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· 10 min read
Brileigh
Matthew

Indiegogo vs Juicebox

When it comes to crowdfunding, new tools to fundraise pop up every year. Indiegogo is one of the more recognized tools for creators and entrepreneurs, but did you know that Juicebox is one of the leading crypto crowdfunding tools, raising over 50,000 ETH in volume?

In this article, we’ll cover the main differences between crypto crowdfunding on Juicebox and Indiegogo as a traditional fundrasing platform. We’re going to look at the advantages and disadvantages in terms of fees, funding models, rewards, global reach, payout time, and customization. And even though we’re comparing Juicebox to Indiegogo, it’s not one or the other: the best option for most campaigns is to also launch on Juicebox so that you can accept payments in ETH.

Indiegogo vs Juicebox comparison

You can follow along in this blog post, or check out this video on the JBDAO YouTube which covers the differences between Kickstarter vs Indiegogo vs Juicbeox.

Platform Fees

Fees

So, let’s start with platform fees. It’s free to start a campaign but Indiegogo charges a platform fee of 5% of all funds raised. And if you launch a campaign using Indiegogo’s InDemand program after launching your project elsewhere, like Kickstarter, they also charge an 8% fee of all funds raised.

Juicebox works differently and charges a 2.5% fee anytime funds are withdrawn from a project. And although creating a project on juicebox.money is free, you should keep in mind that Juicebox runs on Ethereum mainnet so there are transaction fees that could cost $100 or more when launching a project. This will change down the road as Juicebox is made available on Layer-2 chains like Arbitrum and Polygon.

Because Juicebox is community-owned, you’ll receive $JBX tokens in return for any fees paid which will allow you to get involved with JuiceboxDAO governance and help make decisions about Juicebox’s future. In other words, the community that uses Juicebox also owns Juicebox… which is something that traditional crowdfunding platforms lack.

Juicebox is community owned

Payment Processing Fees

Now on top of the platform fees, Indiegogo also charges processing fees for each payment that comes in. For Indiegogo, processing fees are 3% plus .30 cents per pledge. Keep in mind that these rates will vary from 3-5% depending on your country.

Again, Juicebox works a bit differently and doesn’t charge any processing fees for incoming payments. That said, since it is built on Ethereum, supporters will need to pay a transaction fee (also known as “gas”) when paying your project which could cost $20 or more depending on network congestion. To be clear, this is an Ethereum network fee and does not benefit Juicebox in any way.

Funding Models

Next, let’s talk about funding models.

Funding models

Indiegogo offers 2 options for campaigns; “all or nothing” and “flexible funding.” In all or nothing, a project sets a specific fundraising target and if it reaches that goal it gets to keep all of the money… however, if it doesn’t, then all of the money gets returned to backers. “Flexible funding” is the second option, which lets the project owner keep all the funds raised even if they don’t meet their goal.

With Juicebox, project settings are locked for a period of time that you decide: this is called a Cycle. This could be 3 days, 14 days, 1 month, whatever you set it to be. If you want your fundraiser to last 8 weeks, you could set your cycle to 8 weeks and decide on Payouts which are like your fundraising goal. Juicebox lets you set Payouts in three ways:

Option 1: Limited

The first option is Limited which lets you withdraw only a set amount each cycle. This gives a 100% guarantee to backers that you can’t withdraw more than that fixed limit. So if you set-up a Limited Payout of 2 ETH and you end up raising 3 ETH, you can only withdraw 2 ETH for that cycle. The remaining 1 ETH could be redeemed by backers by burning their tokens for ETH, but if nobody redeems then the surplus ETH will stay in the project and can be used for future cycles. You can think of Limited Payouts as an anti-scam mechanism for backers because the project owner can’t just disappear with all of the funds: you know how much they can withdraw each Cycle. Limited Payouts are a great option for campaigns that want to grow with their backers: you can set new goals as you reach new milestones, while giving your supporters full transparency along the way.

Option 2: Unlimited

The second option is Unlimited, which lets you withdraw as much ETH as you raise with no fixed limit. With Payouts set to Unlimited, backers cannot get money back during that cycle. This can be changed by setting Payouts to None in a future cycle which gives backers the option to get refunds by redeeming their tokens. Unlimited Payouts are a great option for fundraisers that don’t have a set goal and want to raise as much money as possible, but this can also present some risk to potential supporters.

