Launched in July 2021, Juicebox is a programmable funding protocol for Ethereum-based projects. Unlike popular traditional crowdfunding platforms like GoFundMe and Kickstarter, the deployment of funds on Juicebox is governed by smart contracts.
At the time this article was published, the protocol had nearly 1050 projects, collectively raising more than 51,000 ETH (approximately $76.5 million at current market prices). It is home to several high-profile DAO projects like Assange DAO, Constitution DAO, and MoonDAO.
In addition to helping projects raise funds, Juicebox also provides the infrastructure for DAO creators to manage their treasuries and issue tokens to their community. According to the company, its protocol is “light enough for a group of friends, [yet] powerful enough for a global network of anons.” In general, Juicebox is a multipurpose DAO-tooling platform that enhances the quick building and management of decentralized autonomous organizations (DAOs).
In this article, we will walk you through how to create your first DAO or crowdfunding campaign on Juicebox.
How to create a project on Juicebox?
- Select the “create a project” button once on the Juicebox site. You will be redirected to a page where you can start creating your project. Fill in the details of your project, such as the project name, description, logo, and social media links. There is also an option to customize what potential contributors will see before making a payment from this page.
- The next step is to choose a funding cycle – manual or automated. According to Juicebox, a funding cycle is “a set period of time in which your project settings are locked.” The manual option gives creators the freedom to start a new funding cycle at any time. On the flip side, choosing the automated option means that the project’s settings cannot be modified during the first funding cycle.
- In the next stage, you can specify your funding target in USD or ETH, with the option to choose between a specific funding target or an infinite target. In the case of a specific funding target, any extra cash raised will be locked in an “overflow” account that can be redeemed by contributors.
- Next, you can decide which addresses to pay and how to split the total payout amount each funding cycle. You can add multiple addresses or other Juicebox projects to receive payouts.
- Once payouts have been sorted, you can proceed to design how your project's tokens will work. This can then be used for governance or bounties. There is an optional step of rewarding contributors with NFTs in addition to the tokens.
- Proceed to set your reconfiguration rules, review, and launch your project by connecting your wallet. Supported wallets include MetaMask, Coinbase wallet, Ledger, WalletConnect, Trezor, and Keystone.
How to fund a DAO project on Juicebox?
Funding an existing project or DAO on Juicebox is quite easy. All you need to do is search for the project on the platform, connect your wallet, and select the amount you would like to contribute. You will be rewarded with tokens for doing so.
It is worth mentioning that the Juicebox platform is open to virtually everyone, and project settings can vary across projects. That said, it is important that you conduct your own research before interacting with any project on the platform since they are not vetted by the company.
What makes a successful DAO?
While the idea of starting and running a successful DAO may appear daunting at first, there are a number of things you can do to position yourself for success. Psuedonym self-proclaimed "senior fellow" at Juicebox, @0xSTVG, shared some exclusive insights with DAO Times about this.
According to him, the first step is to have a "goal" that contributors can "buy into." He said:
They know what the project is trying to achieve and so it's easier for someone to support the project financially. In some cases, the founders have an MVP that they can show potential contributors. Once people see and use products they get their own ideas. Sometimes those ideas align and that's where you begin building a community.
Beyond having a goal, the founders need to have "conviction" and must be "consistent." "Not only do the “founders” have conviction but they seem to attract contributors that share that same conviction [...] They are consistently building, updating, communicating and educating. Their motivation and existence becomes the mission they are trying to achieve," he said, adding that:
JuiceboxDAO contributors talk to new project creators daily. The dao tries to continually keep the web3 ecosystem informed of all things being worked on in Juicebox via a newsletter, twitter updates, weekly town halls and actively responding to questions in the discord. This allows for new contributors and community builders to easily jump in and ask questions so they can launch their projects effectively.