I do want to flag a concern that I raised to the AlphaGrowth team and the other co-sponsors last month. Marketing the incentives described is not without material risk. In Uniswap Labs’ response to the SEC’s Wells Notice, they make the argument that “LP tokens are not securities”
I’ve raised the same issue wrt treasury legal structure … basically, if you position UNI as a hybid token rather than pure governance, it (re)opens a whole can of worms. Now the courts have ruled that algorithmic trading is more a mutually consented arrangement amongst willing participants but marketing LP rewards as an economic incentive opens up other regulatory concerns.
One way is to describe marketing incentives as a pull forward (aka advance) of future LP fees, however, this needs to carefully worded because it may then fall into other regulated services (eg advisory).