About $JBX

About JuiceboxDAO

Juicebox is developed by JuiceboxDAO. JuiceboxDAO has no CEO, no hiring department, and no Board of Directors; instead, it is self-governed by the $JBX token. "DAO" stands for Decentralized Autonomous Organization — by using token governance and the Juicebox platform, JuiceboxDAO is able to manage strategic decisions and build the Juicebox protocol and ecosystem.

How JBX Works

$JBX is JuiceboxDAO's governance token. Up until the approval of JBP 484, it was created when people paid JuiceboxDAO's project on Juicebox, and destroyed when people cash out $JBX to reclaim ETH from JuiceboxDAO's project. JuiceboxDAO also receives protocol fees, which created $JBX in the same way. After JBP 484, $JBX supply is fixed and any inbound funds and fees to JuiceboxDAO's project are used to buy $JBX on Uniswap.

JuiceboxDAO has the first project on each version of the Juicebox protocol, with project ID of 1. You can find our current project here, and our old project here. Old $JBX (from our old project) can be migrated to the new JBX.

1. JBX: 0x4554CC10898f92D45378b98D6D6c2dD54c687Fb2¹.
2. Old JBX (deprecated): 0x3abf2a4f8452ccc2cf7b4c1e4663147600646f66.

$JBX voting on Nance decides all $JBX rules, including the amount of $JBX which gets created when JuiceboxDAO is paid, as well as the amount of ETH $JBX holders can get back by cashing out their tokens. Approved proposals are implemented by the DAO's 6/9 Gnosis Safe Multisig, which has signers who are elected by $JBX voters. You can see the our full Governance Process here — this process is also decided upon and ratified by JBX voters.

Buyback Hook

After it was approved by $JBX voting in JBP 408, the buyback hook was added to JuiceboxDAO's project. Now when JuiceboxDAO's project is paid, this contract checks if the Uniswap $JBX price is cheaper than the price to create new $JBX from the project. If it is the payment is sent to Uniswap instead. Since JBP 484, the buyback hook services all inbound payments since the issuance rate is fixed at 0.

This means that the JBX supply is capped until JuiceboxDAO decides otherwise.

1. Uniswap pool: ETH - JBX.
2. Uniswap pool contract: 0xC9a2afE879b5283931DC89Bd27759a12749BCd0C
3. CoinGecko pool chart: GeckoTerminal

Current JuiceboxDAO Parameters

$JBX is JuiceboxDAO's project token. This means its issuance, cash out, and distribution are all subject to the JuiceboxDAO project's parameters. As of JBP 484, the project has the following rules:

Parameter	What it Means
Ruleset Length: 14 days	The DAO can only update the project's rules every 14 days. It also sends payouts every 14 days.
$JBX Issuance Rate: 0 JBX/ETH	For every ETH paid into the project, 0 JBX are issued.
Reserved Rate: 50%	Half of the JBX being issued or bought back is reserved for the DAO's reserved list, the other half is sent to the payer.
Redemption Rate: 70%	JBX can be cashed out along a 70% bonding curve.2

JuiceboxDAO's old projects have been disabled. This information may be out of date — to see the current configuration, visit the JuiceboxDAO project page.

You can see the current JBX distribution in the chart below (or on Dune).

About Fees

Juicebox projects pay a 2.5% $JBX membership fee and receive $JBX when

1. They send a payout to a wallet outside of the Juicebox ecosystem, or when
2. Funds are cashed out while a project's redemption rate is less than 100%.

To be clear:

• There are no fees when projects receive payments.
• There are no fees on redemptions if the redemption rate is 100%.
• There are no fees on payouts to other Juicebox projects.

These fees are used to buy $JBX on Uniswap. The project owner paying the fee gets 50% of the $JBX, and the rest goes to JuiceboxDAO (governed by $JBX holders). If the project owner immediately sells that $JBX, it's as if they paid a ~1.25% fee. In practice, project owners usually hold onto their $JBX and influence JuiceboxDAO governance while participating in the protocol's economic growth.

The fee is fixed at 2.5%. The Juicebox protocol itself has very minimal global governance, which you can learn about here.

Projects can also temporarily set fees on payouts aside with Hold fees. This can be useful if a project needs to temporarily pull funds out of their project, but plans to return those funds to the project later on and does not want to pay fees in the interim. If the project does not return the funds in 28 days, the fees are processed.

Initial Supply

A total of 144,246,772 (old) $JBX was premined to pay for the initial development of the Juicebox and the libraries/tools which made it possible. You can learn about this in this blog post. This premine constitutes ~7.02% of the $JBX supply as of December 7th, 2023.

Footnotes

1. The totalSupply of v3 JBX includes the supplies of v1/v2 JBX. ↩

2. For a clearer understanding, look at this bonding curve calculator on Desmos. Use r = 0.7. ↩