Proposal #781
Passed on 14 May 2024 with 95.5% of the votes for yes.
Yes
95.5%
100.0% without abstain
Veto
0.0%
of votes cast
Ended
14 May 2024
95.45%
of votes cast
4.53%
of votes cast
0.01%
of votes cast
0.00%
of votes cast
Passing this proposal will change the scaling factor controller address of pool 886 (ATOM/stkATOM) from osmo1ufjrxavh3kfclpj2qv9yx04wqj3snra8auu66g to osmo1ta97sj2dl4wywjp45mh4xxgeahu9txmawhe37hjqhlgj49z5jy8s8vt45h.
The Osmosis Pool Ratesync Contract makes use of the Persistence LiquidStakeRate Contract to automatically update the scaling factor for stkToken stableswap pools, such as the ATOM-stkATOM pool.
Currently, the scaling factor for stkToken stableswap pools is updated every several days using a multisig address controlled by the Persistence team. By using the Pool Ratesync Contract, the Persistence team can relinquish this responsibility, which would thereafter be carried out in an automatic and fully trustless manner.
This proposal changes the scaling factor controller address of the ATOM/stkATOM pool from a multisig (osmo1ufjrxavh3kfclpj2qv9yx04wqj3snra8auu66g) to the contract address of the Pool Ratesync Contract (osmo1ta97sj2dl4wywjp45mh4xxgeahu9txmawhe37hjqhlgj49z5jy8s8vt45h).
Normal stableswap pools concentrate the two tokens at a 1:1 ratio, which is ideal for USD stablecoins. But Osmosis stableswap pools have an optional scaling factor, which enables the concentration ratio to be continually scaled. This scaling factor is utilized for stkToken stableswap pools, because stkTokens constantly appreciate in value against their underlying tokens.
Currently, it is the responsibility of a Persistence team multisig address to gradually increase the concentration ratios on the ATOM/stkATOM pool. But that process can now be automated.
For example, the ATOM:stkATOM redemption rate is currently 1:1.272165. The Persistence LiquidStakeRate Contract Contract feeds this redemption rate to Osmosis. The stkToken Pool Ratesync Contract can then take the stkATOM redemption rate and use it to adjust the scaling factor / concentration ratio on the ATOM/stkATOM stableswap pool. In order to update this ratio, the pool's controller address must be updated to the contract address.
The admin of the Pool Ratesync Contract contract is a Persistence team controlled multisig (osmo1kudfcnwwnm0zgkcdrkwzhmu8979js07ghx4l65), that is needed to add pool to the contract.
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