AIP 009: Re-define ADEL>AKRO swap conditions

Governance Proposals
1

Author(s): Baaal

TLDR:

This proposal was drawn up in discussion with all interested parties and we found the only compromise option.

For the long term success of the project, we need to make decisions, and sometimes they can be difficult

ADEL in delphi was mined for free, by holders and community AKRO, through AKRO tokens, and it is they who must invest in the future of Akropolis and support its development

as a result we will be able to get ~80m akro tokens that will go to development of the ecosystem, developer fund and LM initiatives, which will affect the long term success of Akropolis and growth of AKRO price

Akropolis and our ecosystem need community support and I ask to carefully read this proposal:

Summary:

    • Change swap rate for ADEL to AKRO only for tokens under vesting in Delphi (harvest) earned before January 6
      swap rate 1 ADEL for 3.1 AKRO

    • Vesting for 24 months

    • Swap rate for tokens in Staking and Wallets stays the same - 1 ADEL for 15 AKRO

    • Vesting for 24 months

    • Start of vesting period 1 July

This way we will get ~80m AKRO tokens.

Rationale:

The crypto-market is changing, need to be ready to adjust, any change requires a reason, I gave it to you, need tokens for the future development of AKRO ecosystem, LP stimulation, and the growth of a dev fund, this is in the interests of AKRO community, including me, I am ready to pay for this, because it is in the interests of long term holders and provide a better path of development

I hope this is a compromise that will suit all holders and provide us with a better future

Thanks

3 Likes
2

I see 3 sides here who want find compromise: adel holders, team and whales with Vasiliy Sumanov (author last proposal). Let’s try to find a compromise that suits everyone.

  1. “Change swap rate for ADEL to AKRO only for tokens under vesting in Delphi (harvest) earned before January 6
    swap rate 1 ADEL for 3.1 AKRO”

I understand this motivation, we need found tokens for for initiatives (LM, dev fund, etc) to compete with other projects. Thus we get 80m AKRO tokens for team.

I agree with this par.

  1. “Swap rate for tokens in Staking and Wallets 1 ADEL for 15 AKRO”

ADEL in staking, in wallets and locked ADEL isn’t same, because community invested own funds in it, holding and dont sell believing in the project.
Add to this that many people bought ADEL from market, after announce, letting those who don’t want to swap sell their ADEL.
We shouldn’t change rate for ADEL (staking, wallets).

I agree with this par.

  1. “Maximum swap price for ADEL per AKRO is 0.1$ at the rate of 1 ADEL for 15 AKRO, if the price for 1 AKRO exceeds 0.1$, swap rate for ADEL per AKRO will be reduced proportionally
    for example, at AKRO of 0.11$ swap rate will be 1: 13.67”

What motivation for it? If team need more than 80m AKRO tokens, they can say it, and we will found consensus. I see only one motivation, whales and Vasiliy Sumanov dont want that community will get AKRO tokens, because their bags will suffer.

Several quotes from Vasiliy in discord discussion:

“Dump token which has future(AKRO) in exchange for token that is dead (ADEL). Great. When swap was proposed it didn’t match prices of AKRO and ADEL exactly, but it wasn’t very different. Now difference is 5 times, and it is not a “compensation” or “swap” it looks like “giveaway” and will result in dump of AKRO”

“Now Adel is a token “backed” by AKRO. It means that it’s real value now is based on opportunity to exchange it for AKRO. Like stablecoin that you can redeem for fiat dollars, but instead of dollars we have AKRO here. And now the question is let’s pay 5$ per 1$ or now. This is how I see it. I just made some calculations and propose this since I hold AKRO and what the best for my holdings and overall project.”

What motivation these peoples. They want save own bags.

I strongly against this par., because it’s no valid motivation.

  1. “Start of vesting period 1 July”

If team need more time for start vesting - okey.

My proposal.

If we want to find a consensus, then we need find FAIR compromise that suits both sides.

My offer:

  1. Remove part “Maximum swap price for ADEL per AKRO is 0.1$ at the rate of 1 ADEL for 15 AKRO”
  2. Only ADEL should participate in the voting, because whales are interested that ADEL holders dont receive AKRO tokens and will influence the vote

Thanks.

4 Likes
3

For start the discussion, I want ask those who pushed part with price cap, to explain their motivation?

2 Likes
4

This proposal union everyone’s needs in some kind of way. I like it way more than the 008. I could see myself going with this proposal.

1 Like
5

I have invested ~45 eth in to the ADEL token because I placed my trust into the project and the team. Given that ADEL is abandoned now and there is no liquidity to sell, there is no point leaving us with an option to swap the vAkro back to ADEL. Most of the members have made peace with the 1:15 swap and I think the team should move on with the same. Making a capital efficiency argument doesn’t make sense at this point of time because the swap rate would have been much higher if you compared the prices when the proposal was first made. It gives me a sense of betrayal if the swap rate is revised to 1:3 and everyone should get a benefit of Akro price increase and not just the people who have invested only in Akro

5 Likes
6

I agree 100% with shiki’s reply. I think this is a fair compromise to the compromised proposal. Unless those changes shikii mentined are made in this new proposal I am against it.

