Register Minswap LP ADA for Catalyst

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Proposal Overview:

ADA in DeFi such as Minswap LPs currently cannot take part in Catalyst voting. However, this ADA in LPs can be registered for Catalyst by Minswap Labs, and a vote can be conducted on which proposals get upvoted. This Proposal is being brought forward in the light of a poll where the Cardano community responded with overwhelming support of that idea, with around 78.6% voting in favor of registering ADA in Minswap LPs to vote on Catalyst. Some thoughts on the importance of enabling Minswap LPs to participate in Catalyst from the Minswap Labs team can be found here.

This proposal aims to establish a workflow voting process for registering the ADA in Minswap LPs. This multi-step approach involves collaboration between Minswap community managers, Cardano community volunteers, and $MIN holders. The goal is to collectively decide on which proposals will receive upvotes from the ADA in Minswap LPs.

Step 1: Registration of ADA in Minswap LPs on Catalyst

We propose registering Minswap LPs’ ADA on Catalyst as a prerequisite for participating in the Catalyst governance vote. By completing this registration, Minswap LPs will gain the ability to exercise their voting rights on Catalyst.

How does Catalyst Registration work for LP funds in the Minswap DEX Smart Contract?

Registering for Catalyst voting requires only the stake key. It’s essential to note that the Smart Contract’s payment key remains inaccessible, ensuring that no one can sign transactions that would involve moving user funds. However, the delegation of the Smart Contract can be changed using the stake key, which is the method we have employed for delegating it to the MIN pool and to SPOs. As such, Minswap Labs has no access to the funds locked in the Smart Contract.

Step 2: Filtering Proposals

A group consisting of Minswap community managers and Cardano community volunteers will collaborate to filter the current 1,000+ proposals down to a more manageable number, such as 50 proposals. This initial screening aims to include only relevant and feasible proposals for further consideration. The screening will specifically focus on Catalyst Proposals to advance DeFi on Cardano. As such, not all Catalyst categories will be included.

A List of Proposals will be shared with all the filtered Proposals, including why they were chosen, as well as the score obtained by Catalyst community assessment.

Step 3: $MIN Holder Vote on Proposals

The filtered 50 proposals will be subject to a vote among $MIN holders. Given that Minswap LPs are rewarded with $MIN and actively participate in the ecosystem, their input in selecting the Top 20 Proposals is crucial. This step ensures decentralized governance and representation from the broader Minswap community.

Step 4: Catalyst Voting

The Top 20 Proposals, as chosen by $MIN holders, will be upvoted on Catalyst. Minswap LPs will participate in the voting process based on the $MIN Holder Vote on Proposals, making the Minswap DAO one of the most significant contributors to the Catalyst governance process.

Currently holding 168.88mn $ADA TVL, the Minswap DAO would be voting with 84mn $ADA, establishing it as a prominent participant on Catalyst. Involving all Minswap LPs in the Catalyst voting process as a unified community would set a precedent for Cardano Governance, emphasizing the principles of structure, fairness, transparency, and decentralization, which can we hope are adopted by other DAOs in Cardano in the future.

  • Yes, pass this Proposal
  • No, do not pass this Proposal

0 voters

5 Likes
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Wow, seems like you should have more than 24 people making this decision. No? lol

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This is just discussion. The vote will happen on chain.

6 Likes
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This is why we love Cardano and is something that promotes community in a very real way, this also allows peeps with a small amt of ada to have a large impact on Cardanos direction. Can you say Pushing power to the edges? This is something that Freeloaderz and Mehen embody as well, thanks Minswap Team for empowering our community in a real way love it:-)

2 Likes
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I think that the 2nd step of the this proposal should be much more detailed: Reducing more than 1000 proposals to only 50 is the real deal, especially knowing that the voting power will be high. After the screening, Step 3 sounds just like a formality, choosing 20 of 50, and the vote of $Min holders becomes nearly irrelevant.

  • How many people will make the fundamental decision about which proposals are to be included in the next step?
  • What criteria will be used in step 2 for the filtering?
  • Will good proposals coming from other DEXes be included, or any proposal from competitors are going to be excluded?

Crypto is about trust and removing middlemen. But I think that this proposal is putting more middlemen between Catalyst proposals and voters. My vote is a “No”, at least until step two is much more detailed…

2 Likes
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Hi, thanks for the feedback.

I understand the concern and the criticism. But frankly, enabling LPs to vote is a complex process, and a process where the top 50 proposals are filtered seems absolutely necessary to enable it. Here are the Guidelines we have established for now.

Background

In order to design the principles used to evaluate and filter Catalyst Proposals for $MIN Holders to vote on we first need to consider the following: the ADA voting is ADA from Minswap Liquidity Providers. Many of these Liquidity Pools are not only highly incentivized by projects themselves, but many times it’s the projects themselves that own and manage a large part of their Liquidity on Minswap.

