Proposal Details
Proposal #203
Proposal title
Set Minimum Bid Fee parameter to 3110 GRAV
Submit time
Deposit end time
Voting start time
Voting end time
Tally result
Proposal #203 description
Summary
This proposal, if accepted, will effect the implementation of an upcoming SoftwareUpgradeProposal for the Apollo upgrade to Gravity Bridge. The Apollo upgrade intends to change several things about Gravity Bridge, including:
- Deployment of the Auction module
- Sending half of all Send To Eth chain fees collected to the Community Pool (for use by the Auction module)
- Add MetaMask signing support to Gravity Bridge (a.k.a. EIP-712 Signing support)
This proposal in particular gives the community a voice on an Auction module parameter called min_bid_fee. See #Proposal Details below for more information on this proposal's effect.
Context
Auction Module Funding
With Proposal #180 the Gravity Bridge Community chose to fund the development of the Auction module by Notional.
Auction Module Behavior
The Auction module is a CosmosSDK module which regularly takes all of the balances in the Community Pool (except for those on the non_auctionable_tokens list) and puts them up for auction. Each token held in the Community Pool will be a separate auction, so if the pool only holds USDC, WBTC, and PAXG then there would be 3 new auctions to bid on. These auction balances are then transferred out of the Community Pool and into the control of the Auction module. The auctions are only open for a period of time known as the Auction Period (determined by the auction_length parameter), during which anyone may bid on an auction by submitting a MsgBid. Every bid requires paying at least a minimum fee (determined by the min_bid_fee parameter) and locks the provided amount of GRAV (ugraviton) in the Auction module. At the end of the auction period the highest bidder will be transferred the full balance of the auction tokens, and their bid will either be burned or sent to the Community Pool (depending on the burn_winning_bids parameter). Once an auction period is over, the next one begins with the new Community Pool balances.
This Proposal, and other Parameter Proposals like it
To give the Gravity community a thorough voice in the Apollo upgrade, all of the Auction module parameters and the new Gravity module parameters are being put to individual vote. This proposal is a signaling proposal which will affect an upcoming upgrade proposal, in which all decisions from these Parameter Proposals will be included. If this proposal fails, then the upcoming upgrade proposal will have no effect.
Proposal Details
This proposal concerns the initial value of the min_bid_fee parameter, which is an Auction module parameter that determines the minimum provided fee for a bid to be considered on any given auction.
This proposal, if accepted, will set the initial value for the min_bid_fee parameter to be 3110, which would have the effect of requiring users to pay approximately 5 USD worth of GRAV in order to bid on an auction. This fee would be sent to the Community Pool on any successful bid. The minimum bid fee is a parameter the community can use to prevent spam submission to the Auction module and also to prevent minor bid competition (e.g. increasing the current bid amount by a mere 1 ugraviton every block).