Amendment to Include CIG NFT Staking for Compensation in Treasury Distribution

Abstract This proposal aims to compensate CIG NFT holders for the unfulfilled commitment outlined in PIP-02, which promised redeemable Weenis Warmer NFTs. While the protocol has maintained that NFTs were never equity, this proposal seeks to address the unfulfilled utility by allowing CIG holders to stake their cards as part of the previously passed treasury distribution mechanism. Each CIG will be valued at 10 million $JPGD tokens for staking purposes. Honorary CIGs will not be included.

Background PIP-02 (3 years ago): Proposed creating 300 Weenis Warmer NFTs, redeemable for physical items, and incentivized the purchase and retention of CIGs by including them in the whitelist. Unfulfilled Promise: Despite significant investment from holders (with some paying up to 30 ETH for a single card), the promised utility never materialized. Clarification on Equity: While CIGs were never intended to serve as equity in the protocol, the lack of fulfillment under PIP-02 warrants reasonable compensation for holders in alignment with the protocol’s commitments.

Specifications

1:Staking Eligibility: Holders of CIG NFTs can stake their cards in the existing $JPGD staking contract by the Q1 Snapshot date. Each CIG is valued at 10 million $JPGD tokens for calculating share percentages in the treasury distribution. Honorary CIGs are excluded from this process.

2:Distribution Mechanism:

Compensation does not grant equity but acknowledges the unfulfilled utility tied to PIP-02. CIG stakes will be combined with $JPGD stakes to determine total share percentages for uncustodied treasury assets. Distributions will follow the same vesting schedule as $JPGD stakes: a 30-day cliff followed by 4 months of linear vesting.

3:Final Resolution: This compensation is final, closing any remaining obligations tied to PIP-02 or CIG utility claims.

Timeline Immediate implementation upon passage. Staking and Snapshot deadlines remain aligned with the previously passed PIP. Distributions and vesting periods remain unchanged.

Conclusion This amendment ensures CIG holders are fairly compensated for the unfulfilled promise of utility tied to PIP-02 without altering the intended equity structure of the protocol. By valuing each CIG at 10 million $JPGD tokens in the staking mechanism, the protocol addresses community concerns while maintaining the integrity of the treasury wind-down process.