Summary - This proposal would accomplish the following: A validator will be run on the new Umee blockchain with the intention of providing a revenue stream for the DAO. This is the third validator proposal from TaxiStake. We are also requesting pre-approval for Juno and Terra validators.
Abstract - Umee is decentralized infrastructure for cross chain interactions between networks. Umee connects users to create lending and borrowing positions, move capital across chains, discover new yield opportunities and explore DeFi applications intersecting networks in a seamless and trustless manner. Umee’s mainnet launch is imminent. TaxiStake was involved in two incentivized testnets for the Umee network and has been selected as a genesis validator for the Umee mainent. Here is a link to our Umee genesis transaction pull request: https://github.com/umee-network/mainnet-gentx/pull/95/files
The validator will be run under the TaxiStake name until we pass the ShapeShift governance process, then it will be renamed to ShapeShift DAO.
You can find more about Umee on their website: https://umee.cc/
Specification - We are proposing that the ShapeShift DAO expands it’s validating footprint with a mainnet validator on the Umee network. Umee has a working Tendermint to Ethereum bridge that will allow the ShapeShift DAO to potentially hold or interact with wrapped ATOM in the Gnosis safe. The Umee platform also will allow users to take loans against these ATOM in the form of stablecoins. The web-app is available to test here: Umee — the Cross Chain DeFi Hub
As discussed in the first forum post, this proposal also includes pre-approval for Terra and Juno validators. I do not have an ETA for those yet. On completion of these validators, we are requesting 10,000 FOX for each deliverable. https://forum.shapeshift.com/t/scp-63-operate-an-umee-validator-on-behalf-of-the-shapeshift-dao
TaxiStake is working to schedule an AMA with the Umee team for the ShapeShift community.
Setup and maintenance of the validator will be done by TaxiStake under the ShapeShift brand name. Rewards, in the form of UST, will be distributed to the DAO’s Gnosis Safe to diversify the income streams of the DAO. Once the Umee mainnet is launched, it will be assessed if the DAO would prefer to receive wrapped ATOM instead of UST.
Since November 2021, the ShapeShift DAO has received approximately 102,556 UST from validating operations partnering with TaxiStake.
We are proposing that the Umee validator commission be set at 5% and the commission from the ShapeShift validator will be distributed to the DAO treasury and TaxiStake in a 70%(DAO)/30%(TaxiStake) split of minus $2600/month for operating and maintenance expenses. The term is set for a 12 month period starting March 1st, 2022 through February 28th, 2023. TaxiStake is requesting 10,000 FOX for the initial setup and creation of an Umee validator. Umee users who delegate to the ShapeShift Umee validator will be supporting the ShapeShift DAO as well as securing the Umee network. TaxiStake will convert the Umee into UST until Gnosis Safe adds ATOM support or synthetic ATOM on ETH is possible.
Benefits - By creating a third validator for the ShapeShift DAO, it will continue to expand revenue generating activities from staking.
Drawbacks - There is a request for 10,000 FOX ($3,600 @ $0.36 FOX).
Vote - If you vote “ for ” this proposal you are voting to create a ShapeShift DAO Umee validator with the specific details laid out in this proposal. 10,000 FOX will be sent to TaxiStake. TaxiStake will provide regular payments of stablecoins in return for the use of the ShapeShift name on an Umee Validator. This also acts as pre-approval for a Juno and Terra validator, with the same terms.
If you vote “ against ” you are saying you do not believe this Umee validator should move forward per the details presented in this proposal.