The way I see it, adding value to the token makes sense, but that idea is already planned afaik (treasury yield going to alcx staker with alcx staker being slashed if an issue arrise). Main issue at this moment is that the price is bleeding, and instead of seeing it as an opportunity to accumulate, we want to stop the bleeding. Maybe even at the expense of some of the protocol legitimacy by adding rules so that to enjoy maximum yield, you need to buy alcx tokens. Not a bad idea in itself, but changing the rules to the game midway when there's already 500m DAI locked up feels weird (imho)
I think the bigger picture to take into account is that should this be successful and manage to lock up a good chunk of TVL, along with the release of income-stream generating ALCX staking, and as the space matures, its not totally unexpected of the ALCX token to go back to its original price. That will take time though, and careful planning of debt ceilings being raised chunks by chunks.
Let's say in 2025 the alETH debt ceiling is 200k, collateral ratio 200%, so 400k eth is locked up. Eth is worth 10k at that point in time (which is total FUD imo but lets say its 10k only, about 2.5x current ATH). There's 4b$ worth of eth generating yield, at probably higher APYs than now (due to Yearn now having the possibility to use staking strategies, as eth 2.0 has been delivered). There might be 5b dai generating yield, for a 2.5b alUSD ceiling. And there might be 100k BTC generating yield for 50k alBTC, lets say BTC is worth 100k at that point. That's another 10b$ generating yield. There might be an USDC vault, similar to DAI, worth 3b, or a USDT vault, a link vault, whatever else there is, adding on more yield generated.
If in total the TVL reaches something like 50b, at lets say 10% apy across the board, and considering there might be 3m ALCX tokens in existence at that point of time (number of active ALCX tokens staking is unsure though, 3m is kind of the theoretical maximum).
50b generates 5b yearly, of which 500m goes to ALCX holders. This means every ALCX token now generates about 166$ yearly, if 100% of the existing ALCX tokens are staked to earn that return.
I dont think 50b is far fetched for the future of this protocol, although for that to happen, the focus needs to remain clear on the original vision and not short terms shenanigans to stop temporary bleeding (that would happen anyway, everything is bleeding atm, its not ALCX alone)
At current numbers (500m dai locked up, 8k eth locked up) and current price (eth 2k for the sake of this exercise), with about 800k ALCX circulating, each token would generate 7$ yearly. So I think the focus right now should be on how to increase the TVL (and as Gravity mentioned, the liquidities so whales never feel trapped by being part of the protocol), rather than how to stop the price from bleeding.
In current crab/bear market, the price will bleed, even if you ask everyone with an alUSD loan to stake 1x alcx token (or 10 even, but that that point most people would just pull out and go invest their 10-50k DAI somewhere that doesn't require them to buy 4k worth of tokens). I don't see it even making a dent on the current bleeding, and with current emissions. How many people can there be in a vault with 500m DAI? 2000? 5000? Maybe 10000 unique users? Let's say there is 100 000 unique users and they need a token to enjoy higher yield. That might stabilize the price for about 5 weeks (if and only if they all buy one, press X to doubt), and if the general market is still bleeding then we resume bleeding at that point.
It all feels like temporary bandaids at the cost of protocol legitimacy by changing rules midway and displaying a lack of faith in the original vision (which can and should be tweaked for the good reasons, but I dont feel like "alcx price go down because market go down" is one).
