.

• Redemption Rate is set to 100%, meaning that ETH in the treasury could be redeemed at any time at the same rate as when funds were initially contributed. In other words, there is no incentive to hold the tokens longer and to redeem later: the same redemption rate will apply.

• Reserved PEOPLE is set to 100%. This looks confusing at first but due to the limitations of v1, this setting was the best way to disable the “Pay” button on the juicebox.money frontend in order to prevent any further project contributions. For v2/v3 projects, a project creator can simply reconfigure their project to Payments: Disabled instead.

• Duration: Not set and Reconfiguration Strategy: No Strategy typically present risks for project contributors since the project owner can start a new funding cycle with new configuration settings at any time without notice. In this case, the core team revoked ownership by sending the project to a burn address which meant that they could no longer control the project in any way. Therefore, this risk is no longer a factor and the project configuration settings are impossible to change.

ConstitutionDAO’s configuration for Funding Cycle #3

Relevant links 🔗​

🎙️ Listen to The Juicecast ConstitutionDAO Retrospective Part 1 (Apple Podcasts, Spotify), Part 2 (Apple Podcasts, Spotify), and Part 3 (Apple Podcasts, Spotify)

📙 Read the full story of ConstitutionDAO on the JB blog

🧃 See ConstitutionDAO’s project on Juicebox: https://juicebox.money/p/constitutiondao

🐦 Follow Juicebox on Twitter: @JuiceboxETH

🚀 Trending projects on Juicebox

📚 Project Creator Docs

📹 YouTube Tutorials

A brief origin story of the Constitution of the United States 🇺🇸​

detail from the Dunlap & Claypoole original printing of the U.S. Constitution, 1787

Before we get into ConstitutionDAO, let's start with the Constitution itself.

In a way, you could say that the Constitution wasn't even the first Constitution. Before the Constitution came the Articles of Confederation which was an agreement between the thirteen original states that was approved by the Second Continental Congress on November 15th, 1777 and later came into effect after being ratified by the states on March 1st, 1781. The Articles of Confederation were drafted to establish and preserve the independence and sovereignty of the states. Over time, though, delegates found that the limitations of the central government were in fact too limiting and revisions began to be discussed.

Fast forward to the Constitutional Convention which took place between May 25th and September 17th, 1787 in Philadelphia. Initially intended to revise the Articles of Confederation, the four month convention was in fact the birth place of an entirely new Frame of Government: what is now known as the Constitution of the United States, the longest continuing charter of government in the world.

Scene at the Signing of the Constitution of the United States, Oil on Canvas, Howard Chandler Christy (1940)

What does the Constitution say? Here's the tldr;

• Articles I-III outline the three branches of the federal government: the legislative (bicameral Congress), the executive (the President and his lackeys), and the judicial (the Supreme Court).
• Articles IV-VI outline the rights and responsibilities of state governments, how states relate to the federal government, and the process of constitutional amendments.

The Constitution to ConstitutionDAO pipeline 📜​

Even though the story of ConstitutionDAO isn't about any particular person, we have to start somewhere. Our story begins with Graham Novak on Thursday November 11th, 2021. It's 9:55am and Graham is sitting in an office in Atlanta, Georgia where he manages crypto investments at 28th Street Ventures. A friend in a non-crypto group chat shares the link to an upcoming auction of the U.S. Constitution at Sotheby's with an estimated price of 10-15 million dollars.

The bid estimate seemed shockingly low to Graham. At the same time, he was researching group purchases by digital communities and in particular a recent acquisition made by FlamingoDAO. It also seemed odd to Graham that the Constitution was privately owned instead of being a public good: it was the longest continuing charter of government in the world and one of only thirteen remaining copies. Soon after, consensus was reached: let's buy the U.S. Constitution.

And from there it snowballed. Within the first day, ConstitutionDAO went from a group chat of friends to a Discord of over 2000 members with National Treasure memes spreading like wildfire. An initial email was sent to Sotheby's to start coordinating logistics.

First email sent to Sotheby's on behalf of the ConstitutionDAO campaign

Later that day there is a kick-off call around 8pm to start going over logistics and next steps. Some attendees were focused on the memes and having fun while others were deadly serious. Alice Ma, engineer and co-founder of Mad Realities, was one of the attendees for that first kickoff call:

On that first Friday night it was very obvious to us: why should this document be on sale to the highest bidder? Why is this not public property? That was the drive from the beginning. This was a National Treasure-style heist where we're heisting it from the next billionaire.

