AIP-010: Thoughts on the AIP008 & 009 from the Akropolis Team
There have been a number of comments related to AIP 008 and 009 that contain misinformation. As a team, we are committed to transparency and would like to address some of these comments here.
A number of community members have claimed that the Akropolis team posted the AIP008 proposal. This is not correct. A few weeks back, AKRO token holders approached the core team with the idea of AIP008 after their independent discussions. The role of the Akropolis team was to provide the information on Akropolis project, review the proposal and give approval for it to be posted on the governance forum.
The same occurred with AIP-009, where another community member took the feedback from community comments on AIP-008 and consulted with the team while drafting his own proposal - and after team review, proposed an alternative. It was also updated recently based on community & team’s feedback.
Why does the team want to push the proposals forward for voting?
We, like you, are not happy with having to re-evaluate and alter the swap rate - it causes division within the community and opens up old wounds. However, we believe that moving in this direction will help the long term success of the protocol - hence why we plan to move the proposals to a vote.
Lowering the swap rate allows us to sustain competitive Liquidity Mining rewards (something we all know is required to attract more TVL), attract more product contributors (developers & strategists), and provide funds for community initiatives & grants.
Taking a long term view, moving capital towards LM rewards and protocol development will bring more value to the Akropolis platform, and thus community, via increased protocol adoption and revenues. We believe these benefits ultimately outweigh the short term cons. We have this long term outlook and we hope you do too.
What you can do?
Discuss both proposals on the governance forum and vote. Both of them are well-thought out and mention important points that should be considered by all token holders that have Akropolis’ success in mind.
- AIP-008 proposes to reduce swap rate among all ADEL origination sources from 1:15 to 1:3.1, which would leave around 170M AKRO for LM, community initiatives, etc. In this case, vesting would be reduced to one year instead of two.
- AIP-009 takes into account feedback received on AIP008 and proposes to reduce swap rate only for the ADEL rewards accrued before Jan 6, thus leaving the potential LM & community fund with around 80M AKRO. Vesting won’t be changed and will remain 2 years.
- In order to allow everyone to swap in time after changes of the winning option are implemented, we will be prolonging swap duration until June 15, with vesting starting on July 1.
Where do we go from here?
We will be putting this proposal up for voting on our Snapshot page shortly. The vote itself will be to choose between AIP008 & AIP009 and will continue for a week. Once the voting is completed, changes would be implemented in accordance with the winning option. We do not want to influence community voting & decision-making, so we won’t be voting on this final proposal - AIP-010.
Lastly, an important note:
All AKRO excluded from swap will be used for LM, community grants, etc. and will be put into the public contract, giving the community the ability to check how AKRO are used - with possibility to govern LM & community grants in future. This step would ensure moving towards gradual decentralisation of the protocol.