Recovered Assets Portal and Governance Votes on Rewards for Affected Users

The ALEX Lab Foundation understands our community wants both greater transparency on asset recovery for the affected users and that these users receive rewards on their unrecovered assets until they are restored. These will be addressed respectively through an Recovered Assets Portal and a governance vote for the allocation of $ALEX emissions.

Additionally, the Foundation would like to propose, as a second governance vote, the use of ALEX protocol revenue as an additional grant for the affected users.

Recovered Assets Portal
Creation of the recovered assets portal does not require governance vote and will proceed over the coming weeks.

• For the affected user, the ALEX Lab Foundation will provide transparency on recovered asset distribution through a dedicated portal. Further all users affected will be issued an on-chain Recovery Certificate representing their rights to asset recovery.
• From the same portal any STX the Foundation recovers will be proportionally injected for certificate holders to claim.
• If a user participated in the TGP (opt-in), meaning they received ALEX, they can still receive those recovered STX but they would have to return the $ALEX they received at a 10:1 ratio. Users can switch their decision from opt-in to opt-out at any time while asset recovery is active, which has no deadline.
• The default selection is to opt-out of the TGP. Users have one year from the launch of TGP on June 7, 2024, to choose to participate in the TGP. For one year from the launch of TGP, users can switch between opt-in and opt-out as often as they prefer. After one year the choice can no longer be freely switched; only opt-in users will still be able to opt-out for a final time.

Vote Proposals

Proposal to Provide $ALEX Farming Emissions to Recovery Certificate holders.

These farming rewards will be based on the certificate’s holding of unrecovered STX, taking into account any grants.

The farming rewards per cycle were:

• STX/ALEX: 283,800
• STX/aBTC: 116,100
• STX/xBTC: 25,800
• STX/LiSTX: 18,000
• STX/sUSDT: 30,000
• STX/xUSD: 1,500

Whose total is 475,200 $ALEX tokens per cycle.

Considering the unrecovered STX, the Foundation proposes allocating 237,600 $ALEX tokens per cycle (i.e. 23,760,000 $ALEX tokens per year, or c. 2.376% of the max supply) for this purpose.

Proposal to Utilize Protocol Revenue as an Additional Grant Distribution Toward Recovery Certificate Holders

This additional grant would apply to all the affected users (i.e. both opt-in and opt-out users). This additional grant would work similar to the existing TGP with 100% of the protocol revenue going to these additional grants until all the unrecovered STX are fully substituted. Users who opted in for the existing TGP can receive those protocol revenue by returning the $ALEX they received in the 10:1 ratio.