Governance thread is available here: https://gov.angle.money/t/improving-angle-token-utility/168
Abstract:
The idea is to improve the Angle protocol and the ANGLE governance token utility through several changes:
- Implementation of a module to buyback ANGLE governance tokens using a portion of the interests generated by the protocol's strategies. Each time interests are received from strategies, a portion of it directly goes to the buyback pocket, the rest is split between SLPs and surplus. The surplus main use is to cope with collateral price decrease when the protocol is not fully hedged
- Launch of veANGLE token similar to what Curve does. This token is not transferrable and can only be obtained after locking ANGLE tokens for a period of time (min 1 week, max 4 years)
- veANGLE token holders are the ones receiving the bought back ANGLE tokens: they can choose to do what they want of it. veANGLE holders are also privileged when it comes to staking in the protocol's contracts (like staking agEUR): they can earn boosted yield compared with people that do not own any ANGLE token: the boost is still to be determined but if we stick to Curve it would 2.5x what someone with no token would receive
- Improvement of the staking contracts to be able to support multiple reward tokens (besides ANGLE reward): this would imply a migration of the liquidity
- Setup of a gauge system where veANGLE holders can allocate their voting power to decide where the ANGLE emission should go (like Curve does)
- Let veANGLE token holders participate in all on-chain governance votes, but also give the governor role to a multisig implementing the results from off-chain Snapshot votes where ANGLE holders and veANGLE holders could participate (like FRAX does)
The following developments may take some time to implement and most of all test by the Core Team, we have an audit slot in December and we hope to have this ready during the month of January.
Since this is a big change for the protocol that is going to take some dev time, we open this temperature Snapshot vote to measure community's support of this.
Here the specs are not fully determined, so as we will be building we are open to any way we can make the system better.
Vote:
For: Yes, the Angle Core Team should implement such changes
Against: No, we should do nothing