Over the summer, CityCoiners developed a four-phase plan to stabilize the protocol. The phases were split into two separate CityCoins Improvement Proposals (CCIPs): CCIP-012 and CCIP-013.

Voting for CCIP-012 passed and has been successfully ratified, with 86% of the community voting in favor of the proposal, after voting ended at block 76,400 on Monday, September 19th.

What will happen next?

CityCoins core developers are preparing to implement phases 1 & 2 outlined in CCIP-012 and plan to begin work this week to:

• Modify coinbase thresholds to support 2% emissions
• Create a new Github repository to contain all CityCoins protocol contracts moving forward
• update current contracts to switch to using new smart contract vaults
  

This work is scheduled to be completed over the next two weeks, targeting completion on Wednesday, September 28th. Important milestones will be communicated in the #path-forward Discord channel as work progresses.

Please refer to the CityCoins Github Discussion page to see a list of all open tasks and remaining work.

In the meantime, CityCoiners should prepare for the next on-chain vote for CCIP-013.

Preparing to vote for CCIP-013

Next month, the community will vote on whether to implement CCIP-013, which includes phases 3 and 4 of the stabilization plan.

Phases 3 + 4 are intended to simplify CityCoins protocol design and bring ownership and execution of CityCoin contract updates into the DAO established in Phase 2. Here’s a quick overview of CCIP-013:

Phase 3: Simplify the CityCoins Contract Design

This phase consolidates the CityCoins core contract design for all cities and would be implemented and executed by the DAO established in Phase 2 to take ownership of the protocol.

The design simplifies the protocol structure by creating a central set of contracts for the protocol. User registration, mining, stacking, and activation are tracked per city, reducing the amount of overhead for protocol upgrades and maintenance.

Phase 4: Update Registration, Mining and Stacking Flows

In addition to the overall protocol changes above, this phase implements a change to the value flows in mining and stacking, such that:

• 100% of STX spent mining CityCoins is transferred to the city’s treasury
• 100% of the STX within the city treasuries are stacked for STX earnings
• CityCoiners will be able to lock their tokens to claim their portion of STX earnings

Voting on CCIP-013 is expected to begin on Friday, October 7th and run for 2 weeks.

Stay tuned for further updates on the CCIP-013 vote timing as work to implement CCIP-012 progresses.