Proposal for discussion: A Perpetual Fund for AssangeDAO, with a liquidity pilot / 讨论提案：AssangeDAO 永续基金与流动性试点

General
1

Thanks to bZ404 and Zylo for the continuing the work, and to everyone who has pushed to get the DAO moving again. The frustration is fair: AIP-19 passed almost a year ago and nothing was executed. This is a proposal to put the treasury to work for JUSTICE holders, starting now. It is for discussion first. After a week, I’d like it to go on one combined, ranked-choice Snapshot ballot alongside the options in the Development Draft.

As bZ404 put it: “A DAO isn’t one person’s business. It belongs to a group of people. AssangeDAO is a movement, and must not become short-term speculation.” This proposal is built on that idea: a fund that belongs to all JUSTICE holders, lasts for the long term, and is decided by the community every year.

THE IDEA IN ONE LINE
Protect the treasury for JUSTICE holders, put it to work, and let JUSTICE decide every year how the returns are spent.

WHERE WE ARE (on-chain, 5 Oct 2026)

• Treasury: about 198.8 ETH, 97.9m JUSTICE and the Clock.
• Main JUSTICE/ETH pool (Uniswap v3, 1%): about 6.8 ETH and 683m JUSTICE.

HOW THIS RELATES TO AIP-19
In November 2025, 82.5% of voters chose to stake part of the treasury without leverage, with rewards going to a Perpetual Fund, alongside ecosystem and operations allocations. The execution proposal never followed. As Mike suggested, a fresh vote should supersede AIP-19. This proposal builds on it and changes the shares so the fund can sustain the DAO.

PROPOSED STRUCTURE

  1. Perpetual Fund: about 70% (around 140 ETH), staked with Lido (wstETH). No leverage, no restaking.
  2. Operating reserve: about 15% (around 30 ETH), held as wstETH so it also earns, available for running costs and emergencies by ordinary vote.
  3. Ecosystem fund: about 15% (around 30 ETH), for community priorities, including the liquidity pilot below.

LIQUIDITY PILOT

• Up to 10 ETH plus treasury JUSTICE, added to the JUSTICE/ETH pool in stages, for 90 days. No market buyback to start it.
• Pass mark agreed now: if the pilot’s fee income, net of any loss against simply holding, beats what the same ETH would earn staked (about 2.2% a year), it passes.
• If it passes, holders vote on scaling up, up to the full ecosystem fund. If not, it is wound down and the results are published.
• Signers may withdraw early only for a security risk, and must report it. Any increase or re-entry needs a vote.

JUSTICE HOLDERS DECIDE

• Every year, JUSTICE holders vote on how the fund’s returns are spent: developers, campaigns, projects, grants and community work. Larger individual spends get their own vote.
• Contributors: up to 3 ETH from the operating reserve in year one, by vote and in public. After that, up to a quarter of each year’s returns. No one is paid for being on the multi sig.
• No family role in the fund. The Consensus Unit veto will not be used on these yearly spending decisions.
• Any advisory or veto role for Julian takes effect only if he accepts it in writing.

PROTECTING THE TREASURY

• Spending any of the fund’s principal, including any redemption or distribution, needs its own vote with a two-thirds majority and a minimum turnout of 10% of supply.
• Returns are moved to a separate Rewards Safe once a year. A public treasury report is published every quarter.
• A future vote could change these rules. Their strength depends on the community and the signers respecting them, so they are written plainly here.

WHAT IT PRODUCES
At current rates the fund earns about 3 ETH a year, plus a little from the reserve. That is modest, but it comes every year: over ten years, roughly 30 ETH of community spending, with the treasury still in place. The fund can also co-sponsor matched funding rounds, where outside donors multiply what we put in.

WHY NOT A LARGE LIQUIDITY POSITION NOW
LP fees come from trading volume, not from the size of the deposit. At recent volume the whole pool earns well under 1 ETH a month. A large deposit would split those same fees more ways, and if the price fell, the treasury would end up holding JUSTICE bought at today’s price. The pilot tests whether deeper liquidity grows volume enough to change that. If it does, I will support scaling up.

RISKS

• The fund’s value moves with the ETH price.
• Lido carries smart-contract risk, which is why there is no leverage and no restaking.
• The pilot carries price risk on the JUSTICE side, which is why it starts small.

ORDER AND VOTING

• Staking is not spending, so it does not need to wait for the mission vote. The first yearly spending vote comes after holders agree the mission.
• After one week of discussion, I suggest one combined ranked-choice Snapshot ballot. It would include this option, a “stake AIP-19’s 30% only, leave everything else untouched until rules are voted” option, a “do not stake” option, and the options in the Development Draft. Ranked choice makes sure the result is the broadest consensus, not just the largest single group.

