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Osmosis

#1039

PASSED

Migration of Parameters and Usage from Noble USDC to Alloyed USDC

Proposal Type: Parameter Change

Proposal Contents (*the original text from the proposer)

This proposal:

  • Replaces USDC via Noble in every protocol parameter that names a USDC denom with Alloyed USDC.
  • Confirms the usage of USDC Alloyed Asset as the canonical version of USDC on Osmosis.

Background

USDC.inj is now registered across the Cosmos ecosystem and live on Osmosis.

This proposal moves Osmosis from basing parameters on USDC.noble to targeting an alloy of the three primary USDC options in use: USDC.noble, USDC.inj and USDC.eth.axl, to encourage migration to a single quote asset.

This alloy's composition will change over time as usage of included variants shifts, with removals managed by the Alloyed Asset moderator subDAO and additions managed by Osmosis governance, so the primary quote denomination is not dependent on any single issuance route.

Parameters changed

ParameterFromToModified InPurpose
poolmanager pool_creation_fee20 USDC.noble20 allUSDCProposal 767Cost to create a new pool, paid to the community pool
block-sdk reserve_fee0.1 USDC.noble0.1 allUSDCProposal 958Minimum Top of Block bid
block-sdk min_bid_increment0.1 USDC.noble0.1 allUSDCProposal 958Minimum Top of Block bid increment
block-sdk escrow_account_addressCommunity Pool Forwarder - USDCCommunity Pool Forwarder - allUSDCProposal 958Receives Top of Block bid proceeds and forwards them to the community pool
taker_fee_params.community_pool_denom_whitelistincludes USDC.nobleUSDC.noble replaced by allUSDCProposal 1026Accumulates allUSDC in the community pool instead of USDC.noble

Canonical status

The alloy is formed to the generic standard approved in Proposal 826, "Alloyed Assets: Generic specification approval", which recognizes alloyed assets as the canonical representation of their underlying asset on Osmosis. This proposal asks governance to confirm the specific case rather than to establish new policy.

Alloy Configuration

Contract: osmo147h5x9pcj7lm0cttlaefx6sqq5vdfnmwfcqxkmjd7exqm9gc7grqhr75m0 Pool: 3497 Code ID: 996 (transmuter v3.2) Denom: factory/osmo147h5x9pcj7lm0cttlaefx6sqq5vdfnmwfcqxkmjd7exqm9gc7grqhr75m0/alloyed/allUSDC Transmuter Admin: Osmosis governance module account Moderator: Alloyed Asset moderator subDAO Constituents: USDC.noble, USDC.eth.axl, USDC.inj Alloy Normalization factor: 1

No rate limiters are currently set on this alloy.

Forum Post: https://forum.osmosis.zone/t/migration-of-parameters-and-usage-from-noble-usdc-to-alloyed-usdc/4112

Voting Results

Status: Quorum Met
(52.03% of the required 30.00%)
Tokens Voted
98,553,953
Yes
92,687,927
94.0%
No
1,847
0.0%
No With Veto
1,109
0.0%
Abstain
5,863,070
5.9%

Vox Populi

Community discussions related to the proposal.

There do not appear to be any discussions on this proposal at this time.