— Alice Ma

ConstitutionDAO pfp of Nicolas Cage from National Treasure

As they wrapped up the call, the clock started ticking. They had less than a week until the Sotheby's auction in New York City on November 18th, 2021.

ConstitutionDAO 🤝 Sotheby's​

Because Sotheby's wouldn't allow a DAO to bid, ConstitutionDAO partnered with a non-profit called Endaoment. They would hold custody of the document and bid on behalf of ConstitutionDAO at Sotheby's. Once the DAO won the auction, they would allow DAO members to draft proposals and vote to decide where the document would be displayed.

Nicolas Cage Banny by Sage Kellyn

ConstitutionDAO 🤝 Juicebox​

When it came time to raise money for the auction, ConstitutionDAO had three options: Mirror, Syndicate, and Juicebox. While each platform had a history of raising funds and starting DAOs, there were still concerns about putting millions of dollars into unaudited smart contracts. In the end, the team chose Juicebox because the overflow mechanism would allow refunds in the event that ConstitutionDAO didn't win the auction. It also seemed (somewhat) battle tested with SharkDAO previously raising several million dollars to buy the Shark Noun.

At 8:31pm on Sunday night (day 4), the Juicebox project launched on mainnet and the $PEOPLE token was deployed shortly after. Within ten minutes accepting contributions, ConstitutionDAO had already amassed $250,000 USD.

Artwork by Sage Kellyn

By Monday November 15th (day 5), the media narrative started to heat up. Core team members of ConstitutionDAO were being interviewed on CNBC, The New York Times, Bloomberg, and more. Everyone, including your neighbour, was starting to learn what the word DAO meant.

Core team members Alice Ma and Packy McCormick appear on CNBC news

Slowly and then all at once 📈​

At a certain point, fundraising started to plateau. Money was coming in but the momentum wasn't enough for the campaign to pass Sotheby's proof-of-funds requirements by Thursday, the day of the auction. Jon Hillis, core team member and co-founder of Cabin, had a plan:

We needed a big whale to make a contribution that would restart the hype engine and get us to the fundraising goal. So I set out to find a whale and in the end it was actually an anonymous address that put in $1 million right as things started to look stagnant. We then started seeing a lot more larger amounts coming in as well as a tremendous number of small dollar donations which set up the next meme cycle.

— Jon Hillis

Once the hype kicked in, money pouring into the Juicebox project was slow at first and then all at once.

ConstitutionDAO crossing $10 million dollars worth of ETH on Juicebox

Metaversal also committed $1MM live on the Andreesen Horowitz show on Clubhouse. The ball was rolling again and over the next 24 hours the treasury miraculously grew to over $40MM dollars. The money coming into Juicebox on the 17th going into the 18th made up more than half of the entire amount raised by ConstitutionDAO. The meme had reached escape velocity.

The last minute $46MM USD swap that saved the campaign 💵​

Leading up to the auction, the price of ETH fell 15% from $4800 to nearly $4000 USD. In response to this, Sotheby's informed the core team that they would no longer accept ETH as proof of funds as previously agreed upon. This meant that ConstitutionDAO needed to swap 11,500 ETH ( $46MM) OTC with FTX and they needed to do it fast.

The core team was (literally) sprinting to execute this transaction. They were calling family members and running around town to track down multisig signers in coffee shops they frequented or offices where they worked. The multi-sig was set up as a 9/13 meaning that nine signers were needed for this critical transaction to go through. It was set-up this way both for security and for the memes as the Constitution only became law once it was ratified by nine of the thirteen original states.

Not all of the multisig signers were core team members. Some were well known figures in web3 with a strong reputation and including them on the multisig was a way of building trust with the public. But beyond the challenge of public trust, there was also the challenge of coordinating 9/13 people to sign a transaction. For the OTC swap via FTX, ConstitutionDAO needed to execute a single transaction of 11,500 ETH to $46MM US dollars. On the afternoon of the 18th with only hours to spare before the auction, they managed to get the signers needed and were able to provide proof of funds to Sotheby's. The campaign was saved.

ConstitutionDAO's final act: the auction at Sotheby's 👨🏻‍⚖️​

Bidding escalated quickly and in the end, the winning bid was $41MM. ConstitutionDAO had raised $46MM, so they must have won... right? That's what most people thought, at least.