Comments welcome. I’ll update this post as feedback comes in.

───

中文版

感谢 bZ404 和 Zylo 起草《发展草案》，也感谢所有推动 DAO 重新行动起来的朋友。大家的不满是合理的：AIP-19 通过已近一年，却一直没有执行。本提案旨在让国库从现在起为 JUSTICE 持币人发挥作用。本帖先供讨论；一周后，我希望它与《发展草案》中的方案一起，放进同一个排序投票（ranked-choice）的 Snapshot 投票中。

正如 bZ404 所说："DAO 不是一个人的事，它是一群人的事……阿桑奇 DAO 是一场运动……而不能是短暂而直接的投机。"本提案正是基于这一理念：一个属于全体 JUSTICE 持币人、着眼长远、每年由社区决定用途的基金。

一句话概括
为 JUSTICE 持币人保护国库，让它产生收益，并由 JUSTICE 每年决定收益如何使用。

现状（链上数据，2026 年 10 月 5 日）

• 国库：约 198.8 ETH、9790 万枚 JUSTICE，以及 Clock。
• 主要 JUSTICE/ETH 池（Uniswap v3，1%）：约 6.8 ETH 和 6.83 亿枚 JUSTICE。

与 AIP-19 的关系
2025 年 11 月，82.5% 的投票者选择以不加杠杆的方式质押部分国库，收益进入永续基金，同时设立生态和运营拨款。但执行提案一直没有发布。正如 Mike 所建议的，新的投票应取代 AIP-19。本提案在其基础上调整比例，使基金能够长期支撑 DAO。

拟议结构

  1. 永续基金：约 70%（约 140 ETH），通过 Lido 质押（wstETH）。不加杠杆，不做再质押。
  2. 运营储备：约 15%（约 30 ETH），以 wstETH 形式持有，同样产生收益；经普通投票即可用于运营和应急。
  3. 生态基金：约 15%（约 30 ETH），用于社区优先事项，包括下述流动性试点。

流动性试点

• 最多 10 ETH 加上国库持有的 JUSTICE，分阶段加入 JUSTICE/ETH 池，为期 90 天。启动时不进行市场回购。
• 现在就约定达标标准：如果试点的手续费收入（扣除相对于单纯持有的损失后）高于同等 ETH 的质押收益（约年化 2.2%），即视为成功。
• 如果成功，由持币人投票决定是否扩大规模，上限为整个生态基金；如果未达标，则结束试点并公布结果。
• 多签人只有在出现安全风险时才可提前撤出，并须公开报告；任何增加投入或重新加入都需要投票。

由 JUSTICE 持币人决定

• 每年由 JUSTICE 持币人投票决定基金收益的用途：开发者、社区活动、项目、资助和社区工作。较大的单笔支出单独投票。
• 贡献者：第一年从运营储备中最多拨出 3 ETH，经投票并公开；此后每年最多为当年收益的四分之一。不因签名而获得报酬。
• 家属在基金中没有任何角色。共识单元的否决权不会用于这些年度支出决定。
• Julian 的任何顾问或否决角色，只有在他书面接受后才生效。

保护国库

• 动用基金本金（包括任何赎回或分配），须单独投票，并获得三分之二多数以及不低于总供应量 10% 的投票率。
• 收益每年转入一个单独的收益 Safe；每季度公开发布国库报告。
• 未来的投票可以修改这些规则。规则的效力取决于社区和多签人是否遵守，因此在此明确写出。

预期收益
按目前的收益率，基金每年约产生 3 ETH，运营储备另有少量收益。数额不大，但年年都有：十年下来约有 30 ETH 可用于社区，而国库本身依然保留。基金还可以联合发起配捐资助轮，让外部捐助者放大我们的投入。

为什么现在不做大规模流动性
做市手续费来自交易量，而不是存入资金的多少。按近期交易量，整个池子每月的手续费远不到 1 ETH。大规模存入只会让同样的手续费被更多份额分摊；如果价格下跌，国库最终会持有按今天价格买入的 JUSTICE。试点正是用来检验：更深的流动性能否带来足够的交易量增长。如果能，我会支持扩大规模。

风险

• 基金价值随 ETH 价格波动。
• Lido 存在智能合约风险，因此不加杠杆、不做再质押。
• 试点在 JUSTICE 一侧存在价格风险，因此从小规模开始。

顺序与投票方式

• 质押不是支出，因此不必等待使命投票；第一次年度支出投票将在持币人确定使命之后进行。
• 经过一周讨论后，建议进行一次合并的排序投票（ranked-choice）。选项包括：本方案；“只执行 AIP-19 的 30% 质押，其余部分在规则表决前保持不动”；“不质押”；以及《发展草案》中的各项方案。排序投票能确保结果代表最广泛的共识，而不只是最大的单一群体。

欢迎大家提出意见，我会根据反馈更新本帖。

2

Thank you Gabriel! This is a good start.

