Observatory
Juno Network
Governance
Proposal #297

Juno Network

Smart Contracts

70

Last synced N/A

Proposal Details

Proposal #297

Passed

Proposal title

Increase Network Fees

Submit time

Deposit end time

Voting start time

Voting end time

Tally result

97.17%

Proposal #297 description

Increase Minimum Gas Prices

Commonwealth thread

With the previous v14 Juno upgrade, Fees are now controlled through governance.

This proposes we multiply the current gas rates by x3 for ATOM and 30x for JUNO due to current market prices.

(A slight premium is added to ATOM since JUNO is the native currency of this network.)

  • Current Gas: 0.0025ujuno,0.001uatom
  • New Gas: 0.0750ujuno,0.003uatom

Reasons

  • Juno's cost per transaction is extremely cheap relative to network activity. The average cost of a transaction with default gas (683,665) is just $0.00146 USD.
  • This increases developers' fee-share revenue 30x. However, contract usage premium will still make up a larger portion of income.

Notes

  • IBC packet relaying cost will remain at 0 costs for relayers & IBC transfers.
  • This will break scripts & MEV bots which have the old gas prices set.
  • Keplr, Leap, and Cosmostation will require an update to their configs for Juno's gas prices.
  • uatom is channel-1 ibc/C4CFF46FD6DE35CA4CF4CE031E643C8FDC9BA4B99AE598E9B0ED98FE3A2319F9
  • You can verify current fees with 'junod q globalfee minimum-gas-prices'

Technical Analysis

Indexer/Script used. Cut off was block 7,990,650

Last ~5 million Txs

  • Total Txs: 4,998,636
  • Total Gas Spent = 3,417,396,545,806
  • Average gas usage per Tx: 683,665
  • Total ujuno fees paid: 18,520,786,312 = 18,520 $JUNO
  • Average Fees per Tx: 3,705ujuno

ATOM $10.57

'''

  • Average Gas: 683,665
  • Current Gas: 0.001uatom * 683,665 = 683.665uatom = 0.000683665ATOM * $10.57 = $0.0072 per Tx
  • New Proposal: x3 = gas price of 0.003uatom
  • Fees Per Tx: 2050.995uatom = 0.002050995atom = $0.0217 per Tx '''

JUNO $0.3947

'''

  • Average Gas: 683,665
  • Current Gas: 0.0025ujuno * 683,665 = 1709uatom = 0.001709JUNO*$0.3947 = $0.0006745423
  • New Proposal: x30 = gas price 0.075ujuno
  • Fees Per Tx: 51,274ujuno = 0.0512juno = $0.0202 per Tx '''

Voting Options

YES: Agree to proceed with increasing the global minimum fee.

NO: Disagree with this increase of the global minimum fee.

NO WITH VETO: Disagree with the increase and want depositors penalized.

ABSTAIN: Decline to give an opinion on this increase of gas minimum fees.

Proposal #297 overview

Total votes
4,205
Voters
4,151
Total deposit
1,000 JUNO

Proposal #297 votes

#

Validator

Account Address

Options
1Coinage x DAICAbstain
2BlockHunters 🎯Yes
3ChainLayerYes
4BlockpowerYes
5Oni ⛩️Yes
6stake.systemsYes
7strangeloveYes
8web34everYes
9ProvalidatorYes
10Chill ValidationYes
11StakecitoYes
12Simply StakingYes
13AUDIT.oneYes
14notionalYes
15WitvalYes
16Please Redelegate to other validatorYes
17ECO Stake 🌱Yes
18Golden Ratio StakingYes
19FreshSTAKINGYes
20AllnodesYes
21SpacePotatoYes
22OldcatYes
23Stakely.ioYes
24Interop (shutting down Feb 28th 2024)Yes
25Shutting down please redelegateYes
26blockscapeYes
27S16 Research VenturesYes
28GATA HUBAbstain
29needlecastYes
30KingSuperYes
31Nodes.GuruYes
32Please redelegate to Bro_n_BroYes
33Frens (🤝,🤝)Yes
34junovaloper1c53el6jh90cu99wyc5rx60zymqd8svxfc6ll5fYes
35Citadel.oneYes
36HashKey CloudYes
37Tedcrypto.io 🧸 | TedLottoYes
38Domerium LabsYes
39Stakewolle.com | Auto-compoundYes
40🙏 uGaenn ⛅Yes
41coinhall.org 📈🔄 Data/Charts for JunoYes
42NacionCrypto - ParcerosYes
43WetezYes
44DO-NOT-DELEGATEYes
45WeStakingYes
460base.vcYes
47PUPMØSYes
48Neta DAOYes
49StakinYes
50Silk NodesYes
51NosNode🔮Yes
52ALTER | pathrockYes
5301nodeYes
54CrosnestYes
55Swiss StakingYes
56Imperator.coYes
57✅ CryptoCrew - 100% MEV revenue to Juno stakers! #IBCgang #REstakeYes
58kingnodes 👑Yes
59OmniFlix NetworkYes
60Basement Nodes ⚡No
61Architect NodesYes
62KleomedesYes
63RHINO | 10% to WildlifeYes
64EnigmaYes
65Regenerator | Green Validator 🌱Yes
66Cypher CoreYes
67STAKECRAFTYes
68AutoStake 🛡️ Slash ProtectedYes
69chainvibesYes
70BlueStake 🚀 | 100% insuranceYes
71White WhaleYes
72windpowerstakeYes
73BlockdaemonYes
74Kintsugi NodesYes
75InactiveYes
76Active NodesYes
77OranG3cluBYes
78Cosmic Validator | 100% MEV revenue to Juno stakers! & Auto-compoundYes
79Invicta StakeYes
80Stake&Relax 🦥Yes
81CosmostationYes
82Sr20de 🔥 Restake enabledYes
83🔥STAVR🔥 REStake ON✅Yes
84IcyCRO 🧊Yes
85Smart Stake 📈📊Yes
86DisperzeYes
87StakersAbstain
88LOA LabsYes
89TR-3B ASTRAYes
90POSTHUMAN∞DVSYes
91Kalia NetworkYes
92Gelotto 🛡 Slash ProtectedNo
93Lavender.Five Nodes 🐝Yes
94TessellatedYes
95WhisperNode 🤐Yes
96cyberGYes
97YurbasonYes
98Klub Staking - SHUTTING DOWN - Redelegate to MeriaYes
99SG-1Yes
100The_CyberneticsYes

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