Option 3: None

The last option is “None” which means that none of your project's ETH can be withdrawn in that cycle. All ETH will stay in your project which gives backers the freedom to redeem their tokens for ETH and get their money back at any time. This can be changed in a future cycle if you want to withdraw the funds. Setting Payouts to None is useful for campaigns that want to give backers the option to get a refund whenever they want.

Juicebox payout settings

Overview of Payout Settings on Juicebox

Unlike Indiegogo, projects on Juicebox can adapt over time so you can change your Payout limits and Cycles as the needs of the project evolve. For example, maybe your first cycle is 60 days long with a limit of 50 ETH for your initial fundraise to cover manufacturing costs, whereas your second cycle is 120 days long with a limit of 20 ETH to go towards marketing. Instead of being locked into a fixed campaign length of 60 days or less, you can fundraise long-term on Juicebox and edit your project settings over time. You can also put your project on Pause and stop accepting payments, if you need.

Rewards

Rewards

Moving on, the next category we’ll look at is Rewards, so if backers meet a certain funding criteria they can receive perks. Crowdfunding campaigns that use rewards often have a higher success rate than those without because they create incentives for a variety of backers to support your project at different price points.

Indiegogo’s rewards allow backers to contribute multiple times (up to $50,000 in a single transaction) to a project to receive multiple rewards. Projects on Indiegogo can only list up to 10 reward tiers.

On Juicebox, you can offer as many reward tiers as you’d like using NFTs. These NFT rewards can be listed at any price and can be represented by an image, GIF, or video. You can choose to set a limited or unlimited supply for each tier, so for example, you can make higher tiers more exclusive with only 10 available vs. more accessible lower tiers with up to 100 available. Supporters can contribute as many times as they’d like, with no contribution limit, and can receive multiple rewards if they choose.

Juicebox also offers advanced tokenomics features which allow you set aside tokens for members of your team and create incentives for backers to support your project early and stay engaged long-term. If you’d like to learn more about tokenomics for Juicebox projects, check out Part 1 and Part 2 of our tokenomics tutorial.

Global Reach

Global reach

The next category we’ll talk about is global reach. Indiegogo used to support 225 countries when they first launched but have since cut down to 33 countries.

On Juicebox, it doesn’t matter where you’re from, you can launch a project from anywhere in the world and backers from around the globe can support your project. Anyone can launch a campaign on Juicebox, whether they’re an individual, a non-profit, a company, a DAO, or any other organization.

As long as you have an internet connection, you can use juicebox.money.

Payout time

Payout time

The next category we’ll look at is payout time.

On Indiegogo, once you reach your crowdfunding target, you have to wait 15 days before you can receive the funds from Indiegogo.

On Juicebox, you can send payouts from your project anytime during the cycle, within the limits that you set when creating your project. For example, if your project has 14-day cycles and Limited Payouts of 10 ETH, then you can withdraw funds at any point in that 14-day cycle up to the limit of 10 ETH. You could do this all in one transaction or several smaller transactions along the way. And if you have Unlimited Payouts set instead, you can withdraw at any time during the cycle with no limit.

Customization

Customization

The last category that we’ll cover is customization.

Indiegogo lets you choose your project title, add a description, images, and videos from YouTube or Vimeo.

On Juicebox you can set a display picture, banner image, add a description, and customize your project URL with an ENS handle. Adding images and videos to your project description isn’t supported on juicebox.money but the frontend team at Peel is releasing a brand new project page within the next month. Stay tuned for a fresh new design and new features like the ability to add images, text with markdown formatting, and post updates as your project develops.

Conclusion - what makes Juicebox unique

What makes Juicebox stand out from traditional crowdfunding platforms is its flexibility when it comes to how you want to run your campaign. You can launch your project and get support from anywhere in the world, set new goals for your campaign as it grows, use tokens to build community & offer perks and incentives for supporters, and stand out in a marketplace that’s not oversaturated. Best of all, this all happens transparently and out in the open with clear rules in place: you can see how much money can be withdrawn, where funds go, who else has backed the project, and if project settings are changed for future cycles.

