IIP-23: The Marshall DAO – Empowering IoTeX Stakeholders to Shape the Future of DePIN

Imagine a world where IoTeX stakeholders have a direct say in how to allocate $IOTX incentives to grow the ecosystem.

A world where DePIN projects are vetted and funded by the community, and network-wide initiatives are driven by the collective wisdom of "true believers."

This is the vision behind IoTeX Improvement Proposal 23: The Marshall DAO, a Decentralized Autonomous Organization (DAO) poised to transform the DePIN landscape.

And we need YOU, our community, to vote.

But what exactly is The Marshall DAO?

The Marshall DAO is a Decentralized Autonomous Organization (DAO) that will employ a vote-escrow on-chain governance model. The purpose of The Marshall DAO is to enable IoTeX stakeholders to make proposals regarding how to allocate $IOTX incentives to grow the IoTeX ecosystem, including onboarding reputable DePIN projects and funding network-wide initiatives. This creates a transparent and meritocratic system where the best ideas bubble to the top, propelled by the collective wisdom of the community.

Why is this important?

The DePIN sector is booming, with exciting projects popping up across various industries. But there's a missing piece: a unified, transparent, and effective incentive program that aligns everyone's interests.

The Marshall DAO fills this void by giving DePIN stakeholders the reins. They get to decide where the money goes, ensuring that it's used to fund the most promising projects and initiatives that will benefit the entire DePIN ecosystem.

Think of it as The Marshall Plan for DePIN.

Just like the real-life Marshall Plan that helped rebuild Europe after World War II, The Marshall DAO aims to revitalize and propel the IoTeX network and DePIN as a whole, forward. By putting the power in the hands of the community, we can create a system that's fair, efficient, and driven by a shared vision of DePIN's future.

So, how does it work?

The Marshall DAO uses a vote-escrow on-chain governance model. This means that the more $IOTX you stake in the DAO, the more voting power you have. This ensures that decisions are made by those who are most invested in the long-term success of IoTeX and DePIN.

The heart of The Marshall DAO beats with $veIOTX, a vote-escrowed version of $IOTX, which is earned by locking your $IOTX for a specific period. With $veIOTX, you can:

• Propose and vote on funding allocations: Drive the growth of DePIN projects and network initiatives by directing $IOTX incentives through gauges representing specific proposals.
• Earn rewards: Benefit from project incentives like transaction fees or new tokens.
• Boost your staking yield: Maximize your $IOTX staking returns through innovative mechanisms.

Where The Marshall DAO Gets Its Money (and Where It Goes)

The Marshall DAO is poised to be a game-changer for the IoTeX ecosystem, but how exactly will it be funded? And where will those funds be directed? The money comes from several sources:

• The IoTeX Foundation: They'll be providing an initial injection of funds and ongoing top-ups, ensuring the DAO has a strong foundation.
• Network Revenue: L1 fees, gas charges, and even potential W3bstream income will all flow into the DAO, directly linking its success to the overall health of the network. This effectively merges IIP-15 into the DAO structure.
• Donations: Anyone can contribute to the DAO's cause in various currencies, including $IOTX, $USDT, $ETH, and even DePIN assets. Community support is crucial for the DAO's long-term sustainability.
• Burn-Drop: Remember that massive Burn-Drop program? 300 million $IOTX from the "MachineFi DAO" allocation will be immediately added to the Marshall DAO at launch. The remaining "Burn" and "Drop" portions (250 million $IOTX) will follow after Phase 5 is complete, which is expected by the end of 2024.
• Future Sources: The community will have the power to vote on additional funding sources in the future, ensuring the DAO remains flexible and adaptable.

IoTeX community members who care about on-chain governance can shape how $IOTX from the DAO funds projects ("gauges"). They can propose, debate, and vote on who gets the money, happening regularly. For example:

• 💦 Liquidity Boost: Fueling DEX trading pairs for promising DePIN projects.
• 🚀 Launchpad: Sponsoring early-stage DePIN initiatives, igniting the DePIN revolution.
• 📈 Growth Engine: Accelerating existing DePIN projects by enabling dual-mining of $IOTX alongside their own tokens.
• 🏆 Public Good Grants: Funding blog series, documentaries, or even memes that spread awareness about DePIN and IoTeX.
• 🎁 Donations: Support IoTeX adoption by donating $IOTX, $USDT, $BTC, $ETH, or other DEPIN assets directly to the Marshall DAO smart contract address. Optionally receive public recognition in the "Hall of Fame" for your contribution!

But wait, there's more!

The Marshall DAO is not simply a fresh start; it is a culmination of the progress of IoTeX thus far. It proposes merging previously successful IIPs and IoTeX programs like Burn-Drop, leveraging existing network tools like $IOTX staking via NFT buckets. This creates a powerful synergy, drawing upon the strengths of established initiatives to build an even more robust and effective DAO.

And for those who have been with us since the MachineFi DAO, don't worry! The Marshall DAO builds upon the original MachineFi DAO concept, giving MFI NFT holders a boost in voting power by 0.1% for each MFI NFT owned, up to a maximum of 100 NFTs per wallet, adding up to a potential maximum boost of 10%. This ensures that the community that helped lay the groundwork for The Marshall DAO continues to have a say in its future.

By passing this IIP, the IoTeX community empowers itself to drive its own growth. This is not just about allocating funds; it's about building a future where $IOTX holders take the wheel, shaping the DePIN landscape and propelling the IoTeX Network to new heights.

Read the full proposal here and vote now!