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QCK Twitter Spaces: Getting Technical with Joe Bowman and Jacob Gadikian

This article was edited on 22.06.2022 in light of the product roadmap communicated on 06.05.2022.

Edit, 22.06.2022:

Contrary to the team’s initial plans, Quicksilver will not be launching with ICS. The team is still considering leveraging ICS once it becomes available. Vish Modali and Roea Mortaki, two of Quicksilver’s co-founders, went live on Twitter Spaces in early May to walk the community through these changes. Listen to the full segment here, or read about it here.Quicksilver Co-Founder Joe Bowman went live on Twitter Spaces with Core Contributor to Cosmos and Notional DAO Jacob Gadikian earlier this week. A tribute to their backgrounds, Joe and Jacob walked us through some of the more technical aspects of Quicksilver’s features, and how they will be enabled on the protocol.

Governance Through the Quicksilver Zone

When prompted on how Quicksilver would participate in governance on behalf of its users, Joe explained that the protocol will be using delegation accounts, or accounts created with ICA that manage the delegations on behalf of the zone. “There are going to be more than likely 100 of them that will control Quicksilver’s pooled assets, and each of these will be as balanced as possible so that each of these accounts reflects 1% of the voting power, tops. When a vote appears on the Cosmos hub, that transaction will be witnessed by relayers, and then a corresponding vote will be created on the Quicksilver zone so that anybody that holds qAtoms is then able to vote on that proposal, as if they were voting natively.” He continued to explain that the aggregate votes would be represented in 1% increments via these delegation accounts, and broadcast shortly before tally time. Musing at the prospect of new ecosystem dynamics, he laughed, “It’ll be interesting to see how it plays out in terms of those votes being broadcast, because obviously, you’ll get an influx of votes we haven’t seen before happening shortly before tally time.”

The Logic Behind using Interchain Security

As the conversation continued, Joe touched on why Quicksilver will be implementing Interchain Security upon launch. “Because we want to provide maximum security for our users from the onset, the use of ICS gives the team a lot more surety in the Quicksilver zone, especially if we’re onboarding not only Atom, but maybe also Osmo, Juno, and some of the other larger market cap chains around the same time.” He highlighted that, once V3 of ICS is implemented, Quicksilver will be moving toward a hybrid solution, in which we will be leveraging both the Hub’s validator set as well as a Quicksilver one. However, governance on the Quicksilver zone will be controlled by QCK token holders via other mechanisms from the very beginning.

Iqlusion’s Liquid Staking Module and Quicksilver

Joe explained that, although Quicksilver could technically launch without the use of Iqlusion’s Liquid Staking Module, doing so would have implications in on-chain security. “You’d only be able to onboard liquid Atoms, creating a problem when stakers begin to unbond in the same way that they did when Osmosis launched.” Joe expressed concern over the reduced security chains would experience if there were to be an unbonding period to redelegate to Quicksilver. “This ties into liquid staking as a whole: We are eliminating having to unbond their assets when users want to participate in other protocols, as well. We want to only have a net positive effect.”

Talking about the wider Cosmos ecosystem, Jacob touched on the incoming exponential growth. “We can say Quicksilver will be functioning as an aggregator that will allow these staked assets to become liquid,” he continued, highlighting that qAssets will all share the same characteristics, allowing them to be fully fungible.

Transitioning into how this will play into liquid staking on Quicksilver, Joe expanded, “Users will never be in a situation where the Zone has control of their assets: They are transferred immediately into these delegation accounts we mentioned earlier. Essentially, assets never have to leave their securing position, which is one of the fundamental things we’re trying to do. Unbonding is not great for hub security, nor is it great for user experience because users lose out on rewards. The combination of Iqlusion’s liquid staking module and being able to tokenize those shares and send them directly to a deposit account on the hub, without having to send them off chain, is absolutely crucial to to our vision of making this onboarding process as smooth and impactful as possible.”

Quicksilver’s footprint on Cosmos

Speaking to Quicksilver’s overall goals, Jacob pondered, “I hadn’t realized the composability implications of the protocol. Quicksilver could become quite a playground.”

Joe agreed, expanding, “I think this is kind of where I’m at in terms of wanting Quicksilver to become a DeFi hub. You have these base pairs with lots of liquidity, and protocols could eventually build on top of Quicksilver and have instant access to all of these assets without having to ever take them off-chain.”

Ending on a positive note, Jacob concluded, “This call may represent the most complete implementation of the cosmos vision. And maybe, the most extensive discussion that I’ve had about some of the more exotic or aggressive ideas that we’ve been kicking around for so long now.”

Stay in touch

The Quicksilver testnet will be launching in Q2 of 2022 — Follow our social channels to stay up to date on our latest news, airdrops, and events.

Twitter: https://twitter.com/quicksilverzone

Telegram: https://t.me/quicksilverzone

Website: https://quicksilver.zone




Interchain Liquid Staking for the Cosmos ecosystem and beyond.

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