Below is the correctly formatted network proposal
This vote is a temperature check for what has been proposed in the latest update \https://forum.icon.community/t/soda-xchange-sodax-icon-s-next-chapter/3992
Below is a summary of what has been completed so far and what’s coming next:
Completed Work
- New relay infrastructure: Deployed to mainnet, connecting all existing chains.
- Money Market contracts: Deployed on Sonic mainnet.
- New asset managers: Deployed on all existing chains.
These pieces form the foundation of the new infrastructure that will allow us to better utilize Network Owned Liquidity (NOL).
We’ve also built supporting SDKs to make integration easier for front ends—whether for market interfaces or cross-chain swap services.
Next Steps (In Progress)
- Deployment of new bnUSD contracts on all connected chains.
- Updated Solver with enhanced functionality.
- Solver connected to all chains we’re integrated with.
These upgrades are targeted for mainnet by the end of May.
We’re sharing this to give validators insight into how far along the infrastructure changes are.
What’s Next
This current proposal is a temperature check to gauge agreement on the proposed direction.
If this proposal passes:
- Within the next week, we will submit a formal network proposal to update emissions:
- Remove all emissions going to NOL and CPS.
- This would reduce ICON’s total emissions to 3%. There is no change to staking rewards
After that:
- A second proposal will follow to migrate 25% of the existing NOL to the new infrastructure. This is required before we update our front ends.