SAIP #51.3 - Ending Potion Point Conversion

Governance Proposals General Proposals
1

SAIP #51.3 - Ending Potion Point Conversion

Introduction

Following the successful implementation of SAIP #51 - SAIP #51.2, this proposal outlines a plan to officially end the current conversion of Potion points and remove the claiming functionality from the UI of MIMSwap. The aim is to streamline the protocol’s operations and simplify the user experience by eliminating legacy features.

Overview

The Potion Point system was introduced as a way to incentivize liquidity provision on MIMSwap, specifically on the Blast L2 network. With the completion of the Potion point conversion outlined in SAIP #51.2, the Potion point system has fulfilled its purpose. As such, we now propose to end the conversion of Potion points and remove the claiming from the protocol’s UI.

Rationale

The Potion point system was a novel way for Abracadabra to incentivize liquidity on a new product built on a new chain, however continuing to display this system in the UI could confuse users and clutter the interface. Additionally, the newly launched sdeUSD cauldrons also have Elixir Potions which could be confused with Potions outlined in SAIP #51 - SAIP #51.2. By removing the functionality, we improve the overall user experience and ensure that the UI remains clean and focused on relevant, active features.

Implementation Steps

  1. UI Removal: Front-end developers will remove Potion point claiming functionality 5 days after the proposal passes.
  2. Recover Unclaimed Rewards: The unclaimed rewards will be recovered by the treasury after the UI Removal. Recovered tokens will be considered as treasury funds.
  3. Distribute Unclaimable Rewards: Manually distribute rewards that were unclaimable because the claiming process was on Arbitrum instead of Blast, where they were earned. The rewards could have been unclaimable if a smart contract was used. This must happen within 14 days of recovering unclaimed rewards. Impacted users must reach out within 7 days of recovering unclaimed rewards on Discord.

Conclusion

By implementing this proposal, we aim to bring closure to the current Potion point system and ensure that the Abracadabra UI remains user-friendly and ensure there’s no confusion between Elixir Potions and Abracadabra’s Potion points.

Voting

Given the point system has been live for a considerable amount of time, the speedlane AIP format has been chosen, with a 24 hours discussion period followed by a 48 hours voting period.

  • Discussion Period: 1 day for community discussion and feedback.
  • Voting Period: 48 hours for DAO members to vote on ending the Potion point conversion.
  • Active Participation: All DAO members are encouraged to participate in discussions and voting to ensure the plan aligns with the community’s best interests.

Voting will start 01/10 at 16:00 CET and conclude 24 hours later. Voting can be found here.