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 is 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, CEO; Vish Modali, CPO; and Roea Mortaki, COO.

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

When will the protocol launch? We will be launching 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 controls your delegation via interchain accounts and mints your qAssets in their place. Thanks to the liquid staking module from Iqlusion, you can 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 allows delegation to all validators on the target chain by default, rather than restricted to a small permissioned validator set. Governance is 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 can scale to onboard any IBC-enabled chain that supports InterChain Accounts.
  4. Quicksilver gives users the same governance rights they would have on any native chain.
  5. Quicksilver incentivizes ‘positive’ validator choices; e.g. selecting ‘performant’ validators (those that return greater rewards), and validator selections that increase decentralization (delegating to smaller validators).
  6. Quicksilver is 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, but users can take the qAssets you receive from Quicksilver and put them in integrated applications to earn a much higher APR.

Will governance by proxy allow for protocol politicians? No. ‘Proxy’ here is more of a technical description. It does not mean someone else is voting for you. Users get 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 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 shifts -0.05%, and in the event of downtime slashing, the rate shifts by -0.0001%, which is barely noticeable.

Where can I get a snapshot? Snapshots will be taken nearer the launch of the protocol. 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.

Will there be an unbonding period to exit the protocol? No — however, your tokens will be given back and delegated to your validator. 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 purposefully created to permissionlessly onboard any chain that is IBC connected, doesn’t use custom staking logic, and implements interchain accounts and liquid staking modules. The Quicksilver community will vote to onboard new chains.

What zones will be available at genesis? We plan to onboard as many networks as we can as soon as they upgrade to utilize the new liquidity and interchain account modules.

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 does not provide liquid staking, it provides a liquid staking module that is one component of our system and others. On its own, however, it’s not a liquid staking product, it simply allows the transfer of delegated tokens in a non-fungible way to another wallet.

Do you plan to use only Cosmos SDK without relayers to other networks? No, we use IBC so it 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 is not so opinionated as to what users do with their assets: Our focus is 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 we will use to incentivize users.

About Testnets

When are the testnets? Public testnet will launch in April and the incentivized, in May.

Do we need to submit a form to have a role? The public testnet will be completely open. We will likely have a form closer to the time of the incentivized testnet, and users who participate in the public testnet will have priority.

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? No requirements are set in stone, but, as with any airdrop, stake with non-exchange validators. Once the initial chain onboardings have been decided, we will release more information.

Will users who liquid stake through Quicksilver be eligible for other airdrops? Airdrops are at the behest of whomever is doing 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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