Introduction
Hello, I am from pryzm.zone, a platform that lets you split your assets into principal and yield tokens. We are interested in the idea of the ATOM wars, a platform for governance and liquidity, but we have a different approach that we think is better.
For context, pATOM and yATOM are the tokens that you get when you lock your ATOM tokens on pryzm.zone. pATOM is the principal token, which means it keeps the same value as your original ATOM tokens. yATOM is the yield token, which means it represents the interest that you earn from locking your ATOM tokens. You can use pATOM and yATOM for different purposes, such as trading, staking, governance, or liquidity. You can also convert them back to ATOM tokens at any time.
For a simplified version of how Pryzm works, please see our twitter post titled - How to trade your future yield with Pryzm: a simple analogy with trees and fruit
Pryzm has a pGOV module that lets you vote on Cosmos Hub proposals, monetize your voting power and could easily facilitate a credibly neutral market place where users can trade their voting power. It is live on mainnet shortly and currently live on our testnet. You can see the detailed module documentation here: docs.pryzm.zone/pryzm-core/Modules/pgov/
Liquid Voting lets you have a say in how the original chain of your staked assets works. When you stake your assets on PRYZM, you give up your voting rights on the original chain. But Liquid Voting gives them back to you by copying the proposals from the original chain to PRYZM. You can vote on PRYZM using your cAssets and pAssets, and your votes will be sent to the original chain.
Leveraged Voting means you can vote more than your actual share of assets. For example, suppose Pryzm has 100 ATOM staked but only 5 people who have pATOM, decide to vote. Then each of them can vote as if they had 20 ATOM, not just one. This way, they have more influence on the outcome of the vote. This democratizes voting and means validators aren’t left with deciding votes.
A possible implementation for the ATOM wars could be to create a contract or module that lets users lock their pATOM for defined periods of time and awards them voting power multiples as per the original proposer’s suggestion. The votes are aggregated and then implemented by pATOM. Protocols and blockchains seeking to lobby the aggregated locked pATOM can then airdrop tokens to pATOM holders or, if their token is not live, award points to the pATOM holders in lieu of tokens, to be later redeemed for tokens.
Main Body
Our solution has several benefits:
- It uses the existing Cosmos infrastructure and standards, such as the IBC protocol, ICA, ICQ, the Cosmos SDK, and the ATOM token. It does not need any new tokens or platforms.
- It is secure and decentralized, without any centralized oracles.
- It is scalable and efficient, without any extra costs or delays. It also keeps the value and the utility of the ATOM token.
- It has a clear mechanism for distributing, inflating, and feeing the pATOM and yATOM tokens, based on the pryzm.zone refractor module.
We think our solution is more aligned with the Cosmos vision and values, and we invite you to join us in testing and deploying it. We welcome any feedback and suggestions on how to improve our solution and make it more compatible and complementary with the Cosmos Hub.
We would also highlight that to align with the Cosmos Hub, we have several other features that will benefit ATOM holders and we strongly believe that we will can significantly increase utility and revenue for ATOM holders.
- We are having restaking of ATOM to secure our chain.
- ATOM will be a gas token.
- We will have native liquidity pools on our chain enabling trading of yATOM, pATOM and cATOM
- ATOM could be a base asset in our liquidity pairs if governance approves.
- We are increasing ATOM utility by enabling tokenizing and monetizing of future yield.
- We are decentralizing ATOM by removing validators’ voting for unvoted LSD tokens.
- We are enabling LSD holders to vote on ATOM governance proposals and giving them leveraged voting power (as above)
Conclusion
Thank you for your attention and consideration.