The First Governance vote: The ACM token and the Future of the Protocol
Over the past couple of months, we have made tons of progress with Acumen and developing the long-term vision. We have made countless upgrades to the protocol — changes to the backend as well as front-end upgrades. The Acumen DAO has also been authorized by the Central Bank of El Salvador, and the Stable Dapp is undergoing an audit, and we are getting ready to launch the first test loans in El Salvador for the StableDapp. The future is full of exciting updates and partnerships. Now that the DAO is live, we are asking current ACM holders to decide on the ACMN- ACM token swap and the future of the protocol.
Distribution of Fair Launch token:
We have approximately 850k in tokens that are due to early supporters of the protocol. We have always said that these would be airdropped and that this would start in March. To be perfectly honest, we probably also said that it would happen “in” March. We want to be clear: the users that hold these tokens are our earliest supporters and we are extremely grateful. However, we are asking our DAO members (which are the holders of the current token) to vote on a vesting schedule on these fair launch tokens. Before we go into details, as we understand that some fair launch token holders will be disappointed, let us explain why that is necessary:
Acumen is still in its infancy. We have made great progress and we will have real-life loans with collateral that we can collect live pretty soon. There will also be real revenue coming in from those operations. Yet, we are in the process of overhauling the UI of the platform, the TVL is not high yet as we have done very little marketing and the StableDapp is not even live yet. Currently, there is around $160k in liquidity provided for the ACM token. This number is very strong for the current circulating supply (it’s about 1/4th of the current market cap and multiple times the daily volume), but it isn’t enough to sustain an influx of 850k in new tokens yet. Especially as this influx would happen before we can demonstrate the traction of our product. So the choice really comes down to (a) either we give fair launch participants a chance to be quick and “flip” the token quickly for a fast gain by unlocking all the tokens, or (b) we continue the journey together, grow over time and unlock the token in a responsible manner so that liquidity and project revenues can grow alongside, providing incentives to instead hold the token and support us long term. We believe (b) is the only responsible choice here. Fair launch token holders have supported us early for what we hope is a belief in our vision. The token was “earned” for free by locking up assets or bought at a very low price in the unofficial market. So we truly hope that we can count on the support of this special group of people for the long term and hence they should not be too disappointed. This will be the move that allows us to really build the vision.
ACM value adds:
Over time, the following income will make holding ACM token more and more attractive:
a) 1% of StableDapp TVL will be automatically added to liquidity
b) 2.5% of StableDapp TVL will be used to distribute USDC for stakers of ACM token (like a passive income stream in hard currency). For this staking, ALL token, also the ones still vesting for fair launch, will be eligible.(Keep in mind these percentages can change based on the yields we are paying out, but for now this is what we are planning. There will always be excess interest however)
c) any additional platform revenues will be used in a similar split (70% to ACM token holders, 30% added to liquidity)
With a continued attractive yield for farming (ie liquidity provision) around 5,000%, as well as rising TVL on the platform, if we hit our own goals, over the next year, both liquidity and payments to token holders will more than offset the vesting token coming into circulating supply. Therefore, we are asking the DAO to approve the following vesting schedules:
1) Fair Launch token (all tokens that were formerly denominated in ACMN and part of the snapshot): Linear vesting via airdrop on a monthly schedule over 12 months starting March 17th
2) Team Token (all token held by the team): Linear vesting via airdrop on a monthly schedule over 24 months, but starting after 12 months from March 17th (ie all tokens distributed after 36 months total)
3) Reward token from the platform once new UI is launched: 20% claimable immediately, 80% claimable over 3 months(separate vote will be held for this proposal)
Don’t forget that tokens still in vesting will ALSO participate in the distributions from above. They will be treated as staked.
We are working hard to launch the StableDapp with some capital commitments from Day 1 and we are here to stay and to truly build a force for doing good in El Salvador and beyond. We are not stopping. We hope the above meets your approval and that fair launch token holders can see that this approach is sensible as we want to ensure the success of the protocol long term. Finally, you should know that, while this may seem like a lot of supply, the total supply of tokens is unchanged, and it will take over 10 years to distribute all tokens. So, the circulating market cap will still be very low for a very long time.
Thank you for your trust and for your support.
Acumen harnesses DeFi to power microfinance globally. Built natively on Solana Acumen is a pioneer in using DeFi to address financial inclusion.