Governance Update #30
Snapshot voting is live for AIP-78, AIP-82 Part 1 and 2, AIP-83, and AIP-84!
AIP-78 Deploy funds in Blueberry
Status: AIP-78 is up for a snapshot vote until February 22, 2023 at 03:00 UTC
This proposal allocates $500k of treasury owned ALCX tokens to a new DeFi tool from Blueberry that enables lenders to earn low risk, passive income and borrowers to take more risk to earn high yields with leverage. Blueberry is a new multi-step aggregator that is backed by Chainlink and has been audited by several firms including Hacken and Sherlock. The team at Blueberry would like to partner with Alchemix to create custom strategy vaults for Alchemix related pools. Since the recent ALCX withdrawal from Tokemak, the treasury owned ALCX is sitting dormant; this would be an opportunity for the protocol to earn income from these assets. If approved, the first two months of yield will be boosted by Blueberry, expecting a calculated APR of 24% during this period. Alchemix is not in the habit of funding new protocols, but in this case, the protocol has an option to insure the ALCX deposit through Sherlock, making this proposal a possible exception. While this proposal is geared mostly towards the Alchemix treasury, the broader community would also be able to lend ALCX and trade on leverage through Blueberry, although lending rates are not expected to outpace gALCX staking at this time. Read the full proposal for more details on Blueberry, the vaults, and potential strategies.
AIP-82 Part 1 - Approve Migration of ALCX Liquidity to Balancer
Status: AIP-82 Part 1 is up for a snapshot vote until February 22, 2023 at 03:00 UTC
Adding to the effort of new ALCX tokenomics, this proposal takes some of the first big steps in making veALCX a reality. Under the new tokenomics model, Alchemix will be able to generate revenue by influencing gauges with veALCX voting power. In order to achieve this, the protocol needs to transition liquidity that is currently in the Sushi ALCX/ETH pool (50/50) to a new Balancer ALCX/ETH pool (80/20). This transition will allow the protocol to apply for a Balancer gauge and influence emissions through gauge votes with locked BAL (veBAL) or locked AURA (vlAURA) tokens. The migration of Sushi liquidity and incentives to Balancer will be a gradual move, occurring over several weeks to allow individual liquidity providers time to move funds. Take a look at the full proposal for further details on veALCX and the Balancer pool.
AIP-82 Part 2 - Execute Strategic Acquisition of AURA
Status: AIP-82 Part 2 is up for a snapshot vote until February 22, 2023 at 03:00 UTC
Part of the Balancer pool voting power is rooted in locked AURA tokens, or vlAURA. If approved, this proposal will allow the treasury to convert roughly $165k worth of TOKE into AURA and lock these tokens. This purchase and locking of AURA will position the protocol to participate in the BAL gauge wars and provides Alchemix with a potential revenue stream through bribe yield on unused voting power. Based on the recent unstaking of tALCX from Tokemak, and that the protocol owned TOKE does not provide any immediate benefits to support alAssets, this conversion of assets from TOKE to AURA is a strategically beneficial move for Alchemix. Be sure to read Part 1 and Part 2 of this proposal to understand the vision of the new ALCX tokenomics.
AIP-83 Alpha Vaults Update
Status: AIP-83 is up for a snapshot vote until February 22, 2023 at 03:00 UTC
This proposal expands on previously approved AIP-47, which set the stage for Alpha Vault creation and progression on Alchemix v2. Under AIP-47, only a select number of strategies were presented and approved. If passed, AIP-83 will allow the core team to launch any new strategy as an Alpha Vault that meets the launch parameters defined in AIP-47. Some of these include internal audits, deposit caps, and harvest thresholds. Refresh your memory on AIP-47 and vote on AIP-83 today!
AIP-84 Pre-authorize grant funding to create Alchemix Leveraged Vaults
Status: AIP-84 is up for a snapshot vote until February 20, 2023 at 22:39 UTC
Community member LogrisTheBard submitted AIP-84 to officially kick-off a leveraged vault strategy on Alchemix with a grant from the protocol. The vaults are similar to Yearn vaults, but utilize Alchemix as the source of yield to implement the leveraged yield strategy. This would include the use of lvToken pools, flashloans, and the Alchemix v2 contract to access double yield options on deposits for Alchemix users. This proposal will approve $10k in stablecoins to fund LogrisTheBard’s development efforts, only to be paid upon completion of the deliverables to Alchemix. Checkout the strategy whitepaper and vote on this proposal! If you are interested in contributing to this project’s development efforts, reach out to LogrisTheBard#0557 on the Alchemix discord.
Since the last update…
AIP-79 passed a snapshot vote approving a partnership with Revest Finance and kicking off the effort to reduce the incentivization cost/unit of alETH liquidity. This will be done by making transmuter yield more accessible and predictable.