Continuation Proposal for Fee Grant Faucet Maintenance (July-December)

Secret Governance
1

Hey everyone,

following the unanimous support I received from the community and governance towards the CCBL Fee Grant Faucet initiative, I am grateful for the warm reception. I wanted to provide an update and outline the next steps, especially pertaining to the funding needed to ensure the fee grant faucet’s continuity.

We have already made significant deliverables since our initial grant proposal:

  1. A dedicated treasury has been established that holds the access funds required for operating the faucet. For transparency, a separate forum thread detailing the balances and transactions was created here: Fee Grant Treasury. You can also use this address to make donations.
  2. I have successfully integrated an additional node to my public API node as promised. Since then we have established the community API endpoint secret.express, which we now use for the faucet as well.
  3. Keplr implemented Fee Grants into their wallet thanks to your efforts.

However, the journey does not end here, and in order to keep the faucet flowing, I would like to present a continuation proposal for the maintenance of the Fee Grant Faucet for the period of July to December. The cost breakdown is as follows:

  1. VPS for the website hosting + Cloudflare: $20/month. Tractorbeam was so kind to provide a node with sufficient specs for the node with far less costs.
  2. An hour per week for support, upgrades, and maintenance of the faucet, which also includes refilling the faucet regularly. This is estimated to be around $320/month (4x $80/h).

It’s important to note that we no longer require an extra node as the faucet now uses the Community API Endpoint Secret Express, which is a significant saving from our previous projections.

This brings the total funding request to $2040 for the period of July to December.

These funds will ensure the faucet remains a reliable, secure, and efficient tool for our community. I look forward to continuing this work and appreciate any and all support provided. Please feel free to share your thoughts, concerns, or any feedback.

Best,
Secret Saturn

1 Like
2

Based on the feedback from the gov call I’ve changed the proposal costs in the original post, total ask now is: 2040$.

Based on the feedback, I’ll implement a balance check directly into the faucet. It will do an extra check if the balance of that particular account is below 0.1 SCRT.

Here are some rough numbers of the faucet usage that don’t take a huge amount of time for a more in-depth chain analysis:

  • Around 1500 Faucet Transactions between July 22nd and June 22nd, which amounts to roughly 1000 given fee grants (we need to discount revoked grants to give out new ones if someone issues a new fee grant) during the month.
  • Costs of giving out the fee grants itself (so the gas fees to give out the grants) was around 6.5 SCRT, the costs of the actual used fees were lower than that amount, around 4-5 SCRT. That implies that most fee grants that are given out by themselves as pointed out in the gov call are unused. We’ll improve on that.
3

At the time of the proposal passing, the SCRT price was at $ 0.33. This means that the 5% volatility can be used in fully for additional funding of the fee grant treasury (see here: Fee Grant Treasury), meaning that 309 SCRT will go to the treasury. (https://www.mintscan.io/secret/transactions/8AEE0426B6C2C67E70B1F6E048BACF349B3CAC07C9D1B95C8B649031DEB42823)

4

Just an update since the question came up on the Telegram governance chat:

The Fee Grant proposal is now part of my role as a Dev Rel inside of the Secret Network Foundation