Proposal: Whitelist Alchemix (ALCX) + 250k Co-Invest

Great question, one of the co-founders of Alchemix is extremely supportive of the proposal, community has been nothing but warm in welcoming and supporting the whitelisting. And you’re right, ALCX does have a good incentive at the moment but my guess is that LP’s are getting rekt on IL, the IL protection could draw many longer term holders to Bancor, ALCX is already down -86% from ATH, my bet is that holders now are going to stick around and want to protect their assets. If DeFi runs again, I wouldn’t be surprised if liquidity flows to Sushi as well, but during this cool off period, Bancor stands to rake in many ALCX LP’s by protecting them from the IL they would face otherwise.

Picture below of a community member voicing support.

Link to my tweet here: https://twitter.com/_krris/status/1416055943507415044?s=20

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don’t see why alchemix wouldn’t tweet it out, their team is aware of this prop and they’re into it, also ALCX IL :

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Hi, ALCX staker here, and just popping to to show my support, I would definitely be interested in IL protected LPing. Currently I split my bags into single staking and alETH staking solely b/c of the IL I experienced thus far in the LP.

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Hey, greatly appreciate this support and this proposal really came to light as it was realized that currently there is no way for ALCX stakers to make their asset productive by becoming an LP. If you look above at @tenzent’s post on IL suffered by ALCX LP’s so far, especially on the 30 day timeframe, it is significant and discouraging. Excited to give ALCX holders the opportunity to protect their positions from IL with single-sided liquidity provision if this proposal passes. Scoopy Trooples (for those that don’t know, Alchemix Co-Founder) has voiced support in the Alchemix discord & personal Twitter and Ethtechnocratic (Also Alchemix Co-Founder) has voiced his support for more markets on Twitter here. Glad to have you here Prayag!

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This will be a fantastic opportunity to bring ALCX users to Bancor, and to introduce ALCX to Bancor users who may not be aware of the project.

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I couldn’t agree more. Huge opportunity for both platforms to tap into each others first-to-market products and exceptional communities.

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The link to this thread is currently pinned on Discord.

Definitely interested in having another option that Sushi to LP ALCX.

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hi Bancorlords love the proposition and definitely will bring my bags over for IL protection. Great synergy could be build between the 2 protocols.

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Thank you for this proposal @ThePerpetual .

Appreciate the Alchemix community coming to the forum to show their support. The Alchemix project is on its path to become a DeFi blue chip and having an ALCX BNT pool will definitely benefit Bancor.

The 250k BNT co-investment sounds reasonable. ALCX holders have definitely felt the IL in the ALCX/WETH pool on Sushiswap:


(taken from WETH-ALCX | SushiSwap Analytics)

Volume is significantly down in the past 24hours, the pool has a utilization rate of 1.21% on SushiSwap.

Looks like the Alchemix team will support the proposal and share it on their social media profiles.

Will vote FOR, great proposal.

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Ahh yes, been very active in the Alchemix discord answering questions from their community and have gotten nothing but great support from them. If this passes, I see Bancor becoming the preferred option for LP’s.

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Hey, I believe this to be a great idea! In a free market society competition is vital, also giving other choice of where they want to park their $$. Having protection against IL would be a strong tool for continual growth with more peace of mind. I don’t know about everyone else but I like my sleep! I do hope this gains traction as a ALCX holder I do think this will benefit many, as mentioned above in this slow down lately would be a great time to implement and further grow the community.

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Much appreciated Marcus! Indeed this cool off period is the best of times to bridge communities and build together.

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@tfns Huge to see the Alchemix community come and support this proposal, and that IL really hurts. Posted this to their Discord and chatting with some of the community about it now, crucial that this data surfaces. Also, found out that the single sided staking of ALCX on Alchemix.fi will end when their V2 comes out, which will be soon. Making Bancor the only option to stake ALCX single sided, if this passes!
Current ALCX rewards

Current ALCX single sided staking ^ once this ends, ALCX stakers will need a home, Bancor can be that home.

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Great point to bring up. Super happy to see the Wizards come down to voice their support. I will see you at the polls gentlemen.

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Just saw the following tweet

from the official alchemix twitter handle. Looks good to me.

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Nothing but love from their community! Great tweet. It looks like they are excited for this pool as well, assuming vote passes. Looking forward to voting this week :mage:

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Exactly time to buidl and set up the right alliances for the future. Well said. Important to point out the the bear as execellent qualities too😊

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Time to go down the rabbit hole and dig into bancor.

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Welcome to Bancor! :mage: :shield:

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