What: A tool / bot / contract / whatever you want to call it that allows automatic rewards compounding for staked IBC assets + current delegations overview and management.
How: The auto-compounder makes use of a new feature in Cosmos SDK called Authz. This allows an operator to send certain pre-authorized transactions on a delegators behalf (you). In our particular case, two actions are granted specifically for our validators:
The transactions to claim rewards and delegate are paid for and executed by a “proxy wallet” pre-loaded with small amounts of gas. The grant is set to expire 4 months after the initial approval and can be revoked at any time.
- Osmosis: once a day shortly after epoch
- Cosmos: once a day because of the relatively low reward rates
- Umee: twice a day because math
Rewards claimable must meet a certain threshold (math must make sense), otherwise your wallet will be skipped for that run.
Listed APY rates are rough napkin math estimates; more accurate numbers will be worked on soon
- Higher APY rates for delegators, consistent & faster growth for the DAO’s validators → more revenue generated for the DAO → everyone wins
- Testing ground until the eventual move to the ShapeShift platform as a plugin after refactoring + launch of Cosmos; current version is a fork from ecostake.
The network dilemma: Pretty much all #IBCgangsters are probably staking other assets that ShapeShift is not an active validator on; while more networks like Juno, Stargaze, Secret, etc., can be added easily, it doesn’t make sense to pay for your gas if it’s not benefiting our DAO. Currently exploring the idea of a separate grant contract in which the bot operator doesn’t pay for your gas.
- Currently using public RPC endpoints so the tool occasionally times out when the node is congested. The tool will re-attempt until all delegators are checked and grantors are compounded (over 400 delegators on our Cosmos validator…)
- No mobile or ledger support yet
- I’m serious, don’t even attempt to view on mobile; I paid no attention to responsive design
Without further ado, meet FOXfrens IBC Cosmonauts, go get dat sweet compounded APY