Canto is a layer 1 blockchain with a decentralized group of validators, node maintainers, operators, development teams and community members supporting continued operation of the chain.
Gravity Bridge is used with the Canto.io front end for bridging between the Ethereum and Canto blockchains and is the source of WETH, USDC, and USDT in the dex and lending market.
The Gravity Bridge team supported the Canto community, development teams and validators in recovering from the chain halt during the v8 (Eden) upgrade process.
The Gravity Bridge team has also helped to coordinate development efforts to restore the functionality of the Canto.io frontend and expand it to display lending market information. The Gravity Bridge team is not hosting or responsible for the operation, maintenance or development of the Canto.io frontend.
A post-mortem (https://forum.canto.io/t/canto-chain-halt-post-mortem/48) of the upgrade incident was provided at forum.canto.io which roughly summarizes events.
This effort was given to the community at a time of significant uncertainty, either through technical issues returning the chain itself to operation or through the instability in the lending market following the chain halt.
There was no certainty that funding would be provided for these efforts. Despite this, a substantial opportunity cost was undertaken by the Gravity team to restore Canto to a stable state where community members could choose to exit or continue to use the chain as they desired.
The Gravity Bridge team remains committed to supporting the Canto community and the stability of the chain. Further discussions on adding assets to the lending market, applications, or desired features will take place in forum.canto.io. Canto is community led, and support and participation in Canto is permissionless.
The proposal requests 325k NOTE for the time, expertise and support of Canto maintenance. This amount takes into account the illiquidity of NOTE, the time of support before this proposal was enacted and a reasonable level of continued expertise, support, and consultation until such assistance is no longer needed or one year from the date this proposal passes.
This represents about 20% of the available NOTE in the Accountant contract. The NOTE in this contract is the interest from liquid NOTE not currently held in the lending market. For example if the NOTE rate is 5% and you hold 1 NOTE in your account for a year without putting it into the lending market 0.05 NOTE will accumulate to the Accountant contract.
The governance forum link for this proposal is https://forum.canto.io/t/retroactive-funding-for-support-of-functionality-and-liveness-of-the-canto-blockchain/49