What about the updated DAO mission? Our current mission is still:
"The mission of the AssangeDAO is to inspire a powerful solidarity network and fight for the freedom of Julian Assange.

We, the cypherpunks, are rallying to the cause of a fellow cypherpunk in distress.

Also for adding Liquidity, say if it’s voted that it’s 10 ETH worth, we should make sure it’s equal, so if it’s 10 Eth, we should use 5 Eth to purchase JUSTICE tokens (can use cowswap/twap to purchase over days or weeks), and then can put it into the existing Uniswap V3 pool.

3

Thank you for this. It’s the first proposal in a year that turns AIP-19 into something that can actually be executed, and putting hard protections around the principal is the right instinct. I checked the figures on-chain and they hold up.

Below is a holder’s view on the ecosystem fund and a concrete way to carry it out. I’ll put two governance points in a separate reply, so each can be discussed on its own.

The treasury should hold more JUSTICE, and buy it the efficient way

JUSTICE is the DAO’s own token. A treasury that holds very little of it sends the wrong signal to holders and to anyone looking in. I think building that position should be one of the ecosystem fund’s explicit purposes, not a side effect of a liquidity pilot. The question is how to do it without overpaying. The on-chain numbers are clear:

  • Buying a large amount at once is very expensive. 20 ETH spent in one go on the main pool would buy about 240m JUSTICE, at an average price about 2.3× today’s, and leave the price about 4× higher. Most of that ETH would go to whoever sells into the spike.
  • The pool can’t supply a large position anyway. It holds about 650m JUSTICE in total. A meaningful treasury share has to be built over time, from people who choose to sell.

So I’d propose two stages, using the whole ecosystem fund:

Stage 1, depth (the 10 ETH): a 50/50 full-range position in the existing 1% v3 pool, built from the 10 ETH and the 97.9m JUSTICE the treasury already holds. At today’s prices that means using about 2.4 ETH to buy roughly 57m JUSTICE, then adding about 7.6 ETH and about 155m JUSTICE together, around 15 ETH of liquidity in all. The rule should be “buy until the two sides are equal in value”, since the exact split moves with the price.

  • The purchase is kept small on purpose. 2.4 ETH lifts the price about 1.36×, at an average about 18% above today’s. Doing it in small pieces over a week or two and reporting the average price may lower that, though only if other holders sell in between.
  • Effect: roughly 45% more liquidity around the price. A 1 ETH trade would move it about 4.4% instead of about 6.4% today, and a 2 ETH trade about 8% instead of 12% (rough, since the price will have moved).
  • A full-range position never needs re-ranging, which matters for a multisig, and it should be held by the Safe directly rather than through a third-party vault.

Stage 2, accumulation (the remaining ~20 ETH): ETH-only liquidity below the current price, down to a quarter of it. It buys JUSTICE only when someone sells, and only at or below the price at which it was placed:

  • The same ETH buys at least 1.7× as much JUSTICE as a one-off purchase of the same size. Filled all the way down, 20 ETH would become about 800m JUSTICE.
  • It is visible support. Today, about 3–4 ETH of selling halves the price; with this range in place it would take more than 11 ETH, before counting stage 1.
  • It earns the 1% fee on every sell it absorbs.
  • The cost is time and opportunity: until someone sells, that ETH earns no staking yield (about 0.4 ETH a year on 20 ETH). And if the price falls a long way, the treasury ends up holding much more JUSTICE than it does now. That is the intent, but holders should vote on it knowing so.

How to judge it: the point of putting treasury liquidity into the pool is a working market, one where people can buy and sell without being afraid of moving the price against themselves, because a token that can’t be traded can’t hold its value. Fees are a by-product. So comparing them with staking yield is the wrong test, and in practice, with volume this news-driven and the price this volatile, it would mostly measure which way the price went. I’d judge it on market quality instead, measured weekly from the chain against the 90 days before:

  • depth: the price impact of 0.5, 1 and 2 ETH trades, in each direction;
  • median daily volume, which a single news spike can’t move;
  • the number of distinct addresses trading each week;
  • JUSTICE accumulated by stage 2, and the average price paid.

Fees, and the position’s value against simply holding, should still be published every week, not as a pass mark but so holders always know what the market is costing or earning.

