Authors

Kilo

tlopplot | Evmos DAO

luisqa | Interbloc

Summary

Passing this proposal would raise the minimum deposit amount of EVMOS tokens for a proposal to reach on-chain voting from 3500 EVMOS to 12000 EVMOS to prevent spam from going on chain.

Abstract

Proposal Deposit Concept:

For governance proposals to enter voting, a proposal must reach a set deposit of an amount defined by parameters in the governance module before the deposit end time. 3500 EVMOS is the current deposit amount required.

Multiple accounts may contribute to the proposal’s minimum deposit. It does not need to be fully submitted by the proposer account. The proposer account is only required to deposit ~1 EVMOS at this time.

Deposit Refund and Burn Concept:

If the proposal is approved or rejected but not vetoed, each deposit will be automatically refunded to its respective depositor, transferred from the governance ModuleAccount. If the proposal is vetoed with greater than 1/3 (33.4%) of voting power, deposit(s) will be burned from the governance ModuleAccount, and the proposal information, along with its deposit information will be removed from state.

Motivation

By the time of writing and at the current token price value, the minimum deposit requires 3500 EVMOS or approximately 260 in USD equivalent. There needs to be a higher threshold to ensure quality proposals and prevent possible spam and phishing proposals. Comparing other Cosmos governance current deposits, the Cosmos Hub requires 250 ATOM or ~1,750 USD and Osmosis requires 1600 OSMO or ~510 USD for proposals to enter the on-chain voting stage. We also need to keep in mind that with recent market changes, other examples we look at, such as Osmosis, may also be outdated to when they were initially set. This new parameter change should align with the intended barrier of entry from when the original proposals were passed.

With the passing of this proposal, the minimum deposit will be increased to 12000 EVMOS or approximately 893 in USD equivalent at the time of writing to enter the Voting Period. This change will not be permanent and can be changed later via governance.

Important Note:

Community Members must not be priced out of making proposals on chain. 12000 EVMOS is likely a large enough deposit to deter spam while still within the reach of most community members to campaign for a deposit or provide one themselves.

Multiple wallets may fund any proposal deposit, so this remains within the realm of most Cosmos users to campaign for and crowdsource funding from other community members and validators, where a good proposal may exist, but funding for a deposit is lacking.

Voting

By voting YES, you agree that for a proposal to enter the voting period should be increased from 3500 EVMOS to 12000 EVMOS. By voting NO, you disagree in part or in entirety with one or more of the above statements. By voting ABSTAIN, you formally decline to vote either for or against the proposal. By voting NOWITHVETO, expresses that you would like to see depositors penalized by revocation of their proposal deposit, and contributes towards an automatic 1/3 veto threshold.