Governance Update #1
Introducing Governance Updates
As mentioned in Issue #8 of the Alchemix Journal, this new publication has been added to provide timely updates on Alchemix Governance matters. In the future, soon after an AIP vote concludes, a summary of the AIP and any available information about implementation will be posted in this section of the newsletter. If you’d like to receive more timely governance updates, subscribe to this section. Otherwise, you can continue to read the main newsletter as usual - which will link all governance updates posted here since the last newsletter.
See below for a summary of all governance proposals since Alchemix Journal Issue #7.
AIP-36 v2 Initial Guarded Launch and RFC for launch params
Alchemix co-founder Scoopy Trooples proposed the initial conservative launch configuration for Alchemix v2, for consideration by the community. This proposal was written in anticipation of a subsequent AIP to propose a transition to a post-guarded phase.
AIP-37 Stake half of owned POL to accumulate BENT
The BizGov SubDAO wrote this proposal to determine if Alchemix should deposit a portion of its protocol-owned alETH and alUSD liquidity to start earning BENT rewards. The BENT rewards will help the protocol to obtain more CVX voting power. This proposal had 3 options to vote on:
Option 1: Stake ½ of currently owned Protocol Owned alETH and alUSD liquidity in BENT
Option 2: Stake ¼ of currently owned Protocol Owned alETH and alUSD liquidity in BENT
Option 3: Do Nothing
AIP-38 Gitcoin Grants Round 13
Scoopy Trooples proposed that Alchemix become a Gitcoin Grants Matching Partner by contributing a sum of $50,000 in ALCX tokens. These ALCX tokens would be drawn from the pool of ALCX earned by Alchemix as part of its Protocol-Owned Liquidity initiatives (Sushi ALCX/ETH SLP + Votium vlCVX incentives).
This grant would allow the protocol to support the Ethereum ecosystem (public goods), promote Alchemix, and build relationships. In addition to supporting the ecosystem, ALCX will also go towards the Support for Ukraine round and the Longevity/Anti-Aging round.
AIP-39 alUSD v1 Transmuter Migration to AMO and Boosted Yield
Scoopy Trooples proposed a migration schedule for the Alchemix v1 Transmuter balance to be migrated to the new Alchemix v2. Per the proposal, this would occur according to a defined schedule over the course of 6 weeks.
Additionally, a new Algorithmic Market Operator (AMO) was proposed. The AMO has advanced peg-maintenance functions and is expected to enhance v2 Transmuter functionality, promote TVL growth, and turn the protocol’s liquidity pool from an operating expense into a source of revenue.
This proposal focused on the alUSD AMO, with plans to launch the alETH AMO after the alUSD portion is up and running successfully. At time of publication, both AMOs are live. Check out the proposal for details on how the AMO will operate.
AIP-40 Alchemix Core budget request
The Alchemix Core Team requested a rolling quarterly budget of $450k, normalized to standard periods for financial quarters. If passed, funds will be added to bring the operational MultiSig stablecoin balance up to $450k for the budget. Each new quarter will require topping up the balance, so any unspent funds become savings for the protocol. The protocol also mentions some new hires to the Alchemix team - Alchemix is growing! Check out the proposal for more details.
AIP-41 Alchemix v2 alETH Unguarded Launch Configuration
This initiative from the BizGov SubDAO outlined the proposed vault parameters for the unguarded alETH v2 launch, expanding on AIP-36 for the guarded launch. It also covered accepted collateral types, LTV ratios, and deposit/collateral caps. Additionally, this proposal outlined a plan to migrate from the v1 alETH vaults.
AIP-42 Fantom Launch Omnibus Proposal
Scoopy opened this proposal to expand the Alchemix footprint onto L2s and EVM chains, which was previously delayed to prioritize the v2 launch. Now that v2 is here, this proposal opened the discussion to launch on Fantom as Alchemix’s first multichain expansion. The proposal included initial launch parameters covering collateral types, deposit, liquidation, and repayment caps, LTV ratios, and MultiSig functions to adjust these parameters once the system is deemed viable. Check out the proposal for full details of the Fantom launch.
AIP-43 Alchemix v2 alUSD Unguarded Launch Parameters
This proposal from the BizGov SubDAO outlined the proposed vault parameters for the unguarded alUSD v2 launch, expanding on AIP-36 for the guarded launch. It covered accepted collateral types, LTV ratios, and deposit/collateral caps. The proposal also covered MultiSig operations relative to debt/deposit cap operations, which will shift the debt/deposit cap from v1 to v2 in increments.
AIP-44 Seed alUSD/BEAN Curve Pool [Postponed]
Community contributor 0xFelix proposed a collaboration with Beanstalk on a new Curve alUSD/BEAN pool, whereby each protocol would seed the pool with $250k in their respective token.
The alUSD for this pool would be drawn from the already overweight alUSD-3CRV Curve pool as part of an AMO operation, or alternatively through existing Alchemix Protocol-Owned Liquidity (POL) reserves.
If approved, Alchemix and Beanstalk would subsequently propose that this new alUSD/BEAN pool is integrated into the Beanstalk Silo system, opening up additional benefits for users. Alchemix would be authorised to withdraw its $250k alUSD once the pool holds more than $10M in TVL.
This proposal was abandoned on the final day of voting after Beanstalk suffered a flashloan exploit. The Alchemix community may choose to revisit this proposal in future.