───
中文版

感谢这份提案。这是近一年来第一份能让 AIP-19 真正落地执行的方案，给本金设硬性保护也是对的思路。我在链上核对了文中的数字，都成立。

下面是我作为持币人对生态基金的看法，以及一个具体的执行方式。两个治理问题我另起一帖，方便分开讨论。

国库应当持有更多 JUSTICE，而且要用高效的方式买入

JUSTICE 是 DAO 自己的代币。国库自己几乎不持有，对持币人和外部观察者都是一个错误的信号。我认为增持 JUSTICE 应当明确写成生态基金的用途之一，而不是流动性试点的副产品。问题在于怎样买才不吃亏。链上数据很清楚：

  • 一次性大额买入，代价很高。 在主池一次性投入 20 ETH，大约只能买到 2.4 亿枚，平均成交价约为现价的 2.3 倍，买完后价格被推高约 4 倍。这些 ETH 大部分会流到趁拉升卖出的人手里。
  • 池子本身也供不起大额持仓。 池子里总共只有约 6.5 亿枚 JUSTICE。国库要形成有分量的持仓，只能随时间推移，从愿意卖出的人手里慢慢承接。

因此我建议分两个阶段，用满整个生态基金：

第一阶段，加深市场（10 ETH）： 在现有的 1% v3 池建立一个 50/50 的全区间仓位，由这 10 ETH 和国库已持有的 9,790 万 JUSTICE 组成。按今天的价格，就是先用约 2.4 ETH 买入约 5,700 万枚 JUSTICE，再把约 7.6 ETH 和约 1.55 亿枚 JUSTICE 一起加入，合计约 15 ETH 的流动性。规则应写成"买到两边价值相等为止"，因为具体比例会随价格变化。

  • 买入量刻意控制得小。2.4 ETH 会把价格推高约 1.36 倍，平均成交价比今天高约 18%。分成几小笔、在一两周内完成并公布平均成交价，可能降低这个成本，但前提是期间有其他持币人卖出。
  • 效果：现价附近的流动性增加约 45%。买 1 ETH 的价格冲击从现在的约 6.4% 降到约 4.4%，买 2 ETH 从约 12% 降到约 8%（粗略估算，因为届时价格已经变化）。
  • 全区间仓位永远不需要重新设置区间，这对多签很重要；仓位应由 Safe 直接持有，不经过第三方托管金库。

第二阶段，增持（剩余约 20 ETH）： 以单边 ETH 的形式放在现价以下，一直铺到现价的四分之一。它只在有人卖出时成交，而且只在等于或低于挂单时的价格成交：

  • 同样的 ETH，换到的 JUSTICE 至少是同等规模一次性买入的 1.7 倍。如果一路成交到底，20 ETH 约可换得 8 亿枚。
  • 它是一道看得见的支撑。今天大约 3–4 ETH 的卖单就能让价格腰斩；有了这个区间，要超过 11 ETH 才会，这还没算上第一阶段。
  • 每接住一笔卖单，都收取 1% 的手续费。
  • 代价是时间和机会成本：在有人卖出之前，这部分 ETH 拿不到质押收益（20 ETH 每年约 0.4 ETH）。而如果价格大幅下跌，国库最终会持有比现在多得多的 JUSTICE。这正是本意所在，但持币人应当知情投票。

如何评估： 国库加池子的意义在于让市场真正运转起来，让买的人敢买、卖的人敢卖，不必担心一笔交易就把价格推向对自己不利的方向；一个无法顺畅交易的代币，也撑不住它的价值。手续费只是附带的。所以拿手续费和质押收益比较，这个标准本身就不成立；而且在成交量如此依赖新闻、价格如此波动的情况下，它实际测到的主要会是价格走向。我建议改用市场质量来评估，每周从链上计算，并与试点前 90 天对比：

  • 深度：双向 0.5、1、2 ETH 交易的价格冲击；
  • 中位数日成交量（单次新闻暴涨影响不了它）；
  • 每周参与交易的独立地址数；
  • 第二阶段已增持的 JUSTICE 数量，以及平均成交价。

手续费、以及仓位价值与单纯持有的对比，仍应每周公开，但不作为及格线，只是让持币人随时知道维持这个市场的成本或收益。

4

Thank you Gabriel for transferring power to the community. The community belongs to all members and those who contribute to it, so any suggestion should ideally be one of the options in a community proposal, not the sole directive. Having multiple options for the community to vote on is the most democratic and reasonable approach. Thank you Gabriel for understanding this step!

