Temperature Check: Resolving Abachi

Synopsis:

I suggest the protocol resolves and returns funds to the DAO / tokenholders given the lack of updates, engagement and PMF.

Rationale:

It's no secret that the Abachi protocol has come to a grinding halt for some time. Although a migration was done from Polygon to Arbitrum, the protocol has yet to capitilise on this migration. Without utility for the native $ABI token, the price has seen a decline for years now (switch graph to ETH pricing). The socials and discord have been vacant by both community and team and only a handful of people appear to remain.

Abachi improvement proposal 16, was among the proposals launched in Sept 2022 to improve the tokenomics and attractiveness of the $ABI token, by launching reverse bonds with the revenue generated. This proposal has yet to be implemented, or started on for that matter.

Currently, there is a plan of creating a L3 with Abachi nodes, where $ABI is needed to stake on a node. However this plan appears to be to little to late. Not only does this look like a BSC 2021 Node project idea, like said before, there is little to no community left to use this product and other products have spent considerable time during the bear to buidl and ship, while Abachi hasn't.

Given the lack of updates on this new roadmap, the absence of tangible milestones, and a team and community who are latent to engage with one another, I believe its in everybodies best interest to resolve the protocol. Everybody is then free to use the freed up capital as they please, instead of having it 'stuck' in a protocol that continues to lose value. The fact the $ABI token appears to trade "under backing" as some OG members keep saying, is testament to the markets trust/appetite for this project.

Abachi currently has 1 loan, with Luca+ (a protocol on which Electo is advisor/seeder) with a sub-market interest of 6-7% pro annum. (according to public information). If we cancel this loan there will be nothing standing in the way of resolving the entities in Dubai and elsewhere and return the funds to the ABI holders pro-rate.