June 8–21, 2023
Welcome to another issue of The Diplomat Summary! We will be switching to a bi-weekly report for the foreseeable future, which coincides with the the new Governance Council schedule. If you have any news that you’d like to send our way or are a developer looking to have your project covered by The Diplomat please email [email protected] we are here to support the continued growth of the Evmos Ecosystem!
Now, on to the…
Ecosystem Updates!
DoraHacks Judging Period
The DoraHacks EVM Extensions hackathon is now in its judging period for the prize pool of $98,000. The hackathon encouraged developers to create innovative solutions using EVM Extensions. Look out for the Grand Finale on June 26th.
Governance Council Meetings Bi-Weekly on Twitter
Evmos DAO plan moved the Governance Council meetings to Twitter Spaces in order to attract a wider audience. They are now bi-weekly on Thursdays at 5pm UTC. Follow here for updates.
Data Indexing on Evmos
Kilo and James Bayly from SubQuery discussed data indexing on Evmos. The conversation is available here.
Tashi Lending and Borrowing Platform Launch
June 2023 marks a significant month for Evmos with the unveiling of the Genesis pools for EVMOS and ATOM. Full details are available in the official announcement.
Decentralized Auctions on Evmos
In partnership with Bounce Finance, decentralized auctions are coming to Evmos. Stay tuned for updates here.
Inferno Incentives Round 2
Inferno Incentives — Round 2 are now live. Stake eligible LP positions within the Revert App to earn rewards now. Check out the details here.
Evmos Community Call
June 20th marked the monthly Community Call. The Tashi team shared updates on their platform. Listen here.
Coming Soon: Steer Protocol on Evmos
A new development is on the horizon for the Evmos ecosystem — introducing Steer Protocol. Stay tuned for more updates. Twitter post.
Evmos Joins Forces with Snapshot: A New Era for Governance
Evmos is now natively supported on Snapshot.org, opening up opportunities for governance and future EVM DAO2DAO collaborations, along with benefits for EVM Extensions. Learn about the importance of this collaboration here.
Off-Chain Governance (Commonwealth)
Participation in Genesis Pools on Tashi: An Opportunity for Evmos DAO
Posted June 16 — By Kristine | Tashi
Tashi, a lending and borrowing platform developing on Evmos, has proposed the community join Tashi’s Genesis Pools with a deposit of 5 million EVMOS tokens from the Community Pool. This could provide Evmos a stake of up to 2.5% in Tashi’s token supply. Tashi aims to include EVMOS, ATOM, WETH, WBTC, USDC, and USDT in their liquidity pools.
The proposal outlines the benefits for Evmos, such as an increase in TVL, the attraction of new participants, and the growth of DeFi on the chain. It also explains Tashi’s token system: Tashi tokens can be converted into xTASHI to earn staking rewards and participate in governance, or into esTASHI, an escrowed version.
However, Evmos community members have voiced concerns about the proposal, questioning its impact on APR opportunities and demanding open-source contract verification. In response, a slower and more evenly distributed deposit approach has been suggested. Kristine from Tashi confirmed that contract verification will soon be available on escan, while the Evmos Core Team expressed their support for the proposal despite these challenges, emphasizing the importance of backing projects like Tashi.
The good, the bad, and the ugly of registering an ERC-20 token as an IBC Coin
Posted June 9 — By Alberto | NEOKingdom DAO
NEOKingdom DAO navigated through a mixed bag of experiences while registering its ERC-20 token, NEOK, as an IBC asset. Although successful in getting the token registered and displayed on Mintscan, they faced challenges with its visibility on the EVMOS asset page and Keplr. They write about their experience and frustrations with the process. After this post I believe they’ve resolved the issue on other channels.
Prop 92 — Releasing M2 funding to continue development.
Posted June 8 — By MTNK-Kayz
Kayz, from the MetaTank team, initiated a dialogue regarding Prop 92, seeking the community’s perspectives on disbursing Milestone 2 funds for ongoing development. Despite project delays, Kayz emphasized their completion of Milestone 1 and asked for Milestone 2 funding ahead of actual work commencement.
Several community members questioned the team’s utilization of the $35,000 granted for the initial milestone. They noted limited progress, sparse GitHub activity, and a delivered app that fell short of promised functionalities.
The discussion drew attention to the milestone funding model, which relies on staggered funding disbursements contingent on the accomplishment of pre-set objectives. This approach is preferred for its ability to mitigate risks, ensure accountability, and offer flexibility. According to this model, MetaTank is obligated to complete each milestone before securing the corresponding funding.
The community decided to adhere to the traditional norms of milestone funding, resisting the idea of prematurely releasing funds. With that decision MetaTank abandoned their project.
Link:Â https://commonwealth.im/evmos/discussion/11619-prop-92-releasing-m2-funding-to-continue-development
On-Chain Governance
#147 — Build a Decentralized Derivatives Exchange on EVMOS
Proposer: Aaron, View Exchange
FAILED
View Exchange, aimed to establish a first-of-its-kind decentralized derivatives exchange on Evmos, they proposed a platform comprising of a DEX aggregator and a derivatives exchange. To incentivize use, the team planed to issue native tokens (VE) via airdrops, liquidity mining, and staking. They requested 1.25 Million EVMOS to be disbursed upon reaching set milestones to fund development. However, critics had a few concerns, including developer experience and the potential impact of the large funding request at this time.
The team hoped to develop the core feature, a perpetual derivative exchange, independently. Some community members supported this, seeing its potential to fill a gap in the EVMOS ecosystem, but they also demand greater clarity about the team’s qualifications and plans for fund utilization. Critics have also compared the proposal unfavorably to lower-funded yet successful projects, a point the team has countered by emphasizing the complexities and typical cost of developing a derivatives exchange.
The View Exchange team responded to community feedback with a commitment to transparency and assurances of hiring additional developers with the funding. The team also promised to demonstrate a Minimum Viable Product as Milestone 1 to satisfy community concerns.
The vote was not in their favor due to the issues brought up in the previous discussions.
Link:Â https://www.mintscan.io/evmos/proposals/147
As always, we value your readership and your commitment to staying informed about the Evmos ecosystem. If you found this issue of The Diplomat Summary valuable, we encourage you to share it with anyone you think might share an interest.
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Thanks for reading!
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See you in two weeks, Diplomats.
