AIP-20: Execute AIP-19 Staking and Liquidity Stage 1

If the community votes against this proposal (option b, Against) , bZ’s proposal will shall be immediately posted to Snapshot.

AIP-20: Execute AIP-19 Staking and Liquidity Stage 1

  1. Summary

AIP-19 passed in November 2025. The staking slice was never executed. This proposal executes that slice and adds a first liquidity position. Thirty percent of treasury ETH, about 60 ETH, is staked with Lido as wstETH. No leverage. No restaking. Rewards go to the Perpetual Fund and are not spent until holders have voted on an updated mission. About 10 ETH, plus JUSTICE the treasury already holds, is added as a 50/50 full-range position in the existing JUSTICE/WETH pool. The rest of the treasury, including Clock, stays in the Safe.

  1. Motivation

Holders approved a 30% stake a year ago. It has not been done. A first liquidity position is a smaller, separate step, so JUSTICE can be bought and sold in the existing pool. Larger decisions wait until there is data.

  1. Proposal Details

3.1 Stake

Thirty percent of treasury ETH, about 60 ETH, is staked with Lido as wstETH. No leverage. No restaking. All rewards go to the Perpetual Fund. Rewards are not spent until holders have voted on the updated mission. The liquidity below comes only from unstaked ETH. 30% is measured on the Safe’s ETH balance when the vote closes. Rewards are the increase in the stETH value of the wstETH held over the amount staked. They stay in the wstETH and are reported quarterly until holders vote to spend them.

3.2 Liquidity stage 1

About 10 ETH, plus the treasury’s own JUSTICE, is added as a 50/50 full-range position in the existing JUSTICE/WETH 1% Uniswap v3 pool, 0xfe7aff6f4f1b0d9f65767e96573e6df8b1ff5920. The Safe holds the position directly. The 10 ETH cap includes any ETH used to buy JUSTICE. The liquidity is drawn from AIP-19’s ecosystem allocation. AIP-19’s other allocations are not executed here and will be decided in a later vote.

JUSTICE is bought through a CoW Swap TWAP order, in equal daily parts, over at least 14 days. Each part has a hard maximum price: the lower of 115% of the volume-weighted average price of all trades in the pool over the 7 days before the vote closes, calculated from on-chain swaps and published with the order, and 4 times the treasury’s ETH per JUSTICE. That figure is ETH and staked ETH held by the Safe, divided by total JUSTICE supply. Both price limits are measured when the vote closes. Parts that cannot fill at that price expire, and the ETH stays in the Safe.

The treasury’s own JUSTICE, and matching ETH, go in straight away. Purchased JUSTICE and its matching ETH are added once, when buying ends. If purchases fall short, the position stays at whatever is balanced. This vote also authorises the one-off Safe setting the order needs, for this purpose only. The Safe’s fallback handler is restored to the current one when buying ends.

3.3 Report

A public report each week, posted on the forum by Gabriel or a volunteer, compared with the 30 and 90 days before 5 October: price impact for 0.5, 1 and 2 ETH trades in each direction, median daily volume, and distinct trading addresses that week, all excluding the treasury’s own trades. Also JUSTICE bought and the average price, fees, and value compared with simply holding.

3.4 Withdrawal

Signers may withdraw the position early only for a security risk, and must report it within 24 hours. No top-ups, range changes, or re-entry without a vote.

3.5 Risks

The ETH value of staked funds moves with ETH. Lido carries smart-contract risk. The liquidity position loses value against simply holding if the price moves, and holds mostly JUSTICE if the price falls.

  1. Voting Options

A. For
B. Against
C. Abstain

5% quorum (AIP-9), simple majority.

  1. Implementation

Uploaded to Snapshot at 00:00 UTC on Thursday 8 October 2026. Voting opens at 00:00 UTC on Friday 9 October and closes at 00:00 UTC on Sunday 11 October. One-day delay, two-day vote. $JUSTICE-weighted. If it passes, signers begin execution within 72 hours, as AIP-15 requires. Staking first, then the position. After six weekly reports, a separate Snapshot vote may consider a second 10 ETH under the same rules.

