Cosmos Governance Report — Week 6, 2024
This week we at Simply Staking voted on 15 Governance proposals across the chains we validate within the Cosmos Ecosystem. Our votes range from the spam proposals on the Cosmos Hub to the Sommelier Upgrade proposals.
The report below will go into some more details on those proposals so keep reading!
To cast your votes and to learn more about the proposals, we recommend you check out the Cosmos Leap Wallet Governance sections!
Table of Contents
- Sommelier v7 Upgrade— Multichain + Multistrategist + Protocol Revenue Distribution
- Persistence #71 — stkDYDX/DYDX pool on Dexter + Incentives
- Cosmos Spam Proposals [#874 — #876, #878]
- Persistence #69 — Incentivization of Dexter pools with XPRT from Dexter Grant for February 2024
- Persistence #70 — Allocate 1M XPRT for XPRT liquidity and Dexter incentives for 6 months
Sommelier v7
Major protocol upgrade detected!
Sommelier has put their v7 upgrade proposal on-chain with the following features due to go live on February 7th at 18:00 UTC.
The Upgrade will leverage Axelars Global Messaging Protocol (GMP), allowing strategists to access other massive markets within DeFi.
The distribution of accrued fees has been something that the Sommelier community has been waiting for.
Last December, Sommelier shared that roughly $105,000 in accrued fees was waiting to be distributed. The fees will be auctioned off through a Dutch Auction with the first Auction on the 14th of February (A Valentine's gift for the community!)
This is a major protocol upgrade and one we are in support of. As active validators on the network, we have readied our nodes for the upcoming upgrade.
Persistence & stkDYDX
stkDYDX is the Persistence solution for a Liquid-Staked DYDX token.
Since Proposal #61 put Dexter governance in the hands of XPRT token holders, incentive proposals for Dexter must go through Persistence Governance.
Proposal #71 seeks 300,000 PSTAKE tokens to incentivize a stkDYDX/DYDX pool for 31 Days starting from the 7th of February.
The pool will be comprised of the following parameters:
- Pool Type: Metastable Pool
- Pool Weightage: 50/50
- Spread Factor: 10%
- Amplification: 50
- Pool Creation Fee: 250 XPRT
- Swap Fees: 0.3%
We voted YES on this proposal in an attempt to incentivize DYDX stakers to make use of Dexter and the Cosmos Ecosystem DeFi offerings.
Cosmos Spam Proposals
We usually do not report on these however given the amount of these proposals out currently, we will use this space as a public reminder NOT to engage with any of these proposals.
Anything offering an Airdrop or New dApps on ATOM is fraudulent and the sole purpose of these proposals is to compromise your funds.
You must exercise caution with any links on proposals. A good indication to check whether a proposal is malicious is by checking what the majority of Validators are voting on. Alternatively, you are more than welcome to contact us regarding your query.
Persistence Incentivisation Pools on Dexter
Creating pool incentives on Dexter has now been passed over to XPRT governance after the passing of Persistence #61.
This proposal will incentivize stkATOM, PSTAKE, USDC, USDT, and DYDX pools for 30 days as follows:
- ATOM/stkATOM — 4,500 XPRT
- PSTAKE/XPRT — 6,178 XPRT
- USDC/USDT — 30,000 XPRT
- DYDX/USDC — 5,000 XPRT
The Dexter Grant from Proposal #13 has reached its conclusion and this would be the last allocated incentives round until a new community spend proposal is made for liquidity bootstrapping.
XPRT Liquidity for Dexter — Extension
The wait for the community spend proposal was short-lived as Persistence #71 aims to ask for 1M XPRT for an Incentive grant to provide XPRT Liquidity and Dexter Grants for the next 6 months.
The proposal would seek to provide liquidity for the following:
- XPRT Liquidity Bootstrapping on Dexter, Osmosis, and other DEXs in future
- Incentives on all Dexter pools
We voted YES on the above 2 proposals. We believe that helping bootstrap liquidity is essential to attract users to your platform and to also create fee revenue from the pools themselves.
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
