Dear Akropolis Community,
The purpose of this update is to share further details on the swap process, hack compensation & other updates connected to both AKRO & ADEL.
ADEL<>AKRO Swap: A Recap
- The original idea behind ADEL was to distribute it to Delphi users to incentivise governance and promote a community-governed product;
- AKRO had always been the project’s main token and ADEL was initially designed to be the native governance token for Delphi only (Delphi was not on the original Akropolis roadmap). It was clearly articulated from the beginning that all other Akropolis products and services are a part of the AKRO ecosystem and will not be related to nor governed by ADEL;
- Post-hack and post-Yearn “merger” we decided to narrow down our product offering(s) to focus solely on a yield generator and aggregator product suite;
- After the exploit and subsequent merger, community members proposed a potential AKRO & ADEL merger, and as we understand and value every token holder and community, we decided to propose the idea of a voluntary swap from ADEL to AKRO.
“Bring value to AKRO by bringing the community together whilst not affecting AKRO by significant dilution, and allowing the team to quickly move forward and focus on yEarn merge, integration and development.”
- More details can be found in our AMA recap here.
- Allocate resources efficiently without compromising the future of the project & its long-term sustainability;
- Treat our community members in a fair and equitable manner.
- Do not rely on inflation until absolutely necessary: some community members proposed the idea of inflation which we think is premature at this time.
- To avoid any misunderstandings or implied continuity, which there is none, the post-Yearn “merger” product will be branded as “Akropolis”. It will be governed solely by AKRO token.
- Delphi v1.0 will remain open-source for community contribution. It will also be fixed & audited. We plan to transfer the remaining development fund comprising ADEL tokens to the Delphi v1.0 community if they decide to continue working and developing the pre-hack version of Delphi. We intend to maintain the code for up to 6 months.
- We are working on fixes connected to Delphi v1.0 savings pools. After fixes & testing are complete, we plan to perform an additional audit on them. After this, Delphi v1.0 will be considered complete and available in our Github repo for any open source contributions.
- Because the swap is voluntary and the team is allocating Foundation tokens rather than increasing supply, there is no need to put it to the governance vote.
ADEL<>AKRO: Swap Details
- Swap rate: 1:15 (1 ADEL = 15 AKRO). The team will carve out 215M AKRO or ~5.4% of the Total Token Supply for the swap;
- Swap rate and the total AKRO amount is a function how much the team can allocate from the Foundation net of existing commitments. This figure is NOT dependent on price.
- Swap duration: March 1 — May 1 (2 months);
- Vesting term: 24 months (2 years);
- Swap mechanics:
— ADEL token holders willing to swap tokens will need to accept Terms & Conditions on the swap page and send ADEL to the specific ETH address specified on the swap page.
— As AKRO tokens will be under vesting, ADEL holders who swapped tokens will be receiving vAKRO token (essentially, a unit of account) which they can later swap to AKRO in accordance with vesting schedule (1/24 AKRO due will be available for swap each month).
— ADEL accrued and vested as LM rewards will also be swappable with the same 24-month vesting schedule.
— Swap instructions and UI will be published in a later update.
For the token swap, we will be taking a snapshot of all personal Ethereum addresses holding ADEL.
- ADEL staked on Delphi or accrued as a reward before Jan 6, 2021, can stay as they are — we will include them in the snapshot automatically.
- Rewards accrued after Jan 6 will NOT be included in the snapshot and cannot be swapped.
- ADEL used for liquidity provision on DEXes will also be included in the snapshot automatically.
- ADEL held on centralised exchange WILL NOT be eligible for the swap.
- Final Snapshot: Monday, February 1, 2020; 2400 UTC. Please make sure you have read the eligibility criteria above and have all ADEL that you are willing to swap on your personal address before this date if you’re willing to swap them to AKRO afterwards.
Important Note: The distribution of ADEL rewards will continue after the snapshot is completed — it is suspended at the moment as only ADEL distributed and/or accrued as a vested reward before Jan 6, 2021, can participate in the swap.
As we shared during the last AMA, it is important to us that the users who contributed stablecoins to Delphi and have been affected by the hack are fairly compensated. In order to expedite a time to full recovery, we are contributing 50% of the hacked amount in vested AKRO tokens (vAKRO), with the remaining 50% to be accrued from future product fees. The UI walkthrough will be published in the next update.
Compensation: 50% of compensation in a form of vAKRO;
Rate: $0.012 per AKRO (price is fixed at the level just before the hack);
Vesting: 24 months (2 years), linear.
- To further align our interests and maintain circulating supply, the vesting of the Team & Advisory tokens will be doubled: instead of 18 months, we will increase vesting to 36 months which will start on 30 Jan 2021.
- However, we will move tokens from the team & advisory contract under custody: the way vesting contracts are designed allow us (or anyone else) to unlock only the exact amount that is due and doesn’t allow to unlock just the amount we need to distribute. As the Initial unlock date should have been July 2020, ca. 130mn AKRO is due to unlock from the contract.
Legal Notice. Some aspects of the ADEL to AKRO token swap are still under consideration. Accordingly, the terms and scope of the anticipated token swap may change, or the swap may not occur. Please follow our announcements for further details and updates. This article is provided solely for informational purposes and nothing in this publication constitutes a promise, obligation or advice of any kind.