AladdinDAO should provide ALD liquidity to DEXs on cheaper chains, ASAP, to allow retail users the ability to cheaply buy ALD and thereby gain exposure to Aladdin’s mainnet farms.
BSC already has ALD liquidity on Pancake with some volume, apparently. I propose adding Polygon and Arbitrum. Polygon fees are very low and I think it has a big retail population, while Arbitrum seems to currently be the rollup with the biggest TVL and most momentum.
One of AladdinDAO’s primary goals, arguably the main one, is to helping (especially non-professional) yield farmers select the highest quality long-term farms that are worthy of farming-and-holding. A huge barrier to doing this in a meaningful way is that both Aladdin and most of the great farms identified so far by the Boule Council are on Ethereum mainnet, where most regular (non-whale, non-pro) users are priced out by gas costs. Moreover, for farms that have been proposed and selected for other chains, there are technical barriers to listing them that delay them. Aladdin should absolutely become multi chain in future and provide its service on chains with more reasonable gas costs, but for now we are on mainnet.
In parallel to this, discussions are continuing around a new economic model for the ALD token. There seems to be general agreement that ALD’s value should be underpinned by a ‘basket of prime DeFi tokens’, sort of like an ETF. By holding the native token yields of Boule Council selected farms in our treasury, we create a sort of on-chain fund, and users buying ALD get (indirect) exposure to those curated assets.
As is often the case, the problem of high mainnet gas fees might be hiding an opportunity: if ALD is underpinned by great mainnet DeFi assets in its treasury then users get exposure to them by simply buying ALD. Moreover if ALD is bridged to other chains where it can be traded cheaply, we are essentially providing exposure to Ethereum mainnet prime farms without Ethereum mainnet gas costs. (I smell a narrative!) Assuming Ethereum gas fees never really come down, this could form a big part of the ALD value proposition in the long run, or at least for as long as there are great DeFi opportunities on mainnet.
Other chains that Polygon and Arbitrum should probably also be considered, though we will probably want some kind of limit on how many different chains. A nice side benefit of this could be to see which chain has the most ALD activity and that might help guide future multi-chain development.
Staking: When an eventual single-staking pool for ALD is implemented, which seems likely sooner rather than later, users on other chains will be unable to participate.
Governance votes: At the moment, governance voting rights are only available to ALD held on mainnet because that is all that’s supported by Snapshot. Martin suggests that Snapshot is under some pressure to add support for other chains, so this may change in the future.
What does everybody think?