5

Thank you Gabriel! This is a good start.感谢bz Zoly Mike等等工作者的辛苦付出，让我们把assangedao 的正义工作继续发扬！期待社区早日步入正轨和壮大起来

6

The 30% staking requirement was a resolution passed in the previous community proposal vote and must be upheld. Changing it to 70% arbitrarily would go against the community’s wishes and is unfeasible. The community insists on using 30%-40% of the treasury for liquidity, which can be refined. We can start by implementing 10% as a trial; if feasible, we can continue with the remaining 20%-30%. Token economics is the most important factor for a community’s activity, so we suggest that the income from staking 30% of the treasury, plus the liquidity gains, be used together to buy back justice and burn it. This will create deflation and attract more people to the community! Also, to correct Gabriel’s expression, the community’s request to increase liquidity is to make tokens circulate, allowing those who want to sell to sell and those who want to buy to buy. Only tokens that can circulate have value, and only valuable tokens can support community development. Increasing liquidity is not for the sake of profit; this misconception must be corrected. Therefore, increasing liquidity is very, very important! Furthermore, the final decision-making power for community affairs rests with voting to express the community’s will. The community’s voting rights cannot be deprived simply because someone feels it doesn’t align with their own interests. Any differing opinions can be considered as options in the proposal, and then the community can vote to decide. Thank you!

7

Thanks everyone: Zylo, innocent, Alex007 and Ligreen.Good to hear a range of views here. I’ve taken the below from it, and a suggestion for how we move forward.

Where I’ve changed my mind

• The purpose of liquidity is a working market, where people can buy and sell without moving the price against themselves. It’s not about profit. Alex and innocent are right. I’d measure it that way: price impact for 0.5, 1 and 2 ETH trades, median daily volume, and the number of traders each week. Fees and value against simply holding would still be published weekly so we can still compare.
• On sourcing, Zylo’s approach is right: a 50/50 position, using the treasury’s existing JUSTICE first and buying the rest gradually (CoW/TWAP), with the average price published.

Where we already agree
Reading all the replies, almost everyone supports two things:

  1. Executing AIP-19’s 30% staking, which holders have already approved.
  2. A first liquidity stage of roughly 10–20 ETH (I suggested 10, innocent about 15, Alex about 20).

So my suggestion is: do those now, and decide the rest with data.

Step 1 (now)

• Stake 30% of the treasury (about 60 ETH) with Lido, as AIP-19 approved, with rewards going to the Perpetual Fund.
• Liquidity stage 1: about 10 ETH plus the treasury’s JUSTICE in a 50/50 full-range position in the existing pool, around 15 ETH of liquidity in total.
• A public weekly report on the market measures above.
• The rest of the treasury stays untouched in the Safe until Step 2.

Step 2 (after about 90 days, with real data)
One combined ranked-choice vote on the rest, with every serious option on the ballot: my Perpetual Fund structure, bZ’s proposals, Alex’s 30–40% liquidity path, innocent’s stage 2 and any others. On innocent’s stage 2 - I’d suggest placing that support at or below the treasury’s ETH value per JUSTICE, so every purchase leaves remaining holders better off. Nobody’s option is excluded. Holders decide, with three months of evidence in front of them.

On the other points

• Buyback and burn: let’s make it one of the choices in the yearly vote on how returns are spent, alongside developers, campaigns and grants.
• Mission (Zylo): agreed, it needs updating. I’d support a separate mission proposal and I’m happy to help draft it. Spending the returns would wait for the new mission; Step 1 doesn’t need to.
• innocent: looking forward to your governance points.

If this works for people, I’ll write Step 1 up as a short, specific Snapshot proposal and post it here for review first.

中文：

感谢 Zylo、innocent、Alex007 和 Ligreen。这正是我希望看到的讨论。下面是我从中得到的收获，以及一个推进的建议。

我改变看法的地方

• 流动性的目的是让市场真正运转起来，让大家买卖时不必担心把价格推向对自己不利的方向，而不是为了盈利。Alex 和 innocent 说得对。我会按这个标准来衡量：0.5、1、2 ETH 交易的价格冲击，日成交量中位数，以及每周交易地址数；手续费和相对于单纯持有的价值变化仍每周公布。
• 资金来源方面，Zylo 的方法是对的：建立 50/50 仓位，先用国库已有的 JUSTICE，不足部分通过 CoW/TWAP 分批买入，并公布平均成交价。

我们已经达成一致的地方
看完所有回复，几乎所有人都支持两件事：

  1. 执行 AIP-19 已经通过的 30% 质押。
  2. 第一阶段约 10–20 ETH 的流动性（我建议 10，innocent 约 15，Alex 约 20）。