Over 11,500 ETH was raised by 17,000 contributors around the world, and in that final moment it all came down to... Brooke or David? Which bidder was representing ConstitutionDAO? While some core team members knew the answer, nobody in the broader community knew exactly what was happening.

Sotheby's had many requirements in order to bid on the Constitution. For one, the DAO needed to be able to care for the document. They couldn't just walk out of the auction with the Constitution in a plain manilla envelope, they needed to have funds set aside for proper care and maintenance of the document. And there was also the sales tax and other applicable fees which would be added onto the final hammer price. So even $41 million wasn't really $41 million, and the final sale price for the document ended up being $43,173,000 US dollars.

In the end, the winning bid went to hedge fund billionaire Ken Griffin, CEO of Citadel and founder of Citadel Securities. In the coming days, narratives emerged around a billionaire winning the auction instead of the 17,000 people who came together for the ConstitutionDAO campaign. It is worth noting that Ken has never collected historical documents prior to buying the Constitution. And given that he has publicly criticized crypto as “anti-American” and stated that Citadel would never invest in cryptocurrencies, his motivations for pursuing the auction may have been largely ideological.

Brooke Lampley representing Ken Griffin at the Sotheby's auction

Takeaways from this epic saga​

While ConstitutionDAO didn't win the auction, they raised over $40 million in less than seven days, onboarded thousands into crypto, and introduced the idea of a DAO to the public. And just as we had to start our story somewhere, we also need to end somewhere. So we'll come full circle to conclude with Graham:

ConstitutionDAO is a democratic story. It's a story of the people, a story of the underdogs. At some point, there's going to be enough capital, interest, and coordination in web3 that when you've got a large aggregate of people who are attempting to buy, launch, or build something and they're going against a titan of the traditional world, they're going to overcome that. And it's going to be done with distributed technology, teams, and more effective coordination of people. I think [ConstitutionDAO] signifies where we're going with governance and blockchain.

— Graham Novak

ConstitutionDAO2 and second chances​

Almost exactly a year later, Sotheby's has announced another copy of the U.S. constitution is going up for auction on December 13th, 2022. You can listen to episode 17 of the Juicecast to learn more about how ConstitutionDAO2 (UnumDAO) are trying to win the auction on Spotify and Apple Podcasts.

Relevant links 🔗​

🎙️ Check out the Juicecast ConstitutionDAO Retrospective Part 1 (Apple Podcasts, Spotify), Part 2 (Apple Podcasts, Spotify), and Part 3 (Apple Podcasts, Spotify)

📜 Follow ConstitutionDAO on Twitter: @ConstitutionDAO

🧃 See ConstitutionDAO's project on Juicebox: https://juicebox.money/p/constitutiondao

🐦 Follow Juicebox on Twitter: @JuiceboxETH

🚀 Trending projects on Juicebox

📚 Project Creator Docs

📹 YouTube Tutorials

Author: matterturbulent
Date: (2022-12-04)

Synopsis​

E Pluribus Unum — Out of Many, One

15 Web3 groups (and counting) have come together to fundraise and bid on a private copy of the US Constitution going up for auction at Sotheby’s on December 13. This movement—called UnumDAO is the spiritual sequel to ConstitutionDAO, with many of the orgs being born from or inspired by the movement last year. We are utilizing the private multisig application Nucleo to obfuscate a portion of the donations to make our bid more competitive, and we plan to raise the remaining funds publicly on Juicebox. We’re prepared to show the world how far crypto has come in one year and to give our community and industry a positive signal. The goal is to start with the Constitution, and then continue acquiring important civic artifacts in order to create a “People’s Museum,” totally controlled by governance NFT holders, rotating to new locations, and educating the public about the history and innovations of democracy.

We are proud to partner with Juicebox given its status as the go-to decentralized platform for projects to raise funds in Web3. We are requesting a $150,000 USD grant from Juicebox at the initiation of the fundraise to seed it. Additionally, we want to use the holdFees flag⁽¹⁾ to enable us to refund donors in full should we lose the auction.

If bid fails then all funds become refundable, including the grant. All donors have the opportunity to reclaim funds within a 30 day window. After the 30 day window then remaining the funds get sent to the UnumDAO multisig for acquisition, curation, and care of other civic artifacts.

Motivation​

This proposal will cement the partnership between JuiceboxDAO and “ConstitutionDAO2,” while simultaneously kickstarting the fundraiser. We recognize that Juicebox plays an essential role in the ecosystem, championing the value of decentralization. Juicebox is an essential tooling in Web3 and unlocks the ability for regenerative projects to establish their governance communities. This proposal represents a middle ground between shutting off fees and leaving them as is.