I think Indiegogo and Juicebox both have their pros and cons, so my advice is that you should combine traditional crowdfunding platforms like Indiegogo with crypto crowdfunding on Juicebox. This lets you get the best of both worlds while bringing your project to a new audience by accepting payments in ETH. And since you don’t have a 60-day deadline like on Indiegogo, funds kept in your Juicebox project may actually appreciate in value if the price of ETH increases. That said, always keep in mind that ETH is a volatile asset so please do your own research about the risks of cryptocurrencies.

Resources

If you have any questions about using Juicebox, come join the Discord or book an onboarding session at juicebox.money/contact.

🐦 Follow Juicebox on Twitter: @JuiceboxETH

🚀 Trending projects on Juicebox

📚 Project Creator Docs

📹 YouTube Tutorials

🎙️ The Juicecast

· 9 min read
Brileigh
Matthew

Kickstarter vs Juicebox

When it comes to launching a campaign, the choices for crowdfunding are abundant. Kickstarter is one of the most recognized traditional crowdfunding platforms, while Juicebox has recently emerged as a pivotal force when it comes to crypto fundraising. In this article, we’ll look at the advantages and disadvantages of both tools in terms of fees, funding models, rewards, global reach, payout time, and customization.

Kickstarter vs Juicebox chart

You can follow along in this blog post, or this video on the JBDAO YouTube which covers the differences between Kickstarter vs Indiegogo vs Juicbeox.

Platform Fees

Fees

When launching a campaign on Kickstarter, there’s no initial fee, but they do charge 5% of all funds raised. Juicebox on the other hand, charges a mere 2.5% fee whenever funds are withdrawn from a project. Keep in mind that while creating a project on juicebox.money is free, since Juicebox runs on Ethereum mainnet, there are transaction fees that could cost $100 or more when launching a project. This will change down the road as Juicebox is made available on Layer-2 chains like Arbitrum and Polygon.

It’s worth noting that because Juicebox is community-owned, any fees paid will earn you $JBX tokens. These tokens grant you the power to actively participate in JuiceboxDAO governance, shaping the future of Juicebox. In other words, the community that uses Juicebox also owns Juicebox… which is pretty cool.

the community that uses Juicebox also owns Juicebox.png

Payment Processing Fees

Now on top of the platform fees, Kickstarter also charges processing fees for each payment that comes in. For US-based projects, the fee stands at 3% plus $0.20 per pledge, which may vary from 3-5% depending on your country.

In contrast, Juicebox does not take a cut of any payments that are made to your project, but because the protocol is built on Ethereum, supporters will be responsible for paying a transaction fee, also known as gas, when contributing to your project. These gas fees could amount to $20 or more, depending on network congestion. It's important to note that these Ethereum network fees do not benefit Juicebox in any way but are associated with the network itself.

Funding Models

Funding models

Moving onto funding models, Kickstarter is infamous for its “all or nothing” approach where a project sets a specific fundraising target and if it reaches that goal it gets to keep all of the money… however, if it doesn’t, then all of the money gets returned to backers.

With Juicebox, you have the power to lock project settings for a timeframe of your choosing, known as a cycle. Whether it's 3 days, 14 days, or even a month, you have the freedom to decide how long all of your settings stay in place for while choosing between three different funding models:

1. Limited Payouts

This option allows you to withdraw only a predetermined amount each cycle. It provides backers with a 100% guarantee that you cannot withdraw more than the fixed limit. Imagine setting up a Limited Payout of 2 ETH and raising 3 ETH during a cycle. In this scenario, you can withdraw only 2 ETH, while the remaining 1 ETH can be redeemed by backers by burning their tokens for ETH. If unclaimed, the surplus ETH stays within the project, and can be used towards future cycles. Limited Payouts serve as an anti-scam mechanism, offering transparency and trust to your backers. It's an ideal choice for campaigns that thrive on growing alongside their supporters, with the flexibility to set new goals as milestones are achieved.

