Increase Deposit Amount for Evmos Governance

Summary

This passing of this proposal would raise the minimum amount of EVMOS tokens to be deposited for a proposal to reach on-chain voting from 192 EVMOS to 3500 EVMOS with the intentions to maintain high quality proposals and prevent spam from going on chain.

Abstract

Proposal Deposit Concept:

• For governance proposals to enter voting, a proposal must be reach a set deposit of an amount defined by parameters in the governance module before the deposit end time.

• A proposal minimum deposit can be contributed to and submitted by multiple different accounts, not just a single, and it does not have to be fully submitted by the proposer account. The proposer account is only required to deposit ~1 EVMOS.

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

Proposal to Increase Deposit Amount:

By the time of writing and at the current token price value, the minimum deposit requires 192 EVMOS or approximately 60 in USD equivalent. Currently, is a low threshold to help ensure quality proposals and prevent possible spam proposals. Comparing other cosmos governance current deposits, the Cosmos hub requires 250 ATOM or 2,280 USD and Osmosis requires 1600 OSMO or 1,193 USD for proposals to enter the on-chain voting stage.

With the passing of this proposal, the minimum deposit will be increased to 3500 EVMOS or approximately 1,100 in USD equivalent. This change will not be permanent and can be changed again later via governance.

Important Note:

Community Members must not be priced out of making proposals on chain. 3500 EVMOS is likely a large enough deposit to deter spam, whilst still being 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 the minimum deposit for a proposal to enter the voting period should be increased from 192 EVMOS to 3500 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.