Specification​

1. JuiceboxDAO to distribute $150k worth of ETH to the UnumDAO project fundraiser from the v1 JuiceboxDAO treasury in FC#37.
2. Utilization of the holdFees flag to enable full refund should UnumDAO lose the auction.
3. Vocal support from Juicebox as a partner in the movement.

Rationale​

Sotheby’s valued the Constitution copy at $20 - $30 million USD. If Juicebox fees are 2.5% and gives the project fundraiser a $150,000 grant then the fundraiser has to raise at least $6 million for Juicebox fees to exceed the initial $150,000 put in.

Risks​

If the fundraiser undershoots $6 million but still wins the Constitution in the auction then JuiceboxDAO will not receive more fees than the initial amount of the grant.

Timeline​

Within the next couple of days the fundraiser will go live and JuiceboxDAO should make the 150k donation upon initiation of the fundraiser. Should UnumDAO lose the auction we expect to do the refund based on the reasonable timeline for such activity. All donors have the opportunity to reclaim their funds within the 30 day window. Throughout the auction leading up to Dec 13 the coalition will advocate for Web3 to once again come together and buy a Constitution. Except this time we will win.

Note:

Hold fees:

By default, JBX membership fees are paid automatically when funds are distributed out of the ecosystem from a project's treasury. During funding cycles configured to hold fees, this fee amount is set aside instead of being immediately processed. Projects can get their held fees returned by adding the same amount of withdrawn funds back to their treasury. Otherwise, JuiceboxDAO or the project can process these held fees at any point to get JBX at the current rate.

This allows a project to withdraw funds and later add them back into their Juicebox treasury without incurring fees.

This applies to both distributions from the distribution limit and from the overflow allowance.

Defifa is an experimental pop-up NFT game that accompanies the 2022 FIFA World Cup. Minting started Nov 8th and will close before the first kickoff of the competition on November 21st. The game definitively ends on December 25th—7 days after the final whistle of the competition—at which point all treasury funds will be made available to those that wish to redeem their NFTs.

There are 3 novel ideas worth calling attention to that make Defifa possible:

NFT Distribution​

Over the past five months, engineering contributors at Juicebox DAO have been developing an NFT distribution mechanism that project owners can configure and attach to any of their funding cycles. With this NFT extension attached, inbound payments have the opportunity to mint a token from an ERC-721 contract if certain conditions are met. This 721 can contain any number of payment tiers, which can define their own visual and descriptive metadata, minimum contribution thresholds, max supply, a ratio of tokens to reserve for a pre-programmed beneficiary, voting weights, and other properties to ensure confidence for both the project owner and community.

Defifa uses this system to define 32 tiers corresponding to the 32 teams competing at the World Cup. All tiers are contained within the same NFT collection. Each tier has no max supply and requires a contribution of 0.022 ETH into the Defifa treasury. All contributions to this treasury qualify and must specify the desired teams from which to mint. Clients can specify if the payment’s value must be used in full towards mints — if the payment is not quantified in 0.022 ETH increments, it will revert.

Project ownership​

Project owners have the exclusive ability to configure a project’s future funding cycles. Most Juicebox projects created thus far have been owned by a person or a multisig. The Defifa project is instead owned by a contract that automates the queuing of four hard-coded funding cycles which define the game’s four phases. Funding cycles are sequential and each is bound by timestamps defined at the game’s instantiation.

The first funding cycle is the mint phase:

• Payments into the treasury are accepted and team NFTs are minted as described above.
• Redemptions are honored for a full refund of the mint price.
• Reserved tokens cannot be minted during this phase.

The second funding cycle starts at the exact time of the FIFA World Cup’s first kickoff:

• Payments are paused to prevent any future mints.
• Redemptions are paused to prevent access to the treasury’s funds.
• Reserved tokens can now be minted for each tier such that 1 of every 10 tokens belong to the Defifa Ballkids who developed the game and encourage fluid gameplay.

The third funding cycle starts at the kickoff time of the tournament’s quarterfinals:

• Transfers for all NFTs from all teams are locked and become temporarily soulbound.
• All other rules are the same from funding cycle #2.

