cosmos

Prop 912: DCF / Agoric Community Spend Proposal

DCF / Agoric Community Spend Proposal

Governance Proposal 899 allocates an initial 4% of the Cosmos Community Pool’s ATOM to be used to generate value for the Hub. Proposal 899 passed on 16 April 2024 with 60.1% turnout and 61.5% yes votes.

This proposal is to pilot an allocation of 4% of Cosmos Community Pool’s idle ATOM for liquid staking on Stride (stATOM) and Persistence (stkATOM) and use these tokens throughout the Cosmos Ecosystem to deepen liquidity while generating value for the Hub. The staked assets will be managed by a multisig, whose administrators are directed to deposit stATOM and stkATOM into Inter Protocol Vaults to mint IST and provide LP to numerous liquidity pools throughout the Cosmos ecosystem. After an initial 3-month period, an additional 6% will be allocated to achieve a 10% total allocation of Community pool to earn these ecosystem and staking rewards, deepening Cosmos liquidity throughout various appchains.

The amount of ATOM to be transferred is 188,768 This is based on the Community Pool of 4.681M total as of April 19, 2024, at 4% of the pool or 188,768 ATOM ~ US$1,555,448.32 (based on ATOM at $8.24). 90% will be staked with stATOM and 10% will be staked with stkATOM

The community spend of 4% (188,768 ATOM) of the Cosmos Community Pool ATOM will be staked via stATOM and stkATOM in the first quarter as a pilot program, increasing by 6% of the ATOM Community Pool (approximately 283,152 ATOM) to achieve a total 10% of Cosmos Hub Community Pool in the next quarter to achieve a final amount of approximately 471,920 ATOM devoted to this effort. The estimated increase in the total capital efficiency on the original ATOM is ~18% based on current market conditions (market conditions subject to change).

The multisig that will implement this proposal, until Covenant by Timewave, or an acceptable equivalent, is available, is wallet address: cosmos18d3gg43rlrmudvcdrgdects3v5cd3w6ds7646v And consists of:

  • Zaki Manian
  • Riley Edmunds
  • Dean Tribble
  • Josh Lee
  • Bart Van der Voort
  • Carter Woetzel
  • Jack Zampolin

The initial pools to be used are:

  • 30% to Osmosis IST/USDC Concentrated Liquidity pool
  • 25% to Astroport IST/USDC.nbl pool
  • 15% to Astrovault IST/USDC.nbl pool
  • 15% to Shade IST/SILK pool
  • 15% to a Quasar IST/USDC vault