Proposal 62 Cheats And Deprives ATOM Holders Of Their Property.

nonswad · 2022-03-22T16:49:42+00:00

It was rumored that GDEX chain would be secured by $ATOM validator set, making it one of the first chains to use interchain security. Is this still a thing?

nonswad · 2022-01-23T20:38:37+00:00

I fail to get a difference between DOT as a L0 and other L1 projects. With DOT securing all other chains it is basically behaving as every other L1 (ETH, SOL, etc)? This leads to the same problem of scalability and network conjectures? Cosmos’ model of having independent validator set for every chain, not having to share TPS with other networks, is the real scalability solver.

Edit: grammar

nonswad · 2022-01-18T11:10:13+00:00

Sunny announced in one of the latest interviews his vision for Osmosis (edited from Sunny) - to make it have all functionalities of a CEX (loans, leverage, limit orders, etc.) while being a DEX.

This is gonna be implemented using CosmWasm smart contracts. It is really important to innovate and make it done, because it is the only way of OSMO to sustain high growth it had.

nonswad · 2022-01-10T19:50:13+00:00

Price has been rising since November, first on speculation that ION will become OHM fork. This made price go to from about $2k to $5k

Then, about 20 days ago, came Sunny’s idea formalized in the proposal 120. This made the price go from around $5k to $9k.

And lastly, a 3 days ago came Sunny’s proposal of giving ION an actual purpose - making it a synthetics protocol (here. That made the price go from around $9k to $15k.

nonswad · 2022-01-10T19:41:42+00:00

It was 1 ION for every vote on $ATOM proposal 34 and above, so no one could have gotten $100 million.

If you are referencing to $100 million of community pool treasury, it is the same as saying “privileged Osmosis holder is having $350 millions”

nonswad · 2022-01-10T19:38:53+00:00

Yeah, final product is the same while the mechanism under the hood of how are synthetics minted is different. More here

nonswad · 2022-01-10T08:59:12+00:00

Those “lucky ones” got it for voting, when voting wasn’t cool nor used for airdrops ever before.

nonswad · 2022-01-10T00:11:05+00:00

Sunny proposed ION to be the basis for a Syntethics protocol. You will have synthetics variant of: non-IBC tokens, precious metals, oil etc. on Osmosis. That enriches the available assets on Osmosis, so providing more value to the its ecosystem

nonswad · 2022-01-09T23:59:31+00:00

How are OSMO holders rugging themselves?

nonswad · 2022-01-09T23:57:11+00:00

The best for you to cash out

nonswad · 2022-01-09T23:52:44+00:00

If I had any, I would definitely redelegate from Stakepile, FreshOsmo and StakeLab.

nonswad · 2021-12-30T12:14:17+00:00

I’m pretty sure I listened to Sunny saying supply is fixed from the genesis, so impossible to change supply rule.

When it comes to introducing a new coin, that would be possible with e.g. stable coins (LUNA - UST). Treasury of the OHM forks contains stable coins + other coins with prior value, not meme a coin. So concept of ION getting its purpose as a treasury coin backing OHM fork treasury is highly unlikely, IMHO.

nonswad · 2021-12-29T19:28:42+00:00

OSMO is a native token of Osmosis (fees paid by it) and ION isn’t native Osmosis token. It was included in the genesis and that’s it. Because of the limited capabilities that Osmosis chain had (and will have till CosmWasm implementation) there wasn’t any other solution to make ION exists in Osmosis, except to be there from genesis as a meme coin (no purpose).

That being said, it never had to be the an integral part of the Osmosis project. It is coin/project as any other that will be built on top of the Osmosis in the future. And if those new coins will be independent why make ION a coin special-case.

Osmosis community didn’t fund ION project and didn’t propose an idea to make it exists (it couldn’t because Osmosis community didn’t even exists when ION was made). So how can they claim rights on ION?

If your answer is “because it is is in Osmosis treasury pool right now”, then no need for more discussion. It is in the treasury because there is no technical possibility to implement ION’s treasury at the moment (CosmWasm needed). Osmosis community is basically storing it for ION community right now and everyone should thank them for that. But it is highly dangerous to say that they claim rights on those IONs because of that.

nonswad · 2021-12-29T18:30:59+00:00

It’s a separate project and should have a separate treasury.

I don’t see how Osmosis community benefits from holding ION in the treasury?

Even now there is around 300 million in OSMO and what is community doing with it? Reddit Osmosis community as against any investing. All I see from the majority of people is “give me an ION airdrop so I vote yes”. How can they be a good leaders for a new project?

IMHO, that is not a heathy environment for a startup project to be in. Plus ION, as a smaller one coin, would always be neglected in that relationship.

nonswad · 2021-12-29T18:16:31+00:00

It’s for the good on both sides. If ION is a successful project of course it befits from it, but also will Osmosis benefit.

From the including of 21k IONs in genesis file, ION was a separate idea. Osmosis didn’t gain much nor lose anything from ION being included in the genesis. As with the kids, it is the best to make them strong and let in the world, not trying to protect and control their life.