The fourth funding cycle starts seven days after the final match is played:

• Transfers for all NFTs are unlocked.
• Payments remain paused to guarantee no new mints.
• Redemptions are reopened so that NFTs can be burned to reclaim an underlying share of the treasury. More on this in the Scorecards section below.
• This phase lasts forever.

Each phase must be queued before the current phase ends. This transaction can be sent by any player.

Artwork by gabobena.eth

Scorecards​

The game is entirely self-refereed, meaning that it does not rely on on-chain oracles to convey real world outcomes. Instead, NFT holders are solely responsible for attesting to the correct scorecard that represents what happened in real life. A “correct” scorecard is determined only by social consensus.

This version of the game justifies correctness as follows:

• There are 100,000 total points to be distributed. 20,000 points are available to each of five rounds of the FIFA tournament, divided evenly between the winner of each game in the round.

• There are 48 group stage games total, 8 round-of-16 games, 4 quarterfinal, 2 semifinal, and 1 final. This means that each group stage game is worth 416 points, each round of 16 game worth 2,500, each quarter final worth 5,000, each semi final worth 10,000, leaving the final with the remaining 20,032. The correct scorecard should represent the amount of accumulated points by each team divided by the total available 100,000 points.

• Each team has 1 vote, divided evenly between all of its NFT holders. Scorecards can be submitted by anyone at any time and voting opens during the World Cup final. During phase 4, a scorecard can be ratified once 50% of all teams have agreed on the correct treasury distribution. Once ratified, each NFT has access to the treasury along the same distribution as the scorecard. Each individual NFT can be redeemed to reclaim a proportional share of the team’s value. This is the only way to access the game’s treasury.

• Funding cycle 4 lasts forever, meaning an NFT can be redeemed (burned) at any time for its underlying ETH. It can also be collected and traded forever.

Defifa is an experiment and will work as long as it has been configured correctly, however players should participate at their own risk. The code is open source and players are encouraged to fork the framework to run similar experiments for subsequent tournament-style competitions. Boa sorte!

Artwork by Sage Kellyn

Defifa.net upends how we think about NFT trading​

The Juicebox protocol has its eyes set on the FIFA World Cup this year. A new project called Defifa is set to launch on November 5th, and will allow players to purchase NFT flags of any of the 32 World Cup teams set to play this year.

(example of the Argentina flag NFT)

Where it gets it exciting is when the World Cup starts. From the first kick-off, all NFTs become non redeemable. The treasury that has amassed all the ETH for the NFTs will become locked, as well. As each phase of the World Cup takes place, the NFTs claim on the treasury will change proportional to their finalist ranking. Midway through the World Cup, the NFTs will also become non-transferable, meaning holders will be locked into waiting for the outcome of the games. At the end of the competition, all participants must ratify a scorecard to attest to the accurate results of the World Cup, at which point the NFTs will be come unlocked and can make their claim on the treasury. So if you purchased an NFT of a team that ended up winning, redeeming that NFT at the end of the World Cup could give you back more than you paid for it. For a short video breakdown, check out this explainer on twitter.

A protocol more flexible than an olympic gymnast​

The entire defifa.net is run on the very same protocol that ran ConstitutionDAO last year, and that is currently home to a variety of projects including, including MoonDAO and JuiceboxDAO. But for Defifa, there were some important tweaks.

The protocol has no idea who will win or lose in the world cup, and who will get knocked out. While one obvious solution is to appeal to an off-chain oracle, a much more interesting one was to have the NFT holders participate themselves. When a new game has happened, anybody can submit a scorecard which NFT holders must then vote on to ratify. Doing this allows the protocol to run more purely, but it also introduces some interesting dynamics.

A game of chance or cooperation?​

Anybody working on defifa will tell you that this is a grand experiment, the outcome of which can’t be predicted. In theory, the game should run smoothly— NFTs are minted, held, participants vote and at the end the NFTs can be redeemed against the treasury with their new (adjusted by the game’s outcomes) value. But what if that doesn’t happen?

What if some people refuse to vote, or vote in bad faith? Or what if so many people purchase the NFT of a favored team, that the claim on the treasury between all those holders is actually quite small? Statistically speaking, what is the expected value of purchasing a highly favored versus a long-shot team, and when does it make sense to trade your NFT and when doesn’t it? The beauty is that nobody knows, and those that play will all find out in real-time.

Where to learn more?​

Head over to defifa.net to learn some of the details of each game phase and to see the NFTs offered. To hear a short podcast episode with the defifa.net creator, jango, head on over to spotify. And if you’d just like to hang out and say hi, come to the Juicebox discord and feel free to ask any questions there.

