AIP-65 ALCX/SDL token swap with Saddle DAO
Status: AIP-65 is up for a snapshot vote until October 1, 2022 at 14:00 UTC
Alchemix DAO and Saddle DAO are working on a joint proposal to achieve a token swap and a lock agreement between the protocols. The goal of this agreement is to strengthen the partnership and communities of both protocols and to provide Alchemix voting power in Saddle gauges. AIP-65 specifically calls for a transfer of 1.5 million SDL tokens from Saddle DAO and an equivalent dollar value of ALCX from Alchemix. Both protocols will agree to lock the tokens received in this swap for a max duration of 4 years. This proposal will also redirect ALCX incentives from Saddle’s alETH pool to veSDL holder bribes for 6 weeks. After this time period, another proposal will be raised to reassess this distribution. See the full proposal for additional details.
Since the last update…
AIP-64 passed a snapshot vote, authorizing the multisig to purchase $500k of YFI, $250k immediately and $250k over the next 3 months with the timing at the discretion of the multisig. This YFI will be locked in veYFI when released and will be used to vote for yvDAI and yvWETH gauges. Note, YFI has indicated to the Alchemix team that some features are still pending final approval. Alchemix is in communication with YFI to verify that all necessary features will be included prior to executing the first purchase.