Report of the 3rd DefiboxDAO Board
Reports are written by council member.
To all members of the DefiBOX community:
DefiboxDAO is the first DAO organization of an ecological project born in the EOS community. It has been launched for three terms since November 2021 and is the most important organization to achieve decentralized governance of Defibox. During the six-month term of the 3rd DAO board (March 6, 2023 to September 16, 2023), BOX faced many challenges, and DefiboxDAO actively responded to various challenges and sought solutions. The following is a report to the DefiBOX community on the important contents during the term.
1.About DefiboxDAO
Defibox DAO was officially launched on November 17, 2021. The landmark content was the implementation of the Defibox DAO charter and the election of the first DAO Board. This was a major governance strategic improvement that allowed every community member's voice to be heard and enhanced their sense of belonging. The LuckyBOX launched in January 2022 greatly increased the community voting participation rate. Major community affairs were directly decided by public voting by BOX token holders, important and urgent project affairs were jointly decided by the team and the board, and community observers monitored the board's decision-making process throughout. DAO made DefiBOX's global governance more transparent, effective, and decentralized.
2.Monthly important events
During these six months, BOX's development encountered a lot of resistance and difficulties, but the project team continued to innovate and overcome difficulties, and made unremitting efforts in many aspects, such as protocol revenue growth, new protocol development, original protocol optimization, economic parameter optimization, community governance reform, various activities organization, EOS community voice enhancement, etc. The members of this board also actively participated in the discussion and decision-making of major matters, and the important opinions of observers and community members were also integrated. The monthly important matters are roughly as follows:
On March 3, 2023, DefiBOX jointly launched the Telos Giveaway event
On April 6, 2023, the community issued the "Defibox DAO Board Announcement on “3.29” BOX Price Fluctuation Event", issuing a public statement on the severe price fluctuation event of BOX that occurred on March 29 (the maximum drop on that day was -48%).
On May 8, 2023, the Recruitment of Concise Version Experience Officer Announcement was released, with a chance to win 800 BOX. The event lasted for 10 days.
On June 14, 2023, the total amount of BOX burned exceeded 440,000.
On July 20, 2023, the Defibox's 3rd Anniversary Celebration Event was launched, including four activities: **Play with USN and share 8,000BOX; Participate in USN+USDT mining in Balance protocol and enjoy triple income for a limited time; Lock up BOX and win 3,000BOX rewards; Twitter Giveaway event.
On August 8, 2023, due to ENF suddenly stopping the Yield+ incentive, in order to maintain the annualized yield of each protocol, DefiBOX initiated the BP node income distribution adjustment Proposal, and obtained voting approval. On August 31, the IBC cross-chain bridge was launched on the DefiBOX official platform.
On September 6, 2023, the first version of the DAOBOX product was released, providing a lottery function. The next step will be to launch governance tools. DAOBOX is invested and supported by the Defibox Ecological Fund, with the purpose of providing community governance tools for various ecological projects on the EOS mainnet.
During this six-month term, DefiBOX BP (EOS contract address: bp.defi) publicly issued 5 EOS community proposal multi-sign related announcements according to the decentralized rules of BOX DAO.
3.The 3rd DefiboxDAO Summary Meeting
The 3rd DefiboxDAO summary meeting was held in text form in the DAO group at 13:00 (UTC) on September 16, 2023. The attendees included: Huang He, Maxim Cincinnatis, Eden Capital, Dalio, Raven; absentees: Denis.
The core contents of this meeting are as follows:
At the meeting, Raven, the representative of the BOX executive team, made a summary speech on the team's work and the next plan in the past six months, announced that the 4th term election will be around mid-October, and initiated a discussion on the optimization design of the newly launched DAOBOX. Each attending board member and secretary made a summary speech. They generally believed that EOS and BOX are both experiencing a bear market and various pressures, and everyone is also making efforts and actively looking for solutions.
It was agreed that there would be no modification to the DefiboxDAO charter for this term, and the fourth term would follow the version 3.1.
The 4th term DAO secretary was elected, and all attendees agreed that Dalio was the best person for his active contribution and rich ideas, and unanimously elected him to continue as the secretary of the 4th term DAO board.
All board members were very supportive of BOX's development, and considering that there was still a 1.5-month transition period to the 4th term election, they unanimously assessed that the 300 BOX bonus for the 3rd term DAO board members and secretary would be paid in full.
4.Looking forward to the future
The lack of assets and users in the EOS ecosystem is the 2 fundamental factors that limit Defibox's development, and there has been no significant improvement in this aspect in the past year or so. During the term of the 3rd DAO, the depressed EOS price fell from $1.22 to $0.58, a drop of -52%. Coupled with the sudden stop of Y+ incentives, it brought a double blow to BOX. At the end of May, DAO secretary Dalio analyzed the reasons for the continuous decline of EOS price from the perspective of the entire EOS ecosystem, and proposed that EOS should prioritize the development of "Super Defi" ecological solutions. Subsequently, ENF announced the establishment of EOS Lab, and clearly prioritized investing and incubating DEX ecological development direction.
The DefiBOX executive team said that they are actively promoting the improvement and launch of DAOBOX's governance and other functions, and are also actively advancing in areas such as lending upgrades and unilateral market making. At the 3rd DAO summary meeting, Dalio also said that he will focus on assets, users and infrastructure in the next six months, and actively promote the development of super Defi.
The establishment of EOS Lab brings new hope for the EOS ecosystem to develop in a more professional and decentralized direction. The DefiBOX executive team also said that they will keep in close contact with EOS Lab and work together to promote the rapid rise of the EOS ecosystem. It is expected that the next DAO will also take advantage of this opportunity to help BOX develop into a better one-stop Defi hub, providing safe, stable and rich high-quality financial services for Antelope ecological projects! The EOS ecosystem may be brewing a deep change, let us work together and wait and see!
Appendix：
The information of the members of all the 3 DAO sessions as of now is as follows:
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