AIP-95A Multichain Response - Optimism and Arbitrum
Status: AIP-95A is up for a snapshot vote until July 31, 2023 at 22:37 UTC
This proposal reacts to the recent Multichain exploit, which affected over $125M of funds on the platform, including many assets that Alchemix held on Arbitrum, Optimism, and Fantom. These funds are no longer able to bridge back to mainnet and, therefore, are no longer backed. AIP-95A seeks to restore the backing of all ARB and OP assets affected by the Multichain exploit in a way that minimizes the financial impact to the DAO and increases the short to medium term DAO revenue. This will be done by withdrawing alUSD and alETH from mainnet AMO Elixirs and bridging them to Optimism, as well as using additional treasury assets from the Arbitrum and Optimism Dev Multisigs. AIP-95A goes into detail on how this exploit affects Alchemix, so be sure to read the proposal to fully understand the situation. And don’t forget to vote!!
AIP-95B Multichain Response - Fantom
Status: AIP-95B is up for a snapshot vote until July 31, 2023 at 22:37 UTC
Much like AIP-95A, this proposal aims to address all bridged FTM assets affected by the Multichain exploit by using the DAO treasury. However, the solution for assets on FTM is different from those on OP and ARB. AIP-95B proposes to create a refund distribution system for holders of FTM-alUSD and FTM-gALCX on Optimism. If approved, this will be funded using roughly $150k of alUSD and 5,590 gALCX from the Alchemix treasury. The tool will allow holders to bridge funds off of FTM while incurring a reduced loss compared to the actual impact of the Multichain breach. After which, the Fantom deployment and Alchemix assets on the chain will essentially be purposeless. Check out the full proposal for additional details on how this system will work.
Since the last update…
AIP-92 passed a snapshot vote, approving Connext as the new bridge to replace Multichain after the recent exploit and winding down Alchemix on Fantom
AIP-93 passed a snapshot vote, approving a $50k investment in Curvance, an Omnichain Yield Optimized Lending Protocol.