24 Aug: Akropolis General Update 2 of N

Akropolis
Akropolis
Aug 24, 2020 · 5 min read

Background

What’s been done so far?

  • $50,000-cap Closed Beta Launch maxed out in 48 hours, a little longer due to uncompensated all-time-high gas costs (ca.500gwei) with an average limit of $500/user.

1-Minute Summary

  • Delphi Open Beta is now live with a $5,000,000 cap. Right now our dev team is working on all things security: enhancing the code, running tests, working on upcoming product integrations & communication with audit teams.

Guarded Launch Approach

As DeFi continues to grow in terms of assets and composability, so does the potential attack surface. Whilst it may be tempting to go YOLO in and maximise the TVL quickly in the current bull market, DeFi liquidity is fickle in the absence of tangible moats (yet!). A trusted, secure product and an engaged well-supported community are key to establishing a liquidity moat. Hence our decision to go with Ken Deeter of Electric Capital “Guarded Launch” philosophy and roll out the product in controlled stages with reference to limits on deposits, asset types, and emergency procedures:

Our Liquidity Mining Thesis

  • Yield farming returns at the current levels are unsustainable and will compress over time.

Liquidity Mining: Key Considerations

We will be reviewing the LM incentives on a weekly basis with the view to establishing what methods work, what gets abused, and how best to achieve a healthy balance between short-term traders and medium/long term users and contributors. Below is our approach for the initial epoch prior to uncapped launch.

Rewards accrual:

  • weekly reward amounts to be distributed among incentivised pools are assigned weights as % of the total distributable amount.

Reward vesting:

  • the first 2-week rewards of mined AKRO will be unlocked and distributed at the same as ADEL.

Risk management measures:

  • during guarded launch rollout, each pool will have an TVL cap, revised weekly.

Governance measures:

  • In the spirit of dogfooding, the team will be mining ADEL, however, we voluntarily are enforcing a cap in smart contracts of 10% TTS.

Product Rollout and Liquidity Mining Rewards Schedule

IMPORTANT: please save or pin this “AKRO+ADEL LM Rewards” gsheet for your convenience and refer to it often for weekly updates.

More info in the spreadsheet (with links)— this is just a screenshot.

Commentary to the table is below:

[done] [10/08–23/08] Off-Delphi early liquidity providers on Uniswap and Balancer.

  • AKRO+ADEL Rewards accrual period: 10/08–23/08.

[done] 14/08–23/08: Delphi Closed Beta Launch [Unaudited]

  • Total TVL cap $50,000, 100x+ oversubscribed.

[now] 24/08 — ca.15/09: Delphi Open Beta Launch & Liquidity providers on Balancer, Mooniswap, Uniswap.

  • Total capped TVL: $5,000,000 for the first week, to be reviewed weekly.

[coming up] [ca.20/09]: Delphi Full Launch: uncapped TVL.

  • Two audits completed.

Delphi

Please see “Delphi” tab “AKRO+ADEL LM Rewards” gsheet.

Sparta

Please see “Sparta” tab “AKRO+ADEL LM Rewards” gsheet.

LM incentives accrual start: June 30, along with mainnet launch.

Accrual method: all liquidity providers in Sparta will get AKRO pro-rata to liquidity supplied.

Timeframe: June 30 — September 15 (2.5 months)

Token distribution per epoch:

  • AKRO allocated — 200,000 AKRO, with TVL of ~$100k, reviewed weekly.

What’s Next?

We will be introducing coefficients & additional incentives for lenders & borrowers using Akropolis. All suggestions are welcome in our Discord/TG/team@akropolis.io.

Our next updates will cover:

  • Revised LM rewards and incentives.

Most importantly, have fun with Delphi, stay safe and don’t risk more than what you’re prepared to lose!

Warmly,

The Akropolis Team

Akropolis

The Financial Protocol for the Informal Economy