Prop 219: IBC Minter Fees

Commonwealth Discussion here: https://commonwealth.im/stargaze/discussion/13032-ibc-minter-fees

Stargaze will soon launch the IBC Minter, allowing collections to price their mint with tokens besides STARS. This will first be possible with FRNZ - for the Noble Campaign - and with USDC. Other tokens will be added over time.

Currently, all fees on Stargaze are fair burned: 50% burned, and 50% distributed to stakers. This allows STARS to be a deflationary token. If we have minters in other tokens, though, it will not correlate with STARS price/sell or buy pressure.

IBC Minter gives an opportunity to create a new fee structure.

The Stargaze team would like to propose the following:

• 50% of the IBC Minter fees go to the Stargaze Foundation
• 50% of the IBC Minter fees are used to buy STARS back and burn them.

So far, Stargaze has operated without collecting any fees to itself. This is a step towards making it more sustainable in the long run - with a portion of platform revenue used to support the Foundation.

• It will be the first protocol revenue;
• Provides more stability to the Foundation treasury by diversifying its holdings;
• This is similar to dev royalties where the ecosystem devs that create a contract on Stargaze take 50% of the fair burn fee;
• Can be governed with a DAO in the near future to decide where the funds should be used.

The other 50% of the IBC minter fees would be used to buy back and burn STARS, creating buy pressure and helping deflation.