cosmos

Prop 819: Re-allocate Prop 72 funding from P2P to Neutron

Summary

Re-allocate funding granted by the Cosmos Hub community for the development of Neutron via Prop 72 to the Neutron Foundation. This requires authorising P2P to transfer the 25K ATOM received as part of Proposal 72 proposal, and authorising the Funding Committee to transfer the remaining 25K to the relevant address.

Context

In July 2022, the Cosmos Hub community voted in favour of Prop 72, and allocated 150k ATOM to fund the development of consumer chains to be launched on Replicated Security of which 50k ATOM were earmarked for Neutron.

The first portion (50%) will be sent once the Funding Committee votes to support the project, and the second portion (50%) will be sent at a maximum 2 weeks after the project enables Interchain Security.

P2P received the first portion, 25 000 ATOM, in August last year. The transaction can be seen here. The second portion is pending transfer.

Motivation

As a smart-contract platform and a consumer chain, Neutron’s success relies on its independence and ability to successfully bootstrap an ecosystem of users, applications and core developers.

To secure the long-term independence of the project, a dedicated Foundation has been incorporated with the mandate of supporting Neutron’s long-term development. The transfer would allow the Neutron Foundation to allocate the ATOM to the continued development of growth of Neutron and its ecosystem.

Proposal

P2P and the Neutron Foundation therefore jointly propose to re-allocate Proposal 72 funding to the Neutron Foundation. In the spirit of Proposal 72, and assuming the Cosmos community votes in favour of this proposal, the funds would continue to be earmarked for funding the development and growth of Neutron and its ecosystem.

The transition can be performed in two steps:

  1. Once authorised to do so by the Cosmos Community, P2P and Neutron related entities will enter an agreement to transfer the 25,000 ATOM received as part of Prop 72 to a multisig account controlled by the Neutron Foundation.
  2. The Neutron Foundation will communicate the multisig address approved by the Cosmos Hub community to the Prop 72 Committee to allow the remaining 25,000 ATOM to be sent directly to the Neutron Foundation once the network is launched.

Governance votes

The following items summarise the voting options and their significance for this proposal:

  • YES - You authorise P2P to transfer 25 000 ATOM received as part of Proposal 72 to the Neutron Foundation to fund the development and growth of Neutron.
  • NO - You do not authorise the reallocation of the ATOM granted by Proposal 72 and wish P2P to receive the remaining 25 000 ATOM.
  • NO WITH VETO - You consider this proposal (1) to be spam, i.e., irrelevant to Cosmos Hub, (2) disproportionately infringes on minority interests, or (3) violates or encourages violation of the rules of engagement as currently set out by Cosmos Hub governance. If the number of ‘NoWithVeto’ votes is greater than a third of total votes, the proposal is rejected and the deposits are burned.
  • ABSTAIN - You wish to contribute to quorum but you formally decline to vote either for or against the proposal.