2. Unlimited Payouts

With this option, you can withdraw as much ETH as you raise, without any fixed limits during the cycle. Backers, however, cannot claim refunds during that particular cycle. Refunds can be enabled by switching payouts to "None" in a future cycle giving backers the option to redeem their tokens for refunds. Unlimited Payouts are perfect for fundraisers seeking to maximize their funding potential, although it's essential to consider potential risks associated with this approach.

3. None

In this scenario, none of the project's ETH can be withdrawn by the project owner during that cycle. All ETH remains within the project, allowing backers the freedom to redeem their tokens for ETH and obtain refunds at any time. In future cycles, you have the flexibility to change the Payouts setting as per your requirements. Setting Payouts to None is particularly useful for campaigns that prioritize giving backers the option to request refunds whenever they desire.

Juicebox Payout Settings

Overview of Payout Settings on Juicebox

Unlike Kickstarter's rigid campaign duration, Juicebox enables projects to adapt over time. You can modify Payout limits and Cycles as your project evolves. For example: your first cycle could be 60-days long with a limit of 50 ETH for your initial fundraise to cover manufacturing costs, followed by a 120-day cycle with a limit of 20 ETH dedicated to marketing efforts. On Juicebox, you're not constrained by fixed campaign lengths, allowing you to fundraise on your terms. Moreover, you have the freedom to pause your project and stop accepting payments if needed.

Rewards

Rewards

Moving on, the next category we’ll look at is Rewards, so if backers meet a certain funding criteria they can receive perks. Crowdfunding campaigns that use rewards often have a higher success rate than those without because they create incentives for a variety of backers to support your project at different price points.

On Kickstarter you can offer as many pledge reward tiers as you want, but backers can only choose one reward per project. It’s also worth noting that all US-based projects have a limit of $10,000 in place for pledges, so you can’t offer rewards at higher price points than that and you can’t raise more than $10,000 from a single supporter.

On Juicebox, you can offer as many reward tiers as you’d like using NFTs. These NFT rewards can be listed at any price and can be represented by an image, GIF, or video. You can choose to set a limited or unlimited supply for each tier, so for example you can make higher tiers more exclusive with only 10 available vs. more accessible lower tiers with up to 100 available. Supporters can contribute as many times as they’d like, with no contribution limit, and can receive multiple rewards if they choose.

Juicebox banner

Juicebox also offers advanced tokenomics features, enabling the allocation of tokens to team members and offering incentives to early supporters, fostering long-term engagement. For an in-depth understanding of Juicebox project tokenomics, be sure to explore the comprehensive tutorial provided in Part 1 and Part 2.

Global Reach

Global reach

The next category we’ll talk about is global reach. While Kickstarter is limited to 25 countries, primarily in North America and Europe, Juicebox is fully permissionless, you can launch a project from anywhere worldwide, attracting backers from across the globe. Whether you're an individual, a non-profit organization, a company, or a decentralized autonomous organization (DAO), Juicebox welcomes everyone with open arms.

As long as you have an internet connection, you can use juicebox.money.

Payout time

Payout time

Time is of the essence when it comes to accessing your funds, so that your campaign can scale successfully. Kickstarter imposes a 14-day waiting period after reaching your funding goal before releasing the funds to you. Juicebox, on the other hand, offers you complete control over payout timing. You can send payouts from your project at any point during the cycle you set, as long as they fall within the pre-defined limit. For example, if you had a project with a 14-day cycles and Limited Payouts of 10 ETH, you could make a single withdrawal or multiple smaller transactions anytime, up to the total limit of 10 ETH. If you opt for Unlimited Payouts, there are no limits to when you can withdraw funds during the cycle.

Customization

Customization

Lastly, let's explore customization options for your campaign.

Kickstarter allows you to select your project title, add descriptions, and include images or videos of your product. Similarly, Juicebox provides a range of options to personalize your project. You can set a display picture, a banner image, and craft a description that captures the essence of your initiative. Additionally, you can customize your project URL with an Ethereum Name Service (ENS) handle, adding a unique touch to your campaign. While adding images and videos to the project description is currently unavailable on juicebox.money, the Peel frontend team has an exciting update in store. Stay tuned for a brand new project page design, featuring new features like image integration, text with markdown formatting, and the ability to post updates as your project progresses within the next month.

