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0xb925…2948

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0xb9259aee…2948sent to0x8a994c6f…a8f1·#17,020,416·0xafc29410…eca07b
# Use Arrakis PALM for Deepening DAO Owned Liquidity # Summary Deploy Arrakis PALM to conduct market-making on UniV3 for FORTH. [Forum Discussion](https://forum.ampleforth.org/t/proposal-use-arrakis-palm-for-deepening-dao-owned-liquidity) [Signal Vote](https://signal.ampleforth.org/#/proposal/0x44903b6fc5f4b78c450e9a8873e530e6f1d9e00c2c4485b50ad4491b48c22d21) # Arrakis and PALM **Arrakis Finance** is a trustless market-making infrastructure protocol that enables running algorithmic strategies on top of Uniswap V3. Since launch, Arrakis has acquired: * \>$1.7b in TVL at its peak (currently around $460m), across Ethereum, Optimism and Polygon * \>25% Uniswap V3 total TVL * \>80 projects have their liquidity managed via Arrakis vaults A SPOT/USDC [Arrakis vault](https://beta.arrakis.finance/vaults/1/0xDF367477C5E596af88E8797c3CDe8E28854cb79c) is already used within the Ampleforth ecosystem to create an easy entrypoint to being a SPOT Liquidity Provider. It is also used as a way to tokenize LP positions so the geyser program can work with Uniswap V3. This vault currently holds > 40% of the [SPOT/USDC liquidity pool](https://info.uniswap.org/#/pools/0x7e0c73af898e1ad50a8efd7d3a678c23cd90b74c) on Uniswap. **Arrakis PALM**, Protocol Automated Liquidity Management, is a liquidity bootstrapping mechanism that taps into the organic trading volume on UniV3. PALM is designed to bootstrap liquidity by acquiring more base asset inventory. For instance, the Forth DAO can seed liquidity with an initial asset ratio of 90/10 in FORTH/ETH. PALM can progressively balance it towards a target ratio, like 50/50, only by taking advantage of the volatility to make markets for FORTH. Not only will this approach save the DAO Treasury from spending ETH on liquidity and FORTH/AMPL/SPOT on LP incentives, but it will also put no downward pressure on FORTH price since the market-making is done via setting up LP positions instead of doing swaps. During the time of deployment, the Forth DAO community would have full transparency of the execution and performance of PALM via a custom dashboard, and it retains full custody of the liquidity in the vault. At any point in time, the DAO could withdraw the fund from the vault or revoke the managing access from PALM. PALM can only conduct market-making with the liquidity deposited in the vault, and will never be able to remove the fund. A case study of Arrakis' first PALM deployment for Gelato's GEL token showed [very good results](https://twitter.com/ArrakisFinance/status/1623319923559636994), accumulating from 2 ETH to nearly 170 ETH in under 3 months. Arrakis charges two fees: * Management fee: 1% AUM fee on a yearly basis * Performance fee: 50% of trading fees generated Read more at-- Website: https://www.arrakis.finance/ Docs: https://resources.arrakis.fi/ # Current State of FORTH Liquidity FORTH is listed on a variety of [Tier-1 centralized exchanges](https://www.coingecko.com/en/coins/ampleforth-governance-token#markets) like Binance, Coinbase, Kucoin, Kraken and does in excess of $5M of daily volume. Despite this, there is no meaningful FORTH liquidity onchain. Creating a pool onchain would allow the DAO to tap into the already decent volume in the surrounding ecosystem. The Forth DAO Treasury [currently owns](https://www.ampleforth.org/dashboard/dao) 3.8M idle FORTH tokens. Deploying some of these into PALM would simultaneously support the ecosystem by providing liquidity and also safely diversity the treasury over time. # Proposed Phase 1 Deployment The DAO also holds $1.14M of AMPL/ETH liquidity on Uniswap V2, which includes ~552 ETH (~$595K). We could utilize 10% of the ETH in the AMPL/ETH pool to initialize the FORTH PALM vault in a 90:10 FORTH/ETH configuration. That would initialize PALM with approximately: * $540K in FORTH and * $60K in ETH totaling ~$600K to start. Since PALM is a new system, an option to minimize risk is to start with $200K of assets, then reserve a follow on with the remaining $400K after a period of observation--perhaps after 1 quarter. # Phase 2 After 50:50 equilibrium is reached, the DAO can revisit market making objectives. Since PALM is non-custodial and exists onchain, the DAO retains ownership of the assets and is free to withdraw them at any time. At this point, we can revisit if/how to adjust the parameters, or if/how much liquidity should be added or removed. For example, the DAO could maintain the vault as is, repurpose the accumulated ETH and deepen AMPL or SPOT liquidity, or deploy the ETH for yield completely independently.
0xb9259aee…2948sent to0x8a994c6f…a8f1·#16,429,414·0x8883d733…b46789
# Geyser Refresh for January 23rd, 2023 For full background and discussion, please see the forum thread [here](https://forum.ampleforth.org/t/geyser-refresh-for-january-23rd-2023/). ## Proposed Configuration Background: - Original EcoFund carveout was 23.5% of network - [Forth DAO Treasury](https://etherscan.io/address/0x223592a191ecfc7fdc38a9256c3bd96e771539a9) owns 5,133,813 AMPL, so 42.34% of original EcoFund carveout is liquid (not counting the 412K AMPL and 498 ETH in Uni v2 and 130K AMPL in Mooniswap [which will be reclaimed](https://forum.ampleforth.org/t/unwind-ampl-aampl-liquidity-position/630/1)) ``` Geyser Platform Pair Chain SPOT Amount Beehive v5 Uniswap v2 ETH/AMPL Ethereum 75,000 SPOT Fly Pilot Uniswap v3 SPOT/USDC Ethereum 10,000 SPOT Total 85,000 SPOT ``` This proposal will also reclaim the aAMPL/AMPL Mooniswap LP position.
