Summary
Executed November 30th, 2022
Before the Rewards Manager is launched, the Algofi DAO will approve allocations of BANK emissions on a monthly basis. Since the voting period is 2 weeks from November 16th - November 30th, this proposal concerns emissions from November 30th - December 31st.
After the voting period for this proposal passes, a new proposal for allocating emissions will be launched for voting by the community, which will concern emissions from December 31st - January 31st.
Users are encouraged to voice their opinions on future emission allocations in the Temperature Check category of the governance forum to ensure they are taken into consideration for preparing emissions proposals. Ultimately, this process will be automated on chain with the Rewards Manager.
The motivation is to promote the growth of liquidity on the Algofi lending protocol and DEX.
Emission allocations can be found below.
Proposal
Change BANK emission allocations to Lending markets, Lend and Earn contracts, Staking contracts, and the Algofi Vault in the proportions outlined below. With the discontinuation of the Aeneas rewards program and based on the feedback of the community, BANK emissions are increased in the USDC Lend & Earn to promote stablecoin liquidity. Furthermore, BANK is allocated to the soon to be launched ALGO-BANK LP staking contract.
| Contract | Allocation [%] |
|---|---|
| USDC Market Lend and Earn Supply | 26.75% |
| USDT Market Lend and Earn Supply | 2.00% |
| ALGO Market Borrow | 0.50% |
| USDC Market Borrow | 0.50% |
| goBTC Market Borrow | 0.25% |
| goETH Market Borrow | 0.25% |
| USDT Market Borrow | 0.25% |
| STBL2-USDC-LP Market Supply | 32.50% |
| STBL2-ALGO-LP Staking Contract | 9.00% |
| STBL2-goBTC-LP Staking Contract | 3.00% |
| STBL2-goETH-LP Staking Contract | 3.00% |
| USDC-ALGO LP Staking Contract | 4.00% |
| ALGO Vault Supply | 10.00% |
| STBL2-BANK-LP Staking Contract | 4.00% |
| ALGO-BANK-LP Staking Contract | 4.00% |
In the event the proposal does not pass, the ALGO-BANK lending pool will still be launched but without the associated staking contract.