所以我的建议是：这两件事现在就做，其余部分用数据来决定。

第一步（现在）
• 按 AIP-19 的决议，将国库 30%（约 60 ETH）通过 Lido 质押，收益进入永续基金。
• 流动性第一阶段：约 10 ETH 加上国库的 JUSTICE，在现有池中建立 50/50 全区间仓位，总计约 15 ETH 的流动性。
• 每周公开报告上述市场指标。
• 国库其余部分在第二步之前保持不动。

第二步（约 90 天后，用真实数据说话）
对其余部分进行一次合并的排序投票，所有认真的方案都列入：我的永续基金结构、Alex 的 30–40% 流动性方案、innocent 的第二阶段，以及其他方案。关于 innocent 的第二阶段，我建议把承接区间放在国库每枚 JUSTICE 对应的 ETH 价值或以下，这样每一笔买入都让其余持币人受益。不排除任何人的方案，由持币人在掌握三个月数据的基础上决定。

其他问题

• 回购销毁：建议把它作为每年收益分配投票中的一个选项，与开发者、社区活动和资助并列。
• 使命（Zylo）：同意，需要更新。我支持另起一个使命提案，也愿意帮忙起草。收益的使用会等新使命确定后再进行；第一步不需要等。
• innocent：期待你关于治理的观点。

如果大家觉得可行，我会把第一步写成一个简短、具体的 Snapshot 提案，先发在这里供大家审阅。

8

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, and nothing else.

2. Motivation

Holders have already approved a 30% stake. 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 allocations wait for a later vote.

3. Proposal Details

3.1 Stake

Thirty percent of treasury ETH, about 60 ETH, is staked with Lido as wstETH. No leverage. No restaking. Rewards go to a Perpetual Fund. This is the staking slice of AIP-19. The ecosystem and operations buckets in AIP-19 are not executed here.

3.2 Liquidity stage 1

About 10 ETH, plus JUSTICE the treasury already holds, is added as a 50/50 full-range position in the existing JUSTICE/ETH pool. Treasury JUSTICE is used first. Any shortfall is bought gradually, and the average price is published. ETH used for the position and for any purchase cannot exceed 10 ETH. If the cap is reached before the two sides are equal, execution stops. No separate market buyback.

3.3 Untouched

The rest of the treasury, including Clock, stays in the Safe until a later vote.

4. Voting Options

Select one:

A. For — stake 30% and add liquidity stage 1, as specified

B. Against

C. Abstain

5. Implementation

Following forum discussion, this proceeds to a Snapshot vote. $JUSTICE-weighted, single choice, about two days, 5% quorum, simple majority. If it passes, the multisig stakes first, then adds the position, in more than one transaction. This vote does not authorize a later stage.

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。本提案只执行该质押，并增加第一笔流动性，除此之外不做其他安排。

2. 动机

持币人已经批准 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。更大的配置留待后续表决。

3. 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。收益进入永续基金。这是 AIP-19 的质押部分。AIP-19 中的生态与运营额度本次不执行。

3.2 流动性第一阶段

约 10 ETH，加上国库已持有的 JUSTICE，在现有 JUSTICE/ETH 池中建立 50/50 全区间仓位。优先使用国库已有的 JUSTICE。不足部分分批买入，并公布平均成交价。用于建仓和买入的 ETH 不超过 10 ETH。若触及上限时两边价值尚未相等，即停止执行。不另做市场回购。

3.3 未动用部分

国库其余资产，包括 Clock，在后续表决前留在 Safe。

4. 表决选项

单选：

A. 赞成 — 按本提案质押 30% 并建立流动性第一阶段

B. 反对

C. 弃权

5. 执行

先在论坛讨论，再进入 Snapshot 表决。$JUSTICE 加权，单选，约两天，5% 法定人数，简单多数。若通过，多签先质押，再建仓，分多笔交易。本次表决不授权后续阶段。

9

Thanks, Gabriel. Measuring the pool on market quality is exactly right, and the two steps make sense: do what holders have already agreed, and decide the rest with data.

On my governance points: the main one was about the rules for spending principal, and with your two-step plan those now belong to Step 2. I’ll raise it when the Step 2 options are being drafted rather than now.

Two small things in the meantime: I still can’t find the Development Draft (bZ’s proposals) on the forum, so a link would help. And the stray line “[6/10/2026 9:07 AM] Lena:” is still in the Chinese version.

10

Thanks Zylo, looks good, nice won writing it up so quickly. I support AIP-20 as drafted.
Three small additions to consider before it goes to Snapshot:

  1. A short weekly public report on the liquidity position (price impact for 0.5/1/2 ETH trades, median volume, traders, fees and value against holding).
  2. Signers may withdraw the position early only for a security risk, and must report it. Any re-entry or increase needs a new vote.
  3. A voting period of 4–5 days rather than 2, so holders in every time zone can take part.

innocent: thanks, I’ve fixed the Chinese version. bZ, could you post the Development Draft on the forum so it’s in one place for Step 2?

