AIP-010: Thoughts on the AIP008 & 009 from the Akropolis Team

AIP-010: Thoughts on the AIP008 & 009 from the Akropolis Team

Intro

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.

Proposal Origins

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.

6 Likes

Well done team. Perfectly written.

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Thanks for the official statement! That was needed. Lets vote and get over this topic!

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Well said indeed! :slight_smile:

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There needs to be a third option which is:

keeping things as it was initially planned and also has been legally described in a swap contract (https://akropolis.io/docs/ADEL%20to%20AKRO%20Token%20Swap%20T&Cs%202021-02-24.pdf)

Otherwise it will not be a community vote at all.

14 Likes

Thank you for the statement.

Are we going to continue adjusting down the proposed swap rate now that AKRO price is $0.05 instead of the $0.075 at the time of proposal? This continuous revisiting of items that were already decided upon by the community is ridiculous. You can’t have it both ways where you originally say the swap rate was not based on price and then when price goes up it needs to be adjusted down for the good of the protocol.

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This is joke when you don’t put the original swap proposal in the vote. Also why don’t you just cancel the swap. There isn’t a need for 1:3.1 when you can change it anytime. This is definitely influenced by the team.

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Well said, I’m ready to vote. Let’s do this.

We don’t have it both ways. Both proposals are made by the community, as we already said. They reached out for approval for it to be reviewed and posted.

All ADEL holders will definitely vote for a lower swap rate as it is beneficial for them. There is no point on voting and the team should just enforce the lower swap rather than wasting time on thisj stunt. ADEL holders don’t have any say over here because they don’t have more than 50% vote so we have already lost the proposal vote to AKRO holders

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Nice to see that the team start involve in discussions of such a sensitive issue, also that the team changed aip-009 based on community feedback. Thanks.
But it’s not clear why the changes didn’t affect the aip-008, community also expressed opinion about this proposal. Why is such an ill-considered proposal put to the vote? Everyone will pursue only their own financial interests. I think that such proposals should be changed or not allowed to vote.

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Having it both ways is in reference to the proposals being proposed as a result of AKRO price increase, but now that the price has decreased they haven’t been updated.

It was also clearly stated in the original proposal that price was not a factor in the swap rate.

It’s obvious the hypocrisy that is occurring here but ADEL holders are mostly powerless at this point so they can continue to get screwed over by the wishes of the team.

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But maybe the community should make a new proposal, like swap adel 1:75 to akro, to balance the vote? P.S. it’s as ridiculous as aip-008

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It simply would not be possible as 1:15 is allocating the maximum there can be allocated for the swap at all.

I know, so i said: “it’s as ridiculus proposal as AIP-008”.
AKRO holders will try save own bags, ADEL holders will try save at least something, this is vote AIP-008 vs AIP-009. We already have a great proposal AIP-009, which suits everyone, why not vote only on it?

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Agreed it needs to either be only vote on AIP-009 or it needs to be a three way vote that includes the original swap rate plus AIP-008 & AIP-009.

And even this still isn’t really fair for ADEL holders but is the best we can do at this point given the direction the team is pushing this.

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How do you say this without bursting out laughing? The ‘community’ reached out to you (who don’t seem to have a voice anywhere) and you just decided ‘hey let’s scrap our current plans and force everyone to decide between two new varying degrees of terrible plans’ Where is the option to vote NO now?? Just be honest!!! youre going to take funds from previous Delphi community for new dev fund, stop pretending it’s the community pushing this :sob:

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Dear @Sidzuka and the Akropolis team, according to AIP008 and AIP009, all ADEL holders spoke negatively. Everyone is against changing the swap rate, but you still want to put them to a vote !? I am extremely dissatisfied with this construction of a dialogue with the ADEL holders, you just do not want to listen to anyone and do only what you see fit?
It doesn’t fit in my head how you can constantly change your mind and just don’t give a damn about the opinion of the ADEL holders and put these proposals to a vote. You yourself stated that the price does not affect the swap rate!

What is the dialogue about? To simply withdraw the funds pledged on the swap at any cost?

The feeling is as if this is not a vote in a decentralized environment, but a vote in some undeveloped patriarchal country, where they absolutely do not want to listen to anyone and do as they themselves decide.

Why is it impossible to put forward to a vote a proposal to maintain the swap rate and block a percentage of the amount of funds allocated for swap for withdrawal until the end of the exchange (as described in AIP011), so that the Akropolis team can use these funds for a long time, remove them from circulation and all the income received from the investment of these funds to invest in the development of the protocol? Such an offer will be the most fair in relation to the holders of ADEL and AKRO.

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Hiding greed behind the community curtain. Have you considered or been approached by ADEL holders and you listen too their views?

You guys are the most disappointing team. Where are all the promises you made? Where is the work progress on the original roadmap? Where is the working product apart from integrating Yearn Vaults - which is not your product but just integrating a partner product.

You mention growing TVL from what product? You don’t have DCA, you dont have stable vaults since hack, it’s all hot air. Now you say the team needs to grow, grow what? On shinny UI and interfaces without a product? Just Yearn Vaults and AKRO staking to feed whales.

Now you cheat ADEL holders without an option for their opinion because you listened to AKRO holders. This is an insane community and will eventually greed will lead to its demise.

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