Prop 127: Adding PSTAKE address to cosmwasm allowlist

This proposal seeks to whitelist the PSTAKE team’s wallet address (persistence1p2ed00z77mp8m9w0pkssur3392letx52sveruq) on the Persistence Core-1 chain to enable the storage and instantiation of CosmWasm contracts. This is necessary for deploying a redeem contract that will allow users to exchange their stkAssets for the underlying tokens as part of the deprecation of LiquidStakeIBC. Please find more info here

Currently, the Persistence chain has a permissioned wasm module, meaning that every contract deployment requires a separate governance proposal. This adds friction, making it inefficient for deploying essential contracts. By whitelisting this address, the PSTAKE team can directly store and instantiate the redeem contract without needing additional governance approvals, ensuring a smooth redemption process for stkAsset holders.

This change is specifically meant for deploying the redeem contract. However, as with any smart contract, users should be aware of potential risks, such as unexpected behavior or execution risks. Care should be taken when interacting with the contract, and users should verify they are using the correct address.

Approving this proposal will facilitate an efficient transition away from LiquidStakeIBC, preventing unnecessary delays and ensuring stkAsset holders have a reliable way to redeem their tokens.

Governance Vote

The following options summarize the voting choices:

YES: Approve the proposal to whitelist the specified address solely for deploying the redeem contract. NO: Request refinements or modifications before proceeding. This vote does not reject the proposal outright but suggests submitting a revised version with improvements. NO (VETO): Strongly disagree with the proposal’s core motivation. This vote indicates that the PSTAKE team should not pursue a follow-up proposal. ABSTAIN: Remain neutral regarding the proposal’s outcome.