AIP-008: Re-define ADEL>AKRO swap ratio

AKRO team should discuss staking for vAKRO instead of discussing this “Proposal”

  1. Actually not only ADEL was earned as reward for using app. Also AKRO.
    So now around 100M AKRO vested as rewards.
    Why not to divide vested AKRO on 5 also?
    It will free ~80M of AKRO for the Development Fund.

Motivation is the same. Price increase + usage of additional AKRO as Dev,fund

ADEL were earned by using an app. Liquidity mining and staking.
Now this proposal offer to take this rewards and use it for Liquidity mining rewards.
this loop can be repeated forever :grinning:

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this team never ceases to amaze me. no debpts are too low for them. absolutely no integrity to be found in rthis team. constantly changeing their rules whenever it suits them.and is at our expence.you guys are pieces of shit, I just want you all to know that. and just like turd, I have no doubt you will rise to the top.

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no,its not impossible.its a unavoidable reality,thanks to their vesting,unless you just hold in your wallet,you are foreced to be a long term holder.

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they are going to do what they are going to do.im really surprised that they even allowed for a vote at all. thats totally out of character for them,I am confident that they truely dont care what impact their choices have on anybody, so long as they are not the ones feeling the impact.

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Hello everyone

I understand that after all the statements of the swap of tokens, for many now this is not an expected and painful topic, but we need to look for consensus, Akropolis and our ecosystem need community support and I ask to carefully read this proposal:

  1. Change swap rate for ADEL to AKRO only for tokens under vesting in delphi (harvest) earned before January 6
  • swap rate 1 ADEL for 3.1 AKRO

  • vesting for 12 months

  1. Swap rate for ADEL tokens in staking, don`t change
  • swap rate 1 ADEL for 15 AKRO

  • vesting for 24 months

This way we will get ~100m AKRO tokens.

For the long term success of the project, we need to make decisions, and sometimes they can be difficult

ADEL in delphi was mined for free, by holders and community AKRO, through AKRO tokens, and it is they who must invest in the future of Akropolis and support its development

as a result we will be able to get ~100m AKRO tokens that will go to development of the ecosystem, developer fund and LM initiatives, which will affect the long term success of Akropolis and growth of AKRO price

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I agree with Baaal’s proposal.

Adel from staking/market and locked adel isn’t same. Many people bought adel from market, including those who bought after the announcement of the swap, this proposal doesn’t touch them. But we need found consensus now. I’m ready to accept the decrease swap rate of locked rewards, which was mining with akro/adel, if that will affect to longterm success of project.

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This moves in the right direction. I understand that no one will be 100% satisfied with whatever the he final decision will be. Everyone has to sacrifice some. With that in mind I believe this updated proposal is better.

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I’m surprised that you Vasily decided to create a proposal on such a painful issue for the community on changing the terms of the ADEL / AKRO swap. Your position is very clear, but “a man’s word is worth more than money”. Your proposal will hurt the reputation of the team, which they have been rebuilding over the course of several months while discussing issues related to ADEL / AKRO. The swap rate decision approved by the team was a kind of balance for the community.

I am categorically against this proposal for several reasons:

  1. The decision on the swap rate has already been made and the community has agreed with it and has been living in this paradigm for more than 1.5 months
  2. The main message of this proposal is to change the market situation, but when deciding on the swap rate, it was unambiguously indicated that the swap rate has nothing to do with the price of the asset.
  3. This proposal has obvious negative consequences for the project:
  • Unfulfilled promise undermines trust in the project (team) and destabilizes the community
  • Reducing the community and creating a barrier for the emergence of new supporters of the project.
  • ADEL investors will leave the project and sell all received by AKRO on the open market
  • Some of the AKRO investors may leave the project in the wake of the AKRO investors, which will create pressure on the AKRO price and will not bring the results described in the proposal
  • Will create a barrier for the emergence of new investors in the project

If we hypothesize that the price of AKRO would, on the contrary, fall to 0.001, then the proposal to increase the swap rate from the supporters of ADEL would also be accepted with hostility for the same reasons that I indicated above.

