Proposal #753

Remove Incentives from stIBCX pairings

Exec Legacy Content
passed
Expected result
Passed
Turnout / Quorum
88.57% / 20.00%

Voting period

Voting ended100.0%
Voting start 2024.03.18 at 15:29:44
Voting end 2024.03.23 at 15:29:44

Vote distribution

96.07%
176 393 267 osmo
Yes
0.03%
47 916 osmo
No
0.01%
12 344 osmo
Veto
3.90%
7 162 532 osmo
Abstain

Details

logo
Proposer
osmo19w2t4ue7qpdh6022...
Total deposit
1 600 osmo
Submit time
2024.03.18 at 15:29:44
Deposit end time
2024.04.01 at 16:29:44

Description

This proposal would directly remove OSMO incentives from stIBCX pairings. /n/n## Background /nOsmosis governance removed incentives from most pools in Proposal 638. stIBCX maintained incentives due to its recent launch, and due to being composed of other assets that maintained incentives. /n/nstIBCX is the only non-Quote asset currently incentivized by Osmosis in a non-derivative pairing. /n/nAs can be seen in the Incentives Adjustment for March 2024, the Liquidity Provider Fee Subsidy Rate is currently 500%, meaning that these pools are incentivized by 1 OSMO for every 0.2 OSMO of fees paid to LPs. /n/nThese high subsidy rates are intended to be a short-term bootstrapping mechanism and stIBCX has not reached self-sustaining liquidity or volume in six months. Similarly, this lack of volume means that Osmosis is still well below the breakeven point for emissions, spending 15x what is generated from Taker Fees. /n/nAs stIBCX liquidity has stagnated over the past six months, this proposal asks that the Osmosis incentive spend on this grouping be ended as an inefficient spend with no resulting liquidity increase. /n/nForum Thread: https://forum.osmosis.zone/t/remove-incentives-from-stibcx-pairings/2564

Votes

Voter
Answer