Hi, I only recently learned about alpaca through their AV vaults, I do not have governance not alpaca tokens. I am Just a simple believer of the first hour of AVs as i didnt know about alpaca before too much, AND i got massacred in all vaults on bnb but especially on ftm losing 17% in a delta neutral strategy.
I love the idea and think the Alpaca Team is a great one all throughout the DeFi space.
So this FTM AV vault kick-out, it really feels somewhat Bad to have supported the protocol on its New vault ideas, Lose 17% and then be told, oh here is the door, we suggest you better go now…
Before AVs i knew little about alpaca so had no chance much since the initial launches, barely some weeks ago to really be in governance or an alpaca holder Just yet, especially in this turbulent times.
Closing the FTM AV vault is one thing, not supporting the users who lost big in this delta neutral vault without any kind of propsal to help them recoup is another.
I really think alpaca can and should do better for those who were affected in the ftm AV vault.
Right now, It really feels like an empty handed kickout after being beaten up.
Why not allow FTM AV vault losers enter an 8x vault on bnb or think of something else instead of nothing at all?
I Really hope to see some support from the ALPACA Team here.
Thank you for your Kind attention and consideration.
I’m sorry to hear that. We try to consider all factors but not everything is predictable, such as a market crash and a network’s performance becoming much worse on so many levels and in a short time.
As mentioned in the article today, the large drawdown is mainly from unprecedented horrendous FTM price performance and the Fantom network failing to support prompt rebalances under heavy congestion.
The conditions for coverage of Alpaca Insurance Plan are below. If enough xALPACA holders think this should be covered under the plan and want to cover it, then they can push for a vote and then try to vote it through. This is completely up to the governance stakers. The only reason we haven’t proposed it already is because in our interpretation, we did not see where this would be covered under the plan.
In the case of Fantom, I think you can see from how the other protocols are struggling with various things that there are systemic issues causing difficulty to do various things on the network.
If the FTM is not in good condition for a long time. It is difficult for us to develop the FARM、HERD、and AV business. Should we consider migrating the Xalpaca of the FTM chain back to BSC or a new chain.
would like to hear your opinion, thanks
I really don’t think the DYOR argument goes this far, we all did that, even the alpaca team with their backtests etc, I studied those very closely and from DYOR there was almost no way to be prepared for what actually happened. IF everything is a DYOR you might lose it all proposition how can anyone transact in defi any longer? The reality is we all faced “surprises” with FTM particularly, the team, the users both, and I was not asking for a compensation at all, but a gesture of good will from the team. After all, Why would it be a big deal to offer a bit of something from alpaca as the protocol to its users, to strengthen the bond between protocol and user and build more trust, especially in these trying times? Because really, if you think about it, what am I asking for to being with? a place at the table to 8x BNB if anything is a stronger commitment to the protocol, to alpaca, by the user even after being beaten up, this is what builds long-term relationships and a future for defi because of the very people that did not give up on it, is it not?
I understand the pain, this crash got me beaten in few chains and protocols as well and I also lost, a lot. You have my sympathy.
The point here, as we already agree, is that it wasn’t protocol’s fault the fact that the network didn’t carry the load. I got stuck trying to adjust LYF position at our farming page at Fantom but the tx didn’t went trough and failed after a day or so.
One think Alpaca can do is to alert any investor on our AVs that there is always, as we know, a network risk hanging over our AV vaults, and that everyone should consider it while investing.
I don’t see a reason for any protocol to do anything more about that kind of problem other than to do their best, as we should do, to deploy ALPACA in many better chains while, if ever, Fantom works better.
This sounds like a good idea. But I think this is already mentioned (as a link to the risks page) in the bottom banner. There is also a big mention on the risks when opening a position. Maybe some checkbox like “I understand the risks” will help?