Governance Reports

Cosmos Bi-Weekly Governance Report — Week 12 & 13, 2024

April 18, 2024

Over the past two weeks, we at Simply Staking have been busy voting on and reviewing 28 Proposals across the Interchain.

In the report below, we highlight a few of these Proposals and present our findings in a digestible format.

We hope that you find this report insightful and if you do, consider following us on our socials (linked below) and consider delegating your assets with us!

Table of Contents

Cosmos #890 — IBC Rate Limiting

The IBC Rate Limiting module was developed by Stride Labs. The purpose of this is to act as a mechanism to limit damage to funds in the case of an exploit or vulnerability.

The module prevents massive inflows or outflows of IBC tokens in a short time frame.

Rate limits are applied on a ChannelID+Denom basis to ensure that specific channels and denoms are caught by the module. For example: uatom Cosmos Hub <> Osmosis channel (Channel-141).

Every rate limit will also have a configurable threshold that dictates the max inflow/outflow along the channel. The threshold is represented as a percentage of the total supply of the denom at the start of the time window.

Once the threshold is reached, any TX would be rejected until the new time window restarts.

The proposed conservative rate limits (for both inflow and outflow) with a 24 hour time window are as follow:

  • 5% for uatom on Cosmos Hub <> Osmosis (channel-141) — a net flow of 19.4M ATOMs / day
  • 1% for uatom on Cosmos Hub <> Neutron (channel-569) — a net flow of 3.9M ATOMs / day
  • 1% for uatom on Cosmos Hub <> Stride (channel-391) — a net flow of 3.9M ATOMs / day
  • 1% for uatom on Cosmos Hub <> Kujira (channel-343) — a net flow of 3.9M ATOMs / day
  • 1% for uatom on Cosmos Hub <> Injective (channel-220) — a net flow of 3.9M ATOMs / day
  • 1% for uatom on Cosmos Hub <> Persistence (channel-190) — a net flow of 3.9M ATOMs / day
  • 1% for uatom on Cosmos Hub <> Secret (channel-235) — a net flow of 3.9M ATOMs / day

We voted YES on this in the case that an exploit is uncovered and in an attempt to proactively protect user funds.

Akash Accelerate 2024

Akash Accelerate is the first-ever Akash Summit that is scheduled to take place sometime before Consensus in May.

The growth of Akash in 2023 and 2024, and the AI fever that is gripping the industry make this the perfect opportunity to showcase the Akash ecosystem to a greater audience.

This event will focus entirely on the Akash ecosystem and other key projects leading the decentralized AI space.

Total Estimate Budget: $177,500 (30,341.88 AKT at the current spot rate of $5.85)

We voted YES on this proposal in order to boost the outreach of the platform and to showcase the amazing work that the people at Akash have been doing over the past couple of years.

Akash Coinbase Learning and Rewards

As a testament to the growth of Akash, its listing on the Tier 1 exchange Coinbase shows the potential for this project and the belief behind it.

Coinbase has an educational platform called ‘Coinbase Learning Rewards’ which teaches users of the platform about projects in exchange for a reward for completing the tasks.

This proposal aims to distribute $8M worth of AKT (at current prices) to all those willing to contribute to the learning of Akash.

The Akash core team will run 2–3 separate Learn campaigns with Coinbase to educate new users about Akash Network and foster interest in the work being done across the community.

With an $8M budget and expected total payout of $10–15 per user for lessons and quests, exhausting the total budget would increase holders of AKT by 533,333–800,000.

We voted YES on this to increase the knowledge and spread the word of Akash to a greater audience. Increasing the total holders by a potential 5X is an amazing target for the Akash network.

For more on Coinbase Learning Rewards:

Osmosis #756 — Deploy Protocol Owned Liquidity of AXL/OSMO via Astroport PCL

There currently is 1.09M AXL tokens in the Osmosis Community Pool (mainly stemming from a loan repayment from an earlier proposal).

These tokens are just idling within the community pool and getting diluted due to inflation on the Axelar chain.

The proposal would send 500k AXL and 650k OSMO to the Osmosis Liquidity subDAO for deployment into an Astroport AXL/OSMO PCL pool.

Liquidity would be deployed into an Astroport PCL pool with the standard fee range on Osmosis of 0.05%-0.2%.

Due to the nature of how Astroport pools are managed, they are ideal for Protocol Owned Liquidity deployments of volatile assets.

The 500k ask of AXL tokens is around 46% of the AXL in the Community Pool, leaving the remainder available for future deployments such as Liquid Staking, expansion of this deployment, or alternative vault deployment.

We voted YES to put the tokens to work in an attempt to capture more value for the Osmosis Community Pool.

Network Upgrades

Persistence Core v11

The Uluru upgrade occurred 1 week ago.

The network upgrade contained the following fixes and implementations:

  • Add the LiquidStake module on the chain, responsible for issuing stkXPRT.
  • Enable the Rate Sync module on the chain to facilitate integrations for stkAssets.
  • Update the LiquidStakeIBC module with improved automatic updates of the security bounds for the c-value.
  • Enable the Timeweave integration.

It also included 2 new modules to the chain:

  • x/ratesync
  • x/liquidstake

Stargaze v13

A major upgrade to dependencies occurred on the Stargaze chain last week (21st of March).

The following items were updated:

  • SDK v0.47.10
  • Wasmd v0.45.0
  • IBC v7.3.2
  • CometBFT v0.37.4
  • Enables Interchain Accounts Controller
  • Bugfixes