AELIP-35: Aelin Pool and OP incentives

Simple Summary

This AELIP proposes for the treasury to sell AELIN tokens in an uncapped pool. Deal terms will be determined by the Aelin council at the conclusion of the investment window.

This will also amend AELIP-22 and AELIP-34 by using the remaining OP tokens to incentivise the investors.

Abstract

AELIN tokens will be sold for sUSD in an uncapped pool, with a 48h investment window followed by a 48h deal acceptance window (24h for each round). The pool will be created by aelingov.eth and no sponsor fee will be taken. Investors will be incentivized with the remaining OP tokens held by the treasury as a bonus for participating in the pool. The council will determine what deal terms will be offered when the investment window closes, depending on the total amount deposited in the pool.

At the time of writing this AELIP, there is currently 866,963.20 OP in the treasury wallet, which is worth approximately $1,030,000 at current prices. All of the OP in the treasury wallet will be distributed which means the number of OP tokens received based on sUSD will vary; however, based on a pool size of $1,000,000 the value of OP tokens received would be greater than 1:1 invested. There could be a significant deviation from this example depending on the size of the pool, number of AELIN tokens sold, price of AELIN tokens, and price of OP tokens.

It is important to note that this AELIP will amend some parts of AELIP-22 and AELIP-34. The total amount of OP tokens held by the treasury will be used to incentivize the pool, meaning that the current pool incentive program will be terminated. On the other hand, the current liquidity incentive program will remain active, with Velodrome “bribes” paid in sUSD instead of OP.

Motivation

There is currently 488,762 sUSD in the treasury wallet. This is what is left from the 1.5M sUSD raised in January this year, used to remunerate the core contributors, pay for the audits and any other expense related to R&D.

The protocol is getting more and more traction every day and this because of the amazing work done by the core contributors this year. Aelin is not at a stage where development can be slowed down. For growth and better PMF, new ideas need to be brought and implemented at a significant pace in order for the protocol to offer more exciting features and functionalities to its users.

Given the amount of sUSD remaining in the treasury wallet, the Aelin Protocol is looking to distribute the OP tokens to its users faster than initially suggested in its Phase 0 proposal. Our priority is to ensure the protocol is well funded for at least the next 18 months to allow Aelin to keep up the momentum and growth Aelin has seen recently with NFT gated deals and direct deals coming soon.

Specification

Overview

Both the AELIN and OP tokens will be transferred and distributed by the council from the treasury wallet.

Rationale

N/A

Technical Specification

N/A

Test Cases

N/A

Copyright

Copyright and related rights waived via CC0.