QuicksilverZone
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QuicksilverZone

The Quicksilver Protocol FAQ

You asked, we answered…

Here is a round-up of our most asked questions! This link will be updated regularly, so stay tuned as we release more information.

General

What is Quicksilver? Quicksilver will be a liquid staking protocol designed for the Cosmos ecosystem. You can learn more about it here: https://medium.com/quicksilverzone/introducing-quicksilver-72bced1c776e.

What are the Quicksilver social channels?

Twitter: https://twitter.com/quicksilverzone

Telegram: https://t.me/quicksilverzone

Discord: https://discord.gg/kTsQAZmmzZ

Medium: https://medium.com/quicksilverzone

Website: https://quicksilver.zone

Who are the founders? Joe Bowman, Vish Modali, and Roea Mortaki.

Where can I read the whitepaper? quicksilver.zone/whitepaper.pdf

When will the protocol launch? We will launch our mainnet in Q3 of 2022.

Will there be private, seed, and/or public sales? A small seed round has been recently closed, and there is no intention to run a public sale.

Where can I find information about the project’s investors? We will be releasing more on this soon.

About the Protocol

How does staking through Quicksilver work? Quicksilver will control user delegations via interchain accounts and will mint qAssets in their place. Thanks to the liquid staking module from Iqlusion, you will be able to transfer existing delegations without unbonding.

What is the difference between other liquid staking protocols and Quicksilver?

  1. Quicksilver will be secured by a validator set of at least 100 nodes at genesis.
  2. In order to promote decentralization, Quicksilver will allow delegation to all validators on the target chain by default, rather than restricting delegation to a restricted validator set. Quicksilver Governance will be able to deny delegation to specific validators as it sees fit (e.g. Centralized exchange validators, or those whose behavior is detrimental to the chain).
  3. Quicksilver will be able to scale to onboard any IBC-enabled chain that supports Interchain Accounts.
  4. The Quicksilver Protocol will allow users to maintain their governance rights on any onboarded chain through its Governance by Proxy feature, which will be released in the chain’s first upgrade post-genesis. Edited on 22.06.2022.
  5. Quicksilver will incentivize users to delegate to decentralized, performant validators that are active in governance through its Participation Rewards feature. Edited on 22.06.2022.
  6. Quicksilver will be wholly Cosmos-community owned. From early-investors to airdrops, all QCK token holders will be within the Cosmos ecosystem, therefore the protocol will be governed by individuals and teams with a vested interest in the ecosystem.

What will be the APR for staking on Quicksilver? Staking rewards will align with the standard chain’s average APR. Liquid Stakers will be able to take these qAssets they receive from Quicksilver and use them in integrated DeFi protocols to earn a much higher APR.

Will governance by proxy allow for protocol politicians? No. ‘Proxy’ here is a technical description. It does not mean someone else is voting for you: Users will be able to vote as they would normally, and then the Quicksilver protocol will reflect that vote on the native chain.

Can you explain the slashing risk mitigation? We minimize the risk to users of the protocol — holders of liquid assets such as qAtom or qKava will have their slashing risk spread over all nominated validators. If a validator on the Cosmos Hub is slashed, it will affect the redemption rate between Atom and qAtom. In the event of a 5% slashing on an average validator (with 1% of the pool), the redemption rate would shift -0.05%, and in the event of downtime slashing, the rate would shift by -0.0001%, which would barely be noticeable.

Wen snapshot? Snapshots will be taken nearer the launch of the protocol, but we will not be releasing information on them to avoid airdrop gamification. We will take new snapshots before onboarding each chain.

Do I have to unstake my already-staked assets and redelegate to Quicksilver? No, you will be able to directly transfer your assets to Quicksilver without having to go through an unbonding period through Iqlusion’s Liquidity Staking Module.

Will there be an unbonding period to exit the protocol? No — however, your delegation will be transfered back to traditional staking. If you then wish to unbond, it will be subject to the unbonding period of that chain. Alternatively, you may trade your qAssets directly on a DEX.

