HomeCoinsAkropolis (AKRO)Akropolis Kickoff 2022. We kickstart 2022 towards a… | by Akropolis |...

Akropolis Kickoff 2022. We kickstart 2022 towards a… | by Akropolis | Akropolis | Jan, 2022

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Akropolis
Akropolis Kickoff 2022. We kickstart 2022 towards a… | by Akropolis | Akropolis | Jan, 2022

Dear Akropolis community,

Akropolis was founded four years ago, and we have come a long way. We’ve been through a ‘crypto winter’, a project split, and an exploit — but we’re still here and building a decentralised future with our partners and community.

Looking back to 2021, we focused on creating fundamental values, delivering good UI/UX experiences to our users and curating sustainable yield-generation products that don’t predominantly rely on inflationary emissions as the primary source of yield. This means that users can still earn passive gain regardless of the market conditions. This year, we kickstart 2022 towards a decentralisation journey. In this article, we would like to highlight the critical updates of Akropolis since the Summer Updates last September.

Summary:

As Akropolis scales, governance of the decentralised protocol takes on added importance. Why now? One of the main reasons is engaging with high-value contributors that otherwise would be impossible to hire. The market conditions have skewed the economics towards dev-founders and dev-first teams.

  • Team Decentralisation:
  • Akropolis team will remain as one of the core contributors to the project.
  • Other proposed contributors:

MCDEX core team;

Clover Finance

— More to be announced shortly.

The contributors will expand as Akropolis grows. Projects & people who want to become an active contributor — please reach out to @sidzuka in TG or via [email protected]

  • Multisignature Expansion and Backend Decentralisation: Currently, 5 members in a multisig with 3/5 quorum that governs over protocol code updates. We plan to expand it to 5/7 — we would love to see reputable and pro-active community members propose themselves as candidates. We believe that this yields a more transparent and decentralised decision execution process.
  • Frontend Decentralisation: hosting the frontend on a fully decentralised hosting solution would decrease upload speed and deteriorate UI/UX experience. Hence, it is best to postpone this decision for now.
  • A Platform for DAO: We set up a Coordinape circle for proper contributors coordination and management. At the same time, we will look into different treasury management solutions (e.g. Enzyme) as a point of interest.
  • Governance Voting: The governance voting will give a more explicit consensus around crucial decisions related to product development, growth directions, or features requested by users, fostering community involvement where our users could get involved in voicing their thoughts on the future of Akropolis.

Vortex is an on-chain basis trading strategy that aims to generate long-term, sustainable returns while remaining market-neutral. It’s live on testnet & ready for mainnet.

For the last couple of months, the team has been working tirelessly on the Vortex development — building, testing, auditing and tying up loose ends. The proposal for launching Vortex on the mainnet is live on the governance forum. Here is a short TL;DR:

  • You can find AIP-013 on our governance forum;
  • As per the governance process, only AKRO stakers can participate in the voting process (there is no minimum for participation);
  • 1 staked AKRO = 1 vote;
  • A discussion will be open to the community for seven days. A Snapshot vote will go live after that and will be available for seven days — we will make an official announcement to ensure that everyone can vote.

Proposal

Background

AKRO token smart contract has been on a fixed supply schedule since inception, with a total token supply of 4 billion AKRO.

As mentioned, we’ve been through a ‘crypto winter’, a project split and an exploit. These events have resulted in a depletion of the available Treasury, with scenarios that required large token allocations, including

  • Near 1.5BN tokens were sold through the pre-sale and open launch on Huobi Prime.
  • Marketing, liquidity mining incentives and staking rewards.
  • We performed the ADEL swap for the benefit of the community.
  • Incentives paid to the victims of the exploit.
  • Considering all the above, we propose introducing the inflation to AKRO, with a net effective increase in the total token supply of 25% over four years (6.25% yearly issuance);
  • This is in line with ecosystem precedents. Here’s a high-level breakdown of the yearly issuance rates of some other DeFi protocols:

In terms of increase of total supply post-distribution, this has precedent from Yearn which instigated a 20% increase, albeit with a higher allocation for Contributors than this proposal.

Overview

The team proposes to increase the maximum supply of the AKRO token under a long-term emission schedule that is transparent and predictable. All emissions will be distributed under a defined schedule and utilised for talent and partner acquisition, liquidity retention and yield generation.

We created this proposal carefully considering the existing and future Akropolis users and AKRO token holders. Its motivation is rooted in the ongoing success of Akropolis and the subsequent value accrual to AKRO.

A 25% increase of the current total supply, which would result in a new total supply of 5,000,000,000 AKRO.

Our proposed allocation plan:

Tokens will be released linearly over the four years, with the same timelock contract design we have already — block-by-block release with monthly claims to the treasury address.

The token allocation would benefit both the protocol and AKRO token holders.

Benefits to the protocol:

  • Allowing the protocol to remain competitive as DeFi continues to evolve via a consistent capital stream, using resources to attract in-demand talent, retain liquidity and establish symbiotic partnerships across the multi-chain ecosystem.
  • Creating a wider distribution of AKRO tokens to diversify the DAO further and ensure token holders are active, committed and aligned with the protocol.
  • Providing a potential solution to keep liquidity within the protocol’s products.
  • Harnessing a transparent and predictable emission schedule that is minimally dilutive to community governance.

Benefits to AKRO token holders:

  • Enabling the growth, diversification, and active use of the Treasury will ultimately be under the control of the DAO.
  • Creating new and sustainable sources of yield for stakers.
  • Allowing the creation of a lock mechanism to reduce circulating supply.
  • Providing new avenues to acquire AKRO, which minimise market pressure.
  • Facilitating the ongoing growth and success of Akropolis as a protocol.

Note that if this proposal does not go through, staking rewards will need to discontinue, and there will be no further incentive programs for any product from February 2022.

Akropolis is a suite of DeFi products focusing on decentralisation. The proposals and updates above mark a phase shift in Akropolis governance, placing more power directly into the hands of token holders significantly. These changes will provide longevity to the project, make the protocol far more robust, and reduce the trust required in the core contributors. The future product roadmap will significantly depend on the input and feedback from the community.

Thank you for your continued support through the good times and the bad. We are very proud and privileged to have a strong community contributing to the project. We look forward to building a successful decentralised future with our community this year and beyond.

The Akropolis Team



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