[Closed] AIP 007: Adel to akro merge

Governance Proposals
#1

Middle Ground - Fastest Solution - Stronger Together

By:CryptoFranc

Summary

  • 1:35 Swap Ratio AKRO:ADEL
  • A middle ground where all parties concede a little, but the negative effects on all sides are minimized.
  • Fastest solution that does not require discussing $ values of either token at any given time, and allows team and community to come together and move forward stronger.
  • ADEL is removed from circulation - Delphi v1 is not continued. This is to avoid confusion of multiple tokens, and any further division of Akropolis community.
  • If proposal is chosen the community is given 5 days to allow any who do not wish to go through with mandatory swap to sell. The aim of this is to have the quickest timeframe possible that is acceptable.
  • The swap will be based on a snapshot of ADEL holdings taken at the teams discretion + any rewards accrued since + all vested rewards.
  • All vested rewards remain in current vested schedule but as AKRO tokens, with the option to vote later on changing vesting schedule or vesting generally.
  • As has been discussed in previous proposal, in the hack on Kucoin exchange 283 million AKRO were stolen and subsequently frozen by the team to avoid being sold. These are effectively burnt and can be used to offset this merge from the teams burden to supply AKRO tokens. If we reallocate those tokens (in a manner technically suitable to the team) to this merge, the remaining ~ 117million tokens is far less burden on the team than would have been otherwise and that saved $ can be used for potential future developments at the teams discretion.
  • Overall this proposal would allocated roughly 400million AKRO to the entire ADEL ecosystem which is only 10% of the entire AKRO ecosystem. This is a middle ground valuation ratio that will bring value to AKRO by bringing the community together whilst not effecting AKRO by significant dilution, and allowing team to quickly move forward and focus on yEarn merge, integration and development.

Rationale

Briefly:

The two token system has created division amongst the Akropolis community and we should return to one token as quickly and efficiently as possible, allowing us to move forward stronger together. This proposal seeks to find a middle ground in which all parties are brought together, and in fairness, all parties concede a little. By using the Kucoin hack as a means to supply this merge, we will effectively take a bad situation that was beyond our control and turn it into a good solution to help us move forward. Those stolen tokens will make up the majority of the tokens used to swap ADEL into AKRO.

Conclusion

~10% of AKRO supply will be allocated to ADEL merge. ADEL will be removed from circulation and officially dropped. Delphi v1 will be decommissioned and officially closed. All focus will be on AKRO and Delphi v2 alongside the yEarn ecosystem.

Technical Specification (Optional)

The team should decide the best path technically in order to reallocate the stolen tokens from the Kucoin hack. Most likely the stolen tokens remain frozen or ‘burnt’ in the inaccessible wallet, and new tokens are minted to take their place, however their may be a preferred option for them to decide

5 Likes
[Closed] AIP 006: Joining ADEL and AKRO as a win-win for everyone
#2

I don’t agree the stolen tokens should be part of this.can you change this to not include any discussion of the exchange hack. sad scenario,but I feel these are very distinct things and need to be kept totally seperated. maybe I am reading that wrong,thats highly possible.any mention of that should not be included. this should be a matter of transferring our own wealth back to us in a usable format, not distributing our wealth to others who made bad decisions of holding their tokens on an exchange.should be no confusion on the matter.if it didn’t have this language attached to it, be totally behind this path, aside from that specific language. I like that you propose a ratio, the other version left it totally up to the team, who I have 0 faith and trust at this point. Id personally like to see the team offer some concessions to token holders. a simple swap does not go far enough. and unless such compromises are agreed to by the team, I feel everyone should block any path forward.but like I said,I lijke this proposal,aside from this language about the exchange hack. something that will directly benefit the entire community. personally, I would like to see the team work diligently towards auto-re staking and getting it operational ASAP. that would go a long way to getting my support. this would directly relieve costs of holders, and would allow them to grow their profits to counter balance the loses we are enduring due to this havoc the team unleashed on us. since we essentially wasted our time and money with staking and earning a soon to be worthless token, and it is clear that is going away. the inclusion of vesting with this is extreamly important,seeing as vesting held people captive,and forced them into a loseing position. I highly support that inclusion. the team should horse trade with the community on this matter, a simple swap is not enough.they lost a lot of trust due to this,and being open to negotiation on this matter would go a long way to regain it. personally,I have mentally written off my adel in vesting,as a total loss, though I hope its not. but feel everyone should think of it in that light,and don’t be so stressed,and actually make rational choices from a possition of power, fear and worry clouds the mind and puts you in a position of groveling for scraps. have more respect for yourselves.they need us more then we need them,remember that. I would like to see them negotiate with the community,and earn back our trust.I hope your listening Ana and Kate.

#3

additionally,delphi v1 is already built out, and functional.should not be scraped now, can be implemented,and begin generating fees for token holders no need to throw away all the effort if it works.so long as it passes security testing. no telling how long v2 will take to go live,and this can be used now if it passes audit. Also, I am not seeing an option to vote.Just my 2 ADEL.

1 Like
#4
  • For
  • Against

0 voters

2 Likes
#5

Thanks Alex for adding the voteing function. was thinking the only way to vote would be the number of likes it would get :stuck_out_tongue:

1 Like
#6

Just to be clear " * 1:35 Swap Ratio AKRO:ADEL" means 1 AKRO for 35 ADEL? Or is it vise versa? Thanks.

1 Like
#7

The 1:35 Swap Ratio AKRO:ADEL is currently a severe devaluation to ADEL. Why is this specific ratio chosen, or is it one that just happens to be the best for available AKRO reserves for such a swap?