Changing Altar Intervals to Help Combat The Alchemica Issuance Problem

Author: Quincy1971 GotchiID: 5375 Quorum requirement: 20% (9M) Vote duration: 7 days Discourse Thread: https://dao.aavegotchi.com/t/a-3rd-option-to-the-alchemica-issuance-problem/4538?u=quincy19711

INTRODUCTION

There have been a few approaches that have been mentioned from drastically cutting the percentages that gotchi receive from channeling to ending channeling all together. All these approaches have their merits by attacking the major contributor to token supply increase, which at this time is channeling. I however would like to propose another solution that addresses the increasing minting trajectory and at the same time the proverbial elephant in the room, the now locked spillover.

PROPOSAL

To increase the intervals of all the altar levels without decreasing the spillage percentage and the stoppage of minting new tokens. I propose that we start using the spillover wallet that contains the already minted alchemica to fund channeling until the Gotchiverse has better, sustainable sinks or the wallet can no longer support channeling in this way. I propose that the DAO in No Later Than 90 days revisits this to make any changes, if needed.

PROPOSED CHANGES

Old Intervals VS Proposed Intervals Level 9 every 1 hrs … Level 9 every 1.5 hrs Level 8 every 2 hrs … Level 8 every 3 hrs Level 7 every 3 hrs … Level 7 every 5 hrs Level 6 every 4 hrs … Level 6 every 7 hrs Level 5 every 6 hrs … Level 5 every 9 hrs Level 4 every 8 hrs … Level 4 every 12 hrs Level 3 every 12 hrs … Level 3 every 18 hrs Level 2 every 18 hrs … Level 2 every 24 hrs Level 1 every 24 hrs … Level 1 every 36 hrs

This change helps the ecosystem by: (1) addressing the overall supply of alchemica tokens by stopping its further minting of new tokens via channeling. (2) addresses the issuance of tokens by limiting how much is being claimed daily. These changes cause a ripple effect that would make more gotchi channel on the lower level altars further affecting issuance. (3) start using the collected spillover to effectively release its potential sell pressure by addressing the “What are we going to do about the collected spillover?” in a way that helps the game economy.

Questions/Concerns (1) As a landowner, it feels like this somehow takes my spillover from my parcels. The majority of the alchemica in the combined spillover wallet has come from gotchi channeling. (2) Why would this be any better than just changing all the altars spillover percentage? Changing the spillover percentage is indeed an option but it would also mean that players would be still channeling at the old intervals but for less alchemica. Once you added in the cost of the transaction, in some cases, it would actually cost YOU to channel. (3) Would it not be easier to just stop channeling altogether? Yes it would be the easiest option, however, channeling was the major "selling point" that brought a lot of investors into the community and its loss would affect a large portion of asset holders. Channeling, or UBI, started off as a "filler" that provided both (a) activity in the Gotchiverse while (b) providing a way for asset holders to earn while awaiting land mining to go live. Unfortunately, some changes were made that made channeling more profitable than mining land parcels, especially for non-spacious parcel owners.