Summary
This proposal seeks approval for two primary actions: the creation and minting of 1.1 billion ASTRO TokenFactory tokens on Neutron to replace the existing ASTRO.cw20 tokens, and the migration of the Astroport Hub to Neutron utilizing the Builder Multisig.
Abstract
In line with the strategic direction set forth in ARC-85 and subsequent governance approvals, Astroport is ready to undertake a significant change. This involves transitioning from the current ASTRO.cw20 and xASTRO.cw20 token to a new native token standard on Neutron and relocating our governance and staking contracts, known as the Astral Assembly, from Terra to Neutron.
This proposal outlines the necessary steps and mechanisms for executing this transition, emphasizing the creation of ASTRO TokenFactory tokens and the use of the Builder Multisig for a streamlined migration process.
Proposal Details
1. Creation and Minting of ASTRO TokenFactory Tokens:
- Authorize the creation and minting of approximately 1.1 billion ASTRO TokenFactory tokens on Neutron.
- The true supply of ASTRO.cw20 is 1 099 999 997.921598, which is the exact number that will be minted.
2. Migration of the Astroport Hub to Neutron:
- Approve the migration of the Astroport Hub, encompassing governance and staking mechanisms, to Neutron.
- Utilize the Builder Multisig for efficient and secure code deployment and migration tasks, minimizing disruption and expediting the transition process.
- Ensure that all Outposts continue to operate normally during and after the migration, maintaining Astroport’s presence and functionality across the Cosmos ecosystem.
3. Technical and Operational Steps:
- Deploy essential contracts to Neutron, including the IBC controller and Treasury.
- Transition the current Assembly on Terra to an Outpost status, and establish the Neutron Assembly as the central governance body.
- Implement the ASTRO.cw20 to ASTRO conversion mechanism, facilitate the burning of migrated ASTRO.cw20 tokens, and integrate the new ASTRO tokens across Astroport’s ecosystems.
- Adapt liquidity incentives to new ASTRO - USD pools on all Outposts, ensuring continuity of rewards and staking benefits.
4. Governance and Staking Transition:
- Reset the xASTRO:ASTRO staking reward ratio to 1:1 on Neutron, with future adjustments reflecting the new staking dynamics.
Executable Message
TBD
Conclusion
The Hub migration marks the beginning of a new chapter for Astroport and our push towards modernising the protocol to better align with the innovations within the Cosmos ecosystem. It further unblocks features and improvements we’ve been working on for a while, including vxASTRO.
Copyright
Copyright and related rights waived via CC0.
