SAIP #51.2 - Detailed Conversion Plan for the “Potion” Point System
Introduction
Following the successful passing of AIP #51 and AIP #51.1, this document outlines the detailed conversion plan for the “Potion” point system.
Overview
The “Potion” point system is designed to incentivise liquidity provision on MIMSwap, starting on the Blast L2 network. A total of 10 million Potion points has been distributed which will be allocated to MIMSwap founders.
Distribution Proposition
The following paragraph outlines the final rewards to be given out to founder’s on blast.
A proposed 169m Spell would be distributed to founders in addition to all USDB yield received, proportional to the amount deposited if this proposal was to pass.
To celebrate the new STIP bridge awarded on Arbitrum this proposal asks for a distribution and subsequent claim on Arbitrum. The DAO shall convert the USDB 1:1 to USDT on Arbitrum and distribute it as such.
Following the yield computation, the amounts to be distributed on Arbitrum are:
111,000 USDt
169,000,000 SPELL
Implementation Steps
The conversion will allow for a Merkle distribution on the Arbitrum network. An industry standard Merkle distributor will be used.
Governance and Voting
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Discussion Period: 2 days for community discussion and feedback.
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Voting Period: 72 hours for DAO members to vote on the detailed distribution plan. Voting is available here.
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Active Participation: All DAO members are encouraged to participate in discussions and voting to ensure the plan aligns with the community’s best interests.
By following this detailed conversion plan, we aim to maintain transparency, fairness, and efficiency in rewarding our community and ensuring the long-term growth and stability of the Abracadabra ecosystem.