For further work, you first need to fulfill the previous promise of the team about the swap rate.
If the team lacks funds for the development of the project, it should discuss how much of it is specifically lacking, what it should be spent on and how to create the most effective proposal to achieve this goal.

I believe that this proposal should in no case be put to a vote.

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Just wanted to post my reply to one of the questions in Discord (to continue the discussion)

great to have a team member on board :slightly_smiling_face: so I guess the first question is: is there a problem to solve? Are we facing an issue in the near future with a lack of AKRO tokens to distribute?

Just in case - everything below is my personal opinion, as a community member who has some insight as a team member

I would start with this - the quote a lot of people mentioned here re team allocating what we can for the swap might not have been understood fully from the start :slightly_smiling_face:

215M allocated from treasury was the most we could possibly allocate for such thing. While LM rewards were already calculated at the time & took into account, it was not on the better sid of things - more on the minimum side. One of the biggest reasons was the negative perception from the community for swap in general and desire to get highest rate possible.

The issue at the moment is not exactly the lack of AKRO to distribute - it’s about the current market & tokenomics of new competitors. Higher LM (alongside with revenue sharing, grants, community initiatives) makes project more competitive against others - thus giving an ability to continue developing & growing long-term

Higher LM = more users

More users = higher TVL

Higher TVL = more fees distributed between users & system (AKRO usecase)

More fees = more people want to get involved both as community & developers

As you might heard, yearn launched partners program with sharing fees options and we are already integrated best yearn vaults. More integrations to come (different projects, different strategies) - so it’s a great time to push Akropolis product especially considering its UI is very competitive.

Inability to stay copepetitive & capture market share (especially in the current market) will only bring negative consequences to the project & its community

I checked the suggestions, but there a couple of problems:

  • reduce LM rewards - LM should be increased in terms of boosting the product usage especially in the beginning. Remove LM from Curve for example and you’ll see liquidity.

  • add fees to all parts of staking - while I’m not opposed to this, it takes quite some time to properly implement, test & audit, and while we will be looking into this direction, it won’t solve the “competitiveness” issue as I see it

  • introduce inflation - people keep saying about it but no one proposed any numbers to even think about

  • get back token from Kucoin exploit. Some people think (for some reason) that getting back those tokens & distributing them as LM or compensation won’t have any legal consequences. But actually, it can cause more problems that hack itself & we won’t be sujecting project to such risks. In any case scenario this also should have a governance vote on it.

(PS. - again, everything above is personal take on this)

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You have to understand that you cannot take the money from the community and use it for future LM rewards, claiming that this is in the best interest of everyone.

People were unhappy with the 15:1 swap ratio because that ratio was already extremely unfair to ADEL holders. But reducing it even further will not get you any more users. In fact, it will actually get rid of many users (some of which have posted above, which should already write a clear view of the community that is actually interested in commenting this proposal).

You have to realize, reading all these comments, that going through with this proposal is not for the benefit of the project at all.

There will always be competition in the DeFi space and this will not get less. Instead of focusing on a proposal that does not provide much apart from bad publicity and potential community outrage, you should focus on building in areas that differentiates the project from competitors (e.g. BSC development and other factors).

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I just provided my personal opinion on the topic, it’s a community discussion of the community proposal after all. I’m also a community member and can have my own take on this :slight_smile:
And apart from negative attacks, I also see that discussion brings new ides & proposals - that is how community works, and I’m happy seeing it.

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I have invested ~45 eth in to the ADEL token because I placed my trust into the project and the team. Given that ADEL is abandoned now and there is no liquidity to sell, there is no point leaving us with an option to swap the vAkro back to ADEL. Most of the members have made peace with the 1:15 swap and I think the team should move on with the same. Making a capital efficiency argument doesn’t make sense at this point of time because the swap rate would have been much higher if you compared the prices when the proposal was first made. It gives me a sense of betrayal if the swap rate is revised to 1:3 and everyone should get a benefit of Akro price increase and not just the people who have invested only in Akro

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