Cosmos Governance Report — Week 2, 2024
In the past week, Simply Staking has voted on 13 Proposals across the Cosmos ecosystem. In this report, we aim to go over and review some of our votes including the Osmosis Proposals for Sail DAO, new collateral for Inter Protocol Vaults on Agoric, a new upgrade to Quicksilver, and more!
We hope you find this report insightful and if you do, please consider delegating to our Validator on any of the networks mentioned above!
SAIL DAO
Proposal #702 is a resubmission and restructuring of the failed ‘Sail With the Whale’ proposal (#694).
The updated proposal features the creation of the ‘SAIL DAO’ to deploy and manage the liquidity. Community feedback from the previous proposal has been incorporated into this proposal.
Some of the revised changes:
- Lowered ask from 5M $OSMO down to 3.5M $OSMO.
- Creation of SAIL DAO with Osmosis Community having veto powers and clawback authority.
- Airdrop of 40% supply of the DAO to OSMO stakers and voters of the proposal.
- Osmosis CP will fund the DAO and the DAO will deploy and manage the liquidity on the White Whale DEX
- Instead of deploying into 2 LST pools, a wider variety of capital-efficient pools are to be chosen.
We reviewed the revised terms and voted YES on this Proposal. After voting NO on #694, we are happy with the changes.
Unfortunately, due to a recent upgrade to Cosmos SDK v0.47 on Osmosis, the proposal did not pass even with overwhelming support.
This has caused the team to resubmit another proposal, #708. The proposal is still pending as of writing but seems to have garnered even more support than #702.
We take this time to applaud all parties involved from Osmosis Governance to the White Whale team.
stOSMO as Collateral for IST Vaults
After the success of stATOM on IST, it is only logical to think of adding stOSMO which is the Stride-issued liquid staked token for Osmosis.
This proposal is relatively straightforward and was an easy decision for us to make (we voted YES). The mechanics would be similar to those being employed for stATOM on Agoric. But for those who aren’t aware:
- ICS-20 token minted on Stride will be bridged over to Agoric through IBC.
As we have covered before, Inter Protocol make use of a custom oracle solution for the price feeds for stATOM.
For those who wish to read more, check the link below 👇
Given the similarities between stATOM and stOSMO, the existing Oracle implementation can be used to retrieve the price of stOSMO.
Quicksilver update
Proposal #27 brings some new features to the Quicksilver chain including the much-awaited ability to unbond qAssets.
Some other features include:
- Cross-chain claims
- Signalling intent
- Participation rewards
- LSM support
We voted in favour of this proposal.
Shift Juno focus from feature upgrades to dApp and dev onboarding
Proposal #331, put forward by Core-1 member BlockCreators, calls for feature upgrades to be halted and shift the focus on supporting dApps that are nearly completed and a push to help onboarding developers to the platform.
The creator of the proposal labelled the feature upgrades a ‘wasteful effort’ without any dApps to use them and mentioned that adding new features that can be ‘copy/pasted by other chains’ is another reason to shift the focus on helping dApps be completed so the community has something to interact with.
While we can see where the proposer is coming from, we are against this proposal. Halting the work of those devs working on bringing new features (that can attract new dApps to the platform), is not the right way to proceed. We do not see how this governance proposal will help dApps get completed.
This is the same sentiment shared by Dimi from Juno:
Reece, who is the Lead Developer on Juno for these feature upgrades also came out to share his opinion on the proposal and how it will stifle the work and roadmap for 2024:
To recap, we are against this proposal and it does not make any sense to us as to why it should pass. Core developers' work has nothing to do with dApps. For us, this proposal carries no merit.
About Simply Staking
Simply Staking is a blockchain infra provider across 40+ networks, across various ecosystems. PoS validators on Cosmos Hub from Genesis, Oasis, Akash, Kusama, Polkadot, and many more.
We also operate node infrastructure on the Chainlink network providing price feeds to Aggregator contracts which are used by major Ethereum DeFi apps. Our participation in Chainlink aggregator contracts spans other networks such as Layers 2s, BSC, MATIC, XDAI, RSK, and more.
We’re also a Lido ETH2.0 operator, enabling us to run 1000s of ETH validators.
Simply Staking also comprises other development teams building financial, blockchain, and infra-monitoring tools.
All our infra is run off self-hosted or co-located servers, with no cloud usage at all and our base being in Malta.
Stay tuned to Simply Staking for more Governance updates:
- Website: https://simplystaking.com
- Twitter: https://twitter.com/SimplyStaking
- Discord: https://discord.gg/Kpzc58Gu9a
- Telegram: https://t.me/SimplyVC
