AMA review：Announcement on the Organization Change of Defibox Foundation
AMA Contents
Q1：Can you summarize major points Organization Change of Defibox Foundation?
1. Newdex stops funding Defibox projects and no longer participates in Defibox’s strategic formulation and major decision-making. Defibox will be independent from Newdex;
2. The former member of the Defibox Foundation and project leader, will be responsible for Defibox’s future strategic planning, product development and market operations.
Based on the above plans, when the foundation organization is changed, Defibox will be completely independent from the Newdex. At the same time, it is planned to dismiss the Defibox Foundation and launch the DAO Board to govern Defibox.
Q2：What are your considerations for this change concerning Newdex and Newly Reorganized Defibox Team?
Defibox has been in development for more than a year. With Newdex’s early funding and continuing support, Defibox has gradually developed into an EOS leading DeFi project and successfully bridged to BSC on its first anniversary to start a new journey. Defibox was born from Newdex.
However, with the continuous development of the project, both Defibox and Newdex have their own goals and plans. The vision and opinion inside Defibox Foundation are highly divided due to the nature difference between Defibox and Newdex. Defibox Team is highly relying on the fund support from Newdex and the team is lacking independence for a long time. This dependency already has already shown negative effect on cross-chain strategy, new project development approach, etc.
In order to reduce decision-making costs, improve development efficiency, and enable Defibox to achieve better development, the Defibox Foundation makes a proposed organizational change after negotiation with Newdex.
Q3：Does this organizational change concerns work handover? Is the New Defibox Team totally new? What will the relationship between Newdex and Defibox become now?
The organizational change concerns work handover. The new Defibox team will take over the asset of Defibox. Everything is going fine.
The new Defibox team absorbs the former Defibox core members from tech, product, test and operation departments. The former member of the Defibox Foundation and project leader, will be responsible for Defibox’s future strategic planning, product development and market operations. We also hired several professionals for the future project development.
The new Defibox team still has a good relationship with Newdex. There is no dispute problem like community worried. The change is based on negotiation and share deal.
Q4：Since Newdex will stop funding the Defibox. For the new Defibox team, how are they going to sustain?
At present, we get funds by using our fund reserves provided by shareholders. However, we are planning to dismiss the Defibox Foundation soon. Together with new BOX DAO Board, we will find a way to make Defibox a sustainable project and creating value for BOX holders.
We believe the current economical model of Defibox is not doing good for Defibox. For a project, the team behind has no income and this hurdles the development of Defibox. We will communicate with DAO Board and hope to get a solution.
Q5：Can you elaborating on dismissing the Defibox Foundation and launching the DAO Board to govern Defibox?
We will communicate with Defibox DAO for the issues like funding, etc.
1. Govern Defibox through DAO, open up proposal rights, and achieve a true decentralization, which is beneficial to the long-term development of Defibox.
Anyway, this topic is pretty big, and we will discuss next time.
Q6：10% of the protocol income is still used as a return to Newdex. Can you explain this?
In the early stage of the Defibox project, Newdex gave great supports to Defibox in terms of technically and financially. Defibox has no income at all and totally sustain by the fund support from Newdex. The acheivement of Defibox to become the leading DeFi project on EOS cannot leave without the support from Newdex.
Through the proposal DIP21, Newdex gave up the BOX token rights obtained from early funding and traded for 10% of the income of the Defibox protocol. Therefore, Newdex still enjoys 10% of the income from the Defibox protocol. However, Newdex will no longer participate in Defibox’s strategic formulation and major decision-making and Defibox will get more independent development space. We welcome all interest-related parties including Newdex to give us various suggestions and help. We appreciate any help that would be beneficial to the development of Defibox.
Q7：Defibox has its own goals and plans, What are your goals and plans?
What difference will this revolution brings?
The new Defibox team has absorbed the core members of the original Defibox. We still inherit some of the good traditions. For example, “safety first” principle, which is always the same. But in terms of project development and operation ideas, we will be bolder and willing to try new things. The new team has also recruited several professionals in this industry as a talent pool. In response to recent changes in EOS, we will keep up with the pace and respond quickly; always pay attention to changes in the market environment and make timely adjustments according to the market.
Our recent plans include, priority implementation of key projects on the roadmap, BP elections, NFT, etc.