11

One practical note before this goes to Snapshot: the AssangeDAO space is set to a fixed 2-day voting period, a 1-day delay and single-choice voting, which is what AIP5 and AIP7 decided in 2022. So a 4–5 day period needs a space admin to change the setting first, and it would be cleanest for AIP-20 to say that it departs from AIP7 and why.

The same will apply to the ranked-choice ballot planned for Step 2: the space only allows single choice at the moment, and single choice is what AIP5 chose.

12

The single-option option seems to limit the scope of discussion. 10 ETH is too small to activate the trading market. Could we open up more optional channels, such as 20 ETH or 30 ETH for a trial? This would better reflect the community’s wishes and fairness.

13

是的，10eth太少了，建议用20到30的eth，更好看出市场的反应，感觉您今天积极的推进

15

Thanks for putting this together. I’m really glad to see AssangeDAO moving forward again after being largely quiet for the past year. I think the phased approach and the idea of letting real data guide the next decision are both very reasonable.

I do have one concern about Step 1: I think 10 ETH may be too small for the initial liquidity pilot.

If the purpose of the pilot is to determine whether additional liquidity can meaningfully improve the $JUSTICE market, the initial position needs to be large enough to produce meaningful results. With only around 10 ETH added, the impact on price impact, trading depth and overall market quality may be too limited to give us a clear picture.

Since we are already proposing to use a relatively small portion of the treasury for the first stage, I would be more comfortable with something closer to 20 ETH for the initial liquidity allocation. This still leaves the vast majority of the treasury untouched and preserves the staged approach, while giving the pilot a better chance of actually improving the market.

I also think this is particularly important because AssangeDAO has been relatively inactive for about a year. If we are going to restart, we should try to make the first step meaningful enough to demonstrate that the DAO can actually improve the $JUSTICE ecosystem.

That said, I strongly support the principle of starting gradually, publishing weekly data, and allowing holders to decide the next stage after 90 days. I think that gives us a good balance between protecting the treasury and putting it to productive use.

Overall, I’m very happy to see this discussion moving forward. Hopefully this can be the beginning of a real restart for AssangeDAO.

16

Hopefully this marks a promising start. We will gradually refine it based on real‑world conditions going forward. Once the mechanisms are well‑aligned, everything else will fall into place.

17

是的，一切都会越来越好，为正义加油，期待阿桑奇来社区

18

As long as the mechanism is sorted out, we can take it slow afterward. Just like China’s reform and opening-up in the early 1980s, we cross the river by feeling the stones!

19

Thanks everyone. After a few days of discussion I think we’re close, so here is my summary of where we’ve landed, written as suggested changes to AIP-20. Zylo, it’s your proposal, so please take what’s useful.

What stays as Zylo drafted
• Staking: 30% of treasury ETH (about 60 ETH) is staked with Lido as wstETH. No leverage, no restaking. All rewards go to the Perpetual Fund. As agreed earlier, the rewards are not spent until holders have voted on the updated mission. The liquidity below comes only from unstaked ETH.
• Liquidity stage 1: about 10 ETH plus the treasury’s own JUSTICE, as a 50/50 full-range position in the existing JUSTICE/WETH 1% Uniswap v3 pool, held by the Safe directly. The 10 ETH cap includes any ETH used to buy JUSTICE.
• Everything else, including the Clock, stays in the Safe. This vote does not authorise any later stage.

Suggested additions

  1. How 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 (ETH and staked ETH held by the Safe, divided by total JUSTICE supply). JUSTICE trades at about 3.4 times that today, so this leaves room for normal movement but stops the treasury buying into a squeeze. Parts that can’t 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.
  2. Weekly public report, using the measures innocent set out: price impact for 0.5, 1 and 2 ETH trades in each direction, median daily volume, distinct trading addresses each week (all excluding the treasury’s own trades), JUSTICE bought and at what average price, fees, and value compared with simply holding. I’m happy to prepare it, or to support anyone else who’d like to.
  3. 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.
  4. A route to 20 ETH: after six weekly reports, a short Snapshot vote on adding a second 10 ETH under the same rules. Logan, Alex and Ligreen asked for a bigger first step, and this gets there in about two months if the data supports it. I looked at an automatic trigger instead, but volume here moves so much with news (a median of about 1.4 ETH a day in the 30 days before 5 Oct, and 4–6 ETH a day since this thread started) that holders reading the reports is the fairer test.

