PIP Name: PIP-43: Paloma GRAIN Token ERC20 Design Specification and Signaling Vote
Status: Proposed
Author(s): @LARRY
Type: Signaling Vote
Discussions-to:
Created: 09/12/2023
Simple Summary
The VolumeFi Team proposes to the Paloma Foundation a specification template for the Paloma GRAIN token as an ERC-20 token on EVM related networks. The VolumeFi team hopes that the community will vote on this proposal and that the community will launch the Paloma GRAIN token. The Paloma GRAIN token needs to establish value in order to deliver on the promise of securing the cross-chain network with a tradeable token, GRAIN.
Abstract
The Paloma Protocol uses the GRAIN token on the Paloma L1, Cosmos-SDK, blockchain. In order to create a lively and active relay ecosystem, the GRAIN token must be available to pay for relay transactions on any target blockchain, as well as Paloma’s main chain. Also, the GRAIN token must be tradeable against the native token of any EVM blockchain, including Ethereum, Binance Chain, Zk-chains, and Polygon etc.
To achieve this objective, we propose a GRAIN token design for the community to review and vote with a signaling vote based on specifications outlined in this PIP. We request active feedback and discussion on this proposal, while any community member may follow the instructions below to propose the vote at any time.
Motivation
- Test the robustness of the Paloma Gravity Bridge launched on Paloma v1.8.0 and Pigeon v1.8.0
- Agree on the Paloma GRAIN token ERC-20 template that will be the template to create any GRAIN token account on any target EVM chain supported by the Paloma validators.
- Publish on-chain vote to deploy the official GRAIN ERC-20 token on Ethereum, BNB Chain, Polygon, Optimism, and Base.
Specification Overview
The ERC-20 token for GRAINs template is available here for inspection.
Technical Specification
The GRAIN token ERC-20 template specification aims to consider that the GRAIN token will have a high degree of bot and MEV trading activities. Thus, the Volume team recommends token specification of an ERC-20 that will be optimized for Uniswapv3 decentralized automated market maker software.
ERC-20 Token Parameters:
The following parameters are those proposed for the Paloma GRAIN token:
- Contract Owner: Paloma Compass-EVM address on the target chain.
- Total Issuance: 5,000,000,000 GRAINs, which is matched and bounded by the GRAIN token on Paloma
- Buy Tax: None
- Sell Tax: None
- Blacklists & Whitelists: None
Compass-EVM Blueprint Contract:
The Paloma ERC-20 Token template contract is deployed on the following blockchains and addresses:
| Chain | Paloma ERC-20 Blueprint Contract |
|---|---|
| Ethereum | 0xc05366af6124d5a413916e4730bf7eecafea7fb9 |
| BNB | 0x1Dd9c9BcfD203c1100e660076b713a401272a140 |
| Polygon | 0x1f576f2021b6ebdf229750f54fdfd31206141e65 |
| Optimism | 0x1f576f2021b6ebdf229750f54fdfd31206141e65 |
| Base | 0x1f576f2021b6ebdf229750f54fdfd31206141e65 |
Compass-EVM Blueprint Contract Source Code:
The script deploy_erc20 is used to deploy erc20 from its blueprint to bridge between Paloma and Ethereum. The blueprint ERC20 token at https://github.com/palomachain/compass-evm/blob/master/contracts/PalomaERC20.vy should have been deployed already using deploy_blueprint.py script located at https://github.com/palomachain/compass-evm/blob/master/scripts/deploy_blueprint.py. The ERC20 token can be managed by Compass-EVM. That means the token has minted maximum amount (2 ** 256 - 1) into Compass-EVM and can transfered from the Compass-EVM whenever it asked from Paloma side. But the token balance in Compass-EVM is not considered as minted externally because the total supply of the token is calculated just like 2 ** 256 - 1 - (token balance of Compass-EVM). This can be run from submit_logic_call() to self address.
The Signaling Vote Proposal
{
"title": "Paloma GRAIN token ERC20 Specification and Template Design",
"description": "Signaling vote to design the GRAIN ERC-20 Token that will live on all target chains supported by the Paloma validator set. Details of the vote are available on https://forum.palomachain.com",
"type": "Text",
"deposit": "10000000ugrain"
}
The Signaling Vote CLI Command
palomad tx gov submit-legacy-proposal --proposal <Path to pip-30.json> \
--chain-id=messenger \
--from <Your Paloma Address> \
--fees 400ugrain \
-b sync -y
How to Vote on the Proposal
palomad tx gov vote 30 yes \
--chain-id=messenger \
--from <Your Paloma Address> \
--fees 400ugrain \
-y
Rationale
The promise of Paloma GRAIN token available on all chains for relay payments means that Validators and Paloma GRAIN holders can convert GRAINs into useful work on any target chain. Also, the Paloma Gravity bridge allows users to convert their bots into tokens that they are able to trade and compose into new financial primitives. This important upgrade will allow validators to enjoy the next step to monetizing their datacenters and making the Paloma ecosystem self-sustainable.
About Paloma
Paloma Protocol is a Cosmos-SDK blockchain protocol custom-built for omnichain communication that allows permissionless controls of any contract on any chain. Designed by Volume, and run by a global network of validators, Paloma delivers the world’s first intelligently scheduled and automated smart contract transaction execution for the Cosmos ecosystem. The protocol enables developers to remotely control the transmission of value without the need to wrap, bridge tokens, or trust validators with their digital assets.
To learn more about Paloma, please visit https://palomachain.com
To follow the project on Github, please star the project GitHub - palomachain/paloma: The fast blockchain messenger protocol
To participate in the community, please join the Paloma Discord: Paloma