Three Things You Need to Know About Sommelier Governance This Week

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Three Things You Need to Know About Sommelier Governance This Week

It’s time to open more bottles! Thanks to the engineering team working on the Sommelier protocol, governance is active. We present to you the three latest SIPS proposed by the community on the Sommelier Protocol for voting that will close on Thursday January 13, 2022.

Just like with SIPS-003, these are important proposals that have to go live before we can proceed with the Airdrop of SOMM Tokens. These proposals are already live and in voting read on to understand what will happen.

[SIPS-004] The Staging Tokens for Airdrop Proposal

In order to implement the will of the community to as defined SIP-001 and SIP-002, 14.6 million SOMM will be moved into a staging multisig. These values are derived from the computations provided by VolumeFi here: https://github.com/VolumeFi/somm_airdrop. This multisig will have two responsibilities. First, it will send 3.4 million somm to itself on osmosis for distribution to the addresses defined in the snapshot. Second, it will send 11.2 million SOMM over the Somm gravity bridge to an merklemined distribution contract. Failure to execute these functions correctly will be considered a protocol failure and be resolved by a hardfork. The airdrop is currently under testing from the community here https://airdrop.sommelier.finance/. Once the Sommelier tokens are moved to the appropriate wallets on Osmosis and Ethereum, the airdrop site will switch from testnet to mainnet. However, before this can be completed, the Sommelier network upgrade must be completed by the Sommelier validator set.

Sommelier Upgrade to Carbernet Franc

This proposal is a special proposal. It will require a Sommelier chain halt and an upgrade of the Sommelier protocol software to the latest version. This proposal calls for an upgrade to the Sommelier Chain to Sommelier v3 This upgrade wipes the state of the current Gravity Bridge on Ethereum to enable redeployment of the new Gravity Bridge contracts to the Ethereum mainnet. The previous Gravity Bridge will be abandoned. The Allocation Module to enable Uniswap v3 cellars will be included in this upgrade to enable demonstration of the Somm protocols data provider driven rebalancing. Current validators are asked to be prepared for the chain height alert at which the network will halt and the upgrade will be required. If you’re seeking to join Sommelier as a Validator, please make sure that you have access and are able to set up your validator for this new version. This upgrade is required before the Sommelier SIPS-004 or SIPS-005 can be executed.

[SIP-005] The Increase the Governance Quorum Proposal

The proposal is a proposal to change a parameter in the Sommelier protocol. The parameter is the minimum quorum parameter that was set at 5% but now will be 50%. This proposal increases the quorum of staked somm tokens required to vote. The upcoming airdrop enables permissionless proposals. As the Somm becomes more widely held and governance becomes more permissionless, it's important that the quorum increases will ensure widespread buy-in from token holders for governance actions. As the network continues to come online, parameter changes like these will be important to update and share with the community.

Conclusion

Sommelier has more features planned and more proposals to come as Sommelier Cellar proposals are offered by the community. Come join our growing community and be part of the Sommelier network.

To learn more about Sommelier’s proposals, please visit the Forum

https://community.sommelier.finance/

To use Sommelier, try the Pairings App at https://app.sommelier.finance/

To participate in the community, please join our Telegram group https://t.me/getsomm

To follow the project on Github, please star the project https://github.com/PeggyJV/sommelier