中文

AIP-20:执行 AIP-19 的质押与流动性第一阶段

  1. 摘要

AIP-19 于 2025 年 11 月通过。其中的质押部分至今未执行。本提案执行该质押,并增加第一笔流动性。国库 ETH 的 30%,约 60 ETH,通过 Lido 质押为 wstETH。不加杠杆,不再质押。收益进入永续基金,在持币人就更新后的使命投票之前不予支出。约 10 ETH,加上国库已有的 JUSTICE,在现有 JUSTICE/WETH 池中建立 50/50 全区间仓位。国库其余资产,包括 Clock,留在 Safe。

  1. 动机

持币人一年前已批准 30% 的质押,却尚未执行。第一笔流动性是另一件更小的事,使 JUSTICE 可以在现有池中买卖。更大的决定等待有数据之后。

  1. 提案细节

3.1 质押

国库 ETH 的 30%,约 60 ETH,通过 Lido 质押为 wstETH。不加杠杆,不再质押。全部收益进入永续基金。在持币人就更新后的使命投票之前,收益不予支出。以下流动性仅来自未质押的 ETH。30% 按投票结束时 Safe 的 ETH 余额计算。收益是所持 wstETH 的 stETH 价值相对于质押金额的增加。收益留在 wstETH 中,按季度报告,直至持币人投票决定支出。

3.2 流动性第一阶段

约 10 ETH,加上国库已有的 JUSTICE,在现有 JUSTICE/WETH 1% Uniswap v3 池(0xfe7aff6f4f1b0d9f65767e96573e6df8b1ff5920)中建立 50/50 全区间仓位,由 Safe 直接持有。10 ETH 上限包括买入 JUSTICE 所用的 ETH。该流动性来自 AIP-19 的生态额度。AIP-19 的其他额度本次不执行,留待后续表决。

JUSTICE 通过 CoW Swap TWAP 订单买入,每日等额,至少 14 天。每一批设硬性最高价格,取以下两者中较低者:投票结束前 7 天池中全部交易的成交量加权平均价格的 115%(根据链上交易计算,并随订单公布),以及国库每枚 JUSTICE 对应 ETH 价值的 4 倍。该价值为 Safe 持有的 ETH 与已质押 ETH 之和,除以 JUSTICE 总供应量。两个价格上限均在投票结束时测定。无法在该价格成交的批次自动失效,ETH 留在 Safe。

国库自有的 JUSTICE 及等值 ETH 立即投入。买入的 JUSTICE 及等值 ETH 在买入结束时一次性加入。如买入不足,仓位按已平衡的部分保持。本投票同时授权该订单所需的一次性 Safe 设置变更,仅限此用途。买入结束时,Safe 的 fallback handler 恢复为当前设置。

3.3 报告

每周在论坛公开发布报告,由 Gabriel 或一名志愿者撰写,并与 10 月 5 日前 30 天和 90 天对比:双向 0.5、1、2 ETH 交易的价格冲击,日交易量中位数,每周独立交易地址数,均不计入国库自身的交易。另公布已买入的 JUSTICE 数量及平均价格、手续费,以及与单纯持有相比的价值变化。

3.4 撤出

多签人只有在出现安全风险时才可提前撤出,并须在 24 小时内报告。未经投票,不得追加、调整区间或重新加入。

3.5 风险

已质押资金的 ETH 价值随 ETH 价格波动。Lido 存在智能合约风险。若价格变动,流动性仓位相对于单纯持有会损失价值;若价格下跌,仓位将主要持有 JUSTICE。

  1. 表决选项

A. 赞成
B. 反对
C. 弃权

5% 法定人数(AIP-9),简单多数。

  1. 执行

2026 年 10 月 8 日周四 UTC 00:00 上传至 Snapshot。投票于 10 月 9 日周五 UTC 00:00 开始,10 月 11 日周日 UTC 00:00 结束。延迟 1 天,投票 2 天。$JUSTICE 加权。如获通过,多签人按 AIP-15 的要求在 72 小时内开始执行。先质押,再建仓。六份周报之后,可另起一次 Snapshot 投票,按相同规则考虑追加第二批 10 ETH。

  1. AIP-19 should be implemented. Although the annualized return is not high, as a result of last year’s discussion, it should be respected and the seriousness of the process maintained
  2. I agree with Gabriel’s viewpoint that we should improve liquidity in stages. It is not advisable to form a large proportion of LP in the initial stage. However, 10eth is too little. I see that 20eth is a more widely accepted consensus. If it can be adjusted, it will gain more support.
  1. AIP-19应该被执行,虽然年化收益不高,但做为去年讨论的结果应该予以尊重并保持程序的严肃性

  2. 我赞成gabriel的观点,分阶段改善流动性,初期不宜大比例组建LP,但是10eth太少了,我看到 20eth是一个更广泛的共识,如果能调整一下将会获得更多支持

I’ll be voting For.

