Based on the community feedbacks and suggestions, as summarized in our recent announcement (https://x.com/ALEXLabBTC/status/1794681669179310507), the Foundation selected four feasible and immediately actionable proposals for a governance vote by the community to decide on the Treasury Grant Program.
>> Vote Conditions <<
- At least 50% of the vote token must participate and choose one of the five choices.
- The proposal with the most votes (excluding abstain votes) is deemed the winning proposal to be implemented as the Treasury Grant Program.
- ALEX total circulated supply is 737,195,210, of which, the Foundation confirmed that, 82,123,945 is on Bithumb, 30,830,764 on Gate and 12,291,567 on Bitget. In addition, 71,561,337 ALEX tokens belonging to the Foundation were burned as part of the recovery process.
- Hence, total available vote amount is 611,948,934, including 173,231,056 ALEX tokens held at the DAO contract.
- The 71,561,337 ALEX tokens belonging to the Foundation and the 173,231,056 ALEX tokens held at the DAO contract will vote to abstain.
>> Proposals <<
**Distribution of the Recovered Assets to LP holders and Minting of NFTs for non-recovered STX**
Summary: the Foundation distributes the recovered assets to LP holders as soon as possible. For unrecovered STX, an NFT is issued to each LP to represent those unrecovered STX. Those NFTs can be redeemed for STX as more STX are recovered / returnable (through legal actions, fund raise or borrowing, etc).
** Synthetic STX (14 million STX) **
Summary: Using $7 million USDC + 16% ALEX reserve (current valuation around $40 million, with over collateral value 1.5x) as collateral to mint 14 million aSTX or iouSTX. Any recovered STX and the protocol revenue will be sent to the collateral pool to maintain the collateralization ratio of 1.5x. These synthetic STX will be added back to LP pools and eligible for future farm rewards. The token may be redeemed with the underlying collateral distributed to the token holders, subject to a governance vote
** Synthetic USDC (28 million USDC) **
Summary: Using $7 million USDC + 16% ALEX reserve (current valuation around $40 million, with over collateral value 1.5x) as collateral to mint 28 million aUSDC. Any recovered STX and the protocol revenue will be sent to the collateral pool to maintain the collateralization ratio of 1.5x. These synthetic STX will be added back to LP pools and eligible for future farm rewards. The token may be redeemed with the underlying collateral distributed to the token holders, subject to a governance vote.
** Fairly Distribute the Remaining STX in the Vault to Cover LP Loss **
Summary: 150k STX recovered so far is distributed fairly among all LP holders. The remaining loss is substituted with $ALEX token with an exchange rate at 10 $ALEX per STX. The substituted $ALEX can be redeemed over the next 32 cycles in equal amount (i.e. 32 installments). Any recovered STX during the redemption period will be returned fairly to all LP holders in exchange for reducing the $ALEX to be redeemed at the same exchange rate of 10 $ALEX per STX. All other recovered assets will be returned to the LP holders immediately. The $ALEX to be redeemed will accrue staking reward in accordance with the $ALEX staking yield pre-exploit. The Foundation will deploy $7m to create a STX/$ALEX to provide liquidity to the platform.