***DIP-3 & 10: Amendment 1

Headline: Upgrading billing formulas and streamlining the means of creating DIMO Credits

Author: The DIMO Foundation

Submitter(s): The DIMO Foundation [0xCED3c922200559128930180d3f0bfFd4d9f4F123]

Status: Review

Voting URL: Pending

Discussion Forum: Discord #🗳️governance forum

Vote Type: Level 3

NOTES: DELETE BEFORE PUBLISHING

Mint DCX using USDC and reward nodes in USDC

$1.25 gets you 50k requests within 30 days (not a calendar month... 30 days...)

DCX = $0.000025. $1.25 gets you 500,000 DCX.

One DCX gets you one query response line. e.g., lat, long, fuel ever 15s for from 12:00 - 12:01pm = 3 signals * 4 intervals = 12 DCX

Because costs don't scale linearly, and rather increase, there should be a multiplier on DCX cost based on responses in a single query. E.g., (1 + count of items/1000) DCX per item

Webhooks = 100 DCX per event

Abstract

Motivation

Specification

// If passed, this proposal would replace the Abstract with:

// and would replace the Specifications with:

// and would adjust the specification section of DIP-10 as follows

DIMO Credit (DCX)

A stable credit pegged to $0.0001 USD that can only be created and purchased with USDC$DIMO. Once DCX is spent, it is burned and cannot be reused. 60% of all USDC collected by minting DCX is automatically converted into $DIMO and burned.

Implementation

If passed, DIP-3 would be updated as specified above after the four day timelock concludes.

Copyright

Copyright and related rights waived via CC0

Citation

Please cite this document as:

The DIMO Foundation, "DIP-3: Amendment 2", November 2024. [Online serial]. Available: [https://github.com/DIMO-Network/DIP]

Changelog

Feb 7, 2025: Corrected a typo. 1 DCX has always equalled $0.0001 USD, not $0.001 USD

Disclaimer

The contract addresses for $DIMO are 0x5fab9761d60419c9eeebe3915a8fa1ed7e8d2e1b on Ethereum and 0xE261D618a959aFfFd53168Cd07D12E37B26761db on Polygon. Please always confirm that you are interacting with these contract addresses and not those of a fraudulent imitator. This proposal may not be enacted if it violates Cayman Islands law. Please triple check that any communications are authentic as it’s common for scammers to try to trick you into sending them crypto or into revealing your private keys.

Certain statements in this document constitute forward-looking statements. The words “may,” “will,” “should,” “project,” “anticipate,” “believe,” “estimate,” “intend,” “expect,” “continue,” and similar expressions or the negatives thereof are generally intended to identify forward-looking statements. Such forward-looking statements, including the intended actions and performance objectives, involve known and unknown risks, uncertainties, and other important factors that could cause the actual results, performance, or achievements to differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and nothing in this document represents a promise of specific work to be completed in the future.