PIP-8 Dissolve iJPEG and redistribute holdings

Abstract

As successful as iJPEG was at launch it is now costing more to the JPEG'd DAO to maintain it than to keep on supporting it. This proposal suggests to dissolve iJPEG subDAO and redistribute the value at the rate of 1 iJPEG = 0.67 ETH.

Background

iJPEG was a spin on the idea of a basket of bluechip NFTs that would represent an “NFT Index” and that would be earning yield on JPEG’d.

The assets in the basket were chosen by the community. Unfortunately, not all NFTs have held their promises, resulting in a depreciation in the iJPEG value, reducing the total debt drawn by the NFTs and impacting the revenue for JPEG’d DAO. Despite hoping for respite, the last months maintaining iJPEG has become a net cost for JPEG’d DAO, ruining the synergy with its subDAO.

As such, it would be better for JPEG’d DAO to dissolve iJPEG and redistribute the value of its holding to iJPEG holders.

The current holding of iJPEG is as follow:

• Cryptopunk #8671
• BAYC #3634
• Fidenza #378
• Ringer #362
• Squiggle #9185

Specification

• Redistribute ETH at a rate of 1 iJPEG = 0.67 ETH
• Build a UI allowing users to burn iJPEG and claim the ETH
• Sell all the NFTs in the index at the best possible market rate
• Dissolve iJPEG DAO