Essentially there are 2 roles: user and DAO
Essentially there are 2 kind of interactive systems: vault and treassury
-
deposit
user can transfer amount
n
of $BASE to one of the vaults, where $BASE is the demand token of the vault; then the user will receive amountn * (100% - f_d)
of $aldBASE where $aldBASE is the wrrapped token of $BASE in aladdinDAO andf_d
is the deposit fee (can be0
); the vault will follow specified strategy and make use of the recieved $BASE to earn $FARM where $FARM represents the reward tokens of the strategy; -
withdraw
user can transfer amount
n
of $aldBASE to one of the vaults, where $aldBASE is the wrapped token of the vault; then the user will receive amountn * (100% - f_w)
of $aldBASE where $aldBASE is the wrrapped token of $BASE in aladdinDAO andf_w
is the withdraw fee (can be0
); the vault will withdraw $BASE from the strategy if needed; -
claim
user can claim its $ALD reward from vaults it deposited; the amount of $ALD reward is
sum_{of time}(balance * reward_rate)
wherebalance
is user's balance of $aldBASE andreward_rate
means $ALD reward per token per second set by the DAO see more on Adjust Reward Rate; -
auction
users can join the auction to burn $ALD and receive a part of tokens in treassury when an auction is launched; this is a basic way to support the price of $ALD; see more on ALD Buy Back
there is also a vault whose $BASE is $ALD and it can be treated as $ALD staking pool
DAO here means aladdin boules or DAO of $ALD holders depends on the operation frequency
-
adjust_vault
DAO is able to adjust the
reward_rate
of each vault; actually a vault is removed whenreward_rate
is set to0
; Adjust Reward Rate -
use_treassury
DAO is able to make use of the token in the treassury and earn more reward for the treassury; we have enough confidence in that boule members can do well in farming with the treassury money;
the reward_rate
is updated by the DAO through a fixed mechanism;
essenially the reward_rate
can be k * earned / ald_price
where k can be about 125%
and earned
is the average earned reward per second in $USD and ald_price
is the twap of $ALD in $USD
note that twap and average need a duration for stats, which means, the reward_rate adjustment has a latency
and the latency is actually a good feature to protect aladdinDAO from the huge changes in earnings and price;
$ALD buy back is perfromed through autions when the price of $ALD is quite different from expected;
a fixed amount tokens selled from the treassury and users who want to burn the most $ALD will receive that tokens.
$ALD buy back is not a frequent event and it is only trigged when the market cap of $ALD is quite misleading;
we expect boule members can make best use of treassury tokens and earn most reawards to make the treassury bigger and bigger;
essentially to objectively describe the misleading: the metric of liquidity_cap / treassury_balance
can be used;