Cosmos Governance Report — Week 4, 2024
We at Simply Staking have voted on 11 Proposals across the Cosmos Ecosystem networks we validate.
This report will go over some of those votes including the signalling proposal to add stkATOM as collateral to mint IST, Adding a new Credit Type to Regen, Using non-OSMO assets in the community pool as POL, 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!
Table of Contents
Regen #40 - Add Terrasos Voluntary Biodiversity Credit Type
Agoric #67 - stkATOM for Inter Protocol
Osmosis #715 - Deploy Protocol Owned Liquidity of stSTARS/STARS
Terrasos Voluntary Biodiversity Credit
The Voluntary Biodiversity Credit is a new biodiversity credit type on the Regen Network (once the proposal is passed). The credit was created by Terrasos to support critical biodiversity conservation initiatives and enhance the effectiveness of ecosystem stewardship.”
The Protocol sets out clear criteria for conservation projects, emphasizing ecological value, financial stability, and legal compliance. Aligning actions with performance-based metrics paves the way for meaningful biodiversity conservation.
For more information on the Voluntary Biodiversity Credit by Terrasos, the document below provides all you need to know.
We voted YES to support these efforts and to bring the new credit type onto the Regen Network.
stkATOM for Inter Protocol Vaults
The proposal is to onboard stkATOM as collateral to mint IST. stkATOM is a liquid staked token of ATOM issued by pSTAKE Finance on the Persistence chain.
Inter Protocol’s Vaults let you mint IST against the value of your IBC assets (like ATOM) to unlock liquidity.
Following the approval of Stride’s stATOM as collateral, stkATOM makes sense to also be approved as collateral being that it is the 2nd largest Liquid-Staked ATOM token out there.
Incorporating an additional native liquid-staked ATOM token as collateral (therefore avoiding bridging) to mint IST would expose IST to a new community and increase its liquidity.
This move would benefit both the Agoric and pSTAKE communities (pSTAKE is part of the Persistence Ecosystem). Part of the benefits come from the bootstrapping of a stkATOM/IST pool on Dexter to enhance liquidity and further use cases.
We believe the move to incorporate more collateral and increase the user base is key, especially in times when we are seeing native USD (through Noble) gaining traction.
As the builders and maintainers of the Oracle network for Inter Protocol Vaults, we will be using a similar approach with stkATOM as we have with our other Liquid Staked Price feeds already being supplied.
stSTARS/STARS Protocol Owned Liquidity on Osmosis
This proposal is the first of its type.
It aims to use the non-OSMO assets trapped in the Osmosis Community Pool. Currently, these are the following assets sitting idle:
- 09M AXL (~$1.1m)
- 6.3M STARS (~$290k)
- 35k AKT (~$104k)
- 5000 SCRT (~$2k)
- 250,000 UMEE (~$1.5k)
- 214k USDC
- 30k USDT
- 19k axlUSDC
- 1.6k DAI
- 13.5k ATOM (~$138k)
- 1.8k TIA (~$34k)
- 9.9 ETH (~$25k)
The Stargaze Tokens have been sitting idle in the Community Pool for roughly 2 years losing value to Inflation. The fix to this is to put the tokens to work.
The proposal will transfer the STARS to a temporary sub-DAO to handle the conversion of some of the STARS to stSTARS and then deploy those funds into the respective liquidity pool.
The benefits of using the funds:
Protect the value of Protocol-owned assets against inflation.
Create new markets on Osmosis through bootstrapping the liquidity rather than incentive use
Reduce swap fees in existing routes, increasing Taker fee generation.
Sommelier Incentives on Osmosis
This proposal asked for 122,500 SOMM from the community pool to be sent to a multi-sig address to handle the incentivization of a new SOMM/USD pool on Osmosis.
The incentives will be live for 60 days on Osmosis to attract liquidity on what is the largest liquidity hub for the SOMM token.
Omniflix v2 Upgrade
The much anticipated v2 upgrade on Omniflix went live yesterday.
Many new features were added to the network including:
- Interchain NFT Standards
- Cosmos SDK v47
- Change to the Stream Pay model
- Launching of tokens via the Token Factory
- & More!
About Simply Staking
Simply Staking is a blockchain infrastructure provider across 60+ networks and various ecosystems. We are one of the Genesis validators on the Cosmos Hub. We also validate on other notable networks such as Oasis, Akash, Polygon, 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 Starknet, Base, Avalanche, Binance Smart Chain, Polygon Network, and many more.
We’re also a LIDO operator, enabling us to run 1000s of ETH validators, as well as running our own ETH Vault on StakeWise.
Simply Staking also comprises other development teams building financial, blockchain, and infra-monitoring tools.
All our infrastructure is run off self-hosted or co-located servers, with no cloud usage at all.
We are based out of 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
