Prop 1039: Migration of Parameters and Usage from Noble USDC to Alloyed USDC
This proposal:
- Replaces USDC via Noble in every protocol parameter that names a USDC denom with Alloyed USDC.
- Confirms the usage of USDC Alloyed Asset as the canonical version of USDC on Osmosis.
Background
USDC.inj is now registered across the Cosmos ecosystem and live on Osmosis.
This proposal moves Osmosis from basing parameters on USDC.noble to targeting an alloy of the three primary USDC options in use: USDC.noble, USDC.inj and USDC.eth.axl, to encourage migration to a single quote asset.
This alloy's composition will change over time as usage of included variants shifts, with removals managed by the Alloyed Asset moderator subDAO and additions managed by Osmosis governance, so the primary quote denomination is not dependent on any single issuance route.
Parameters changed
| Parameter | From | To | Modified In | Purpose |
|---|---|---|---|---|
poolmanager pool_creation_fee |
20 USDC.noble | 20 allUSDC | Proposal 767 | Cost to create a new pool, paid to the community pool |
block-sdk reserve_fee |
0.1 USDC.noble | 0.1 allUSDC | Proposal 958 | Minimum Top of Block bid |
block-sdk min_bid_increment |
0.1 USDC.noble | 0.1 allUSDC | Proposal 958 | Minimum Top of Block bid increment |
block-sdk escrow_account_address |
Community Pool Forwarder - USDC | Community Pool Forwarder - allUSDC | Proposal 958 | Receives Top of Block bid proceeds and forwards them to the community pool |
taker_fee_params.community_pool_denom_whitelist |
includes USDC.noble | USDC.noble replaced by allUSDC | Proposal 1026 | Accumulates allUSDC in the community pool instead of USDC.noble |
Canonical status
The alloy is formed to the generic standard approved in Proposal 826, "Alloyed Assets: Generic specification approval", which recognizes alloyed assets as the canonical representation of their underlying asset on Osmosis. This proposal asks governance to confirm the specific case rather than to establish new policy.
Alloy Configuration
Contract: osmo147h5x9pcj7lm0cttlaefx6sqq5vdfnmwfcqxkmjd7exqm9gc7grqhr75m0
Pool: 3497
Code ID: 996 (transmuter v3.2)
Denom: factory/osmo147h5x9pcj7lm0cttlaefx6sqq5vdfnmwfcqxkmjd7exqm9gc7grqhr75m0/alloyed/allUSDC
Transmuter Admin: Osmosis governance module account
Moderator: Alloyed Asset moderator subDAO
Constituents: USDC.noble, USDC.eth.axl, USDC.inj
Alloy Normalization factor: 1
No rate limiters are currently set on this alloy.
Forum Post: https://forum.osmosis.zone/t/migration-of-parameters-and-usage-from-noble-usdc-to-alloyed-usdc/4112