Governance Update #11

Snapshot voting is live for AIP-57!

AIP-57 Temporary Elixir Harvest Framework

Status: AIP-57 is up for vote until August 1, 2022 at 18:00 UTC!

The Alchemix Elixir (AMO) has accumulated about $900k in rewards between CRV and CVX, which have been recently harvested and are currently sitting idle in the treasury. With the alUSD and alETH Elixirs representing a large part of the Curve/Convex pools, the accumulation of CRV and CVX  is expected to continue. This proposal serves to utilize these rewards more effectively until the new veALCX and DAO tokenomics are implemented. This temporary Elixir framework should better support the protocol in the short term by strengthening liquidity pools, allowing the vaults to scale, and funding the core operations without selling protocol reserves. There are a few facets to the interim framework, so check out the full proposal for details!

Since the last update…

AIP-56 passed a vote here, approving the launch of the new migration tool for vault contracts.

Warden Quest Update!

Back in June, AIP-50 was voted on and passed, approving the first Warden Quest. Since then, the cost of bribes for veCRV voters has approximately equalized with vlCVX voters. Additionally, the volatility of bribe prices means that the Quest rewards need to be updated each voting epoch (one week for veCRV). Most of the bribes also went to sdCRV voters, of which Alchemix is one of the largest, and vlCVX voters, which are already bribed by Alchemix. Warden is continuing to work on improvements to the system to address these issues, but in the meantime, the Alchemix Quest will not be continued.