AELIP-53: Cease Work on Aelin + Treasury Distribution

Dear Aelin community,

It is with a heavy heart that the Aelin Council unanimously proposes the difficult decision for core contributors (CCs) to stop working on the Aelin Protocol.

Over the past months and years, the Aelin CCs and Council have worked tirelessly to build Aelin into a promising DeFi protocol. Despite our best efforts and the dedication of all the CCs, we must acknowledge that Aelin did not gain the level of traction we had hoped for.

Amongst other things, the bear market, coupled with low usage of the protocol, has not given Aelin the necessary momentum to sustain the protocol. Given these circumstances, the members of the Aelin council have each determined that it is in everyone's best interest to stop working on the project and propose to return as much value as possible to AELIN holders via a treasury distribution.

Effective August 7, 2023, all operations on the protocol from the core contributors will cease, but the front-end is expected to remain online until December 15, 2023. While no new pools may be created via the current Aelin front-end, users may still claim their deal tokens from pools or convert their AELIN for a share of treasury assets.

AELIN holders may claim their share of treasury tokens indefinitely on the Optimism network by sending tokens to a burn function on a contract we will deploy. However, before AELIN holders may retrieve their share of treasury assets, they must first agree to a waiver, a copy of which you can read here: https://v2.akord.com/public/vaults/active/2KzfEiio_umg2tFNymCwSp6qt7Yu4phwvqlsQ1b9u4s/gallery#public/92f85237-3912-4c09-b9b2-a89821b20e90 or here: https://arweave.net/VQi16G-BBzDThczwc1SNyd4WQ8frVip-chmENhh0Cpw. By minting the NFT pursuant to the instructions on this page, AELIN holders will be agreeing to the terms of the waiver.

Since the frontend will be shutdown December 15, 2023, a guide to using Aelin via etherscan will be provided at https://github.com/AelinXYZ/aelin/blob/main/ETHERSCAN.md in the case that users still need to claim their tokens after December 15, 2023. Finally, a support channel in the discord will remain open for posting until December 15th as well, after which point all channels will be locked permanently.

VestAMM was another major pivot for the Aelin Protocol; however, over the past few months we’ve come to believe that VestAMM could not be delivered, audited, and properly brought to market with the remaining capital held by the Aelin treasury. As such, it made more sense to return value to AELIN holders as soon as it became known that VestAMM was not feasible.

It is extremely disappointing that the Aelin protocol never reached the heights we had envisioned. Aelin is 100% open source and we hope it becomes a public good for the web3 community. We are profoundly grateful for the trust and support the community placed in the project.

Even as we take this challenging step, we remain committed to the principles that guided the Aelin protocol from the beginning: transparency, innovation, and the pursuit of a more decentralized financial landscape.

Copyright

Copyright and related rights waived via CC0.