Proposal Details
Proposal #153
Proposal title
Gravity Bridge to go Carbon Neutral, CosmosZERO Follow-on to Proposal 108
Submit time
Deposit end time
Voting start time
Voting end time
Tally result
Proposal #153 description
CosmosZERO Follow-on to Proposal 108
To continue in the spirit of Proposal 108 to offset Gravity Bridge’s 8362.5 Metric Tons of carbon emissions, this follow-on proposal provides a feasible solution for execution.
In order to execute a transaction of volatile assets, in this scenario, fixed prices need to be agreed upon for all parties involved.
RND, PBC has agreed to a price of $2.85 per NCT and a value of $0.01 for GRAV (graviton), which is GRAV's approximate average price from its high and low over the past 30 days.
Set Price of NCT $2.85 Set Price of GRAV $0.01
8362.5 Metric Tons x $2.85 = $23,833.13
$23,833.13 / $0.01 = 2,383,313 GRAV
When prop 108 was approved, the multisig wallet received 5,017,500 GRAV. However, based on market changes and this revised execution plan, only 2,383,313 GRAV will be spent and 2,634,187 GRAV will be returned to Community Pool.
Voting YES:
- A YES vote on indicates support that the Gravity Bridge community will send 2,383,313 GRAV tokens in a 12 month vested state to Regen Network Development (RND, PBC.) in exchange for 8362.5 Nature Carbon Ton Credits (NCT) in retired state; and return 2,634,187 GRAV to Community Pool.
Voting NO:
- A NO vote indicates not in support and that a different follow-on proposal should be drafted.
Voting NO WITH VETO:
- A NO WITH VETO vote indicates not in support, that a different follow-on proposal should be drafted, and that depositors should lose deposit.
Voting ABSTAIN:
- An ABSTAIN vote indicates acknowledgement and participation in governance process, but no opinion is wished to be expressed.
Background:
- The Gravity Community approved Proposal 108 to offset ALL carbon emissions since operations began.
- However, the proposed execution of Proposal 108 to purchase NCT with GRAV tokens through the Osmosis DEX pool was shown to be problematic.
- The challenges with the original proposal's execution brought up in subsequent community discussions include:
- The amount of the token swap is too large, there would not be enough liquidity.
- Even if the swap could be executed, the large volume of GRAV tokens sold would be harmful to the price.
Solution:
- To address these challenges, RND, PBC. proposed to sell NCT directly to the Gravity Community for carbon emissions offsetting, without Gravity having to sell/trade GRAV tokens on the Osmosis DEX.
- RND, PBC. will create a new gravity wallet to receive GRAV tokens with a 12 month vesting for staking; thus helping to ensure GRAV price stability, and continuing to forge RND, PBC.’s long-term alignment with the Gravity Community, having a shared interest in USDC.grv stablecoin used in RND, PBC. Marketplace as currency for EcoCredit purchases.
- The multisig account will transfer 2,383,313 of vested GRAV to a new wallet in RND, PBC.’s control for staking. The RND, PBC. representative will inform the multisig account holders the new gravity wallet address.
- RND, PBC. will transfer 8362.5 NCT to the re-prefixed multisig account in a retired state.
- Note: Retired credits, both on-chain and off-chain, are no longer transferrable. This is enforced on-chain by the Regen Ledger EcoCredit module, therefore no further burden is incurred by multisig signers to take additional action in regards to retired credits received.
- This new solution aligns with the original intention of the Gravity Community in approving Proposal 108 and supports the efforts to make the Cosmos Ecosystem carbon negative and ecologically regenerative, it also avoids any harm to the price stability of GRAV, and finally, creates a strengthened common interest shared between Gravity Bridge and Regen Network blockchains.
- As stated in Proposal 108, GRAV not spent will be returned to the community pool, in this case 2,634,187 GRAV will be returned.
2/3 Multisig wallet comprised of community members / validators: Dan | Qwoyn Studios Luisqa | Zenith Station alphaβiota | LOA Labs
RND, PBC. representative: Sarah Baxendell | RND, PBC.
This proposal was posted for discussion to Commonwealth and was also discussed in Twitter Spaces