A little bit of chit-chat
For the second consecutive month, Osmosis has exceeded $1B in trading volumes.
Stabilizing it
In response to the recent price volatility of the $STARS token, the Stargaze team has proposed a restructured fee schedule aimed at stabilizing the cost of creation fees within its ecosystem.
This proposal introduces a fixed USD base value for various fees associated with creating and updating collections on the platform. Specifically, the team outlines fees for standard collections, open editions, migrations to updatable collections, and whitelist (WL) flex options, both featured and non-featured. The intent is to mitigate the impact of $STARS price fluctuations on creators by pegging fees to a stable USD value, while also detailing a mechanism for adjusting these fees in response to significant changes in the value of the $STARS token. This adjustment strategy is designed to maintain relative cost stability until the integration of an Oracle system can be achieved, which would automate price adjustments based on real-time market conditions.
The proposed fee structure is differentiated by the type of transaction or collection interaction, with fees ranging from 33 USD for open editions, which is set at a third of the standard collection fee, to 495 USD for featured WL flex options, priced at three times the rate of non-featured WL flex options. The approach suggests a tiered pricing model that reflects the varying levels of value and utility offered by each type of collection or service within the Stargaze ecosystem.
The proposal also clarifies the allocation of the collected fees, stating that all fees are "Fairburned," with none directed towards the Stargaze team itself. Instead, the collected fees are evenly split, with 50% being burned and the remaining 50% redistributed back to stakers.
Find that job
Tomorrow, Feb 6th, you have an opportunity to find a job in the ZK industry thanks to ZK Hack.
Here’s the plan:
A panel discussion about how it’s to work in the ZK field.
A job fair to meet employers who are currently hiring for several roles (not only engineers)
Everything will be online.
(There is limit on the attendees for the job fair, so make sure to register ASAP)
Fully decentralized
Sommelier has announced the release of its version 7 (v7), marking a significant upgrade to the protocol slated for deployment on February 7th. This update is heralded as the protocol's largest release to date, signifying its transition from the proof-of-concept phase to a fully-realized and decentralized version. The upgrade encompasses substantial dependency updates, the introduction of new modules, and revisions to existing modules, aiming to enhance the protocol's functionality and efficiency.
A key feature of the v7 upgrade is the introduction of new modules, including x/auction, x/axelarcork, and x/pubsub, each designed to expand the protocol's capabilities.
The auction module introduces a mechanism for conducting Dutch auctions of fee tokens, utilizing SOMM as the bidding currency, with governance-determined prices. This module aims to manage token liquidity and value through strategic auctions held every 15,000 blocks.
The axelarcork module facilitates the addition and management of cellars on Ethereum Virtual Machine (EVM) compatible blockchains, excluding Ethereum mainnet, through Axelar's General Message Passing (GMP) implementation. It represents an integration effort to broaden the protocol's interoperability and utility across multiple blockchains.
The pubsub module decentralizes the role of strategists, allowing for on-chain management of publishing updates to cellars and validator subscriptions, further democratizing the protocol's governance and operational processes.
The upgrade also revises existing modules, such as x/cellarfees and x/cork, enhancing the protocol's functionality in fee management and cellar addition through governance proposals. The cellarfees module now triggers auctions based on token accrual, directly tying the economic activities within the protocol to its governance mechanism. Meanwhile, the cork module's consensus version 2 simplifies the process for strategists to schedule updates, integrating a new layer of transparency and efficiency into the protocol's operations.
Wrap Up
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