Proposal #389
Passed on 14 Apr 2024 with 82.5% of the votes for yes.
Yes
82.5%
100.0% without abstain
Veto
0.0%
of votes cast
Ended
14 Apr 2024
82.50%
of votes cast
17.49%
of votes cast
0.00%
of votes cast
0.00%
of votes cast
Passing this proposal will upload the Stride Redemption Rate Oracle Contract to the Injective chain
The Stride Redemption Rate Oracle Contract uses an interchain account (ICA) to provide the redemption rates of Stride’s stTokens to the Injective blockchain in a decentralized manner.
If uploaded to Injective, the Oracle Contract’s feeds could be integrated with Levana’s and Neptune's oracle implementation to provide a more dependable oracle price for stTokens.
The way Stride’s liquid staking works is - stTokens represent underlying staked tokens, which are controlled by the Stride blockchain. At any time, a user may use his stToken to redeem a certain amount of its underlying token. The amount of underlying tokens a single stToken can redeem is called the redemption rate. For example, on the Stride blockchain 1 stINJ can currently be used to redeem 1.1098 INJ. So 1.1098 is the current redemption rate for stINJ. To continue with the example, the market price of stINJ vs INJ may fluctuate - but the true value of stINJ vs INJ is defined by the redemption rate.
The Oracle Contract uses an ICA to provide redemption rates for Stride’s stTokens to the Injective blockchain in a decentralized manner. As mentioned above, stToken redemption rates on Injective can be used to trustlessly manage the scaling factors for stToken stableswap pools and to strengthen stToken price oracles on Injective.
Release: [Hidden link]
Git Commit: 2fdf76f3ba4fad6a20a6d10d77c0511f2439b6c3
Code Repository: [Hidden link]
Compiler: cosmwasm/rust-optimizer:0.14.0
Checksum: 5ee10302357ff0f8531fe00029cd35cfe5a2c521c6a818cee06cd61a3df0cb42
Forum Thread: [Hidden link]