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Proposal #130

Proposal to upgrade the Dex Keeper Contract to facilitate conversion of accumulated fees into protocol-owned ATOM/XPRT liquidity

FailedMigrate Contract

Failed on 05 Mar 2025.

Yes

89.8%

100.0% without abstain

Veto

0.0%

of votes cast

Ended

05 Mar 2025

The ballotvotes cast · final tally
Yes

89.81%

of votes cast

Abstain

10.19%

of votes cast

No

0.00%

of votes cast

Veto

0.00%

of votes cast

Summary

Since the launch of the Persistence DEX (formerly known as Dexter) in late March 2023, the protocol has accrued approximately $35,000 in fees. These fees originate from:

  1. Swap Fees (denominated in various tokens)
  2. Instant Unbonding Fees (denominated in LP tokens)

To optimize the treasury's fee management and liquidity provision, this proposal seeks to:

  1. Upgrade the Keeper Contract to enable withdrawal and swapping of the accumulated assets.
  2. Convert all non-XPRT assets into ATOM and pair them with XPRT in the ATOM/XPRT liquidity pool.
  3. Request a top-up from the Persistence Foundation to bring the position to a 50/50 ratio in terms of value.

By forming a dedicated Protocol-Owned Liquidity (POL) position in the ATOM/XPRT pool, we aim to strengthen overall liquidity depth, enhance trading efficiency, and generate sustainable fee revenue for the Persistence ecosystem.

For further context and community discussion, refer to the forum thread on Persistence DEX Protocol-Owned Liquidity: [Hidden link]

Rationale for Contract Upgrade

The current Keeper Contract does not allow the protocol to withdraw or swap the collected fees, effectively locking them in their current form. To convert these assets into ATOM and XPRT (as outlined in the forum discussion), the contract must first be upgraded.

Once upgraded, the Keeper Contract will support the necessary functionality to:

  • Withdraw the accumulated assets (tokens and LP positions).
  • Swap them into ATOM and XPRT.
  • Stake or pool the resulting tokens into a Protocol-Owned Liquidity position.

This upgrade is essential as the first step in executing the rest of this proposal.

Governance Votes

The following items summarize the voting options and what it means for this proposal.

  • YES: Approve the upgrade of the Keeper Contract and subsequent swaps to form Protocol-Owned Liquidity in the ATOM/XPRT pool, including the requested Foundation top-up.

  • NO: You do not approve this exact request. You believe the motivation is valuable but request changes. You would like the team to create a follow-up proposal incorporating your suggested amendments.

  • NO (VETO): You veto the entire motivation for the proposal. The proposers will not create a follow-up proposal.

  • ABSTAIN: You are impartial to the outcome of this proposal.

Timeline

  1. Submitted28 Feb 2025
  2. Voting started28 Feb 2025
  3. Voting ended05 Mar 2025
  4. Deposit deadline01 Mar 2025

Proposer

Address
persiste…snqp6x
Deposit3.5K

Rules

Not recorded for this proposal.