[AIP 48] Tokemak C.o.R.E.3 Vote Allocation Update

Alchemix enters a strategic partnership with ROOK

The 3rd Tokemak Collateralization of Reactors Event (C.o.R.E.) was held between Monday the 2nd of May and Monday the 9th of May. As a significant TOKE holder with over 1.2 million votes, Alchemix held discussions with multiple projects to determine how it would vote.

Alchemix worked with a friendly TOKE whale to control a total of ~3.7m votes, which was ultimately allocated to the ROOK reactor. ROOK controls a large amount of vlCVX and can potentially assist with the automation of the Alchemix AMO Elixir, both of which made them an obvious choice of partner for C.o.R.E.3. 

The deal with ROOK was conditional on ROOK receiving a reactor - the final hours and minutes of C.o.R.E.3 were very eventful, featuring some last-minute bribes, discussing backup plans, and many many (many!) voting swings, with ROOK finishing in 6th place. However, due to the recent events involving the Terra ecosystem and its LUNA reactor, ROOK was ultimately slotted into 5th place and sCoREd a reactor! 

Live look at the last hour of C.o.R.E. voting

For Alchemix’s assistance in helping ROOK secure a reactor, the following actions will be taken by ROOK and Alchemix:

1. ROOK will allocate their full (~373k) CVX in voting power, for the next 4 Convex epochs (8 weeks), equally split between the respective alUSD and alETH Curve pools.

2. Alchemix will continue ALCX bribes for both pools with no modifications. ROOK is committing to the long term holding the ALCX they collect from these bribes, to take advantage of the upcoming ALCX tokenomics revamp. 

3. During the 8-week period, Alchemix will allocate their vlCVX to Votium to collect bribes that will be sold for CRV. This creates an added benefit for ROOK, reducing competition for the ALCX bribes.

During these 8 weeks, Alchemix will begin to vote with its own sdCRV, as well as look into other bribe platforms, partnerships, and ways to accumulate CRV/CVX assets and aligned votes.

For Alchemix, ROOK’s 4 cycles of CVX votes offered a few benefits that made this a more attractive offer than a simple OTC token deal. Many of the OTC token deals required the tokens to not be sold, or required collecting of Hidden Hand bribes that would have been diluted by Alchemix’s participation.  With the ROOK offer, additional CVX votes have the double benefit of attracting more liquidity to the alAsset curve pools and generating more revenue for the remaining AMO funds. Additionally, Alchemix will be able to send emissions to an aligned Alchemix partner that will hold them, instead of to Votium where they are likely to get sold immediately.

We are thrilled that our friends at ROOK have a shiny new TOKE reactor of their own, and are excited for the present and future of the partnership! 

C.o.R.E.3 results: https://www.tokemak.xyz/core
ROOK: https://app.rook.fi/trade