AIP-99 Updated - Mainnet alETH Rebacking Plan and Initial alETH/ETH LPer Refund Plan
Status: AIP-99 is up for a snapshot vote until October 18, 2023 at 23:43 UTC
In August there was an open discussion that detailed the Curve exploit and Multichain collapse, how that affected Alchemix and potential paths forward. AIP-99 puts forth a proposal that returns exploited funds to the LPers using CRV tokens from Curve DAO and alETH/ETH that was recovered from the exploit. Curve DAO is unable to offer the recompensation as liquid CRV and is offering it through a 1 year vest. Alternatively, via this proposal, Alchemix is requesting to receive the entire amount of CRV recompensation up front, with the stipulation that it is immediately max-locked in a mix of veCRV and sdCRV. The sdCRV would then gradually be converted to ETH to reback alETH that was affected. Curve DAO is open to this option but it has not officially passed their governance process. This proposal also introduces the foundation of a future AIP, one that will refund LPers alETH and ETH proportional to the amount they lost from the exploit. Check out AIP-99 for the full rebacking plan and preliminary information on the refund plan.
Since the last update…
AIP-90 passed a snapshot vote authorizing Alchemix to launch alUSD and alETH Alchemists on Arbitrum, a Jones DAO jUSDC vault, AAVE V3 WETH, wstETH, rETH, and sfrxETH vaults, and authorizes Alchemix to collaborate with RAMSES and Aura to increase liquidity and voting power.