Proposal #626

Recognising wstETH Canonical Token status for Osmosis

Exec Legacy Content
passed
Expected result
Passed
Turnout / Quorum
76.71% / 20.00%

Voting period

Voting ended100.0%
Voting start 2023.09.15 at 10:08:47
Voting end 2023.09.20 at 10:08:47

Vote distribution

96.44%
153 369 607 osmo
Yes
0.81%
1 283 624 osmo
No
0.00%
55 osmo
Veto
2.75%
4 375 253 osmo
Abstain

Details

logo
Proposer
-
Total deposit
1 600 osmo
Submit time
2023.09.15 at 10:08:47
Deposit end time
2023.09.29 at 10:08:47

Description

This proposal signals that Osmosis adopts wstETH via Neutron as the canonical version of wstETH. \n\n## Details \nThis proposal signals that wstETH minted via Neutron will be the canonical version of wstETH in use on Osmosis, replacing the current version that arrives as a representative of the token minted on Ethereum via the Axelar bridge. \n\nwstETH currently exists on Osmosis via Axelar, however the bridging fees for token movements have led to this not being widely adopted within the Cosmos despite the increasing prevalence of Liquid Staked Tokens in the ecosystem. \n\nwstETH on Neutron is minted as a wrapper contract that will serve as a bridge agnostic anchor for wstETH across the Cosmos. Initially, this will be integrated with Axelar as the provider and may be upgraded into a multibridge solution in the future without changing the denomination. \n\nFor further information on the technical implementation of wstETH on Neutron see this forum post. \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. wstETH with all other bridges’ assets being bridge1wstETH, bridge2wstETH, 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\nForum Thread: https://forum.osmosis.zone/t/recognising-wsteth-canonical-token-status-for-osmosis/299

Votes

Voter
Answer