In March, our community reached a major consensus on the future of Alpaca Finance with the approval of AIP-30, giving the thumbs up to our new Stablecoin proposal. The initiative will be a big step for Alpaca Finance, signaling exciting opportunities ahead.
On top of that, we’re thrilled to share that Alpaca Finance received 250,000 $PYTH (~$165k USD) through the Pyth Network Retrospective Airdrop program. We’re spreading the love by distributing 100% of these tokens to Alperp traders and Governance Vault stakers.
This month, we published four Institutional Newsletters where you can read the summary of major headlines in the crypto market related to regulation, products, and fundraising. We publish these newsletters every week. You can check out this month’s editions here: Edition 74, Edition 75, Edition 76, and Edition 77.
Read below for more details of our developments this month.
💎 AF 2.0
In March, Alpaca Finance 2.0’s Money Market generated ~$37k in interest revenue, reaching a total cumulative revenue of ~$390k.
You can monitor the AF2.0 Money Market through our Dune page here.
Easter Day 2024
To celebrate Easter Day 2024, the exclusive Easter Day 2024 NFT was given to all users depositing any amount of any token in Alpaca Finance 2.0 by April 2nd, 2024. You can check your eligibility here .
📈 Perpetual Futures Exchange
In March, Alperp generated ~$72k in protocol revenue, which is almost 3 times from the previous months, with a trading volume of over $27 million, reaching a cumulative trading volume of $559 million since launch.
Alpaca Finance has been chosen as a recipient of Pyth Network Retrospective Airdrop Campaign. We’re thrilled to share that we’ll be distributing the reward of 200,000 PYTH (~$132k USD) as a trading fee rebate to our Alperp traders starting from 14th March to 23rd May (or longer if rewards are rolled over). For detailed information, please visit here.
You can always check our in-house Stats page to see Alperp’s performance and can also download the data here.
🔥 ALPACA Buyback&Burn
Each week, we share our revenue and ALPACA burn statistics on X (previously Twitter). In March, 168,440 ALPACA (~$39,000) was burned over 5 weeks. The total cumulative burn is now ~33.7 million ALPACA (17.94% of total supply).
ALPACA has been deflationary for 110 of the last 117 weeks. As per the ALPACA emissions schedule, the ALPACA token is now guaranteed to be fully deflationary as ALPACA emissions & rewards are now officially finished. We added extensive details on burn and various sources of burn on our Docs here. On top of that, we hope to again refer our readers to this article by a community member, explaining ALPACA’s deflationary nature and how it will lead to a natural rise of the ALPACA token’s price over time.
🗽 Alpaca Governance
Any user can stake ALPACA in the Governance Vault to (1)earn a share of our platform’s revenue, (2)get Grazing Range rewards, and (3)receive xALPACA to vote on Alpaca Improvement Proposals (AIPs).
In total, 23.7% of circulating ALPACA has been locked, and we have paid over >$4.1 Mn to ALPACA governance stakers. Read all about Alpaca Governance in our Part 1 and Part 2 Medium articles or visit our docs’ Governance section.
As mentioned earlier, we will distribute 50,000 $PYTH (~$33k USD) from Pyth Network Airdrop Campaign as rewards to Governance Vault stakers starting from 14th March to 9th May. For further details, please refer to this link.
Our Discord has a private channel for xALPACA holders where governance members can discuss topics and discover/share alpha. There is a bot automating membership and the minimum required to gain entry is 100 xALPACA in a wallet. From time to time, we do special airdrops from partners (i.e. NFTs) in this channel to xALPACA holders and also Alpies holders (in their respective private channels). You can also bring up any Governance topics for discussion in our Forum.
Alpaca Improvement Proposals (AIPs):
AIP-30 voting has successfully passed. The community voted to approve New Product Proposal — Stablecoin on Stacks.
For those who participated in voting, the NFT for AIP-30 is now available to claim on Galxe. Visit our Governance Forum to read about, discuss, and vote on these AIPs.
📰 Other News
In March, Notum, an all-in-one DeFi investment hub, integrated Alpaca Finance into their platform — https://twitter.com/NotumDefi/status/1763399211536838965
Feedback
We greatly value our users’ feedback, which you can give at: https://docs.google.com/forms/d/1QGY4wJUvYdYWe6TQn460m0A7H07xMUcBGEnU-pUXyg4/viewform?ts=61e8ce4e&edit_requested=true
Next Steps
We will continue to build. The upcoming updates that you can look forward to include news on the new stablecoin product and Alpaca Gaming.
We announce updates on our Twitter first, so follow us to be the first to know!
March 2024 Recap was originally published in Alpaca Finance on Medium, where people are continuing the conversation by highlighting and responding to this story.