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AbachiAbachiby0xde6EA9A2992df0DFa3Ca5Cf09F9f7c25929303420xde6E…0342

[ABIP-18] The great migration

Voting ended over 2 years agoSucceeded

tldr: Unify all liquidity under ABI/WETH on mainnet. This includes removing and reducing the LP on polygon. Remove rebasing and replace with high yielding LPs.

Discussion Link: https://discord.com/channels/898415838716104794/1123586606742388767

Summary As recently posted in the roadmap, Abachi wants to move to the parent chain and now seems to be the best time to do it, given fees are relatively low and lots of new L2/L3 competitors are popping up. This is a big governance vote and involves a few different steps. They are included together in one vote to keep things easy, but if there is discussion and need, these can be broken down and voted separately.

This proposal will do the following:

Reduce Polygon liquidity by 80% right away and completely in a future vote. Bridge liquidity over to ABI/ETH v3 pool on uniswap. Remove and migrate liquidity to ABI/ETH v3 pool on uniswap. Incentivise these pools using Timeless Finance and Hidden Hand Acquire veLIT to boost yields on these pools.

Motivation Rebasing is no longer a viable way to inflate supply. We want to pivot to removing rebasing completely and replacing it with high yields via a crv/convex mechanism. This has shown to be the most efficient way to increase liquidity and CRV wars are heating up again as even Sam Altmans stable coin is now bidding 20m to acquire CRV. We have a unique edge here as we have an opportunity to acquire 1% velit voting rights and boost our own pools.

With this said, we will need to unify our LP to one v3 uniswap pool. This should eliminate the need for arbing two pools and in the future an autocompounder can be added for the yields from timeless finance. While these yields are not live yet, Abachi is now approved as a gauge on timeless finance and starting the next epoch we should be able to track this APY from timeless on our Abachi pools.

This vote will be followed by a few others to help bring to life the plan outlined in the roadmap, including a v2 of the ABI token in the future so that the mint functions can be removed and supply is finite.

Off-Chain Vote

Agree Move LP
110.83K ABI100%
Disagree
0 ABI0%
Quorum:22165%
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Timeline

Jun 29, 2023Proposal created
Jun 29, 2023Proposal vote started
Jul 01, 2023Proposal vote ended
Oct 26, 2023Proposal updated