Hello everyone! We are about to put on-chain the new gov proposal that will run some migration code to unblock us technically from moving forward with enabling shielded rewards (Phase 4).
The code used to generate the attached WASM to the proposal can be found here: namada-governance-upgrades/pre-phase4/src/lib.rs at 374a2a919e4119f2cb99e417926a3ef2bb3c8ea4 · anoma/namada-governance-upgrades · GitHub.
What will this proposal do?
Upon activation, the protocol will run this code automatically this time. The precision keys that we created in the last hard fork will be updated with new values, and the associated MASP data will also be migrated and updated to be consistent with these new values. This will allow us to enable shielded rewards to more safely assure that shielded inflation will actually be minted, no matter how many tokens are realistically already in the MASP.
Upon activation, the network nodes will likely spend a couple minutes executing the code.
Another consideration
A consequence of the new values we are writing will be that there will be some non-negligible amount of a given token you must hold in the MASP in order to be able to receive any piece of the inflation as rewards yourself. Put another way, if a token X is incentivized and you want to put some in the MASP to receive rewards, then you must have at least an amount p of X tokens in order to be able to receive the rewards. The values p written into this proposal are:
- USDC: 50
- OSMO: 100
- stOSMO: 100
- ATOM: 10
- stATOM: 10
- TIA: 20
- stTIA: 20
- UM: 50
- NYM: 250
- NTRN: 125
- NAM: 1,000
Just because we are writing these values for every whitelisted token now does not mean that they will all be incentivized. Still only the tokens described in the Phase 4 forum post will be incentivized, but it is useful to write these values now for all tokens, in case we wanted to incentivize them at a future date.
When will the migration complete?
This does not happen only at the proposal activation time. The migration will fully complete at the end of MASP epoch 211 (normal epoch 844), which is expected at approximately 9pm CEST on Thursday, July 3. This is encoded into the WASM proposal itself.
What do you need to do
Just vote as soon as you can, the sooner the better! Shielded rewards are coming around the corner!
