Prop 686: MilkyWay Whitelist Address for Deployment of Liquid Staking Contracts
Greetings Osmosis community!
This proposal seeks to grant permission to address osmo1zmptm0xcrrhmje5tgrppjktkskcnnmkr6v5h3t the ability to upload CosmWasm contracts to Osmosis without seeking further governance approval for each upload. This address is administered by MilkyWay core contributors.
About MilkyWay
MilkyWay offers a liquid staking solution for the Celestia ecosystem. It will be deployed and operated on Osmosis. When users stake their TIA coins with MilkyWay, they receive an on-chain representation of their TIA staking position, known as milkTIA. This allows Celestia token holders to access liquidity for their staked assets. They can then provide liquidity to the TIA:milkTIA pool on Osmosis, which will be the first DEX to list milkTIA. Liquid staked TIA automatically compounds staking rewards, and users can withdraw their TIA to receive their native tokens and accrued staking rewards. Read our Introducing MilkyWay blog to learn more about why we built MilkyWay.
Why is Liquid Staking important to Celestia?
Celestia is a modular blockchain that provides a secure and scalable foundation for decentralized applications (dApps). It achieves this by separating the consensus and data availability layers from the execution layer. This structure allows Celestia to prioritize secure and efficient data storage and ordering, while leaving transaction execution to other blockchains.
In Celestia, staking holds greater importance compared to other appchain ecosystems. The consensus layer not only secures its own chain but also numerous applications that rely on the base chain for data availability, ensuring the safety of the applications they develop.
However, due to Celestia's genesis chain setup, existing liquid staking protocols cannot support it at launch. As a result, MilkyWay aims to deploy the necessary contracts on Osmosis to enable TIA liquid staking.
How does this benefit Osmosis
The first TIA:milkTIA pool will be launched on Osmosis. Osmosis serves as the primary liquidity hub for on-chain TIA trading. With the introduction of milkTIA, the TVL and trading volume on Osmosis will increase, solidifying its position as the largest and preferred marketplace for TIA.
Contracts to be Deployed
The proposal includes the deployment of:
- Staking Contract: This contract handles the minting and burning of stTIA tokens, as well as manages the TIA:milkTIA exchange rate.
- Treasury Contract: This contract is responsible for managing MilkyWay's protocol fees.
Permissions Clarification
This proposal specifically focuses on the liquid staking contracts and their potential future upgrades. It does not grant permission for all contracts or changes without exception.
Contract information
- Release for the initial contracts and tag: https://github.com/milkyway-labs/milkyway-contracts/releases/tag/v0.1.0
- Git commit id: https://github.com/milkyway-labs/milkyway-contracts/commit/8bfb2dd1683115be63b10539408e14e1857a6216
- Code: https://github.com/milkyway-labs/milkyway-contracts/tree/v0.1.0/contracts/staking
- Compiler: cosmwasm/workspace-optimizer-arm64:0.14.0
- Checksum: e417a88fc70f2bad192d09a7192bb859cdaa922209464f95509853d4b6c8646f
Technical Architect
MilkyWay leverages a fusion of CosmWasm contracts, multisig custody system and the Cosmos SDK authz module.
To oversee this process, MilkyWay will initially launch with seven trusted operators comprising of Figment, Stake.fish, Everstake, Chorus One, Allnodes, 01node, and Cosmostation.
Read this blog for a detailed explanation of MilkyWay's technical architecture.
Resources
For more information on MilkyWay, please refer to the following resources: Twitter
Forum Thread:https://forum.osmosis.zone/t/milkyway-whitelist-address-for-deployment-of-liquid-staking-contracts/656