A little bit of chit-chat
Evmos announced in their community call that the date for their relaunch will be Tuesday, April 27th. As we mentioned in a previous edition of the newsletter, the chain will restart at block 58,701, the exact height where they halted it, preserving the state of the chain. Be sure to find the ZKValidator in the validator set and if you want to support, stake to us!
A bridge is coming to the lab 🌉
The Osmosis community is in the midst of choosing its Canonical Ethereum Bridge Provider (BSP). Proposition 205 is on track to pass today with a 99% approval rate at the time of writing. This proposition sets the lines on how the election process will be carried out.
There are five proposals, one for each candidate (Axelar, Gravity Bridge, Nomad, and Wormhole) and one for "do nothing". The winner will be the proposal with the highest number of Ayes regardless of the amount of Nays. To reach quorum, the amount of Ayes between the five bids should be above the regular Osmosis quorum, 20% of total Osmosis voting power.
If any of the candidates are within 15% of the total Osmosis voting power from the first place then, they will enter a run-off. As an example, if the second-ranked bid is within 17.8 million votes from the first place, which is 15% of 119 million votes available, the run-off will take place.
The whale saga continues 🐳
The saga of the Juno Whale has a new episode. The whale posted Proposition 19, which has raised some questions among community members. The proposition states that CCN will hire an independent auditor to validate the identities of the CCN users affected and then proportionally distribute the tokens held in the Smart Contract to the addresses that successfully complete the Know Your Customer (KYC) process.
At the time of writing, an overwhelming majority of the votes are leaning against the proposal. According to a popular post on Reddit, there is a chance that not all CCN users are aware of the situation and, therefore, will not complete the KYC scheme to be eligible to get the funds. This will force the distribution of all the tokens among a smaller group of accounts, probably including the whale itself.
There are some concerns about CCN audit design, which seems, as explained above, drafted to his advantage. Some community members pointed out that the whole process for the audit, including its design and the decision on what to audit, should be handled by an external entity and not the whale itself.
A new incentive model 🪙
Sifchain launched two significant updates on Wednesday to attract more users to their DEX. On the one hand, they launched the Protocol Monetary Trade Policy (PMTP), introducing a new incentive practice to the space. Under PMTP, governance proposals will be able to influence the purchasing power of the ROWAN token by modifying its exchange rate on the swap. The experiment will start with a 5% purchasing power increase of ROWAN per day for the first two weeks.
On the other hand, they deployed the Sif's Ascension feature, which will be automatically compounding liquidity pool rewards at every block. In other words, liquidity providers on Sifchain will automatically get their rewards injected into the pool, generating a compounding effect. Moreover, this feature will launch bonus pools with a vastly bigger APR than the "regular pools".
Airdrops List 💦
Surprisingly enough, no important airdrops are coming up this week.
Wrap Up
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