Proposal #773
Passed on 29 Apr 2024 with 96.7% of the votes for yes.
Yes
96.7%
100.0% without abstain
Veto
0.0%
of votes cast
Ended
29 Apr 2024
96.74%
of votes cast
3.24%
of votes cast
0.01%
of votes cast
0.00%
of votes cast
Passing this proposal will upload the Persistence Osmosis-Pool-RateSync contract on the Osmosis chain.
This proposal aims to upload the Osmosis-Pool-Ratesync Contract on the Osmosis chain. The Osmosis-Pool-RateSync Contract leverages the functionality of the Persistence LiquidStakeRate Contract to automate the updating process of scaling factors for stkToken stableswap pools, including the stkATOM-ATOM pool.
The Osmosis-Pool-RateSync Contract leverages the functionality of the Persistence LiquidStakeRate Contract to streamline the updating process of scaling factors for stkToken Stableswap pools, including the stkATOM/ATOM pool. The traditional Stableswap pools maintain a fixed 1:1 ratio between the two tokens, which is suitable for USD stablecoins.
However, Osmosis Stableswap pools offer the flexibility of adjusting this ratio continuously through a scaling factor. This feature is particularly relevant for stkToken Stableswap pools, where stkTokens appreciate in value relative to their underlying tokens over time.
Despite fluctuations in the market price of stkATOM relative to ATOM, the true value is determined by this redemption rate. For instance, consider the current redemption rate of stkATOM to ATOM, set at 1:1.24. The LiquidStakeRate Contract would transmit this redemption rate to Osmosis, where the Osmosis-Pool-RateSync Contract would utilize it to dynamically adjust the scaling factor or concentration ratio of the stkATOM/ATOM Stableswap pool.
Presently, updates to the concentration ratios of several stkToken Stableswap pools are managed manually through a multi-sig address controlled by the Persistence Labs contributors. The introduction of the Osmosis-Pool-RateSync Contract automates this process, ensuring timely adjustments without the need for human intervention.
Forum discussion: [Hidden link]
Code repository: [Hidden link]
Commit hash: 7a4283beddd295eb9d06fefcbdad5c550cfa64ab
Compiler version: cosmwasm/optimizer:0.15.0
Checksum: c2653b4a954fbadcdd00e6cf548d0fb2760006f3e03722b6f92a0f9102a74a02