Signaling Proposal: Remove Unverified Status from Gelotto (GLTO) Token

Signaling Proposal: Remove Unverified Status from Gelotto (GLTO) Token

Voting

A vote of YES indicates that you agree that the unverified status should be removed from the Gelotto (GLTO) token and the GLTO token should appear on the Osmosis front-end in the same manner as verified assets.

A vote of NO indicates that you disagree that the unverified status should be removed from the Gelotto (GLTO) token, and that warning labels and additional steps to exchange this token should remain in place.

A vote of NO WITH VETO indicates that you believe this proposal is harmful to Osmosis and that the proposers should be penalized through the loss of their deposit.

Background

The Gelotto (GLTO) token was launched in June of 2022 and initially distributed via airdrop to holders of various Cosmos/IBC assets. GLTO began trading on Osmosis (https://app.osmosis.zone/pool/778) shortly thereafter. GLTO is the primary currency of the Gelotto platform (https://gelotto.io).

The Gelotto platform is focused primarily on cryptocurrency-based games of chance. To date, Gelotto has built two types of lottery-style games, an NFT-raffle game, a coin-toss game with numerous options, a sports squares game based on scores in sporting events, and is currently developing a prediction market that includes the option to use humans as oracles (that are compensated for their services), an NFT-based game relating to augmenting and battling creatures represented by NFTs, and various casino-style games. Gelotto has also created a custom system that enables holders of the GLTO token to share in the revenues and expenditures of the platform that has been termed “staking as the house”.

Additionally, Gelotto operates 12 validators in the IBC ecosystem and has launched 9 NFT series, each associated with benefits on the Gelotto platform. Gelotto has also created automated tooling to distribute rewards to holders of various NFTs and other useful open-source tooling such as access control list (ACL) and user-account smart contracts, among others. (https://github.com/Gelotto)

The Gelotto community includes hundreds of enthusiastic participants who frequently participate in off-site poker games and various other community events (including an upcoming fantasy sports league), test Gelotto games and offer feedback, and trade the GLTO token.

While GLTO is available on several exchanges, Osmosis dex is the primary exchange through which the largest volume of GLTO is purchased and sold, by a very large margin.

Problem to be Addressed

When the Osmosis Frontier front-end was merged with the main Osmosis front-end, certain tokens – namely, tokens that are not associated with liquidity pools currently receiving OSMO incentives, and tokens that do not have a market cap or trading volume above a selected threshold – were labeled with an “unverified” status. Users that wish to exchange these tokens are presented with a warning and must confirm an acknowledgement that these assets are unverified before being permitted to conduct transactions. Additionally, even after acknowledging this status, these assets are continuously labeled with a warning symbol (a triangle with an exclamation point inside).

The measures that are taken with regard to unverified assets, when delivered by a large and reputable dex such as Osmosis, create the perception that something is inherently wrong with an unverified asset, and that these assets are potentially dangerous or associated with a possible scam. This is especially applicable for new users that are not already familiar with an asset. For example, a number of new users interested in participating in games on the Gelotto platform initially believed that they had not located the correct GLTO token and had instead located a “scam token” that was imitating the actual asset.

Proposed Solution

This signaling proposal has been presented to the Osmosis community to request removal of the unverified status from the GLTO token.

While the need to protect users of the Osmosis Dex from malicious actors is understood, the Gelotto platform has been in existence and actively building for over a year, the GLTO token has been actively traded for over a year, and it is believed that while the market cap and trading volume of the GLTO token is low, the GLTO token has been established as an asset that is neither dangerous nor a scam.

The unverified status of the token may deter new users from exploring the Gelotto platform, and creates additional workflow steps for existing users. Maintaining this status is not appropriate for an asset that has been established.

Links

Gelotto website: https://gelotto.io

Gelotto Discord: https://discord.gg/NsNJsuK4HK

Gelotto Twitter (X): https://twitter.com/Geltto2

Gelotto Github: https://github.com/Gelotto

GLTO/OSMO Liquidity Pool: https://app.osmosis.zone/poo/778

Forum Discussion for this Proposal: https://forum.osmosis.zone/t/signaling-proposal-remove-unverified-status-from-gelotto-glto-token/236

Personally, I really don’t think a governance proposal is needed to remove the “unverified” from GLTO and many other tokens. This just needs to be fixed.

Also, I find it odd that the “unverified” warning shows up when swapping tokens but the “transfers disabled” warning doesn’t.

1 Like

Agree with RR here. Maybe we can have a discussion of all tokens that should be “verified”? Anything with significant volume and known devs should be verified imo.

I think a method which can’t be tricked is needed anyways.

I mean; looking at the prerequisites;

  • receiving OSMO incentives
  • market cap above a certain threshold
  • trading volume above a certain threshold

Of these 3 at least 2 can be tricked by fake volume or pumping the price. If the label is then auto-removed it looks legit, while it still can be scammy as hell. So this method is kinda wonky anyways and needs a more fool-proof method imo. You also don’t want to manually check each and every token / project, because that is in potential way too much to do. Not sure which smart route can be devised to create this automatic check though which can’t be fooled.