Listing Ribbon Finance & Mcdex

Project Listing Project Discussion
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Liquidity Curation through Big Brains

As a group of world class experts in DeFi, the AladdinDAO Boule are responsible for identifying and voting the most promising DeFi projects and enabling AladdinDAO community members to enjoy the returns of their liquidity mining programs.

Voting Mechanism

Any project can apply to be listed on AladdinDAO. However the project needs to be nominated by at least one boule member to initiate voting process.

Each boule member has 4 votes every month. They vote through ALDVOTE. As such, boule members need to consider their choice carefully and only vote for the project that they have most convictions on. They can either upvote or downvote a project.

For any project to be listed on Aladdin for liquidity mining, they must fulfill at least one of the following criteria:

  1. Over 50% of boule members vote and a majority of the votes are “Yes”.

  2. The percentage of “Yes” votes is 20% more than the percentage of “No” votes

These criteria ensure that sufficient consensus can be achieved, given the high costs associated with listing new projects. They also prevent potential attacks and collusions during the voting process.

Veto

Decision overturn:If any boule member strongly disagrees with the Boule’s decision, they can call for a vote by all ALD token holders. A decision can be overturned if the below conditions are met:

  1. A quorum of over 20% circulating token holders participating

  2. Over 51% agreement

Project 1: Ribbon Finance

What is Ribbon Finance?

Ribbon uses financial engineering to create structured products that deliver sustainable yield. Ribbon’s first product focuses on yield through automated options strategies. The protocol also allows developers to create arbitrary structured products through combining various DeFi derivatives.

Is Ribbon Finance secured?

The smart contracts are audited by OpenZeppelin, Peckshield, ChainSafe and Quantstamp.

Official Website: https://www.ribbon.finance

Whitepaper: https://docs.ribbon.finance

Twitter: https://twitter.com/ribbonfinance

Project 2: Mcdex

MCDEX is the first fully-permissionless DEX for trading perpetual contracts, powered by MCDEX’s revolutionary AMM technology. They are a decentralized perpetual swap protocol with top market liquidity and offer users up to 15x leverage.

Official Website: https://app.mcdex.io

Twitter: https://twitter.com/MonteCarloDEX

Discord: MCDEX

You may only cast one vote(either Yes/No) for each project, otherwise it will be considered invalid

Ribbon Finance Yes
Ribbon Finance No
Mcdex Yes
Mcdex No

Boule: Listing Ribbon Finance & Mcdex
https://snapshot.org/#/aladdindao.eth/proposal/Qma8qA8Cjjv5DR4UhFivQRVdtS5Ut7w1AFBHbYkAYQoC1k

Boule Plus：Voting on Ribbon Finance & Mcdex
https://snapshot.org/#/aladdindao.eth/proposal/QmbKwgQ4NSpVffGyDe95G8iA6BJfY3qM3c96P4ZXeDMthx

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Here is our 2nd Boule‘s voting result！

Overall 13 Boule members voted
Ribbon Finance received 10“Yes” votes and 2 “No” votes
Mcdex received 7 “Yes” votes and 2 “No” votes

Congrats to Ribbon Fnance on becoming AladdinDAO’s second Boule elected project!

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The development progress can be tracked in Github: Issue#9. Listing Ribbon Finance.