Kujira is a chain in the Cosmos ecosystem purposefully built to bring a good DeFi Experience to the wider cosmos. The product suite consists of Fin (a Limit order DEX), Blue (IBC and Minting of the USK stablecoin), ORCA (permissionless liquidation of USK minters), BW (a Gridbot MM) and lastly just released BOW the native FIN market maker.
The launch of BOW aims to support the FIN dex with better liquidity for Cosmos tokens including SCRT, stkd-SCRT, SHD and any other SNIP-20s that get voted in.
Pairs for SCRT and SHD are already live on FIN bit not yet active on the BOW market maker. Kuji will launch incentivised pairs for SCRT soon. Anyone can add incentives on these pools and i think it would be a good oppurtunity for the Secret ecosystem to support the BOW market maker with temporary SCRT incentives.
PROPOSAL
I propose to fund a Secret wallet under temporary custody of a valued community member with 5000 - 10000 SCRT so that they can incentivize the SCRT-USK pair or SCRT-KUJI pair on https://bow.kujira.app/ when it goes live. I think we should aim to incentivize till the end of january.
Pros:
Further cement the partnership with Kujira and the bond between our communities
Deepen liquidity for Secret outside of the Secret chain
Farming opportunity for our own community
A solid orderbook for SCRT on Fin might allow it as collateral for USK
Cons:
Inflationary pressure
Pairing with USK/KUJI creates counterparty risk for SCRT.
Happy to receive any feedback on this proposal.
If possible i think it could be worth putting this proposal on chain before the normal 7-day discussion period as its a small amount and time-sensitive around the rollout of BOW
For now people can help bootstrap liquidity already: FIN by Kujira
I am in favor of this proposal. I believe the Kujira friends are incentivising the pool with 5000 KUJI so I would be in favor of allocating 5000 SCRT for the same pool.
Small price for good exposure in the Kujira ecosystem and some DeFi action for SCRT holders
I am generally in favor of matching their incentives for the SCRT/USK pool for Bow. And I hope we can use this chance to explore together with them, how we can cooperate in the future. They want to focus on real yield and real-life applications including payments. This cannot be implemented without privacy, so there should be some possibility to collaborate.
Do not support. Things as important as a stable coin should be open sourced with multisigs on the mint controller. I think their project is still in the infant stage and we should wait when it comes to providing community fund incentives.
Support this. The ask is quite small to bolster our connections with one of the newer teams in the Cosmos. I hope this is the start of a beautiful partnership
I propose to fund a Secret wallet under temporary custody of a valued community member with 5000 - 10000 SCRT
Why does an individual need to be trusted for this and what would be stopping said individual to just take the funds. Or even what would cover them if they make a well intentioned mistake and lose funds?
This is not the responsible way to handle community funds. No matter how little the amount
Proposal is on the chain and it is me that is getting the 5k SCRT.
There is a front end to incentivize which cant be used directly from the community pool and although someone could have made a contract to do this for 5k SCRT trusting me is the option i took.
I think you’re missing the point. I mean I trust you and I’m sure most members of the community do too. But being human we can make mistakes, recent events have highlighted this. There has to be clear accountability and ideally ways to remove or reduce the likelihood of mistakes. Does secret not have multisigs? If not, then that’s a major gap and the 5k scrt would be mucb better allocated to remedy that than to incentivise a pool
