A little bit of chit-chat
Quicksilver chain is set to introduce inflation at an annual rate of 25% for the first year starting from Monday, March 20. The move is expected to incentivize stakers to secure the Quicksilver chain, support decentralisation on the native chains, incentivize protocol adoption, and support the community. To realise this vision, the inflation emissions will be distributed as staking rewards (80%), participation rewards (10%), incentives pool (7%), and community pool (3%). Inflation rates are expected to drop by 25% per year, and the community can propose and vote to change inflation rates.
The Lambda upgrade, the first implementation of Replicated Security, launched on Mainnet on March 15th, 2023, at block height 14,470,501. This upgrade will allow consumer chains to benefit from the Cosmos Hub’s validator set without the need to maintain their own validator set, providing additional security. Further updates are in the pipeline, including Opt-in security, Mesh security, and Hub governance improvements, among others.
The newly formed ATOM Accelerator DAO recently opened its application process for incubator projects that drive value to the Cosmos Hub and ATOM token. The DAO will focus on funding Replicated Security, ATOM economic zone build-outs, business development, governance and tooling, interchain public goods, applied R&D, events, marketing, education, and decentralised identity/credentialing. The ATOM Accelerator will use three methods to deliver grants: passive open grants, outreach-based grants, and RFPs. The accelerator will prioritise funding projects that drive value for ATOM, but other ideas will also be considered.
IBC Team Response
Last week, we covered a proposal posted on a forum thread asking the community to make Strangelove the IBC repository coordinator. This week, Susannah Evans who is the product lead of the IBC team at the Interchain Foundation, responded by giving a detailed overview of the methodologies followed by her team to ensure the proper functioning of IBC.
In her comment, Susannah emphasised the IBC team’s commitment to maintaining the integrity and quality of the Interchain stack. According to Susannah, with millions of dollars in value transfer, ibc-go must prioritise security to ensure that the Interchain stack can continue to assert itself as one of the best choices for blockchain developers. At the same time, the IBC team is consistently working to add important features and quality-improvements to ibc-go, evidenced by the ongoing work to merge the wasm client into the system.
The original proposal, written by Notional, suggested that Strangelove be given the role of repository coordinator in order to speed up the development of new features. While Susannah’s response emphasised that security must remain the top priority, she also suggested that innovation can and should still happen in other repositories managed across teams. As such, the ICF is working with Strangelove to create a new repository that consolidates IBC applications and middleware. This action will improve coordination and communication between teams.
Overall, the response demonstrates the IBC team’s commitment to the highest standards of security and quality in the Interchain ecosystem, while highlighting their recent efforts to bolster innovation and accessibility via collaboration. In their own words, the ICF is “dedicated to ensuring that the most important, innovative, and secure code finds its way into the Interchain stack.”
On the Sommelier community forum, Polkachu recently proposed a new KPI Incentives Council (KPIC) to oversee the distribution of incentives to Strategy Providers based on predefined Cellar KPIs. The council will be responsible for determining whether a Cellar has achieved its KPIs, requiring a 2-of-3 vote for approval. The KPIC will register as an LLC within the state of Delaware and will be given a budget of 80,000 SOMM for a six-month term, in addition to an annual budget of 9,000 SOMM for LLC renewal and tax compliance services.
The proposal also outlines the responsibilities of the KPIC. This includes managing the distribution of KPI-based incentives for qualifying Cellars and ensuring that all council members disclose any conflicts of interest. Quarterly stipends are distributed to council members upon completion of their responsibilities with the Council Lead receiving a compensation of 40,000 SOMM per quarter. The proposal also allows for appeals from Strategy Providers who believe that the Council has made an error in rejecting their KPI incentives.
The proposal is open for feedback from the Sommelier community, and if accepted, will be a significant step towards incentivizing Strategy Providers to achieve predefined Cellar KPIs.
Here’s a list of upcoming airdrops.
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A little bit of intergalactic music for you