canto

Prop 215: Retroactive funding for past, present and future development and maintenance efforts for support of functionality and liveness of the Canto blockchain

After the sequence of issues related to the v8 chain upgrade and following NOTE depeg described in the post-mortem (https://forum.canto.io/t/canto-chain-halt-post-mortem/48), the future of Canto was very uncertain, with the community sentiment falling due to rising concerns about the stability of NOTE. During this time, Plex and B-Harvest withdrew as core contributors, while NeoBase stepped in to help with maintenance to revive community sentiment in the lending market and overall ecosystem. Over the last year, NeoBase took control of the domain canto.io (from Plex), with the Neobase team handling all maintenence efforts on canto, and the Gravity team operating in an advisory role. The only funding provided for these efforts was a 75K USDC retroactive public goods funding grant given in April 2024 (https://www.canto.io/governance/proposal?id=173). Despite this, substantial opportunity cost and risk were undertaken by the NeoBase team to work on and restore Canto to a stable state where community members could choose to exit or continue to use the chain as they desired. This proposal considers all the above-mentioned work that NeoBase has done for the ecosystem since last year April/May (previous grant) and all future contributions. The proposal requests 500,000 NOTE for the time, expertise, and support given to Canto & its respective 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 support until one year from the date this proposal passes. Immediate to-dos for us upon recieving the grant involve reviving the block explorer and analytics dashboards. We will also be deploying a swap interface for the CantoDEX and continuing to help with the future roadmap, maintenance, and any bugs/fixes that might be required, upto 12 months from the day the proposal passes. This represents about 30% of the NOTE in the Accountant contract after it was swept in Gov Proposal #210 (https://www.canto.io/governance/proposal?id=210). 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. We have put up the proposal in the forum, at https://forum.canto.io/t/retroactive-funding-for-past-present-future-development-maintenance-efforts-for-support-of-functionality-liveness-of-the-canto-blockchain/56