Conclusion - What Makes Juicebox Different

To summarize, Juicebox sets itself apart from traditional crowdfunding platforms through its unparalleled flexibility in campaign execution. It enables you to launch your project and receive support from anywhere globally. As your campaign evolves, you can set new goals and adjust your Payouts while maintaining a healthy and transparent relationship with your backers. By utilizing tokens, Juicebox empowers you to build a thriving community, offer perks and incentives, and stand out in a less saturated marketplace.

Moreover, accepting payments in ETH on Juicebox provides exposure to a new audience and the potential for increased value if the price of ETH rises. However, it's important to note that ETH is a volatile asset, and it's crucial to conduct thorough research and understand the associated risks of cryptocurrencies.

If you’re not sure which way to go for your next campaign, you should consider launching your campaign on both Kickstarter and Juicebox. By launching your project on Kickstarter and supplementing it with crypto crowdfunding on Juicebox, you can leverage the benefits of both worlds. This approach allows you to tap into a wider audience while accepting payments in ETH. With Juicebox, you also enjoy the added advantage of an extended campaign duration, potentially benefiting from any appreciation in the value of ETH, however, please do your own research about risks of cryptocurrencies.

Resources

If you have any questions about using Juicebox, come join the discord at discord.gg/juicebox or book an onboarding session at juicebox.money/contact.

🐦 Follow Juicebox on Twitter: @JuiceboxETH

🚀 Trending projects on Juicebox

📚 Project Creator Docs

📹 YouTube Tutorials

🎙️ The Juicecast

· 3 min read
Brileigh
Matthew

2.png

Since the launch of the Juicebox Protocool, crypto crowdfunding has emerged as a transformative force, redefining the traditional fundraising paradigm.

With its ability to connect projects directly with a global network of anons and bypass the limitations of traditional financial systems, crypto crowdfunding has a huge potential for the next generation of projects seeking new models of funding. Over the last couple years, this has been arguably the most popular way to use Juicebox. This article will dive into success stories of past projects on the protocol that launched successful crowdfunding campaigns on Juicebox.

You can follow along in this article, or a video by Matthew on the JBDAO YouTube:

Example 1: ConstitutionDAO

In November 2021, ConstitutionDAO raised over $46 million in ETH to purchase an original copy of the U.S. Constitution on auction at Sotheby’s. The whole project started out as a meme on Twitter when the auction was announced with friends joking, “what if we put our money together and bought the Constitution???” A week later, the campaign managed to raise 11,600 ETH with over 19 thousand individual payments.

4.png

Example 2: MoonDAO

In late 2021, MoonDAO rallied a community of space enthusiasts and raised $8.3 million to send a DAO member to space on a Blue Origin rocket. Their ambitious long-term roadmap goals include building a settlement on the Moon by 2030. Raising over 2600 ETH with 2600 individual payments, their unique mission demonstrates that setting ambitious and even outlandish goals can pay off when they resonate with your audience.

5.png

Tips

In both of these examples, it all started with a meme-worthy idea that went viral. There’s definitely something to learn here: a thriving community is a necessity for a successful fundraiser. ConstitutionDAO leveraged Nicholas Cage from National Treasure as a meme and managed to get thousands to join their Discord within 48 hours. But in most cases, you’ll need to have an audience established before starting your campaign.

6.png

How Juicebox works for fundraising

So, how does Juicebox work for fundraising? You can create a project on juicebox.money, put rules in place to build trust with potential supporters, and set-up payouts so that your community knows where funds will go. You can also issue fungible tokens or NFTs which can be used for governance, token-gated perks, or refunds if you need. You can also use NFTs to create pledge rewards if people meet a minimum funding criteria.

A crowdfunding campaign on Juicebox might look something like this:

  • supporters put ETH into your project and receive tokens in return
  • ETH in the project can be paid out and put toward the goal of the campaign
  • if the campaign goal isn’t met, refunds can be enabled via redemptions so supporters can burn tokens for ETH remaining in the project

Conclusion

Crowdfunding on Juicebox means crowdfunding transparently and out in the open, so supporters can see where funds will go and what guardrails are in place to prevent scams. Rules like Payout limits and Cycles are hard-coded into smart contracts, so you don’t need to trust the project creator because it’s onchain. There are still risks though, so please do your own research before contributing to a project.

protocol.png

Resources

If you have any questions about using Juicebox, come join the discord at discord.gg/juicebox or book an onboarding session at juicebox.money/contact.

