Yeah, this is a No from our end until there is a clear timeline on when Nomic will go live.
If they are not even sure if the chain is safe for their token how can an agreement like this exist?
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The Nomic DAO Foundation supports this proposal for revenue sharing on Osmosis. nBTC is currently live and both deposits and withdrawals are fully integrated into Osmosis. Currently, while Nomic undergoes auditing, there is a capacity limit of 21 BTC.
Should this proposal be approved by both Nomic and Osmosis governance, this can be implemented and the capacity limit would still apply. We will be able to support implementation and estimate it would take 1-2 months.
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Would the limit be higher in the future? Since in theory when everything is successful a limit of 21 BTC can be limited.
Further, is the limit bi-directional? Or 21 BTC per direction?
For transparency: I validate both Osmosis and Nomic, but voted against for now, since there is still so much unclear. Not up to commit to a feature which has not been finished and fully tested for integration yet. For all we know it might prove this is not even possible, leaving us stuck with a commitment which canât be fulfilled. And other projects wonât try due to this commitment.
The cap is a fixed amount - not sure how this would be bi-direction since that would mean that Nomic could mint bitcoin that it didnât have in exchange for nBTC?
I get the impression that this cap is during the audit to limit the impact of any issues and would either be lifted or raised after this.
However, there isnât much point in having a cap of more than a percentage increase on current supply in the long run. Plus the cap is irrelevant right now since it looks like there are only around 4.5 BTC transferred across the bridge.
Aaaaah, with your comment I get it.
I read it differently with a capacity of 21 BTC value being bridged in a certain timespan. Whereas the point might have been that a total value of 21 BTC can be placed in the Nomic bridge in general.
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To enable this requires a further proposal to go on chain post-v26 to approve that:
nBTC is ibc/75345531D87BD90BF108BE7240BD721CB2CB0A1F16D4EBA71B09EC3C43E15C8F on Osmosis.
The allBTC alloy it is a part of is pool ID 1868.
A skim percentage of 10% will be sent to a designated address (Awaiting from Nomic developers)
I will load this when possible.
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As we approach the on-chain vote for this proposal, we would like to express our support. We intend to vote positively on this revenue-sharing agreement, which we find balanced and mutually beneficial. The proposal aligns a swap revenue fee share with transfer cost optimization, providing tangible benefits for users, making it a win-win situation.
We appreciate @RoboMcGoboâs approach to adjust the routing fee based on nBTC weight in the alloyed pool, adding flexibility. However, we would like further details on its technical implementation, specifically whether this adjustment will be automated through contract-level integration or require manual oversight, as seen with the protocol fee sub-DAO.
Furthermore, the removal of bridging fees for Osmosis users transferring BTC via Nomic or moving nBTC is a welcome addition to the agreement. Such smart moves will enhance the user experience and solidify Osmosisâ role in fostering efficient IBC routes. We hope to see more of these in the future of the Osmosis chain. Being the chain concentrating the most IBC routes, in and out, it is essential to consider incentive mechanism to favor these routes and this proposal is a very good example of such.
On behalf of the PRO Delegatorsâ validator, we expect to cast a YES vote to the following set of proposals.
Govmos.
Positive note to this thread; Nomic is now working on upgrade to v9.0.0 which will include the implementation of the revenue sharing agreement. So we are getting closer and closer ^^
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There have been numerous positive developments in the ecosystem recently, and itâs a pleasure to see more collaboration efforts taking shape. This spirit of cooperation is what sets Cosmos apart.