This document is a community discussion draft for the Aerodrome community on Whitelisting guidelines for the interim period between now and when whitelisting moves to a new decentralized process (details coming soon). We value the community’s input in this matter and hope it serves as a set of principles that can move us forward from the discussion in recent weeks and serve as a template for future discussions once these decisions are in the hands of the community. However, the team reserves the right to make the final decisions on this interim whitelisting process.

Goals:

• Maintain Aerodrome as a space for the next wave of new projects while also putting guardrails around the degree to which these projects can influence the weekly emissions distribution.
• Allow projects that have independent community interest to recieve a Aerodrome gauge to supplement their liquidity strategy with AERO emissions.
• Avoid overly extractive gauges where the primary use case of a coin is to farm emissions. Coins should provide value as either a project or have organic volume/interest.
• Avoid voting incentives that are a large percent of the currently circulating supply of that token that effectively allows relatively few holders to set the price of the voting incentives above market price due to the lack of liquidity.
• Ensure that voting incentive value is real value and that the coins can be sold within a small percentage of the stated voting incentive value at epoch flip.

Team Smart Contract Review**:**

• Review tokens for smart contract risks
• Review launched products for quality and usage
• Ensure no obvious red flags in token distribution

On the basis of the above criteria, WLing can be denied by the Aerodrome development team or in the case of an unlatch product they can defer until the product is launched for at least 1 month and more information can be collected.

If passed, they will be WLed based on the following guidelines.

Low-Utility and Meme Coin Guidelines:

• Trading prior to emissions: Token must be trading on Aerodrome prior to the gauge going live to ensure the market can set the price of the voting incentives.
• Community distribution:
  • Community owns enough tokens to allow for a fair valuation in the LP to set the price of initial voting incentives
  • Distribution to more than 200 holders from a list of wallets that have a publicly verifiable criteria for the distribution
  • Largest holders have no more than 5% of total supply on distribution ensuring a fair launch
  • Circulating supply relative to Protocol Owned Liquidity is > 4x (ie. if POL is 10% of supply, circulating supply should be > 40% at launch
  • Team needs to hold less than 40% of supply in identified team wallets
• Voting Incentive Limits:
  • Voting incentives are limited to a maximum 5% of the dollar value of the LP each week based on the TWAP during the epoch.
    • This will allow all meme coins to compete on community interest and trading fees, not on the ability to provide the highest farming APR’s
    • This also ensures bribe value will hold up relative to the LP and so that the stated amount of incentives are reasonably close to their price on sale
    • Epoch TWAP price prevents last minute manpulation of price or LP TVL.
  • Project should at minimum have runway to distribute 20 weeks of incentives as this shows a long term investment in both the project and in an Aerodrome strategy
• Enforcement:
  • After launch, deviation from ≤5% of the value of the LP as incentives warrants delisting the gauge
  • Minting new tokens bribes warrants gauge delisting
  • If low supply coins are paired together in an effort to exclusively farm emissions with two difficult to access tokens both tokens will be considered for gauge delisting

New Project Guidelines:

• A project needs to be live to allow for a fair valuation of its potential. The token’s use case within the project needs to be clear and have a distribution mechanism that allows the introduction of new circulating supply to set price
  • A project that isn’t live is subject to the meme coin requirements if they wish to trade on Aerodrome prior to launch