Summary
Extend the community delegation program by 1 month with the amount of 25M MARS, to be delegated evenly to all active validators.
Motivation
To bootstrap Mars Hub’s security, a total of 50M MARS from the community pool was delegated to the 16 genesis validators via a smart contract. This “community delegation program” is set to last for 1 month; on March 2, 15:00 UTC, the contract will initiate unbonding of the tokens, and once the 14-day unbonding period is completed, return these tokens to the community pool, along with all staking rewards accrued.
Currently, Mars Hub has a total of ~15M MARS staked (apart from the aforementioned 50M). This amount is lower than desired, which may leave the network exposed to attacks. To deal with this situation, we propose to extend the community delegation program for another month, with a total amount of 25M MARS, divided evenly between all validators in the active set.
Specification
A smart contract, of which the source code can be found here, has been deployed onto Mars Hub at the address mars18a2u6az6dzw528rptepfg6n49ak6hdzkf8ewf0n5r0nwju7gtdgqzczfke. The contract features a bond function, which can only be invoked by Martian Council; once invoked, it will delegate all MARS tokens it holds to all validators in the active set.
Once a preset ending time (set to April 1, 2023 at 15:00 UTC) is reached, anyone can invoke the unbond function to initiate unbonding of the delegated tokens. Once the unbonding period is completed, anyone can invoke the refund function to return the unbonded token, together with all staking rewards accrued, to the community pool.
Implementation
To execute the delegation, Martian Council must approve two on-chain proposals:
- (This proposal) send 25M MARS tokens from the community pool to the contract;
- (Next proposal) initiate the delegations by invoking the
bondfunction.
Disclaimers/Disclosures
This proposal is being made by Delphi Labs Ltd., a British Virgin Islands limited company. Delphi Labs engages in incubation, investment, research and development relevant to multiple ecosystems and protocols, including the Mars Protocol. Delphi Labs and certain of its service providers and equity holders own MARS tokens and have financial interests related to this proposal. Additionally, Delphi Labs is one of several entities associated with one another under the “Delphi Digital” brand. Delphi Digital’s associated entities and/or equityholders or service providers of such entities may hold MARS and may have financial interests related to this proposal. All such entities, service providers, equity holders and other related persons may also have financial interests in complementary or competing projects or ecosystems, entities or tokens, including Osmosis/OSMO. These statements are intended to disclose relevant facts and to help identify potential conflicts of interest, and should not be misconstrued as a complete description of all relevant interests or conflicts of interests; nor should they be construed as a recommendation to purchase or acquire any token or security.
This proposal is also subject to and qualified by the Mars Disclaimers/Disclosures. Delphi Labs may lack access to all relevant facts or may have failed to give appropriate weighting to available facts. Delphi Labs is not making any representation, warranty or guarantee regarding the accuracy or completeness of the statements herein, and Delphi Labs shall have no liability in the event of losses or damages ensuing from approval or rejection or other handling of the proposal. Each user and voter should undertake their own research and make their own independent interpretation and analysis of all relevant facts and issues to arrive at their own personal determinations of how to vote on the proposal.