Governance Update #28
Snapshot voting is live for AIP-80, AIP-81, and veALCX Reward Token Naming!
AIP-80: Elixir AMO Buyback and Bribe
Status: AIP-80 is up for a snapshot vote until February 6, 2023 at 14:13 UTC
The Elixir AMOs for alETH and alUSD farm CRV, CVX, and 3CRV as rewards. The current AMO framework sells half of these rewards for stablecoins or ETH to fund treasury operations and the other half is kept as CVX/CRV and locked to increase the liquidity-directing assets that the protocol owns. Locking these rewards is a growth mechanism that provides long term benefits for the protocol. While Alchemix, as much of DeFi, is not in a growth cycle, the core team proposes these reward allocations are adjusted to have more benefit in the short term. The proposed allocation would be equal thirds for re-locking, treasury funding, and ALCX buyback and bribes. Allocating rewards to buybacks and bribes is expected to increase pool APRs, which should attract more LPs, strengthening alAsset prices and liquidity. Additionally, the APR increase should also increase revenue earned from the AMOs. Read the full proposal for additional details.
AIP-81: Approve Alchemix Grants Program Round 1
Status: AIP-81 is up for a snapshot vote until February 5, 2023 at 05:07 UTC
In August 2022, Alchemix participated in the Gitcoin Money Legos Hackathon. During this event, Alchemix witnessed for the first time how external developers were able to leverage the protocol as a building block in DeFi. The release of v2 Alchemix opened the door for Alchemix to be used as a “money lego” in DeFi, but has not been capitalized for the protocol to date. This proposal seeks to take advantage of this opportunity by creating an official Alchemix Grant program. The program will be funded by the treasury and run through Gitcoin’s upcoming Grants 2.0 infrastructure. If this AIP is approved, builders will be able to apply for grant money to create DeFi products that leverage Alchemix or benefit the protocol in some way. This proposal will create and set the parameters for the first trial grant round, which is set at $25k of funding. If successful, future grant rounds are intended to be ran once per quarter. This is an exciting proposition for the protocol and the DeFi space as a whole, so head over to AIP-81, read the details, and vote!
[Community vote]: New Token Name
Status: The Community Vote is up for a snapshot vote until February 7, 2023 at 01:00 UTC
Several times throughout 2022 the Alchemix community discussed updating ALCX tokenomics, which included the creation of veALCX and how the new token will function. Part of the development of veALCX will be the renaming of its reward token, which currently has a placeholder name of MANA, and Alchemix wants your opinion on this! So go out there and let us know what you think! Unfortunately, “Tokeny McTokenface” is not one of the options…
Since the last update…
AIP-76 passed a snapshot vote with ~35% of the vote. This approves alOHM as a new alAsset, deployment of an alOHM Alchemist on mainnet and yield strategy, creation of an alOHM/OHM pool on Balancer with allocation of weekly emissions, and deployment of an alOHM Elixir AMO. Note most of the vote was for “Abstain” which allowed the 50k quorum requirement to be met.