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Quicksilver’s Roadmap to Launch

Quicksilver co-founders Vish Modali and Roea Mortaki went live on Twitter Spaces to share the protocol’s roadmap to launch. Sharing key information around launch dates, product dependencies, and feature releases, the session answered many of the community’s long awaited questions. Here’s a recap of the most important points.

Milestones

  • Rhapsody, the protocol’s first public testnet successfully launched on the first of May. It currently has 185 validators, and counting.
  • The protocol’s incentivized testnet will be coming in late May/early June. In addition to the usual validation-focused objectives, there will be tasks aimed at users to battle-test the functionality and get the community used to Quicksilver’s features.
  • The team plans to subject Quicksilver’s code to an external audit before mainnet, and will make the results of the audit public.
  • The Protocol’s mainnet launch is scheduled for mid-July.

Dependencies

The Quicksilver protocol is only dependent on Interchain Accounts to launch. It has an optional dependency on Iqlusion’s Liquidity Staking Module that will allow existing delegations to be onboarded. It is not dependent on CosmWasm nor Interchain Security (ICS).

Quicksilver’s timeline is independent from ICS’s schedule

While Quicksilver plans to implement Interchain Security as soon as it is available, the protocol will be launching without it, as it is not technically dependent on ICS.

Prior to the release of ICS v1, Quicksilver will utilize its own validator set. While the team will shortly be reaching out to Cosmos Hub validators to form a genesis validator set, the protocol itself is permissionless, and non Hub validators will be able to join as well. The motivation for inviting Hub validators is to ease the transition from the genesis validator set, to ICS.

A key attribute of ICS is that it decouples block production and validation from governance responsibilities. This has the following impact:

  • Prior to leveraging ICS, block production and governance on the Quicksilver chain will be handled by our own validator set comprising a subset of hub validators, and in all probability (due to the protocol’s permissionless nature), some non Hub validators.
  • At the point Quicksilver onboards ICS, block production will be handled by all Hub validators, and all the validators from Quicksilver’s own pre-ICS validator set will automatically become governance representatives. Users would be able to lock QCK Tokens against the governance representatives of their choosing (in the same way one may delegate to one or more validators when staking), and they will earn inflationary rewards for doing so. The Governance process would work in the same way that it usually does, in the sense that users would inherit the vote of their governance representative, unless they override it.
  • After the launch of Interchain Security v3, the Quicksilver chain will be secured by a combination of Cosmos Hub validators and our own validator set, and the QCK Token would be used to secure the chain through staking. It will also reward validators, determine the future of the protocol through on-chain governance, and execute transactions submitted to the network.

Product Roadmap

The Quicksilver protocol will be launched in two phases.

1️⃣ Phase 1 — Genesis Launch — Week of July 11th:

✅ Liquid Atoms deposits enabled on Quicksilver + Ability to Liquid Stake them

✅ Staked Assets deposits enabled on Quicksilver for any chain that has enabled the Liquidity Staking Module (contingent on governance vote)

✅ Unbonding / Undelegating Assets from Quicksilver enabled for any zone with the Liquidity Staking Module (contingent on governance vote)

❌ Unbonding / Undelegating Assets from Quicksilver disabled for zones without the Liquidity Staking Module (exiting the protocol would only be possible by selling qAssets)

✅ Native Quicksilver Governance enabled

✅ Staking of the QCK Token enabled

✅ Participation Rewards feature enabled

❌ Governance by Proxy feature disabled

2️⃣ Phase 2 — Q4 2022 :

✅ Governance by Proxy feature enabled

✅ CosmWasm integrated, allowing developers to build DeFi applications on top of Quicksilver, using qAssets as their base collateral

Governance by Proxy

We intend for this feature to be developed and shipped in the first post-genesis release. In the short period between genesis and Phase 2, users’ governance rights will be deferred to validators. However, since they will be able to delegate to any validator of their choosing, implicit concentration of governance rights to a restricted validator set will be avoided.

The Quicksilver team’s position on governance has not changed. It’s still extremely important to the team that users are able to liquid stake while participating in governance, and the team will work tirelessly to ship this feature as quickly as possible, while maintaining high standards for its development. One thing worth mentioning is that this particular feature is something that has never been done before, and it relies on complex technology that we don’t believe exists outside of our development team’s prototyping.

The team does not want to release such a feature without proper development and testing, and since the core Interchain Staking functionality does not depend upon it, the decision was taken to focus on the core components, and to allow the users to be able to enjoy the product while we finish working on the Governance by Proxy module.

The Quicksilver team is looking forward to bringing Cosmonauts the Cosmos Liquid Staking Zone. You can listen to the full recording here.

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Interchain Liquid Staking for the Cosmos ecosystem and beyond.

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