Raising funds to decentralize space research and exploration

MoonDAO is a worldwide collective of people working together to decentralize access to space research and exploration. To learn more about how MoonDAO is uniting all earthlings to have a say in how the Moon and other planetery systems should be governed, check out this deep dive on the JB blog as well as episode 7 of the Juicecast with co-founders Pablo and Kori on Spotify and Apple Podcasts.

In this article, we’ll cover how MoonDAO used Juicebox to fundraise ~ $8.3 million (2600+ ETH) to buy two Blue Origin tickets.

Banner from MoonDAO introduction article on Pablo’s Mirror

Case Study: MoonDAO sends someone to space 🌌​

The second phase of MoonDAO’s roadmap was to send a person to space in 2022. To achieve that goal, they created a Juicebox project in December 2021 to start raising funds to bootstrap the community wallet governed by the DAO and buy tickets for two flights on Blue Origin.

Since achieving their goal, MoonDAO is no longer minting $MOONEY tokens and has stopped fundraising. This article will cover how the project was initially configured for their fundraise. On the Funding Cycle panel on the left, we can look in the History tab to see past funding cycle configurations. This article will break down the settings from Funding cycle #1.

Funding cycle history for MoonDAO on Juicebox

In the Funding distribution panel, we can see that 100% of funds withdrawn were distributed to the MoonDAO Treasury (0xce…b2c9), a multi-sig Safe (formerly Gnosis Safe) wallet.

Funding distribution for MoonDAO on Juicebox

Understanding MoonDAO’s project configuration 🔎​

Taking a closer look at the configuration settings for Funding cycle #1, we can see that the following settings were used for their fundraise:

• Target is set to No target which means that there is no predefined funding target (e.g. $1 million) and project contributors will not be able to redeem against the treasury when/if it surpasses that amount (”overflow”). Please note that Target is now Distribution Limit for v2/v3 projects on Juicebox.
• With Duration set to 30 days, the project owner can start a new funding cycle with new configuration settings every 30 days. This gives a sense of security to project contributors knowing that the project can only be reconfigured once every 30 days.
• Discount Rate is set to 0% which means that token issuance will stay the same after each funding cycle. In other words, there is no added incentive for early contributors.
• Redemption Rate is set to 100% which means that tokens can be redeemed against the overflow of the treasury for equal value at any time. In other words, there is no added incentive for redeeming later vs. earlier. Please note that since this project was set to No Target, the treasury will never be in overflow and contributors will not be able to redeem against the treasury.
• Contributor rate is set to 500,000 + 500,000 reserved, meaning that when someone contributes 1 ETH to the project, 1,000,000 $MOONEY tokens are minted: 500,000 for the project contributor and 500,000 for the address(es) on the Reserved Token Allocation list.
• Reserved MOONEY is set to 50%, which dictates the percentage of newly minted tokens set aside for the address(es) on the Reserved Token Allocation list.
• Token minting is disabled which means that the project owner cannot mint tokens at any time. Only project contributions will mint new $MOONEY tokens. This gives project contributors confidence that the token supply cannot be inflated by the project owners.
• No reconfiguration strategy was set, meaning that the project can be reconfigured and take effect immediately after the current cycle ends. This presents some risk to project contributors as the upcoming funding cycle parameters can be changed with very little notice. Since MoonDAO’s project has a Duration set to 30 days, any reconfiguration would take effect once the current cycle ends.

Funding cycle #1 configuration for MoonDAO on Juicebox

Reserved token allocation 🪙​

There is currently no Reserved token allocation since MoonDAO has stopped fundraising. If we look back at their configuration for Funding cycle #1, we can see that 50% of all tokens were reserved. In MoonDAO’s case, these tokens were set aside for a community wallet governed by the DAO for future use like rewarding contributors.

Reserved $MOONEY allocation from MoonDAO’s funding cycle #1 configuration

Relevant links 🔗​

🎙️ Listen to Kori and Pablo tell the story of MoonDAO on episode 7 of the Juicecast on Spotify and Apple Podcasts

🌜 Follow MoonDAO on Twitter: @OfficialMoonDAO 

💬 Join MoonDAO’s Discord: https://discord.gg/5nAu7K9aES

🐦 Follow Juicebox on Twitter: @JuiceboxETH

🚀 Trending projects on Juicebox

📚 Project Creator Docs

📹 YouTube Tutorials