Signaling Proposal: Reduce Validator Fees

Secret Governance
21

To update fees
To the following:

  1. Replace the gas price with the new pricing
sed -i.bak -e "s/^minimum-gas-prices *=.*/minimum-gas-prices = \"0.0125uscrt\"/" ~/.secretd/config/app.toml
  1. Restart your node
systemctl restart secret-node

That’s it!

3 Likes
22

Due to the proposal not reaching quorum, Lavender.Five lost the 100 SCRT deposit for the proposal.

I completely disagree with not reaching quorum resulting in the deposit being lost.

Thank you:

Citadel.One: @neshtedle
Staked: @sriney-staked
Melea.xya: [no representative]
Mario: @luigi1111
Chain Of Secrets: @dbriggsie
…and obviously many more

For choosing to not exercise your responsibility to vote.

3 Likes
23

Apologies for us not voting.
We have sent you 50 SCRT in response for your lost deposit.

https://secretnodes.com/secret/chains/secret-4/transactions/07A8351253BEA711D18D4888B7B0248C161D925DA8280169168AA8CE884A0CF9

4 Likes
24

Thank you, I greatly appreciate it.

edit: @luigi1111 also reached out and covered the lost funds. Thank you.

1 Like
25

I would resubmit and get this on the comms with governance. This is the type of lackluster engagement that needs to be addressed head-on.

2 Likes
26

Not sure if that is necessary in this case as it’s a signaling proposal on a setting every validator decides on for themselves. Those that voted yes have (I assume) reduced their fees. Those that didn’t vote have (I assume) not done so. In this case that means we have ~32% of voting power supporting a reduction, including 25 validators. That should be enough to have this new 0.0125 uscrt value as low fee, but I’ve not done the calculations yet to verify this. If validators that didn’t vote also reduce their min_gas_fee it will only become more viable.

Reaching quorum is also definitely on the agenda for today’s Gov call though, as the last 3 proposals have either not reached quorum (this one), or only reached it on the last day (IGC and edu).

1 Like
27

Mere user/token holder here. Having fees at .25 is very un-motivating and short-sited. Even ETH fees don’t cost 1/4 of an ETH. This proposal was good and needs to be resubmitted or slightly modified. This issue is not going to go away and is going to stunt the network’s growth.

1 Like
28

Welcome to the forums, thank you for your contribution! Just to clarify: it is 0.25 uSCRT (microSCRT, or SCRT * 10^-6) per gasunit. So you would need a TX of one million gas to reach a fee of 0.25 SCRT.

Personally I don’t think we should be focussing on the amount of SCRT that the fee is, but the value in USD. When doing so you will see that the fees on SCRT are significantly lower than for example Ethereum.

Also want to remind everyone that fees are already quite a bit lower after the last upgrade after which most transactions need less gas. Of course that is no reason to not also look into reducing min_gas_fee as was done in this proposal.

Just to be clear, I did vote Yes on this proposal as it referred to a validator level parameter change and am running a min_gas_fee of 0.0125 uscrt.

3 Likes
29

Thanks for the welcome and noted. Cheers.