Happy 1st birthday, Quasar: Welcome to a new era.
A year ago, we embarked on a remarkable journey together. Our chain went live as a big first step. Starting with the launch of our very first innovation, the OSMO PRO vault, we took our initial step towards simplifying DeFi by enabling users to join multiple pools with a single click, offering users direct exposure to three key liquidity pools and additional Quasar incentives in $QSR tokens. Along with our second vault, ATOM PRO, this marked our entry into the Cosmos.
July 2023 saw the introduction of the $QSR token, enhancing community participation in governance and consensus processes.
The journey didn’t stop there. By September 2023, Concentrated Liquidity Vaults, utilizing Osmosis’s concentrated liquidity pools for better efficiency, went live. Now, Quasar offers 18 Concentrated Liquidity vaults with a variety of assets and liquid-staked asset pairs.
Quasar’s smart contract code repositories were made publicly available right after launching our CL vaults, laying the groundwork for third-party vault creation and inviting external developers to contribute to our ecosystem.
Delegation & Testnet Programs for Quasar Validators have also gone live, recognizing and rewarding the crucial role validators play in maintaining the Quasar network and testnet infrastructure. In November, all wallets started to support $QSR as the default gas fee token on the Quasar chain! This major upgrade simplifies transactions and enhances the user experience.
In January, a proposal passed regarding upgrading our CL vaults. The upgrade will bring features like auto-compounding, a transition from APR to APY, tradeable vault tokens, and their use in other DeFi services.
In all, it’s been a year full of growth, learning, and innovation, and we’re just getting started.
Now, what’s next?
A New Era: Upgraded Supply-Side Economic Incentives
A new proposal has been submitted on-chain today for the community’s review.
It suggests a configuration directing the Quasar protocol to use the fees the protocol generates to buy $QSR tokens from the market and programmatically burn them.
To date, $QSR’s main role has been in paying transaction fees on the Quasar chain, facilitating DAO governance, and securing the Quasar chain through validator staking and delegations from users. As many commentators have pointed out over the years, governance tokens generally struggle to properly incentivize long-term network health and fail to sufficiently incentivize the largest and most engaged decentralized network participants. Like Proof-of-Work mining rewards or Proof-of-Stake emissions designed for network security, token-denominated rewards must retain some degree of economic value to create a viable incentive structure that enables a decentralized network to function without relying on a centralized administrator or intermediary. This proposal is intended to fortify this decentralized network design through economic incentives like Bitcoin and Ethereum.
The Strategy Behind Our Buyback and Burn of QSR
The specific parameters will always be decided by governance. The percentage of ProtoRev utilized to balance supply will be adjustable, and this proposal suggests that it start initially at 100%. Supply balances should be unpredictably timed to prevent potential frontrunning and reduce price speculation. The goal is to create long-term, ongoing attractiveness among validators and delegators.
The Quasar protocol can only sustain and grow itself if the $QSR token is aligned with the underlying protocol growth. This mechanism gets us one step further along that way.
Thank you, Quasers!
A big thank you goes out to everyone who’s been with us: our community, stakeholders, validators, partners, and advisors. Your support means everything.
We’re grateful for everything we’ve accomplished together.
Looking Ahead — The Future of Quasar
We have updated Quasar's roadmap in line with our commitment to community-led growth.
This initiative underscores our commitment to transparency and community involvement in shaping our ecosystem. So, when you have a moment, check out the roadmap! We’re looking forward to hearing your thoughts and continuing to build Quasar’s future together.
If you want to collaborate with the community to improve the Quasar protocol, please join the vast network of Quasar contributors and users. Quasar’s future rests with you!