🐦 Follow Juicebox on Twitter: @JuiceboxETH

🚀 Trending projects on Juicebox

📚 Project Creator Docs

📹 YouTube Tutorials

· 6 min read
Brileigh
Matthew
0xSTVG

How to Migrate a Juicebox Project from V1/V2 to V3

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.

tip

Project owners can choose to reconfigure their V2 treasury to be paused and converge onto V3 protocol, or operate both treasuries at the same time. Not sure what strategy is best for you? Hop into the Support Channel in the Juicebox Discord and a fellow Juicer will help you out.

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.

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.

project upgrades

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.

Unix start time example

tip

Fun fact: Unix time is a date and time system widely used in computing that measures time by the number of seconds that have elapsed since 00:00:00 UTC on 1 January 1970.

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

project upgrades

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.

automated funding cycles

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)

token settings

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.

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.

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.

reconfiguration-rules.webp

Step 7: Review and Deploy

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

review and 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!

Launch a V3-Funding cycle

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

· 6 min read
Brileigh
Matthew

How to sell NFTs on Juicebox

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.

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.

Project details

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.

Funding Cycles

tip

Remember, you can always reconfigure your project later to reflect your needs for the project

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.

Funding Target

tip

You can also set this in ETH instead of ETH denominated in USD.

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%.

how to add a payout

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

Payouts

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.

project token

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.

add nft

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”

collection settings

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.

pay button

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.

3 day delay

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!

project deployed

tip

You can go through this entire process on Goerli testnet before launching your project on mainnet. If you have any questions, please come by the Support channel in the Juicebox Discord.

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.

How to pay

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

· 3 min read
Brileigh
Matthew

Tutorial on how to seta JB project handle using ENS

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.

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.

Set ENS name

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.

Set text record

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

all-done

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.

Project number

(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.

set ens manually

(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.

ENS text record

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.

That's it

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

· 6 min read
Matthew
Brileigh

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

tip

ConstitutionDAO was a single purpose acquisition DAO that tried to buy a copy of the U.S. constitution at Sotheby’s on November 18th, 2021. To learn more about the ConstitutionDAO campaign and the surreal events surrounding the auction, tune in to The Juicecast ConstitutionDAO Retrospective Part 1 (Apple PodcastsSpotify), Part 2 (Apple PodcastsSpotify), and Part 3 (Apple PodcastsSpotify). You can also read the ConstitutionDAO deep dive article on the JB blog.

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

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

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

ConstitutionDAO’s configuration for Funding Cycle #3

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

📙 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

· 11 min read
Matthew
Brileigh
tip

To listen to this story in podcast format, tune in to The Juicecast ConstitutionDAO Retrospective Part 1 (Apple Podcasts, Spotify), Part 2 (Apple Podcasts, Spotify), and Part 3 (Apple Podcasts, Spotify).

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

detail from the Dunlap & Claypoole original printing of the United States Constitution, 1787

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.

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

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 📜

ConstitutionDAO banner

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.

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

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 Nicholas Cage from National Treasure

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.

info

When community members received $PEOPLE tokens for contributions made in ETH, these tokens represented governance votes over where the document would be displayed and how. Not ownership of the document itself.

Nicolas Cage Banny by Sage Kellyn

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.

tip

If you want to learn more about SharkDAO, a sub-DAO of NounsDAO raising funds to buy Nouns, check out this article.

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

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

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

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.

ConstitutionDAO Twitter update at 12am on November 18, 2021

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.

info

Reminder: this all took place in November 2021 before the collapse of FTX.

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

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

Nicolas Cage in National Treasure

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.

🎙️ 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

· 5 min read
Matthew
Brileigh

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

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

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

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

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.

