Dry Run Phase 4 Gov Proposal

Mainnet Ops
1

The governance proposal for Phase 4 follows the one for Phase 3 by enabling shielded rewards for the IBC channel for OSMO opened by Phase 3.

The first draft of the proposal code is here: namada-governance-upgrades/phase4/src/lib.rs at brent/dry-run · anoma/namada-governance-upgrades · GitHub

The proposal contains the following initial values:

  • Max annual inflation of 1% for incentivizing shielded OSMO liquidity
  • Target shielded amount of 1000 OSMO
  • High gain values such that the inflation rate can move very rapidly toward the maximum and back to 0 if the locked amount is reached or exceeded

Please start the discussion and offer your thoughts!

9 Likes
2

Here are also some recommendations of actions to test during Phase 4 of the dry-run:

  • all functionality you should be able to do in Phase 3 should still be working in Phase 4. See the Phase 3 action items here: Dry Run Phase 3 Gov Proposal - #2 by brentstone
  • you receive NAM in your shielded balance after the turn of a MASP epoch (every 4 normal epochs)
    • you can transfer this NAM to other shielded address
    • you are unable to unshield this NAM
  • you are still unable to shield NAM
4 Likes
3

We Support this proposal, lets go :rocket:

4

Just put the proposal for Phase 4 on-chain with an proposal ID of 3. Check it out on Namadillo: Namadillo - Namada User Interface.

> namadac query-proposal --proposal-id 3 --node $RPC_TUDUDES 
Last committed epoch: 55
Proposal Id: 3
Type: Default with Wasm
Author: tnam1qqgll8x8rz9fvtdv8q6n985za0vjvgyu0udxh7fp
Content: {"abstract": "Initialize phase 4 of the dry-run by enabling shielded rewards.", "discussions-to": "https://forum.namada.net/t/dry-run-phase-2-gov-proposal/1085", "title": "Phase 3 -> 4"}
Start Epoch: 56
End Epoch: 80
Activation Epoch: 81
Status: pending
Data: Hash: 88AF552881B53740C84E043A5DF44FC5FC2FD5D3AC439AA9CE7EB186D163D60D

I set the voting end and activation epoch to be sometime early Tuesday morning CET so that everyone has at least Monday to play with Phase 3 functionality and decide how to vote. Please remember though that validators can only vote in the first 2/3 of the voting period (sometime around Monday morning CET).

I did accidentally though put the wrong forum link in the metadata though, woops! Let’s still use this forum to discuss.

6 Likes
5

We Support this proposal, lets go :rocket:

6

cryptomolot voted, lfg

1 Like
7

Proposal hash 88AF552881B53740C84E043A5DF44FC5FC2FD5D3AC439AA9CE7EB186D163D60D

Compiled source code hash
88AF552881B53740C84E043A5DF44FC5FC2FD5D3AC439AA9CE7EB186D163D60D

On-chain WASM hash
88AF552881B53740C84E043A5DF44FC5FC2FD5D3AC439AA9CE7EB186D163D60D

Checksums verified OK

7 Likes
8

Want to drop a note about when to expect shielded rewards.

With masp_epoch_multiplier = 4 in the genesis parameters, this means that rewards will be minted into the shielded pool every 4 epochs rather than each epoch like in PoS and PGF. With the phase 4 gov proposal expected to activate at epoch 81, I expect the first NAM rewards to appear in shielded balances in epoch 84 (a multiple of the masp_epoch_multiplier).

4 Likes
9

Hello, while the proposal for Phase 4 passed, unfortunately shielded rewards have not been minted yet.

I believe this is due to a mistake I made in setting the locked_amount_target in the proposal. I intended the 1_000 to set the number of OSMO, but since the denomination of the IBC token in Namada is 0 with a base unit of uosmo (rather than a denom of 6 and base unit of osmo, the target amount was set to 1000 uosmo. Since there is much more than this currently in the shielded pool, no inflation was minted.

I have just put a new proposal with an ID of 6 on-chain to become activated as soon as possible. The new proposal code is here: namada-governance-upgrades/phase4_retry/src/lib.rs at brent/dry-run · anoma/namada-governance-upgrades · GitHub.

Please verify the code yourself (I have done this myself just now). Please also only vote yay on proposal #6!

6 Likes