Osmosis Governance Corner — August 24, 2023
This is the Osmosis Governance Corner, featuring the Osmosis governance proposals that are on-chain for voting this week. Governance proposals are topics where the opinion from the community is requested. Not sure what a governance proposal means or how to vote on it? Read below for a brief summary, and arguments for and against passage of the proposal.
By voting, you have influence on the outcome of the proposal and the direction Osmosis takes. It is important that Osmosis users vote to ensure the voice of the community is heard.
Osmosis allows everyone to voice their thoughts. You can vote on Osmosis governance proposals using various platforms. Scroll to the bottom to find links to them. Participate in ongoing governance discussions at forum.osmosis.zone. Join the discussion and take control of your vote!
Last Weeks Proposals
In this section you will find information about:
- Proposals which have been described in the previous governance corner update. Only the outcome of the proposal will be listed.
- Proposals which have not been discussed in the update that may have been put on chain and passed between governance corner articles. For the second category a small summary of the proposal will be given, along with the outcome of the voting.
Discussed in Previous Governance Corner:
584 — Upload the new Pyth contract (v-1.3.0) to the Osmosis chain >> Passed
585 — Signaling Proposal: Approve the Stride Delegation Process Osmosis Advisory Council >> Passed
Proposals passed or rejected since Previous Governance Corner:
586 — Osmosis v17 Aluminium Upgrade >> Passed
Proposal 586 went on chain on 18–08–2023 and passed on 23–08–2023.
This proposal was not discussed on the forum, since chain upgrades are exempted from the requirement. Passing this proposal removed the last hurdle for the v17 upgrade occuring at block 11126100 (Wednesday 23–08–2023 at 17:31:47).
This upgrade includes (but is not limited to) an addition to smart contracts (enabling them to activate at the time of the transaction, but the execution to be triggered at a later moment), the conversion of bonded positions to staked positions instantly (following the outcome of proposal 570), improvements to Supercharged Liquidity pools (e.g. inclusion of ProtoRev and the creation of many pools with migration links to the original pools following the outcome of proposal 571), changes to the TokenFactory. The full change-log can be found here.
Proposals on chain
In this part of our governance corner update you can find a short description of the proposals which can be currently be found on chain. Read more to find out what the proposal is about and some arguments for and against passage of the proposal. These arguments are not made up on the spot, but retrieved from the conversations on Commonwealth /Discourse or abstracted from the reasoning validators post on validator.keplr.app. This should help you form an opinion on the proposal, and don’t forget to vote!
Proposal 587— Create SEI Supercharged Pools
The creation of new Supercharged pools is permissioned following the outcome of proposal #532. Passing proposal #587 will create new Supercharged Liquidity pools for SEI, namely 2 SEI/OSMO pools and 2 SEI/USDT pools. Sei is a general purpose, open-source Layer 1 blockchain specialized for the exchange of digital assets. Leveraging a novel consensus and technical breakthroughs, Sei is the fastest blockchain in the industry.
Arguments in favor of this proposal
- The traffic around Sei has been huge, and they currently are forcing users to pass through Osmosis to transfer their ATOM to Sei. Having these pools will showcase Osmosis to the wave of users exploring Sei.
Arguments against this proposal
- SEI has launched recently and is not controversy free with how they did it. Should the coin already be allowed to the “inner circle” of active coins on Osmosis, without having proving itself?
Proposal 588 —Expedited Proposal: Osmosis v18 Software Upgrade
An error was discovered in the v17 upgrade as discussed in prop #586 earlier in this Governance Update. No funds are at risk, but there are also no incentives distributed to any pools starting from the upcoming epoch, and migration links for older Classic pools to Supercharged pools are unable to be used. Superfluid and staking rewards will still distribute. If this proposal passes there will be another upgrade to the chain at block 11155350 and epochs for the LPs will resume as usual. The missed epoch rewards are also distributed, but only with a day delay.
Arguments in favor of this proposal
- Fixing the ability of liquidity providers to get rewards is something which needs to be done.
Arguments against this proposal
- None mentioned on validator.keplr.app.
Interesting proposals on Commonwealth
This part of the governance corner update will always contain a maximum of 2 Commonwealth threads which are highly interesting to visit. The threads highlighted here will have a major impact on Osmosis on the long term, so participating in these conversations will allow you to contribute to the future of the project.
Thread — Community Spend: Match Kava Rise Rewards for three months
USDT has arrived in the Cosmoverse via Kava which is already recognized as canonical version in prop #574. To promote USDT usage and liquidity in the ecosystem, the Kava Rise program has been initiated. On the forum a draft proposal can be found discussing the request of up to 800k OSMO to bootstrap liquidity for USDT on Osmosis as counterpart of the incentives placed on the pools by the Kava Rise program for a period of 3 months. Learn more about this initiative, the intended goals and share your thoughts!
How to vote?
You can vote using various platforms for Osmosis. Simply log in with your wallet (you might need to import your wallet first) and choose Yes / No / NoWithVeto / Abstain on the vote following your own beliefs using the information provided in these blogs. Your own vote always overwrites the vote done by the validator you delegated to, but only for the voting power your address represents.
The following platforms can be used:
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