DevDAO

Launched at the start of April, DevDAO has been a resounding success so far - as of writing this post 10+ bounties have been claimed and completed by community members. Enabling the community to directly contribute to Aelin helps to decentralize the protocol, increase community engagement, and can also allow Core Contributors to remain focused on larger releases; everybody wins.

Thanks to all our Bounty Hunters so far, you can read more about DevDAO here. Or if you’d like to contribute head over to our Discord and introduce yourself!

Historic Fee Distribution

Historic stakers & LPs are now able to claim their share of protocol fees - claiming went live for stakers & LPs between January ‘22 - March ‘23. 

Check your eligibility & claim here. Or read more about the distribution here.

Governance Call

We had a governance call in April where three new AELIPs were presented:

AELIP 48 - ARB Token Allocation

AELIP 49 - AELIN Tokenomics

AELIP 50 - AELIN Token Update

You may have noticed a sleek new logo recently - Aelin is getting a full rebrand, and our front-end devs are currently wrapping up work to upgrade and update our dApp, so you can expect Aelin V3 very soon.

Work continues on Aelin’s next innovation; VestAMM - a liquidity management protocol which aims to closer align LPs & Protocols long term. Synthetix invented Liquidity Mining, Aelin is working on Liquidity Mining 2.0. Once live it will be a new source of revenue for the Aelin token.

There’s also a new AELIN token on the way - the new token will entirely replace the existing token - holders of AELIN will be able to swap their existing tokens to the new token at a rate of 1:2,000 indefinitely. Meaning the previous 5,000 max supply will become a more sensible 10,000,000.

Following the recent historic fee distribution and launching alongside the new token, there will be second round of fee distribution via AELIN Staking. Where we’ll be distributing veKwenta tokens over a 90 day period to current Aelin stakers.

Aelin is live on Ethereum, Optimism, Arbitrum and Polygon. And we’re currently working to launch AELIN on a new chain, which we’ll be announcing very soon.

That’s all for this update - stay tuned for more info on all of this and more soon.

https://twitter.com/aelinprotocol

https://discord.gg/TNKCf23K

These fees were originally to be sold after a 6 month escrow period with the proceeds being used to purchase Aelin and then distribute to stakers. AELIP-43 changed this mechanism to align more closely with Aelin’s original vision; to give the community exposure to these new protocols.

There’s a lot of good news for the community in this post so strap in.

We’ve given up our cut

Originally the Aelin DAO was going to receive 30% of protocol fees, but to celebrate this initial round we are giving up our cut and passing on 100% of them to historical AELIN stakers & LPs.

The Synthetix Treasury Council was staked in Pool1 during the first round, and has also kindly agreed to give up their allocation (their size was size).

Claiming

These deal fee tokens are claimable in-kind, with the release of a new merkle tree contract for historical stakers & LPs between January 10th, 2022 to March 6th, 2023 - ⅔  to Stakers and ⅓ to LPs.

Going forward, protocol fees will be split 50/50 between pool 1 stakers and the Aelin Treasury in an upcoming release of a multi-reward staking contract specifically built for a new fee source - VestAMM, which you’ll hear more about soon.

Claims will be open for a period of 1 year. After this period unclaimed tokens will be claimed by the Aelin DAO and likely redistributed through the new staking mechanism.

When?

Right now at https://app.aelin.xyz/fees

What’s Next?

There is a lot going on behind the scenes at Aelin. We’ve been heads down building VestAMM which is a novel liquidity management product, bringing in new users and protocols as well as on-going fee revenue.

We’re also going through a rebrand, working on new UX, overhauling tokenomics, and have several Pools & Deals coming up. 

Stay tuned for news on all of this and more!

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AELIP 43 has been proposed and now passed the Council vote. DevDAO will allow community members with the relevant skills to actively contribute and be compensated for the on-going maintenance & development of Aelin Protocol.

What is DevDAO?

DevDAO will allow community members with the relevant skills to actively contribute and be compensated for the on-going maintenance & development of Aelin Protocol. The DevDAO will be comprised of 4 distinct roles:

1. Community PM is in charge of managing the DevDAO

2. Bounty Hunters are individuals who take on entry-level tickets.

3. Community Devs routinely take on intermediate and advanced tickets.

4. Auditors are trusted Community Devs who verify code submitted by other Community Devs alongside CCs.

The DevDAO process will be managed and overseen by an elected Community PM, who will create tickets, manage who takes them, liaise with CCs, and arrange compensation.

How does DevDAO help Aelin?

More people being involved in the Development of Aelin should increase productivity and further decentralize the protocol. If Core Contributors are working on a large project and several small issues arise, this can take valuable time and attention away from a larger project, allowing community based Developers to take bounties for this work will help the overall process to become more efficient.

DevDAO could also act as an on-ramp for currently dormant community talent to become more integrated with the Aelin community.

How does the process work?

1. Existing Core Contributors would identify issues or jobs which need outsourcing and create a bounty alongside the Community PM who will summarize and post the Bounty to Discord.

2. Bounty Hunters or Community Devs would pick up the open bounty and complete the necessary work.

3. Upon completion Auditors (Community Dev independent of the work and a Core Contributor) would verify the work, help with an AELIP or external audit if necessary.

4. If successful the work would be integrated by Core Contributors.

5. At this stage compensation is paid to the Bounty Hunter or Community Dev by the Community PM.

How does compensation work?

For a bounty to be paid out to a Bounty Hunter or Community Dev a Bounty must be assigned, completed, and then audited by a CC and Community Dev not responsible for the code.

The amount and form of compensation will vary based on bounties and community standing. We expect most bounties will be compensated in AELIN, this would of course be stated on each bounty as it’s posted.

Bounty Hunters can earn whatever a bounty is worth, whereas Community Devs have the chance to become eligible for recurring compensation in addition to normal bounty rewards after a proven track record of high quality repeat tickets.

Where can I get involved?

The DevDAO interface will be managed in Discord by the Community PM. It will have its own dedicated section of the server with several channels making onboarding and workflow simple and accessible. If you’re interested please come by and introduce yourself, you could be contributing to Aelin within minutes!

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