As mentioned before in the Minswap Forum post on whether to Register Minswap LP ADA for Catalyst recently approved through on-chain Governance, a group consisting of Minswap community managers and Cardano community volunteers will collaborate to filter the current 1,000+ proposals down to the more manageable number of 50 proposals.

This group of volunteers has to balance the interests of the projects providing and incentivizing Liquidity on Minswap, the Minswap protocol, and the Cardano (mainly DeFi) ecosystem as a whole.

Guidelines

  1. Inclusion of Minswap Labs Proposals: Minswap Labs is the development company that built and actively develops the Minswap DEX. We assume Minswap Liquidity Providers, as some of the active users of the platform, are interested in these proposals.
  2. Prioritization of Liquidity Partners on Minswap: large projects providing and incentivizing their own Liquidity on Minswap such as: Lenfi, NuNet, Ape Society, Iagon and more.
  3. Prioritization of Proposals that will significantly impact and improve Cardano developer tooling
  4. Prioritization of Proposals which will be open sourced
  5. Prioritization of Proposals from teams with a history of delivering valuable tools for the Cardano community. Preferably teams who were previously funded on Catalyst, or that have delivered projects which are widely used by the community currently.
  6. In order to have the best impact, the Minswap LP ADA will be voting only on 6 categories:
  • Development & Infrastructure
  • Open Source Dev Ecosystem
  • DAOs :heart: Cardano
  • Developer Ecosystem - The Evolution
  • Products & Integrations
  1. Other common themes across the proposals include the need for audits and bug bounties, the goal of increasing DeFi usage on Cardano, the desire to strengthen liquidity in the ecosystem, empowering Cardano developers with open-source tools, and upgrading contracts for efficiency and functionality.

Filtering Process

The group of community volunteers will filter proposals according to the above criteria. A reasoning of 2-3 sentences will be included on why this particular proposal was chosen, as well as a short summary of the proposal (2-3 sentences). Then, a score given by the Proposals themselves of 1 out of 5 will be given (this is the “Community Assessment Score”). The score obtained by each Proposal during Catalyst assessment will be included as well.

3 Likes
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I think it would make more sense to concentrate on proposals from projects that have assets listed on Minswap, not just DEFI proposals. Supporting projects listed on Minswap would be more likely to benefit users of Minswap.

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Ok, thanks for the information.

Having taken part to previous funds voting, I know that it is impossible to review all the proposals, as it is time and energy demanding. And sometime it is technically hard to distinguish between achievable proposals and well written science fiction. I end up using mods qualifications mostly and voting the most popular proposals, like most of us, I guess. But I also try to read some less popular ones, which are sometime interesting and deserve to be funded too.

So, I really hope that the filtering process will not fell into bias like focusing on short term interests or cronyism, and that the participants will keep an open mind.
Trust is our most importante asset…

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Pls see my latest response

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Would be honored if the Minswap Community (which I have been a part of since the beginning:-) considered me as a volunteer member working to insure the most impactful not only to Minswap holders but to the wider Cardano ecosystem proposals are considered for the vote with the ADA in MIN LP’s. Thanks Purritto for the clarification here as it impacts everyone of us in our decisions as to how best help our projects/end users In Minswap now and into the future.

2 Likes
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Hi, I wish to offer a better way to conduct this discussion using the “consenz agreement building platform”, (and by that also to demonstrate its value to the community and hopefully convince you to support its F10 proposals).

Currently, the discourse forum allows members to reply and provide feedback, but it lacks a straightforward method for suggesting specific improvements to the process guidelines as proposed originally. As we all know, the success of any proposal lies in the details, and having an efficient way to incorporate relevant suggestions is crucial.

On the Consenz platform everyone can comment on a specific section, and more important, to suggest improvement by publishing new section suggestion or new version suggestion to existing section of the proposal.

These suggestions are subject to a voting process. If a suggestion garners sufficient support, it will be incorporated into the draft, which could serve as the final proposal for the on-chain vote.

I’ve taken the liberty to create a new group for the Minswap community on the Consenz platform and have already uploaded this proposal. You can find it and engage with it here:

In this video I show how exactly the platform can be used: https://youtu.be/Sj-ICdrT-aE?t=63

I understand that the UI/UX of the platform’s current MVP version may not be perfect, but with additional funding from Catalyst, we will be able to improve and refine it with your valuable support.

Most impotently I hope that it will be useful for this discussion and will benefit the Minswap community.

1 Like
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hey just curious where were at with this process, who has been added to the community portion of the proposal reviews and what we can do as community members to facilitate the best possible use of the funds toward voting for projects who will make Cardano better in every way

1 Like
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Any news about it? I’m impatient to know about it

1 Like