Expanding $AIKEK to Base L2

Introduction

Alphakek AI proposes to make $AIKEK multichain by implementing the official Base Bridge. This will enhance the $AIKEK token holder experience, make it more accessible, open new business opportunities, and increase trading volume. $AIKEK token holders can vote for what they believe is best for Alphakek AI.

Motivation

• Expand $AIKEK Reach: Make $AIKEK available to more Ethereum-centric communities.
• Improve Holder Experience: Enhance the experience for $AIKEK token holders by adding new utility and reducing gas fees.
• Technical Strength: Base is built on the OP Stack, ensuring a robust and secure foundation.
• Leverage Base’s Growth: With a TVL of $1.404 billion, 500,000+ active addresses, and 3m+ daily transactions as of today, Coinbase-backed Base has rapidly gained traction and become an ideal platform for expansion.

Implementation

Development Timeline:

• Finalize Base Bridge and prepare $AIKEK tokens for bridging.
• Prepare $AIKEK and $ETH token supply for the liquidity pool.
• Add liquidity on Uniswap v3 with community-chosen fee structure (0.3% or 1%).

Marketing Strategy:

• Collaborations with Base ecosystem projects and influencers.
• Custom AI products for Base projects.
• Educational campaigns on AI applications in crypto, as it pertains to Base.

Resources Required:

• Budget for initial liquidity provision.
• Team coordination for technical setup and marketing campaigns.
• Educational materials and AMAs to guide users through the bridging process.

Analysis

Benefits:

• New Utility: New DeFi, GameFi, SocialFi, and arbitrage opportunities.
• Expanded Community: Access to new users and marketing opportunities in the Base ecosystem.
• Ecosystem Support: Potential for additional support through Base’s hackathons and community initiatives.

Tokenomics:

• Token Supply Unchanged: No new $AIKEK tokens will be minted; the total supply will remain at 256,000,000 tokens minus burnt tokens.
• Uniswap v3 Comparison: Analysis of other Base tokens shows that Uniswap v3 with a 0.3% fee yields higher daily tax revenue compared to other options like Aerodrome.
• Token Price Volatility: Likely to increase due to higher trading volume, which is a typical outcome in a multi-chain environment.

Governance

Eligibility:

• All $AIKEK holders are eligible to participate in this optional vote.
• We encourage all holders to review this proposal and help shape the future of Alphakek AI.

Timeline:

• Voting window: July 15, 2024 at 4PM UTC - July 22, 2024 at 4PM UTC.

Voting Process:

1. Visit the proposal page on Snapshot.
2. Connect your wallet holding $AIKEK tokens.
3. Vote for one of the three options.

Voting Options:

• Yes, launch bridge to Base using Uniswap v3 at a 0.3% fee.
• No, do not launch bridge to Base.
• Yes, launch bridge to Base using Uniswap v3 at a 1% fee.

Again, the total supply of $AIKEK will remain the same.

FAQ

Q: I own 1% of all $AIKEK tokens, what will happen to my share once $AIKEK is available on Base?

A: You still will own 1% of all $AIKEK tokens. The total supply of 256,000,000 tokens (minus burnt tokens) remains unchanged.

Q: How will this impact the token price?

A: Given the total supply of $AIKEK remains unchanged, the same supply and demand dynamics will impact price. While we cannot predict price changes, making $AIKEK available on Base will increase its marketing exposure, potential volume, and arbitrage opportunities between Base and Ethereum.

Q: How will this impact token market capitalization?

Having a Base bridge and token does not affect the Ethereum token’s market cap. Market cap depends on liquidity, and our liquidity will remain locked on Uniswap ETH. Market cap is also aggregated across chains by coin listing sites like CoinGecko and CoinMarketCap.

Q: Are you leaving Ethereum?

No, Ethereum is our home and $AIKEK is not being relaunched or migrated. You’ll simply have the option of bridging existing $AIKEK between Ethereum and Base to perform transactions. As Base is a Layer 2 solution and designed to help Ethereum scale, we felt it was an ideal ecosystem for expansion.

Q: Why do you want to use Uniswap and not Aerodrome?

A: We have a very long-term vision for Alphakek. While Aerodrome has some potential, its token emissions mechanism makes it less predictable in the long term than Uniswap V3. Moreover, most of the Base tokens that are traded on Uniswap V3 and Aerodrome have higher trading volumes on Uniswap.

Q: Why do you want Base $AIKEK to have a much lower trading tax than Ethereum $AIKEK?

A: Since the Base $AIKEK liquidity pool will be much smaller (at the time of launch) than the $AIKEK pool on Ethereum, we decided to introduce this asymmetry to create arbitrage opportunities (and therefore facilitate the trading volume) on both chains: on Base, there are smaller LP, higher slippage, and lower tax. On Ethereum, it’s exactly the opposite.

Q: Will this affect my Alphakek app User Tier and access?

A: No, we calculate all of your holdings. If you hold $300 of $AIKEK on ETH and $700 of $AIKEK on Base, you still qualify for the $1000 Premium tier as usual.