Elys Network Consumer Chain Proposal
This is a proposal to launch Elys Network as an opt-in consumer chain. Opt-in consumer chains are intended to be launched permissionlessly, but in this version of ICS, a permissionless launch is not yet possible for technical reasons involving the chain_id. If you are interested, read more here.
This proposal is NOT intended to judge whether the chain is worthwhile to use or validate. Since it is an opt-in consumer chain, no validator is obligated to run it, and any validator can opt in or out its validator set at any time. Validators who do not feel that the chain is worthwhile are encouraged simply not to run it.
- Vote YES if you believe that this consumer chain is being started by Elys Network’s real development team, is not squatting on a chain_id commonly recognized as belonging to another chain, and is not launching a large number of consumer chain proposals to spam governance.
- Voting NO has no purpose. Voters who feel that this chain is impersonating another chain or that this proposal is part of a spam attack should vote NO WITH VETO
- Vote NO WITH VETO if this consumer chain is impersonating another chain, is “squatting” on an existing chain’s chain_id, or is part of a spam attack.
- Vote ABSTAIN if you are not sure. However, the criteria above are quite clear, and in most cases it should be easy to decide whether to veto a consumer chain launch because of impersonation or spam.
About Elys Network
Elys Network is Cosmos Hub’s all-in-one DeFi Layer-1 appchain, the first of its kind to be backed by the Atom Economic Zone (AEZ).
- Seamless trading experience rivaling top-tier CEXs while users enjoy all the benefits of DeFi. Trade assets across different blockchains without hassle thanks to chain abstraction and Unified liquidity
- Defragmenting Web3 with Universal Liquidity: By unifying liquidity and simplifying UX, Elys Network transforms the fragmented Web3 landscape into a cohesive and efficient ecosystem. Bitcoin, Solana, Avalanche, EVM chains everything is at your fingertips
- World-class UX for easy onboarding and asset onramps to bridge the Web2-Web3 gap
- Universal & Seamless DeFi for Everyone, Everywhere: Our platform offers a truly unified liquidity solution: regardless of your ecosystem or wallet, the world of DeFi opens up to you
- One-click Cosmos liquid staking for end users to easily bring Proof-of-Stake assets and earn passive rewards
Proposed Chain Parameters
- Type: Opt-in
- AllowList: Not needed for Elys Network
- DenyList: Exchange validators
- NumberCap: 40 validators
- PowerCap: 10% voting power [revised on 24 Jul based on community input]
Elys Network Incentive Structure:
- 30% airdrop increase for validators and their stakers who opt in for 1 year
- 25% of staking rewards to Cosmos Hub opt-in validators and their stakers. For the first year, that equates to 2 million ELYS
- 15% of protocol-retained revenue (revenue remaining after distributions to liquidity providers and stakers) paid out to Cosmos Hub opt-in validators and their stakers in USDC