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ALEX DAO

ALEXnomics charts a course toward the decentralization and autonomy of the ALEX protocol.
In this paper we explain how we implement the framework we laid out for progressive governance, with the vision of establishing an enduring public institution.

What is ALEX?

ALEX is an open-source DeFi protocol on Bitcoin via Stacks’ smart contracts. The vision of ALEX is to contribute towards the financial infrastructure needed to realize Web3. We help realize this by providing the following basic elements of a mature financial system:
  • Markets:
    • Launchpad provides an interface for new project launches.
    • Decentralized exchange with both AMM (Automated Market Maker) and off chain order-book to facilitate liquidity for projects built on Stacks
  • Financial Instruments:
    • We introduce fixed-rate and fixed-term lending and borrowing markets - effectively creating the first zero-coupon bonds in the DeFi space
  • Leverage
    • We offer the use of leverage for the pursuit of higher returns, both through margin trading as well as yield farming
Notably we eliminate the risk of forced liquidation through the use of dynamic collateral rebalancing pools.
By establishing these financial primitives, the building blocks of a financial ecosystem, more advanced financial instruments can be subsequently recreated in DeFi space.

ALEX Token

Tokens are an effective mechanism to distribute the fundamental value of a project. ALEX token, noted as $ALEX, is a medium for the exchange of time value and risk/return preferences. $ALEX is the participation token of the platform and protocol that provides protocol & platform governance benefits to a governance participant who holds $ALEX. $ALEX is also the medium by which participants of platform activities - namely provision of liquidity on our DEX and staking – are incentivised.

Governance

ALEX not only builds decentralized finance but is also committed to decentralizing the entire project progressively. The goal of the ALEX Lab Foundation is to become a full-fledged DAO, one which gives the ALEX community complete control over both on-chain and off-chain governance decisions. However, this is a complex process, one which will have to be approached incrementally and deliberately by necessity.

ExecutorDAO

ExecutorDAO was authored and publicly released by Marvin Janssen.
ExecutorDAO is, according to Marvin, "the one DAO to rule them all" (and we at ALEX agree). ExecutorDAO is designed to be completely modular and flexible, leveraging Clarity to the fullest extent. The core tenets of ExecutorDAO that make this possible are:
  1. 1.
    Proposals are smart contracts.
  2. 2.
    The core executes, the extensions give form.
  3. 3.
    Ownership control happens via sending context.
For more details of ExecutorDAO, please visit README.md.

ALEX Genesis DAO

The first step toward progressive decentralization of governance is the creation of ALEX Genesis DAO.
ALEX Genesis DAO is implemented with the following extensions and proposals.

AGE000: Governance Token (ALEX Token or $ALEX)

Implements a SIP010 governance token with locking capabilities. The DAO has full control over the minting, burning, transferring, and locking.

AGE001: Proposal Voting

Allows governance token holders to vote on proposals. (Note: vote, not propose.) One token equals one vote. Tokens used for voting are locked for the duration of the vote. They can then be reclaimed and used again.

AGE002: Emergency Proposals

Manages a list of emergency team members that have the ability to submit emergency proposals to AGE001. Such proposals are not subject to a start delay and, as part of DAO bootstrapping (AGP000), run for 1,440 blocks (~10 day). This extension is subject to a sunset period after which it deactivates (currently block-height 70,729). The members, parameters, and sunset period can be changed by a proposal.

AGE003: Emergency Execute

Manages a list of executive team members that have the ability to signal for the immediate execution of a proposal. This extension is subject to a sunset period after which it deactivates (currently block-height 57,589). The members, parameters, and sunset period can be changed by a proposal.

AGP000: Bootstrap

A bootstrapping proposal that is meant to be executed when the ExecutorDAO is first deployed. It initialises boot extensions, sets various parameters on them, and mints initial governance tokens.

AGP001: Kill Emergency Execute

Immediately disables AGE003 Emergency Execute if it passes.

Our first DAO action

The first action by the Genesis DAO team was to create the listing of $ALEX on our Launchpad.
To that end, AGP003 was created with the proposed details of the IDO listing and was deployed at block-height 44,448 for executive action (i.e. AGE003).
Executive team members then started signaling and upon meeting the threshold (3 out of 5 members), AGP003 was executed / the listing created.
The fourth member, however, spotted an error in the AGP003 and proposed AGP004 with the appropriate correction.
The AGP004 was deployed at block-height 44,457 and executed at block-height 44,459.
The result? ALEX team, through the Genesis DAO, created the first IDO listing on the first Launchpad on Stacks via consensus-driven , decentralised, decision-making.
Last modified 2yr ago