Proposal #365
Passed on 20 Nov 2022 with 85.7% of the votes for yes.
Yes
85.7%
97.0% without abstain
Veto
0.0%
of votes cast
Ended
20 Nov 2022
85.67%
of votes cast
11.64%
of votes cast
2.65%
of votes cast
0.04%
of votes cast
We plan to introduce a proposal to match internal incentives for Pool 837 - OSMO/IST which is currently incentivized with 300,000 BLD over 60 days.
Inter Protocol’s IST token launched on 10/27 with the launch of Agoric’s JavaScript platform. After a week-long soft launch, the IST minting limits have been increased to 5m total IST. IST liquidity will be incentivized through the Cosmos ecosystem, with Osmosis being a critical early destination.
The authors believe that it would be in the best interests of the community to incentivize an OSMO-IST pool to drive deep eventual liquidity and easy access from any other Osmosis token
Additionally, it is requested that IST be enabled and listed as an asset on app.osmosis.zone. The OSMO/IST pool should be listed as well in the main app.
IST aims to be the premier decentralized stabletoken in the Cosmos ecosystem and eventually beyond. Inter Protocol is the first set of contracts launched on the Agoric blockchain using Agoric’s unique smart contract framework and Electronic Rights Transfer Protocol. Agoric’s model allows IST to expand contracts with IST minting capability easily, with fine-grained governance of key risk parameters such as minting limits. IST therefore has the ability to expand to a risk-weighted collection of stablecoin mechanisms and collateral.
For its MVP launch, IST prioritized peg stability and therefore launched the Parity Stability Module (PSM) contract as the first minting contract for IST. Each PSM accepts another Cosmos stablecoin and mints IST in exchange. There are currently four PSM contracts running, accepting USDC and USDT over both Axelar and Gravity bridges, each with different minting limits. Rationale for the current minting limits was explained by the elected governance committee here: [Hidden link]
Additional PSMs may be added by governance to accept new IBC-accessible stablecoins. ] IST’s next iteration will include overcollateralized vaults, which will drive a major unlock for minting capability and allow the token to diversify away from bridge risk and stablecoin centralization risk.
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