persistence

Prop 91: Contract Migration: Migrate Multi-Staking Contract on Dexter to version 3.1

Summary

This proposal seeks to empower XPRT governance with the ability to configure unbonding options for LP tokens through the multi-staking contract upgrade to version 3.1.0. This upgrade introduces flexibility, allowing governance to define unique settings for specific LP tokens.

Proposal

The proposal aims to:

  • Migrate the multi-staking contract to version 3.1.0: enabling configurable unbonding options for LP tokens.
  • Shift the decision-making authority: XPRT governance will be responsible for determining the appropriate unbonding configuration for each LP token.
  • This includes customizing:
    • Bonding periods: Defining unique bonding periods for individual LP tokens, adapting them to specific needs.
    • Instant unbonding fees: Setting specific instant unbonding fees for each LP token, potentially tailoring them to incentivize desired behavior.
    • Instant unbonding disabling: Opting to completely disable the instant unbonding feature for specific LP tokens, providing granular control over risk management.

Benefits

  • Enhanced Governance Control: XPRT governance gains greater control over the staking and unbonding behavior of LP tokens, enabling strategic decision-making.
  • Strategic Flexibility: Governance can tailor configurations to suit diverse staking preferences and incentivize desired behavior, potentially fostering a more vibrant ecosystem.
  • Improved Risk Management: The ability to disable instant unbonding for specific tokens allows for targeted risk mitigation strategies.
  • Ecosystem Growth: Increased flexibility and control for governance can attract new users and liquidity to the Persistence chain.

Implementation

  • The multi-staking contract will be upgraded to version 3.1.0 (Wasm code ID: 13) following standard procedures.
  • Existing LP token configurations will be migrated seamlessly.
  • XPRT governance will then be responsible for defining the unbonding configuration for each LP token through proposals and voting.

Code Link

The code for the multi-staking contract version 3.1.0 can be found on the Dexter GitHub repository:

Conclusion

Migrating to multi-staking contract version 3.1.0 and empowering XPRT governance with configurable unbonding options for LP tokens presents a significant opportunity to enhance control, flexibility, and strategic decision-making within the Persistence ecosystem. This can contribute to attracting new users, promoting strategic staking, and fostering overall ecosystem growth.

Voting

  • YES: Vote in favor of migrating the multi-staking contract to version 3.1.0 (Wasm code ID: 13) and empowering XPRT governance with configurable unbonding options for LP tokens.
  • NO: Vote against the prescribed migration.
  • NO WITH VETO: If you believe this is a spam proposal and the proposer should lose their deposit, vote NO WITH VETO.
  • ABSTAIN: Choose to abstain from voting but still contribute to quorum requirements.