MoonDAO-Reservedc1.jpg

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

🎙️ 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

· 5 min read
Felixander

SharkDAO

Nouns and the urge to own one

Nouns, the wildly successful NFT project and ecosystem around it, sprung on the scene like a kangaroo with hemorrhoids and has been going strong ever since. The concept is simple: a generative NFT sale, where only one NFT is sold every 24 hours in an auction format. Even today, as we find ourselves in a bear market and NFT trading down 97% since this past January, Nouns are selling for an average of $110,000 with a total market cap of over $50,000,000. That means they’re quite an investment; but at such a high price point, who can afford one?

Man plans, and God laughs

SharkDAO was spun up as a solution to this high bar of entry into the NounsDAO ecosystem. It was a community aimed at bringing together resources to purchase Nouns and keep them in a shared treasury. Early contributors decided to throw together a Juicebox treasury to run the project, and plenty of folks you see around nowadays in the discord played a role, like dropnerd, jango, joshua fisher, goldy, kenbot-studios and others.

This was early on in the history of Juicebox, and it was quite an exciting way to test out how the platform could adapt to such a unique use case. That being said, the process was anything but smooth. Throughout the journey, however, the relative ease and flexibility of the Juicebox protocol sprung in to save the day. Over a call with jango— Juicebox founder and main configuration technician behind SharkDAO— I got the full banana split on the tumultuously marvelous SharkDAO inception and execution.

Duct tape, chewing gum and a whole lotta elbow grease

Looking at SharkDAO’s configs, I have an obvious question: “So these configs, jango, they’re kinda all over the place. What was the thinking there?” There was a short pause. “Oh man,” jango began, “we were making it up as we go along.” And such is the story of SharkDAO, an organization that succeeded not because of careful planning, but because of a community working together with a highly flexible protocol.

“We learned a lot from it,” jango continued, “and the start of it was very clean. That said the real story is about how we had to adapt and come to consensus about which levers to pull, which configs to change.”

The beginning

Where most may think of SharkDAO as a basic investment club, the mission statement was really much more about community and participating in the Nouns ecosystem. The only way to do this, of course, was by amassing some number of Nouns and leveraging that to join the Nouns community.

It started simple enough, but it didn’t take long for the plot to thicken. “Around the time we were on Noun 12, we’d began having some discussions about this ecosystem we were creating and there were factions within the discord. They all had great points to make, but they weren’t in agreement.”

These questions didn’t get any easier as time went on. For instance, what should a new funding cycle look like? If they kept fundraising at the same token issuance rate as they had before, then they were effectively diluting the value of the Nouns they had amassed. At the same time, if they pulled back issuance significantly, was this unfairly punishing contributors new to SharkDAO?

“You know how humans work,” jango said (compliment accepted!), “You start talking about numbers and then our impulse is to protect investments, and these feelings come on quickly and undulate as you feel out the process of making this thing work. It’s not linear at all. But we can punctuate those feelings we had at the time by looking at the funding cycle decisions we made.”

The almighty reserve rate

“We were using the reserve rate as a stand-in pause button,” jango told me with a laugh. It’s true— a cursory dive into SharkDAO config history will show you a reserve rate that’s more jittery than a cat in a room full of rocking chairs.

“There was a moment where we flipped reserve rate and we made a few big decisions that got us out of some holes,” jango recalled, “By using the reserve rate to manage issuance, we started getting around the problem that only one million project tokens existed. Then we also had a discount rate, which was maxxed out at 20%. So we used the reserve rate to taper outward issuance rather than making a ton of funding cycles at a 20% discount rate.”

Reflections and next steps

The current gameplan is up in the air, but could include transitioning SharkDAO out of V1 into a world where it can contribute again and maybe even win some more Nouns auctions.

When I asked jango to reflect on his journey with SharkDAO, it’s telling that he went right back to the original missions statement and discussed the importance of community. “It was just wild. No one in charge, no head of command, everyone there doing the best they could with the tools that they had. It’s a huge testament to community and the people who showed up and had that attitude; there was no secret info, everything was happening out loud and transparently.”

In the messy world of web3, SharkDAO stands as a totem to how community and shared values trump all, and how the JB ecosystem and protocol is strong but loose enough to give you the tools you need. After that, it’s what you make of it.