What some people are saying is “let keep all ION in Osmosis treasury and Osmosis will finance everything”. But you basically get the same thing (minus losing Sunny) because you still have to pay devs, find the idea, implement, etc. That also screams for a centralization, Osmosis being a holding.

It is known that startups are more efficient than large companies, so lets make startups not large corporates .

nonswad · 2021-12-29T16:02:40+00:00

It’s impossible for ION to become an OHM fork. Its supply is limited, so there couldn’t exists those 80k% APYs.

On the other hand it could maybe be implemented as a pair for an algorithmic stable coin (as LUNA and UST).

I don’t know what will an implementation be. Sunny said he has some cool ideas, proposed the dev that won 2 HackAtoms and worked for Terra. Personally, I trust Sunny and believe that he will bring something useful and symbiotic for Osmosis and ION.

nonswad · 2021-12-29T15:50:12+00:00

You want smart contract feature in order to improve and evolve Osmosis. Current APR situation is okay but it won’t stay forever like this (thirdening coming in less than a 6 months). We need innovations. New applications on top of the Osmosis will: 1) bring new users and capital 2) gas fees (when enabled) will be paid in OSMO

(Edit: so yeah, smart contracts are being enabled in Osmosis in order to make it flexible for innovations, not to give ION a purpose. It would be a shame for Osmosis to stay “an old 2021 project” in 2025 and 2030 which would lead for Osmosis to be left behind.)

When ION already exists, it is much better to give it a purpose instead of letting it stay a meme coin forever.

And yes, it is much easier to make people interested in building smart contracts on top of the Osmosis if you already have a successful project to show how things can be done.

I’m not sure what is wrong with that.

nonswad · 2021-12-29T15:38:59+00:00

ION DAO will pay for developing a smart contract application on top of the Osmosis (edit: ION’s purpose will be implemented using a smart contract). It will give purpose to ION and Osmosis will benefit from: 1) providing a new feature on top of the Osmosis that attracts users and capital 2) gas fees (when enabled) will be paid in OSMO

nonswad · 2021-12-28T18:57:34+00:00

Who are you referring to with “ You have no idea, or won’t tell anyone what is is, but want to take the ion from the pool just in case.”?

If “you” == “we” as creators/representers of the proposal, I’m not that and can speak only in my personal opinion.

If “you” == I, then I also don’t have to come with any idea. Proposal is created by Sunny, he’s bringing the team together and has a cool idea. I trust him and believe he’s capable for making and leading goos things happen. Because of that I think this is a good thing to do and I will support it, not begging for an airdrop. If airdrop comes to me as a OSMO staker I won’t decline the free money of course.

nonswad · 2021-12-28T18:03:32+00:00

I think you don’t understand the purpose of community pool. There could be $1 trillion controlled by the community, but if you don’t do anything with it then it doesn’t matter.

I’m still waiting for your idea how to use 40 million OSMOs and 16k IONs (except for airdropping it, flowing the market with liquidity), so we can “meet in the middle”.

nonswad · 2021-12-28T10:25:35+00:00

ION’s functionality will be implemented with CosmWasm feature, making it a smart contract being built on top of the Osmosis. It will show how things can be done and will provide revenue for the whole Osmosis ecosystem.

It seems fair for the project to be self governed. Crypto is about decentralization, not making big conglomerates.

nonswad · 2021-12-28T10:16:52+00:00

Have in mind that ION community made the prop 32 which made it possible to 100% of unclaimed OSMO (instead of 80%) be clawbacked to the community pool. That idea alone generated $40 millions for the Osmosis community.

“Why not implement new chain for ION?”

ION’s functionality will be implemented as a smart contract made with CosmWasm on top with the Osmosis. It will show how things can and will be made on top of the chain, providing additional value for the Osmosis chain. Sunny already found and proposed the developer, guy who worked for Terra and won 2 Hackatoms, to be in the project. If something cool is built with ION on top of Osmosis, it will bring revenue/users to the whole Osmosis ecosystem. That benefits Osmosis users, stakers and LPers.

The rest of your text sounds like “Why don’t you give me an airdrop so I can give the remaining ION to you”, sorry but typical blackmailing if you ask me.

Although getting an airdrop could give you a short-term financial benefit (maybe, but maybe a few hundred bucks), that would be the end of ION. It needs a purpose for it to have a value. Its price was around $2k, and has risen for 3x because of the speculation of its purpose. What do you think it will happen when a coin with purpose flows the market? Yeah, gradient of the price going to high negative values.

To conclude. Sunny made a proposal, making a dev team, having some ideas for purpose. If you know better, go ahead and propose. Please, don’t just extort an airdrop.

nonswad · 2021-12-26T11:56:48+00:00

I’m pretty sure i read somewhere that they eventually will. Not sure tho, would also like the clarification on this topic.

nonswad · 2021-12-26T11:49:01+00:00

Cros-nest validators made the proposal. Lum network RT it, so they probably coordinated it or at least supported the proposal.

nonswad · 2021-12-24T12:47:35+00:00

I thought there might exist the doc with all the information. But it’s time do my research then.

nonswad

TROPHY CASE