What chains are being considered? Quicksilver’s design was created to permissionlessly onboard any chain that is IBC-connected and ICA-enabled. The Quicksilver community will be able to vote to onboard new chains. Edited on 22.06.2022.

What zones will be available at genesis? We plan to onboard as many networks as we can as soon as they upgrade to utilize interchain accounts. Edited on 22.06.2022.

Who do I have to stake with in order to receive the airdrop of a chain you are onboarding? You can stake with any validator that is not a centralized (exchange) validator.

As far as Atom is concerned, does Quicksilver provide anything that the Theta upgrade will not? The Theta upgrade will not provide liquid staking, it will provide Iqlusion’s liquidity staking module. On its own, it’s not a liquid staking product, it simply allows the transfer of delegated tokens in a non-fungible way to another wallet. Edited on 22.06.2022.

Do you plan to use only Cosmos SDK without relayers to other networks? No, we use IBC, so Quicksilver will rely on relayers. We are working with Jack Zampolin and the relayer DAO he is launching to incentivize relayers.

What are Relayers? They are what make IBC possible. We run specialized/dedicated nodes that only allow the IBC transactions to happen. Most of the transactions will be inbound (querying other chains) and these txs will not be chargeable (or will be reimbursed, we have not yet determined which).

Is this like superfluid staking? Superfluid staking is a very different prospect — it requires that you provide liquidity and stake, and requires zones to run custom logic to support this. Superfluid staking will allow you to provide base assets as liquidity, and then Osmosis will signal to the zone in a trustless way that it has those tokens locked up and slash able. Quicksilver will not be so opinionated as to what users do with their assets: Our focus will be on providing the liquidity.

Will there be a different liquid staking token from Quicksilver for each protocol that can be staked on Quicksilver? Yes. You will receive qAssets in the place of Assets staked via Quicksilver. There will also be a separate QCK token that will be used to incentivize users.

About Testnets

When are the testnets? Quicksilver’s Initial Testnet, Rhapsody, launched in early May of 2022. The protocol’s Incentivized Testnet, Killer Queen, will launch in late June of 2022. Edited on 22.06.2022.

Do we need to submit a form to have a role? Rhapsody was completely open. For Killer Queen, we had a priority list for those who participated in Rhapsody, but anyone who would like to join, will be able to once it launches. Edited on 22.06.2022.

About the Quicksilver (QCK) Token

What will be the primary functions of the Quicksilver token? The QCK token will be primarily used to secure the chain through staking, determine the future of the zone through on-chain governance, and pay transaction fees for all actions on the zone.

How much will the QCK token supply be? The Genesis supply is 200 million tokens, with a total maximum lifetime supply of 1 billion.

About Airdrops

Airdrop wen? More details on future airdrops will be released with the whitepaper. There will be an airdrop for every chain onboarded to Quicksilver.

What percentage of the token supply will be allocated to airdrops? Over 50% of the token supply will be allocated toward airdrops for token holders of networks that we onboard, as and when we onboard them. We want the token supply to be held by core ecosystem contributors and users.

Will the weights of airdrop allocations be different on different chains? Yes, there will be an incentives pool managed by governance. When QCK token holders vote to onboard a zone, some portion of the incentives pool will be allocated to token holders of the staking token of the zone to be onboarded. There will be some action required to claim the airdrop and a clawback for unclaimed tokens after some period. The clawback will go back into the pool for the next airdrops. 30% of the inflation emissions will also be added to the airdrop pool.

What are the requirements to become eligible for the airdrops? We will not be releasing information on the airdrop formula to avoid gamification. However, we have dropped a few hints in the last months. Read more about our airdrop model here. Edited on 22.06.2022.

Will users who liquid stake through Quicksilver be eligible for other airdrops? Airdrops are at the behest of whomever is holding the airdrop. If qAssets become recognized base tokens, and airdrops start including qAsset holders, then you’ll continue to benefit.

Have more questions? Ask us via Telegram or Discord!

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Interchain Liquid Staking for the Cosmos ecosystem and beyond.

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