0xb9259aee…2948sent to0x8a994c6f…a8f1·#15,771,105·0x4875a661…a92a0e
# Geyser Refresh for October 11, 2022 For the full background and discussion, please see the forum post [here](https://forum.ampleforth.org/t/geyser-refresh-for-october-11-2022). # Proposed Configuration Background: - Original EcoFund carveout was 23.5% of network - [Forth DAO Treasury](https://etherscan.io/address/0x223592a191ecfc7fdc38a9256c3bd96e771539a9) owns 4,285,960 AMPL, so 44.24% of original EcoFund carveout is liquid (not counting the 346K AMPL and 296 ETH in Uni v2 and 100K AMPL in Mooniswap) Following the Bitcoin Emmission schedule would give us a target for Y4Q1 to Y4Q4 of 1.75% of the original Eco Fund per quarter. (That's 1.75% of 23.5% of total supply) ``` Geyser Platform Pair Chain % of Eco Fund Splendid Aave aAMPL Ethereum 0.3 % Trinity v3 Balancer v2 WAMPL/WETH/WBTC Ethereum 0.3 % Beehive v4 Uniswap v2 ETH/AMPL Ethereum 0.6 % Crystal Pangolin WAVAX/AMPL Avalanche 0.6 % Total 1.8% ```
0xb9259aee…2948sent to0x8a994c6f…a8f1·#15,089,820·0x60658af1…52f1d8
# Geyser Refresh for July 13, 2022 For the full background and discussion, please see the forum post [here](https://forum.ampleforth.org/t/geyser-refresh-for-july-13-2022/). ### Proposed Configuration Background: - Original EcoFund carveout was 23.5% of network - Treasury owns 5,541,432 AMPL, so 46% of original EcoFund carveout is liquid (not counting the 411,861 AMPL and 289 ETH in Uni v2 and 125K AMPL in Mooniswap) - Following the Bitcoin Emmission schedule would give us a target for Y4Q1 to Y4Q4 of 1.75% of the original Eco Fund per quarter. (That's 1.75% of 23.5% of total supply) ``` Geyser Platform Pair Chain % of Eco Fund Splendid Aave aAMPL Ethereum 0.3 % Trinity v3 Balancer v2 WAMPL/WETH/WBTC Ethereum 0.3 % Beehive v4 Uniswap v2 ETH/AMPL Ethereum 0.6 % Crystal Pangolin WAVAX/AMPL Avalanche 0.6 % Total 1.8% ``` ### Steps and Timing In order to avoid downtime which may impact liquidity providers, we should strive to deploy the next round before the current round ends. This will require some scheduling forethought. The onchain vote can execute the payload that deposits the funds to the geysers with no intermediaries. This process takes 7 days (2 days delay + 3 day voting period + 2 day timelock). The offchain signaling step takes 5 days (2 days delay + 3 day voting period). So I propose aiming for the following schedule, provided there is enough agreement and sufficient delegation to proceed: July 13th - Execute onchain proposal June 6th - Latest time to post onchain proposal. June 22nd - Aim to post offchain signal vote. This gives us enough time for 2 snapshots, if the first one is inconclusive. Alternatively, we could take the extra time for discussion if needed.
0xb9259aee…2948sent to0x8a994c6f…a8f1·#14,579,569·0xcffeee55…9d885a
# Execute First FORTH Mint Execute the first minting of the FORTH token, to the Forth DAO treasury, for the full 2% allowed. <br> Forum Discussion: [https://forum.ampleforth.org/t/proposal-to-execute-first-forth-mint/393](<https://forum.ampleforth.org/t/proposal-to-execute-first-forth-mint/393>)<br> Signal Vote: [https://signal.ampleforth.org/#/proposal/0xf56fe1c61c1d760e655c2193c6ccebe9f33bc487af4b8518bcce1fc93ccb3c33](<https://signal.ampleforth.org/#/proposal/0xf56fe1c61c1d760e655c2193c6ccebe9f33bc487af4b8518bcce1fc93ccb3c33>) Previous onchain vote with quorum (cancelled for malformed payload): [https://www.tally.xyz/governance/eip155:1:0x8a994C6F55Be1fD2B4d0dc3B8f8F7D4E3a2dA8F1/proposal/3](<https://www.tally.xyz/governance/eip155:1:0x8a994C6F55Be1fD2B4d0dc3B8f8F7D4E3a2dA8F1/proposal/3>)
0xb9259aee…2948sent to0x8a994c6f…a8f1·#14,522,363·0x98e6994b…4aecab
# Execute First FORTH Mint Execute the first minting of the FORTH token, to the Forth DAO treasury, for the full 2% allowed.<br> <br> Forum Discussion: [https://forum.ampleforth.org/t/proposal-to-execute-first-forth-mint/393](<https://forum.ampleforth.org/t/proposal-to-execute-first-forth-mint/393>)<br> <br> Signal Vote:<br> [https://signal.ampleforth.org/#/proposal/0xf56fe1c61c1d760e655c2193c6ccebe9f33bc487af4b8518bcce1fc93ccb3c33](<https://signal.ampleforth.org/#/proposal/0xf56fe1c61c1d760e655c2193c6ccebe9f33bc487af4b8518bcce1fc93ccb3c33>)