Step 2 and voting

• At around 90 days, Step 2 puts the larger decisions to holders with real data: my Perpetual Fund structure, the options in bZ’s Development Draft, Alex’s 30–40% liquidity path, innocent’s stage 2, and buy-and-burn paid from staking rewards. The staked principal itself is never used for this.
• Correction: I earlier suggested a ranked-choice ballot. innocent pointed out that AIP5 chose single-choice voting (or approval voting at the author’s choice), so Step 2 will follow AIP5.
• AIP-20 itself is a simple For/Against on Step 1. The multi-option choice Alex and ggbonk asked for belongs in Step 2.
• AIP-20 uses the standard settings: a 1-day delay and a 2-day vote. I’ve withdrawn my 4–5 day suggestion.

Timing

• Comments on this summary are welcome until the upload.
• Zylo uploads the final AIP-20 to Snapshot at 00:00 UTC on Thursday 8 October (08:00 Beijing).
• Voting opens at 00:00 UTC on Friday 9 October and closes at 00:00 UTC on Sunday 11 October. We’ll announce it on the forum, X, Telegram and weChat so every time zone can take part.
• If it passes, signers begin execution within 72 hours, as AIP-15 requires. Staking first, then the position.

That gets the stake done that holders approved a year ago, gets liquidity working with a clear route to 20 ETH, and leaves the bigger decisions to holders once we have real data. As pengyou put it: cross the river by feeling the stones.

中文版

感谢各位。经过三天的讨论，我认为我们已经接近共识。以下是我对讨论结果的总结，以对 AIP-20 修改建议的形式提出。Zylo，这是你的提案，请酌情采纳。

保持 Zylo 草案不变的部分
• 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。按此前的共识，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。
• 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。
• 其余资产（包括 Clock）留在 Safe。本次投票不授权任何后续阶段。

建议补充

  1. JUSTICE 的买入方式：通过 CoW Swap TWAP 订单，至少 14 天，每日等额分批。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（Safe 持有的 ETH 与已质押 ETH 之和，除以 JUSTICE 总供应量）。目前 JUSTICE 价格约为该值的 3.4 倍，因此这一上限既留有正常波动空间，又能防止国库在逼空行情中买入。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。
  2. 每周公开报告，采用 innocent 提出的指标：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），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。我愿意负责准备，也欢迎其他人承担，我会全力支持。
  3. 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。
  4. 通往 20 ETH 的路径：六份周报之后，就按相同规则追加第二批 10 ETH 进行一次简短的 Snapshot 投票。Logan、Alex 和 Ligreen 希望第一步更大，如果数据支持，大约两个月内即可达到。我也考虑过自动触发，但这里的交易量受消息影响太大（10 月 5 日前 30 天的日交易量中位数约 1.4 ETH，本帖发布以来每天 4–6 ETH），由持币人阅读报告后决定更公平。

第二步与投票
• 约 90 天后进行第二步，在掌握真实数据后把更大的决定交给持币人：我的永续基金结构、bZ《发展草案》中的方案、Alex 的 30–40% 流动性方案、innocent 的第二阶段，以及用质押收益回购销毁。已质押的本金本身绝不用于此。
• 更正：我此前建议采用排序投票。innocent 指出 AIP5 选择的是单选投票（或由作者选择认可投票），因此第二步将遵循 AIP5。
• AIP-20 本身是对第一步的简单赞成/反对表决。Alex 和 ggbonk 希望的多选项表决，放在第二步进行。
• AIP-20 采用标准设置：1 天延迟，2 天投票。我撤回 4–5 天的建议。

时间安排
• 欢迎在上传前对本总结提出意见。
• Zylo 将于 10 月 8 日（周四）UTC 00:00（北京时间 08:00）把 AIP-20 最终文本上传至 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。我们会在论坛、微信和 Telegram 公布，方便各时区参与。
• 如获通过，多签人按 AIP-15 要求在 72 小时内开始执行：先质押，再建仓。

这样，持币人一年前批准的质押得以完成，流动性开始运作，并有一条通往 20 ETH 的清晰路径，更大的决定则在掌握真实数据后交给持币人。正如 pengyou 所说：摸着石头过河。

20

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.

2. 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.

3. 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.

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. The Safe holds the position directly. The 10 ETH cap includes any ETH used to buy JUSTICE.

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. 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.

3.3 Report

A public report each week: 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.

4. Voting Options

A. For
B. Against

5. 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。

2. 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。

3. 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。

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。

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。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。

3.3 报告

每周公开报告：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。

4. 表决选项

A. 赞成
B. 反对

5. 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。

21

Thanks, Gabriel and Zylo. AIP-20 is clear, and the route to a second 10 ETH after six reports answers the size question without holding up the first step.

I support it as written and will vote For on Friday.