Proposal #574

Recognising USDT Canonical status for Osmosis

Exec Legacy Content
passed
Expected result
Passed
Turnout / Quorum
68.87% / 20.00%

Voting period

Voting ended100.0%
Voting start 2023.07.31 at 18:14:36
Voting end 2023.08.05 at 18:14:36

Vote distribution

92.17%
131 591 914 osmo
Yes
0.13%
188 719 osmo
No
0.00%
625 osmo
Veto
7.70%
10 990 959 osmo
Abstain

Details

logo
Proposer
-
Total deposit
1 600 osmo
Submit time
2023.07.31 at 18:01:18
Deposit end time
2023.08.14 at 18:01:18

Description

This proposal signals that Osmosis adopts USDT via Kava as the canonical version of USDT on Osmosis. \n\n# Details\n## Canonical USDT \nThis proposal signals that USDT via Kava will be the canonical version of USDT in use with the following criteria defined in the previous Canonical Asset Proposal 205. The more IBC version of USDT available leads to increased security, shorter routes to source, and lower bridging fees than continuing to use the current version of USDT via Axelar. \n\nCanonical status sets the following agreement: \n\nDefault Asset List – assets will be unprefixed in the app.osmosis.zone default asset list, e.g. USDT with all other bridges’ assets being bridge1USDT, bridge2USDT, etc. Osmosis DAO requests that allied/friendly front-ends do the same, though any front-end is free to make its own decisions. \n\nOsmosis Incentives – the DAO commits to prioritizing the Canonical Bridge assets, incentivizing them earlier and more heavily than the comparable assets of non-canonical bridges. In general, canonical pools should earn substantially more incentives per dollar of liquidity than their counterpart pools–under the base incentives model, not necessarily counting external incentive matching. \n\nThis proposal does not currently impact incentives on Pool 831, henceforth known as axlUSDT/OSMO, but indicates that a migration of incentives is likely to happen in a subsequent proposal once Supercharged pools are established. \n\Forum Thread: https://forum.osmosis.zone/t/recognising-usdt-canonical-token-status-for-osmosis/39

Votes

Voter
Answer