Gov. Proposal 11
Last updated
Last updated
GATA DAO Prop #11
Felis Update
The Felis update is a comprehensive overhauling of the GATA DAO processes. Where we want to achieve more with the given resources.
Current Revenue model Currently GATA holders share 50% of Validator rewards, Staking rewards (self-bonded assets), and GATA NFT royalties. Out of 7 active validators, only 4 are contributing to revenue. Where ATOM and OSMO validator has not reached the slash protection threshold and NOM is not yet tradeable. The other 4 Validators contribute to the revenue for ~25 days each month and 5 days to the slash protection threshold.
Updated revenue model Buy Assets from the treasury to send them to Validators to meet the slash protection threshold, so 6 validators can contribute to revenue for 4 weeks each month. The rest of the 2-3 days' revenue will be re-staked as usual. For this we propose to buy and delegate; 1700 Atom to reach 2000 ATOM Self-bond 1800 OSMO to reach 2000 OSMO Self-bond 3000 Evmos to reach 10000 Evmos Self-bond 700 Juno to reach 1500 Juno Self-bond Total cost USD ~24K USD This will not only increase the Monthly staking reward revenue but it will also increase our stake in the ICS.
Added revenue stream 50% of the staking reward from treasury will also be added to the monthly distribution. Currently, 100K Tori and 50K stars are staked. 1000 Atom to be staked (~600 available) 50k Stars more to be staked.
GATA NFT backing GATA NFTs are backed by the real validator business and the treasury. we also want to build the treasury by holding Asset class cryptocurrencies like BTC, ETH, and ATOM.
Initial targets,
0.5 BTC 5 ETH 1000 ATOM 10000 USDC We will build this with the remaining 50% of staking rewards and NFT proceeds in treasury. Setting the treasury reserve currencies We also propose community to set Atom as a reserve currency of the treasury, any extra amount could be swapped to Atom.
Validator funding With the existing Validator funding model, we have set a ~500 USD benchmark/month for each node initially community vote permitted to take the following amounts, 5K USD for ROWAN 5K USD for Nomic, and Evmos 5K USD for Juno 5K USD for ATOM 5K USD for TORI Whereas the GATA team has managed to operate Rebus, OSMO, and GoC from their resources. In addition, we have been working on sentry nodes setup locally for months now for backup and also to reduce the cost as well as to achieve actual decentralization. We currently have fully prepared and tested infra for 7 sentry/backup nodes locally for each of our validators. This allows us to bring down our running cost to ~100 USD/month for each node.
New validator funding With the upcoming ICS upgrade on the Cosmos Hub, every validator has to operate each consumer chain that passes the Cosmos hub gov proposal and we are expecting half a dozen consumer chains in a couple of months, this will not only bypass the GATA community vote but the process we currently use to fund our validators. With the remaining ~9K USD in validator funding, we want to make a pool and reduce the cost of validator operations by operating it locally. This pool will also manage the ICS nodes. And the team will keep the community updated with the remaining validator operations funds. The team will come up with the DAO proposal to refill the validator fund when needed.
How to execute this plan? We propose to the community to sell out GATA-v in the treasury. We will do discord votes on how to sell the GATA-v from the treasury on a need-to-basis.
We gathered the sentiments of the community Voting Basics -Voting will be on-chain by magic transaction so everyone can participate with confidentiality. (Stargaze chain to be used for the purpose) -To vote you need to do a magic transaction of 0.01 $Stars in the given address using Keplr. Along with your desired option in Memo field. For example :
if you want to vote for YES, write 1 in the memo. If you want to vote NO write 2 in the memo. Address : stars1eewzan3pa6ta7jr83sqzujsgnaupkfs67e0ew3
-Transaction must be sent from the $GATA-c/$GATA-v holding account. One transaction per account. Vote weighs as much GATA in an account. If an account has 10 GATA you have 10 votes.
Voting start time: 1 Feb 2022 6:30 pm UTC Voting end time: 4 Feb 2022 6:30 pm UTC
Prop 11 passed to execute the Felis update.
