Proposal #225

Use Hardfork to Accelerate Proposals #222, #223, and #224

Exec Legacy Content
passed
Expected result
Passed
Turnout / Quorum
50.07% / 20.00%

Voting period

Voting ended100.0%
Voting start 2022.05.13 at 03:14:50
Voting end 2022.05.18 at 03:14:50

Vote distribution

94.94%
98 553 853 osmo
Yes
0.93%
960 613 osmo
No
0.03%
31 901 osmo
Veto
4.10%
4 256 694 osmo
Abstain

Details

logo
Proposer
-
Total deposit
500 osmo
Submit time
2022.05.13 at 01:38:07
Deposit end time
2022.05.27 at 01:38:07

Description

Osmosis Proposals #222, #223, and #224 propose to shift incentives from the OSMO/UST, OSMO/LUNA, and LUNA/UST pools towards the OSMO/USDC, OSMO/ETH, and OSMO/DAI pools. These incentives are crucial to help shift Osmosis liquidity away from Terra-based assets towards Ethereum-based stablecoins and major assets. However, these proposals are normal incentive adjustment proposals that go through the normal 5 day voting process (meaning they won't go into effect for 6 epochs).\n \n Because of the extremely volatile market conditions around Terra, we propose that we accelerate this process by using an 'emergency software upgrade' under special fast-voting rules to allow the incentives to shift faster than the normal 5 day voting period.\n \n The 'fast-voting process' would take the form of being enacted as soon as 2/3 of total chain voting power votes Yes on this proposal. At that time, if >2/3 of total voting power has voted Yes on each of #222, #223, and #224, then those proposals will be enabled during the upgrade process. For example, if and once this proposal receives 66.6% of voting power as Yes, if proposals #222 and #224 have >2/3 voting power, they would both be enacted during the upgrade process.\n \n The process of upgrade would involve a height-gated hardfork upgrade to a v8 binary, similar to the v6.0 upgrade. Validators/node operators can change the binary during v7 operations, if the fork is approved. The v8.0 software version will be fully state-compatible with v8.0 until the divergence block.\n \n No upgrade timeline or software patch should be released until 67% of governance approval has voted yes on this proposal. If so, validators should coordinate to attempt to find a time that suffices for this upgrade. (And importantly verify all changes in this upgrade meet governance approvals)\n \n All validators, and full node operators should update their software to version v8.0 as soon as possible once 67% of voting power has been reached, the changes have been accepted, and they have verified the code. After doing so, validators should deposit on this proposal to signal their readiness.\n \n Failure to do so will cause the node to crash -- requiring a new node to be resynced, or restored to an earlier height with correct software version via snapshot.\n \n Related commonwealth proposals: https://commonwealth.im/osmosis/discussion/4864-ust-derisking-proposal, https://commonwealth.im/osmosis/discussion/4867-proposals-for-shifting-a-portion-of-liquidity-incentives-from-ust-and-luna-towards-usdc-dai-and-eth\n \n * Voting YES for this proposal indicates agreement for Osmosis validators to coordinate and perform an emergency upgrade to Osmosis, as authorised by greater than two-thirds of governance approval under the fast-voting conditions outlined above.\n \n * Voting NO for this proposal indicates that Osmosis should continue without any emergency upgrade action.

Votes

Voter
Answer















Proposal #225: Use Hardfork to Accelerate Proposals #222, #223, and #224 - Osmosis (OSMO) Mainnet Explorer