3 Likes
7

tokens you bought will be swapped at the rate of 1 adel for 15 akro

1 Like
8

Nothing below 1:15 is fair deal for now. 1:3 will be less than 20 cents for an ADEL at the current AKRO price and average buy for ADEL is more than a $. How will the project retain such investors in the future if they feel cheated.

5 Likes
9

Сan’t get why to spend time on discussing it and “finding consensus”.

There already were a consensus about 1:15.

Team even has never stated that they need more AKRO.

in my opinion what team need is fast development. For this they can market sell 3-6M AKRO and hire a dev. No need to create all this drama and 80M AKRO.

5 Likes
10

Taking past AKRO rewards to increase future AKRO rewards is just an infinite loop of how not to give any reward.

4 Likes
11

also just wondering …
where the hell did this 0.1 come from in 1:3.1?
why not 1:3 ?

1:3.14159?
1:2.71828?

2 Likes
12

Team recieve 80m AKRO tokens with 1:3,1 rate for locked adel

1 Like
13

How about a dynamic swap rate based on the market price of AKRO token.

  1. Continue with the initial swap conditions proposed by the team for ADEL to vAKRO(1:15 for wallets before Feb and vested rewards before Jan 6)

  2. For 12/24 months starting June or July 1st

If the monthly average price of AKRO token is above $0.25 on the vesting date, decrease the vAKRO to AKRO swap rate from 1:15 to 1: (15 *( 0.25/ monthly average price) )

Conclusion

Future increase in price of AKRO above $0.25 over the 12/24 month distribution would lead to less AKRO tokens distributed to the swappers for their vAKRO tokens and additional AKRO tokens can be used by the team for project development.

1 Like
14

If price AKRO dont increase up 0,25$ so team dont recieve tokens, it’s makes no sense. Team need tokens now, community gives token. But whales try steal tokens from the community to their interests (paragraph with maximum swap price for ADEL). Main reason for this proposal found tokens for team, but the team doesn’t participate in the discussion.

How should this happen?

  1. Team say how many token need for inciatives
  2. We do FAIR proposal (without ridiculous cap price) and give tokens to team

Team members pls join to disscus and finally say how many tokens u need?

1 Like
15

If team doesn’t say anything means that they want to go ahead with the original swap and no changes.

2 Likes
16

I strongly disagree with this proposal. All arguments in favor of reducing the swap rate, dividing tokens into 2 parts (hold and staking), making changes regarding the vesting period and the beginning of the transition period do not carry any basis other than a change in the market situation, which is absurd in itself, since the calculation of the swap rate is not tied to it.

I want to emphasize that the team did not allocate all the tokens for the swap, but only how many they considered necessary. They also pointed out that the market price does not affect the size of the swap rate.

A call for compromise is a strange idea. In this situation, there can be no compromises, the decision on the swap rate has already been made and the only reason why this proposal has not been implemented is because the team set the swap period until May 1 to resolve technical issues, and not to accept proposals for the swap rate.

Finding a compromise for the creator of the proposal and everyone who calls for it is more like changing the decision already made. One gets the feeling that this is not really about the future of the project, but about some hidden incentives that any person (group of persons) will receive when changing the decision on the swap rate.

In fact, you are now offering with your proposal to sponsor LM with the funds of ADEL investors. Which is not fair.

This proposal confuses the community, many feel cheated, and if approved, they are ready to leave the project. Obviously, this proposal has a detrimental effect on the project as a whole.

It would be much more effective if the proposals were more aimed at strengthening the project, and not at finding solutions and compromises on fictitious problems.

I believe that this proposal and other similar proposals to change the swap rate cannot be voted on.
I also think that it is necessary to close this issue for further discussions.

8 Likes
17

I think the bigger picture here needs to be focused on regardless of what we all want. The project moving forward is AKRO, and if we don’t get behind it as a community, it will slump. I think it’s time everyone refocused and, yes, sacrifices will have to be made, but if you’re prepared to throw your long term investment under the bus because you can’t get onboard of the future direction, then well, you have more to loose in the future than what may need to be sacrificed. (not directed at any one person, just my thoughts trying to facilitate the emotions of this as an investment)

2 Likes
18

The project was always AKRO, and yes sacrifices will have to be made for the project to be successful in the long term which is what everyone wants. But why should only the ADEL token holders sacrifice? All AKRO holders should giveaway 5% of their tokens for development or the team can mint 5% additional supply for development. How about that? That is what I call sacrifice for future success and not just a random proposal made to target ADEL holders.

3 Likes
19

Suggestions and speculations about the future of the project should be considered in a separate thread, not in the context of the question of the size of the swap rate.

I have never seen a mention from the Akropolis team that the team lacks funds for its development, or other similar statements. If the team does not have enough funds, then let the team directly announce this and indicate how much they need and for what purposes.

After that, the community will be able to provide various options for resolving this issue.

7 Likes
20

Based on community & team’s feedback, the proposal was updated (caps removed).

4 Likes