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Cosmos Hub is offering grants to those interested in revamping ATOM

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Cosmos Hub is offering grants to those interested in revamping ATOM
Cosmos Hub is offering grants to those interested in revamping ATOM

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Cosmos Hub is determined to revamp the project’s native cryptocurrency, ATOM. However, the community shut down a recent proposal called ATOM 2.0 during the governance vote due to the lack of clarity and being too broad. Now, Cosmos Hub has decided to offer others to try and tackle the challenge.

Cosmos Hub is looking for teams to create proposals for revamping ATOM

According to recent reports, the community is still very much interested in the idea of revamping ATOM tokenomics and enhancing the token itself. They also launched the ATOM Accelerator DAO (AADAO) earlier this year. The idea behind it is to build a support community using grants so that contributors would be incentivized to participate in creating value for the project’s token holders.

With that being the case, the desire to revamp ATOM and the fact that the proposal was rejected in the governance vote provides a perfect opportunity for AADAO to give it a shot. AADAO has reacted quickly and has already launched an initiative to reward three research teams with $30,000 each to draft a plan.

With three different approaches to the issue, the community will have different options, and it will be able to pick the one that looks the best. Each of them will be carefully studied and discussed. If the community members agree to incorporate one into one or more formal governance proposals, one of the three plans might pass the next vote. This was explained in a recent blog post that pointed out the details of the initiative to those who might consider participating.

The blog post stated, “We want to favor a bottom-up approach to make the entire process as organic and community-driven as possible.” After being selected for the grants, the recipients will have 45 days to create a proposal and publish it on Cosmos Hub’s discussion forum, where the community members will have access to it and the opportunity to review it.

How will the process work?

The terms state that each of the research teams would have to publish their ideas separately. After that, it will be on the community to review the proposals and offer feedback. If two or more proposals end up preferred by the community, then more than one could end up on-chain for the official governance vote. In that case, the proposal that passes a quorum threshold and receives the majority of votes will be the one to be executed.

AADAO also added that the last phase of the process would be selecting and funding one or more teams to contribute to the implementation roadmap. Any teams interested in realizing the project’s vision can apply for the grant.

In fact, applications for the grants had already started on April 4th, and they will close on May 4th of this year. The winners will be announced on May 15th, and they will have to provide their proposals between June 30th and July 7th, at the latest. After that, the winning proposal should be selected by August 31st.

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