JBP-444 - $120k to Bananapus

Synopsis

Juicebox projects will be able to offer cross-chain incentives by end of November, with multi-cycle queuing, staking rewards, and a few more accounting/integration benefits alongside.

The Bananapus end game spec is now clear: It will deploy a slightly updated version of the Juicebox protocol onto ETH mainnet and Optimism, and collect 2.5% protocol fees into its $NANA revnet (https://revnet.eth.limo) operated by the $JBX multisig. It will include its flagship staking mechanism called Tentacles that facilitate cross-chain financial alignment between networks and organizations.

The remaining todo's and the necessary budget to staff us through the finish line safely are also clear. This proposal is for a $120,000 grant to pay for NANA testing and audit contests, and an invitation to the Juicebox community to support its go-to-market moment.

Motivation

For updates and quick links, keep up with https://bananapus.eth.limo.

Technical todo list:

Finish Juicebox V3 fork

TLDR: The fork will allow for multi-cycle queuing, multi-currency accounting within a cycle, bring-your-own price feed, and a handful of other accounting and integration optimizations.

Need: The following PRs need to be tested and thoroughly reviewed: https://github.com/Bananapus/juice-contracts-v4/pulls.

Staff: Lead by nowonder and Jango, supported by nowonder and DrGorilla.

Budget: $40k, managed by Jango.

Finish staking mechanism

TLDR: Staking allows the distribution of rewards between networks and organizations across chains.

Need: The following repos aren't yet tested in production and need to be reviewed by external developers after internal touchups:

• Staking: https://github.com/Bananapus/bananapus-721-staking-delegate - Create a staked position
• Periodic reward claiming: https://github.com/Bananapus/bananapus-distributor - Distribution rewards to stakers of particular tokens who check in on a periodic basis.
• Tentacles: https://github.com/Bananapus/bananapus-tentacles - Claim rewards across chains.

Staff: Lead by 0xBa5ed and Jango, supported by nowonder and DrGorilla.

Budget: $40k, managed by Jango.

Finish baseline Bananapus.com

TLDR: bananapus.com is the webclient that give access to the Bananapus staking mechanism for rewards and tentacle management.

Need: Shore up the reliability and user experience of the site. The repo is at https://github.com/Bananapus/bananapus.com

Staff: Lead by filip, needs help.

Budget: $20k, managed by filip.

Organizational todo list:

Misc organizational overhead has the remaining budget of $20k, managed by Jango.

Finalize revnet specs

*For an intro to revnets, see https://revnet.eth.limo/about/ *

The $NANA revnet on Ethereum mainnet will have the following specifications. These are subject to change and need finalization:

Property	Value
Initial issuance	1,000 $NANA / ETH
Issuance reduction rate	2.5% every 28 days
Premint	37,000,000 $NANA to dao.jbx.eth ($JBX currently has a ~37,000 ratio between its issuance rate and its total supply)
Boost	30% operated by dao.jbx.eth for 3 years.
Exit tax curve	10%

The $opNANA revnet on Optimism will have the following specifications:

Property	Value
Initial issuance	1,000 $opNANA / ETH
Issuance reduction rate	2.5% every 28 days
Premint	37,000,000 $opNANA to dao.jbx.eth ($JBX currently has a ~37,000 ratio between its issuance rate and its total supply)
Boost	30% operated by dao.jbx.eth for 3 years, initially set at 20% to $opNANA stakers, and 10% to $NANA:OP (mainnet staked $NANA on Optimism via a tentacle)
Exit tax curve	10%

Specification

$120k grant to NANA JB project.

 

Risks

NANA technical components will only go live when everyone feels very good about it. The end-of-November time frame is what we're striving towards.