Set Osmosis-Specific costs to USDC equivalents

Proposal Discussion
1

This proposal would signal the adjustment of all parameters specifying fees for permissionless but gated tasks specific to Osmosis to be a more stable value.

Background

Currently, three Osmosis-specific tasks can be performed permissionlessly by paying a fee in OSMO to the Community Pool.

Pool creation, Last modified in Proposal 669 to be 400 OSMO

Creating or adding to a gauge, Implemented in V11 at 50 OSMO and 25 OSMO, respectively.

Both of these costs are designed to be a deterrent to spam whilst also allowing the permissionless use of these features and yielding a small revenue for the community pool.

At the time of setting, these costs were approximately

  • Create Pool: 100 USD
  • Create Gauge: 50 USD
  • Add to Gauge: 25 USD

However, as OSMO price varies over time, these prices at this setting have ranged from:

  • Create Pool: 90 USD - 216 USD
  • Create Gauge: 11 USD - 82 USD
  • Add to Gauge: 6 USD - 41 USD

Proposal

This proposal signals that costs for Osmosis-specific tasks can be set in an alternative denom decided by governance that is part of the txfee whitelist. This would then be converted to an equivalent OSMO quantity required in order to perform the message on chain.

This proposal signals that this denom should initially be set to USDC via Noble at implementation, and the message costs to be adjusted to:

  • Create Pool: 100 USDC
  • Create Gauge: 50 USDC
  • Add to Gauge: 25 USDC

This maintains a more constant value cost for each message as OSMO price fluctuates.

Non-Osmosis-specific transactions, such as Governance deposits, are not directly covered in this proposal as they are part of the Cosmos SDK, although this proposal signals that this would also be desired.

Accepting non-OSMO assets as payment for these fees is also not directly covered in this proposal but will likely be part of a future proposal.

Target On-Chain Date: 13th November 2023

2 Likes
2

Yes please! This is sorely needed not only in osmosis but the cosmos at large. Maybe even do it using the fee module notional developed somehow?

3

Really hoping that once the unfork is complete on Osmosis, we can bring functionality like this to the wider Cosmos SDK.

Combined with fee abstraction the end goal should be to make it possible to pay for any message, anywhere, with any denom.

2 Likes
4

“Unfork”?

This proposal is on chain btw:

Will surely get a “Yes” from my side.

5

Basically Osmosis codebase was forked from the main SDK a while back and every new SDK feature has been a pain to implement on Osmosis. Now devs are aiming to reeturn to the SDK fork to make upgrades easier.

2 Likes
6

Thanks for the response!
I’ve seen talks about it indeed, but didn’t link it to the “unfork” term ^^

7

Definitely in favor!

1 Like