Thread by @cosmoscoffeeDFI

GM #IBC Gang! We have your morning reading material from The Coffeehouse!

*Sips Coffee*

Quicksilver is a coming #LiquidStaking protocol for the #Cosmos.

*ALERT* There will be #Airdrops - AND - Test Net Incentives!

Let’s Dive In!

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Quicksilver is a sovereign IBC chain aiming to allow LIQUID staking of ANY #IBC ASSET in one place across the #IBC ecosystem.

Along with giving the users more opportunities, this also gives the networks more security by having more assets staked and securing the chain.

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How:

🥄The Liquid Staking Module (LSM) will become a core Cosmos-SDK module. It enables tokenization of staked positions without unbonding

🥄qAssets will be minted against the original staked asset and provided as a tool to utilize DeFi and Liquidity from your locked funds

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🥄qAssets are fungible and can be moved off chain to be used with outside protocols.

🥄qAssets can be created for any asset that is able to integrate with the Quicksilver protocol. This includes non-IBC assets that may become available in the future.

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Interchain Security:

🥄Quicksilver will be launching with Interchain Security enabled.

This will allow Blockchains in the IBC system to utilize validators of larger “Provider Chains”, Allowing for larger and more evolved security benefits for any projects in the network.

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🥄Interchain Security will also result is stakers being paid in more than just the tokens they are staking.

*They will receive staking rewards from any other chain their host is validating.*

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Staking:

🥄After each Epoch (3 days), qAssets will accumulate rewards and restake them. qAssets will appreciate in value by the same amount.

🥄Governance can be assumed as usual and you will retain your position on the original chain.

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🥄When you withdraw your qAsset for Native assets they will still be bonded and you will need to unstake them if you want them to be liquid.

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Validators:

🥄Although YOU WILL get to choose what VALIDATOR you delegate to,

🥄You WILL NOT be able to choose your COMMISSION RATE.

🥄The Network may also VOTE to BAN certain validators from the staking pools.
(I.E. CEX staking pools.)

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In order for a liquid staking protocol of this nature to operate it is necessary for ALL STAKING REWARDS to be POOLED TOGETHER.

They will then be averaged out and distributed amongst the qAssets.

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Slashing:

🥄Any SLASHING that occurs will also be an event that is distributed across the network.

This reduces the overall risk of losing assets as the decentralization of the network will greatly dilute the penalty.

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QCK Token Use Case:

🥄Governance: Onboarding of new zones and corresponding incentivisation, spending of community controlled funds, changing of network parameters and control of the upgrade process are all events handled by the governance process.

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🥄Security: QCK will initially be used to pay INTERCHAIN Validators for fees, later they will be used for Staking to secure the Quicksilver Network.

🥄Fee Payment: QCK will be used for any fees incurred on the Quicksilver network.

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#Airdrops:

🥄Quicksilver will be airdropping tokens to new “ZONES” when they are onboarded to the liquid staking network.

🥄Over 50% of the genesis supply of QCK and 30% of inflation (at genesis) will be directed to an Incentivization pool.

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🥄A protocol is being designed that will snapshot users of that chain when it is onboarded.

🥄Users will be REQUIRED TO PARTICIPATE in the protocol to claim there Full #Airdrop.

🥄Any unclaimed rewards will be returned to the incentivization pool.

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qAsset Dex Liquidity:

🥄The Incentives pool may be used, at the behest of the zone governance, to provide liquidity incentives for qAsset pairs on DEXs.

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Tokenomics:

🥄Max Supply - 1 Billion

🥄Inflation: First year 100%, 25% decrease per year following.

🥄Time Frame: At this rate 95% of tokens will be released in 7 Years.

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Newly minted tokens will be distributed as follows:

30% to Staking Rewards
30% to the Incentivization Pool
30% to users of Quicksilver Protocol
10% to Community Governance Pool

This can be changed at the discretion of the $QCK token holders through a governance proposal.

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Genesis Supply: 200 Million

🥄Foundation: 40 Mil. - 20%
🥄Investors: 26.3 Mil. - 13.15%
🥄Founders: 21 Mil. - 10.5%
🥄Test Net Incentives: 10 Mil. - 5%
🥄Incentives Pool: 102.7 Mill - 51.35%

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Vesting Schedules:

🥄Schedule 1: 20% liquid at genesis plus 10% every 6 months over 4 years

🥄Schedule 2: 20% liquid at genesis plus 10% every 3 months over 2 years

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Conclusion:

So to wrap things up,

🥄Quicksilver is a liquid staking protocol that will integrate Interchain Security from the start.

🥄You will potentially be able to mint liquid qAssets for any IBC chain and more in the future depending on governance.

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🥄Your Assets will AutoCompound and this will be reflected in the value of the qAsset.

🥄There will be #Airdrops, although this will happen over time when new networks are onboarded.

🥄There will be TEST NET INCENTIVES, this is also something to note!

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🥄Source: quicksilver.zone/whitepaper.pdf
🥄Website: quicksilver.zone
🥄Twitter: twitter.com/quicksilverzone
🥄Handle: @quicksilverzone

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Info on Testnet. 👇

https://twitter.com/joe__bowman/status/1502376638285242371?s=20&t=IFMPN7wWL6i0rGd1MrJ3TQ