***Please note: $ALEX must be migrated in order to participate in governance voting***
Summary:
The LEO team has requested to receive compensation in $ALEX for burnt LP tokens. If approved they would receive the $ALEX over 32 cycles, under the Treasury Grant Program, to a wallet they have designated and announced: SPZ3VWN5GMVPY20HWS2WH10KP4P0R99PWRQP2S4J.
This request is challenging because the LP tokens in question were sent to a burn address and have no owner. Which means neither the ALEX protocol nor LEO team has access to the burnt LPs.
By default, burning LP tokens served the purpose of proving to token communities the liquidity was permanently locked on ALEX protocol, as the LP tokens could never be further accessed by any party.
During the security incident on May 14, the STX/LEO pool was affected, with both STX and LEO tokens stolen, but the Foundation subsequently managed to recover the stolen LEO tokens from the hacker.
After the ALEX Lab Foundation announced the Treasury Grant Program, most meme coin teams confirmed having their LP Pools recapitalized with $ALEX, restoring them to the original state of a burnt LP position, was acceptable.
The LEO team requested to choose Option 1 below, which is to receive $ALEX over 32 cycles. By choosing Option 1, the LEO team requests changing the allocation of $ALEX compensation from Burnt LP wallet to a new wallet that LEO provided.
As this is a new wallet provided by the LEO team, they have posted an announcement to clarify the situation.
https://x.com/leocoinstx/status/1800514342133383611?s=46&t=cs3kFG6cy6C7hklaCYVpPg
We ask our community to vote on whether to:
Option 1: Authorize the LEO teams to receive $ALEX compensation to the new wallet provided, with 32 cycle vesting. Upon receiving $ALEX, how the tokens will be used is entirely under LEO team control as per their announcement linked in the proposal.
Or
Option 2: Provide $ALEX compensation (without vesting) to create ALEX/LEO pool, and burn LP tokens to restore to original state (same as for the other memecoins). Liquidity remains on the ALEX protocol.
Or
Option 3: Abstain from the vote.
=> Vote with ALEX and atALEX <=
As Ballot.gg does not support a voting strategy that involves two tokens (ALEX and atALEX) with different weighting (because 1 atALEX ~= 1.06 ALEX) two ballots have been created. If you have both tokens, vote with both.
The atALEX vote will be multiplied by its intrinsic value in ALEX at 1 atALEX = 1.06 ALEX.
When voting closes the results of both ballots will be merged to determine the final result.
The ALEX Lab Foundation holds ALEX and AutoALEX positions in providing protocol liquidity and will abstain from the vote.