Overview [out of date]
The Alchemist Fractal defines the high-level structure of the Alchemist ecosystem.
The Alchemist Fractal
Within the Fractal, several Alchemist types all share various responsibilities for different functions of the project.
This is the current iteration of the Fractal. It is not necessarily the final top-level format, nor does it cover replication at more distant org levels. These will be determined and outlined at a later stage.
The Fractal structure will be a dynamic, ongoing experiment played out in the public domain.
Goals of the Fractal:
Drive value/increase rewards to liquidity providers
Incentivize founder level talent to build within the Alchemist ecosystem
Allow for launching sub tokens
Provide funding / support / education / distribution (users)
Balance product teams (profit center) and service teams (cost center)
Incentivize product teams to maintain / improve / increase the profitability of their products
Be antifragile to black swan disturbances like a bear market
Enable socially scalable/permissionless growth
Incentivize shipping and long term alignment with MIST (underpromise, overdeliver)
Alchemist Economics
Until now, Aludel rewards for $mist holders have solely derived from inflation. This has been an effective way to bootstrap the ecosystem + community and has successfully incubated several different core products.
In addition to inflation income, $mist holders will now be rewarded from the success of products within the system. 50% of all core Alchemist product revenues will be deposited directly into the Aludel rewards program on a fortnightly basis.
Inflation Distribution
1% inflation every two weeks:
50% to LP rewards (Aludel)
25 % to the Treasury
25% Fractal
20% rainy day fund
30% seed new projects
50% fund service teams (marketing, design, community)
Alchemist Types
Keyholder
trusted party entrusted with multisig keys
Alchemist Council
democratically elected body to which the community has delegated executive power
Senior Alchemist (disbanded)
given to members of the community that went above and beyond in their contributions to Alchemist
Builder
dev, artist, designer, researcher, operations
incentivized through builder stipend
Product Founder
founder, product manager, project manager
incentivized through product upside & builders stipend
Crucible holder
Owner of a crucible, liquidity provider, project supporter
Token holder
project supporter -- possibly not comfortable with risk of IL of liquidity provision
The Alchemist Council
Alchemist Council is a democratically elected body to which the community has delegated executive power.
The Council’s mission is to strategically position Alchemist to achieve its maximum potential. Mainly, the Council will be tasked with: reviewing the performance and budgets of existing projects, approving new projects for incubation, and making the final decision on anything that relates to the Alchemist ecosystem. The Council serves as the delegated voice for Alchemist community members, and as such it will work on any matter that serves the community’s interests.
The Council will continually take note of your questions and thoughts and strive to address them via our community calls, communications, and council meetings. For frequently asked or important questions the council will compile a publicly facing document which will keep track of the answers to those questions.
New Ecosystem Projects
The Alchemist Fractal emphasizes empowering small, agile project teams to build within the Alchemist ecosystem. New projects are incentivized through:
Funding from the Fractal
Ecosystem builders to assist with product development
Support from the Alchemist ecosystem
Brand awareness from Alchemist project association
Direct upside through product success
Submitting a new project proposal to the Alchemist Council
Projects will be analyzed using an ROI-based approach to consider the value that they will add to the ecosystem. This ROI will consider both direct value (revenue generated and distributed to LPs) and external value to the Alchemist ecosystem (driving users to other products, community building, etc.).
We recommend that new project proposals use the following template: https://hackmd.io/G7Zn0YKMQmivXVBAeOfJww
Project Lifecycle
The initiator makes a proposal
Alchemist Council votes on the proposal
Simple majority for yes/no
Must fit within 30% budget to seed new projects
Project execution phase
Team Discord channel controlled by the initiator
Written progress update every week
Product demo every two week
Project completion phase
Review by council and update project proposal for a new cycle
Written introspective debrief by team
Revenue from core products within the ecosystem will be distributed as follows:
50% to $mist liquidity providers via the Aludel program
40% to the product’s founding team members (distributed at the team’s discretion)
10% to the Fractal for funding future projects + service teams
If the project involves the creation of tokens:
50% of insider premine (if any) distributed to mist LPs
50% of insider premine (if any) distributed at product team discretion
Tokens must be launched through Copper + Crucible
Projects can be as small as one person building brand awareness. Or as big as a team of 5 Engineers building an entirely new revenue-generating product!
Next Steps
Following the Fractal implementation, the community and Alchemist Council will complete a retrospective review after three months on how the system can be improved and refined.
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