Proposal Review Call July 2nd

Delegates Delegate & Proposal Review Calls
2

Thanks to everyone who joined the Proposal Review Call on Wednesday! Below is a collection of summarized notes and links shared in the call.

:movie_camera: Proposal Review July 2 - Call Recording

:information_source: Check out the video description for timestamps on different discussion topics. Given we have the recording, notes will be kept very brief. Please watch the recording for full context!

Proposal Updates:

New Draft: [TPP] Security Council Bridge Funding - The Security Council plays an important role in ZKsync protocol security. This proposal provides 2 months of bridge funding for SC as contracts with SC members are being renegotiated. As the next version of the Security Council is being negotiated, but until then funding is needed to ensure the signing security of the existing model.

Questions:

  • Why is the Security Council so expensive?
    • Answer: The ZKsync governance system was launched with a professional Security Council as a core feature. The original SC was selected at launch to show strong readiness for protocol security & accountability. Each of the 12 signers are on different tears of SLAs in order to provide timely responses to emergencies. There are currently 4 institutions on 15 min SLAs, which are expensive. In practice certain SLA tiers have seem to be excessive given existing current security set up and are being reassessed. This is one the points that is being rethought in the next version and why this is only 2 months.
  • How are the signers and tiers justified with these costs?
    • Answer: @alisha will share more details on performance of Security Council thus far. Give more detail as to why members of professional security council was chosen at each SLA tear.
  • Why token price valued at 0.04 in the proposal?
    • Contracts are denominated in USD - payouts will always be fixed in USD based on 30 day average at time of payment.
    • Any excess tokens will remain unminted and will remain in the TA supply. There will be no “excess tokens” reserved for SC.
  • Who will be the sponsor?
    • Answer: @ZKSC still confirming a proposer. Could be someone within SC or could be an independent party.
  • Why post now if no sponsor?
    • Answer: SC wanted to start discussion now even though they have not yet confirmed a sponsor.

Update on Rate Limiter Minter Mod

The Gov Team has been working with Scopelift over past few weeks to develop the “Rate-limiter mod” - one of the minter mods mentioned in the Minter Mod forum post from a few months ago. The Rate Limiter Mod throttles the amount of tokens that can be minted from a capped minter within a given time period (e.g. mint up to 100K ZK per month). This contract can be “hooked up” to any capped minter going forward to create more modularity in each token mechanic.

The audit has been complete and we will share a post with all details and contracts for the mod itself and the corresponding factory within the next week or so!

ZKnomics Proposal Roadmap Overview

There will be a series of proposals (ZIPs & TPPs) over the coming months to enable technical functions and token utility. A few notable upgrades that are in the near-term pipeline include:

  • [Expected ZIP] Upgrade token contract with a public burn mechanism:
    • This ZIP will upgrade the token contract to enable a special “burn” function on the ZK token contract - but you can think of it more like a token “return” contract. This is currently in development and being audited.
  • [Expected ZIP] Enable Permissionless Staking Pilot:
    • The Staker contract allows ZK token holders to stake their tokens without any predetermined locking period, while simultaneously delegating their voting power. Key design choices include capped deposits, a reward emission stream over 30-day epochs, and a frontends hosted on Tally (stake.zknation.io). Over time, this framework allows for tokenholders to not have to tradeoff token utility opportunities like participating in DeFi with the ZK token, against participating in governance.
  • [Expected ZIP] Enabling decentralized sequencer and interop fee switches
    • Rolling out a decentralized sequencer will happen in phases. The Gov Team is asking the Matter Labs engineering team to share how they imagine these phases and on what timeline.

Upcoming version-change ZIPs:

  • V29: Next phase of interop, enable cross-chain messaging
    • Expected onchain by end of July
  • V30: More interop functionality, including asset transfers
    • Expected onchain sometime in August/September