Another 🔥 thread by @real_digidavid
I’ll add a couple of additional things to his thread, with some stuff to look forward to in the future for the CPS 👇🏼
I’ll add a couple of additional things to his thread, with some stuff to look forward to in the future for the CPS 👇🏼
https://twitter.com/real_digidavid/status/1435409679002349568
1) Stablecoin Treasury
- Soon (as early as next application period 👀) the CPF will be converted to bnUSD until a max cap of 200,000 bnUSD is reached. Then ICX will accumulate in the CPF until it also reaches its max cap of 200,000 ICX.
- Soon (as early as next application period 👀) the CPF will be converted to bnUSD until a max cap of 200,000 bnUSD is reached. Then ICX will accumulate in the CPF until it also reaches its max cap of 200,000 ICX.
1.1) Once the ICX max cap is reached, the remaining inflow of ICX will be burnt 🔥
These 200,000 max cap parameters will be adjustable based on demand for CPF funds, inflow from inflation and BTP fees, and the amount of ICX we’re hoping to burn.
These 200,000 max cap parameters will be adjustable based on demand for CPF funds, inflow from inflation and BTP fees, and the amount of ICX we’re hoping to burn.
1.2) Why stablecoin treasury?
- As we’ve saw the past 24 hours, the crypto market is still extremely volatile. By converting our CPF into a stable asset, we allow projects to receive the exact amount of funding they request, and help DCA our treasury to keep the CPF value stable.
- As we’ve saw the past 24 hours, the crypto market is still extremely volatile. By converting our CPF into a stable asset, we allow projects to receive the exact amount of funding they request, and help DCA our treasury to keep the CPF value stable.
2) Max Length of Proposal Increase
- The current max length for a CPS proposal is 6 months. We’ll be changing this cap to 1 year, allowing for longer-term projects to be built on ICON. It will still be the responsibility of P-Reps to properly vote on these longer proposals.
- The current max length for a CPS proposal is 6 months. We’ll be changing this cap to 1 year, allowing for longer-term projects to be built on ICON. It will still be the responsibility of P-Reps to properly vote on these longer proposals.
3) Dynamic Penalty Fee
- In it’s current structure, the penalty for a participating P-Rep missing a CPS vote isn’t proportional to the size of the P-Rep’s delegations, which disproportionately affects smaller participating P-Reps.
- In it’s current structure, the penalty for a participating P-Rep missing a CPS vote isn’t proportional to the size of the P-Rep’s delegations, which disproportionately affects smaller participating P-Reps.
3.1) Our solution? Make the threshold amount for the penalty 500 bnUSD, 1000 bnUSD and 2500 bnUSD.
From top P-Reps registered on CPS we will have a dynamic value like:
(prepDelegation/TopPrepDelegation) * penaltyTierAmount(500,1000,1500)
From top P-Reps registered on CPS we will have a dynamic value like:
(prepDelegation/TopPrepDelegation) * penaltyTierAmount(500,1000,1500)
3.2) We will likely reset any previous penalties and refund those who have paid their fines already.
The goal is to promote active participation in the CPS by our community validators, leading to further decentralization of the proposal system.
The goal is to promote active participation in the CPS by our community validators, leading to further decentralization of the proposal system.
4) Vote Changing
- We’ve had instances in the past of P-Reps accidentally submitting the wrong decision for a vote.
We plan to add the option for a P-Rep to switch their vote once per proposal. Also, this way if a proposal provides new information, the correct vote can be made
- We’ve had instances in the past of P-Reps accidentally submitting the wrong decision for a vote.
We plan to add the option for a P-Rep to switch their vote once per proposal. Also, this way if a proposal provides new information, the correct vote can be made
5) Documentation
- We’re working on giving the CPS it’s own section on icondev.io
We’ll be adding the whitepaper, instructions, explanations and tutorials. All these things with the goal of making for a better CPS user experience.
- We’re working on giving the CPS it’s own section on icondev.io
We’ll be adding the whitepaper, instructions, explanations and tutorials. All these things with the goal of making for a better CPS user experience.
5.1) We see synergies between the CPS and ICONdev Portal.
A developer may be looking at SCORE building documentation on the site, and come across the CPS section where they realize they can receive funding for their idea.
A developer may be looking at SCORE building documentation on the site, and come across the CPS section where they realize they can receive funding for their idea.
5.2) Vice versa, a project may have an idea for the CPS but not know where to start when it comes to SCORE development.
They’ll be able to learn about developing on our network in the same location as how to submit a CPS proposal!
They’ll be able to learn about developing on our network in the same location as how to submit a CPS proposal!
6) New Landing Page
- We are working on improving our CPS landing page to replicate the quality of grant systems by Chainlink and Celo.
This landing page will be used as a funnel for both developer education, as well as new projects for the CPS.
- We are working on improving our CPS landing page to replicate the quality of grant systems by Chainlink and Celo.
This landing page will be used as a funnel for both developer education, as well as new projects for the CPS.
There are more small changes in the works, but I felt like this 🧵 was getting a bit long.
Shoutout to the @iconosphereprep team, @dbrehmer and @sdp_bhandari for working tirelessly behind the scenes to 📦 these improvements I’ve been bothering them with 💪🏼
Shoutout to the @iconosphereprep team, @dbrehmer and @sdp_bhandari for working tirelessly behind the scenes to 📦 these improvements I’ve been bothering them with 💪🏼
If you have an idea for a project, or just general questions regarding the CPS, please feel free to DM me! Let’s keep building 🏗🏗🏗
#ICX #ICON $ICX #builtonicon
cps.icon.community
#ICX #ICON $ICX #builtonicon
cps.icon.community
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