Proposal Details
Proposal #180
Proposal title
Fund development of auction module.
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Deposit end time
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Proposal #180 description
Title: Development of an Auction Module for Gravity's Bridge Fees
Abstract:
Background: Gravity is a leading Cosmos-based bridge that facilitates cross-chain transfers of tokens between different blockchain networks. To incentivize participation and encourage community engagement, Notional intends to build an Auction Module that will enable users to bid for a portion of the bridge fees in exchange for GRAV tokens.
The Auction Module will have governance parameters to specify the auction frequency, tokens to be auctioned, and minimum bid requirement. The Auction Module will implement a bid transaction type, which will store the highest bidder for each token being auctioned. At the end of each auction, the tokens will be transferred to the top bidders, and the process will repeat.
Proposal:
Notional proposes building an auction module for Gravity's bridge fees as per the specification:
The module will be built on SDK 0.45 and will include governance parameters to control the frequency of the auction, the tokens to be auctioned, and the minimum bid requirement. The module will implement a bid transaction type that will store the highest bidder for each token being auctioned. At the end of each auction, the tokens will be transferred to the top bidders.
If feasible, we will provide governance configurability as to whether bridge fees will be distrubuted to a community pool wallet or sent directly for burn. In the event such configurability is not possible, burn will be the default distribution path.
All deliverables will be open source and the code will be provided on Github, Notional will lead a testnet to evaluate the newly deployed module prior to pushing to mainnet.
In addition, Notional will provide an audit of the code of this new module, the findings will be published on Github. The code review and auditing process will follow the following methodology:
Code Analysis: The code will be analyzed using software tools and techniques to identify potential vulnerabilities, weaknesses, and inefficiencies.
Code Inspection: The code will be manually inspected by our team of experts to identify any potential issues that may have been missed by automated tools.
Testing: The code will be tested to ensure that it is efficient, scalable, and can handle a large number of transactions.
Budget:
The estimated cost for building this module and fulfilling the obligations under this proposal is 50,000 USD, made up of 24,307,000 GRAV tokens at the rate of exchange (RoE) of 0.00308554USD/GRAVbased on a 50% volatility discount applied to the derivation of the rate of exchange (RoE). GRAV tokens will be allocated upon final code delivery and will be vested for one year which will ensure alignment; vested tokens can still be staked to earn bridge fees.
The tokens will be transferred to a multisig wallet: gravity1ktushh23qanf6lzvkq9y73a46nf0dwvzxegn3p Signers: Luisqa - interbloc Litbit - notional AlphaBiota - LOA Labs
On completion of final code delivery, the tokens will be transferred to Notional’s wallet:
gravity1qzen5h7tkq3q5lkjvcshyavv4x4uvjxvmedy9z
Timeline:
We estimate that this module will be built within 2 (two) months, with an allowance of an additional month to account for any unforeseen blockers. Notional will provide regular updates to the Gravity community on the progress of this project and seek feedback and suggestions when necessary.
Conclusion:
We believe that this project will be an excellent addition to Gravity Bridge and will provide a new way for users to participate in Gravity's governance process while earning rewards.
By voting YES, you agree to have this feature developed and implemented by Notional and agree to the compensation sought under this proposal for the works described.
By voting NO, you do NOT agree to have this feature developed and implemented by Notional.
By voting ABSTAIN, you formally decline to vote either for or against the proposal but want to contribute to the quorum.
A NoWithVeto, indicates that you consider this proposal malicious or harmful and would like to see depositors penalized by revocation of the deposit, which contributes towards an automatic ⅓ veto threshold.
Related discussions . https://commonwealth.im/gravity-bridge/discussion/11367-gravity-auction-v2 https://commonwealth.im/gravity-bridge/discussion/11220-gravity-auction