Council Motion 17: Proposal to use 1M AIR for liquidity mining on Karura Swap

:raising_hand_man: :gear:

The Altair council has proposed a motion for allowing using 1M AIR for liquidity mining rewards to bootstrap the AIR/aUSD pool on Karura Swap. You can read about the proposal here and see the result of the community poll here.

:two: :athletic_shoe:

The proposal consists of two steps:.

  • send 1M AIR from Altair’s Treasury account to a temporary hot wallet in Altair with the address: kAHS3pSGHqPymTUmcCoVXUt8PVVgPgfWHG98yHvz8UiLeXpii

  • once the proposal is approved and executed, we will make an XCM transfer of 1M AIR + fees from said hot wallet to the following address in Karura controlled by the Acala team: qmmNufxeWaAVN8EJK58yYNW1HDcpSLpqGThui55eT3Dfr1a

See the motion in the portal here (while it is open).

See the motion on Subscan here.

:gear: :man_running:

It will be followed by another motion to fast-track the proposal so it will be enacted shortly after the referendum vote ends.

:coin: :ballot_box:

Once the motion to fast-track the proposal has passed, the proposal will become a referendum, that all token holders can vote on, using their AIR tokens. The referendum will be open for people to vote on for ~2880 blocks (~1 day with an average block time of 30 sec).

:unlock: :arrow_right: :lock: :arrow_right: :unlock:

Remember, that you don’t lose your AIR by voting on referenda - they are just locked for the duration of the vote. After that, they will be available for transfer again. You can make your vote count for more by voting with conviction which means that you can vote with up to 6X the amount of tokens you have, by locking them for a longer period of time.

:bulb:

If you want to know how voting with conviction works, you can see a short explanation in this post.

3 Likes

Council motion 17 has passed. Council motion 19 to fast track it is now being voted on.

See Council motion 19 in the portal here (while it is open).

See Council motion 19 on Subscan here.

As soon as Council motion 19 has passed, there will be a referendum vote where all token holders can vote with their AIR.

This post will be updated as soon as the referendum vote is live.

1 Like

Council motion 19 to fast track Runtime Upgrade 8 has passed.

The vote for referendum 7 is now open for 2880 blocks (~1 day with an average block time of 30 seconds) so you can use your AIR tokens to vote on it.

You can vote here .

See the referendum on Subscan here.

1 Like

Referendum 7 has successfully passed with a SimpleMajority at block 1129028.

Thank you for voting!

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:white_check_mark: We have just sent 1M AIR from the temporary hot wallet

kAHS3pSGHqPymTUmcCoVXUt8PVVgPgfWHG98yHvz8UiLeXpii

to the Karura address controlled by the Acala team.

And you can see the transfer from the Treasury to the hot wallet on Subscan here.

:coin: :repeat: Now it is only a matter of time before you can swap AIR on Karura Swap here.

3 Likes

:raising_hand_man:
We have made a proposal on Acala’s Forum to start the bootstrapping period for trading pair AIR/aUSD on Karura Swap.

:point_down:

Proposal

  • Enable Bootstrap for AIR/aUSD pool at block 2287022 (est. 7/13/2022 13:00 UTC)
  • 48 hours of bootstrapping period ends at 2301413 (est. 7/15/2022 13:00 UTC)
  • Minimum liquidity target is 1,000,000 AIR OR 10,000 aUSD
  • Minimum contribution requirement is 100 AIR OR 1 aUSD

No trading is allowed during Bootstrap, and trading can only be enabled once the following criteria are met:

  • The Not Before block 2301413 (est. 7/15/2022 13:00 UTC) has passed AND
  • Either the pool has 1,000,000 AIR OR 10,000 aUSD in liquidity
  • Both AIR & aUSD has >0 liquidity

If this referendum passes, and Bootstrap kicks off:

  • It will start at block 2287022 til 2301413 (roughly 48 hours)
  • NO trading is allowed during this period
  • You can contribute liquidity for AIR, or aUSD, or AIR & aUSD at the same time. The actual exchange rate of AIR/aUSD can only be known once the Bootstrap is completed .
  • At the time of your contribution, you are allocated a number of LP tokens, and indicative LP shares of the pool, which are subject to change as more liquidity is added.
  • You should only participate if you want to become a liquidity provider for the pool. Please be aware of various risks associated with being a liquidity provider.
  • If you just want to trade, then please wait till the trading is enabled.

Incentive Program

Altair has allocated a total of 1,000,000 AIR for the incentive program. 100,000 AIR will be distributed to the liquidity providers during the Bootstrap period (first 48 hours), and 900,000 AIR will be distributed during a 30 days campaign.

  • Total Incentives
  • 1,000,000 AIR
  • 2,000 KAR
  • Duration: from block 2301413 to 2524430
  • Bootstrap Rewards
  • 100,000 AIR - the Bootstrap rewards will be airdropped to the participants directly after the end of the Bootstrapping period.
  • Loyalty Bonus Percentage: 50%
  • Claim rewards before the loyalty program ends will void loyalty bonus, which is 50% of the rewards. Read more on the AcalaSwap wiki under “Incentive Program”
  • Claim rewards after the loyalty program ends (2524430) will be eligible for the loyalty bonus.

:scroll:
You can read the whole proposal here.

4 Likes