It carries out what holders approved a year ago, and it takes a first liquidity step with clear limits: purchases spread over at least 14 days, a hard price cap, the position held by the Safe itself, and weekly figures anyone can check.

@sudongpo, on your two points, the text may already cover them:

  • There is no 90-day wait in AIP-20. The “90 days” is only the comparison baseline for the weekly reports (the 30 and 90 days before 5 October).
  • After six weekly reports, a separate vote can add a second 10 ETH under the same rules. So six weeks, and a route to 20 ETH, are already in the proposal.

Voting on Snapshot runs from 20:23 UTC on 8 October to 20:23 UTC on 10 October.

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中文

我会投赞成。

它执行的是持币人一年前已经批准的事,并以明确的限制迈出流动性的第一步:买入分摊在至少 14 天内完成,设有硬性最高价,仓位由 Safe 直接持有,每周公布任何人都能核对的数据。

@sudongpo 关于你提的两点,提案里可能已经包含了:

  • AIP-20 里没有 90 天观察期。"90 天"只是周报的对比基准(10 月 5 日之前的 30 天和 90 天)。
  • 六份周报之后,可以另起一次投票,按相同规则追加第二批 10 ETH。所以"六周"和通往 20 ETH 的路径,提案里都已经有了。

Thanks zoly!Great to see the proposal submitted so quickly. The efficiency has improved a lot compared with before. Hope we can kick off the implementation soon and gradually build up our community.

Hi Zoly ,Our community wants to clarify one thing: zylo’s newly released proposal has entered the voting stage, while bz’s subsequent proposal hasn’t yet entered the voting process. We’ve carefully reviewed both proposals, and the second one is more specific, reasonable, and in line with the community’s commitment to democratic choice, better reflecting diversity. If the first proposal fails, can we be certain that the second proposal will be immediately put into the voting system? Also, gb, zoly, or other individual implementers might not agree with the second proposal and might refuse to implement it, disregarding the community’s voting results. This is a concern for all community members. In a democratic DAO, multi-signature implementers should abide by the community’s vote and cannot control the community based on personal interests. To reiterate, if the first proposal fails, will the second proposal be immediately put into the voting system? Another point is whether multi-signature implementers will firmly support the community’s voting results.

Yes, we want the community to use JUSTICE to decide the fate of the DAO. The community will always have the final say.

I have heard feedback from several members saying they want to see more Eth from the treasury used for liquidity than what my proposal suggests, but they don’t want to use all of the eth, which is understandable.

JUSTICE!

Thank you, Zoly, for your clear reply. All decisions are made based on community voting. While 10-20 ETH for liquidity is indeed relatively small, it’s necessary during the experimental phase. The community unanimously hopes that after the liquidity experiment, the subsequent evaluation of the results, and whether to continue investing liquidity, and how much, should be submitted to the community for a vote to make a clear choice. This is truly necessary and reasonable. Thank you.

1年前没有被执行的提案 现在被拿出来阻挠更好的提案 拿出区区10eth来恶心社区 这点钱还要试验90天圈禁社区 社区当时可是捐了16800eth 5000万美元。后面还要加上先质押后增加流动性的条款 害怕eth被换成你们看不起没有价值的justice是吧?

One proposal that was left unexecuted a year ago is now being resurrected to block a better proposal. Putting forward a measly 10 ETH just to spite the community — and this tiny amount still requires a 90-day trial period that locks the community in. Remember, the community originally donated 16,800 ETH, worth 50 million US dollars. On top of that, they added a clause requiring staking before adding liquidity. Are you afraid the ETH will be swapped for JUSTICE, which you dismiss as worthless?