Observatory
Osmosis
Governance
Proposal #469

Osmosis

Finance

77

Last synced N/A

Proposal Details

Proposal #469

Passed

Proposal title

Allow USDC as transaction fees

Submit time

Deposit end time

Voting start time

Voting end time

Tally result

99.38%

Proposal #469 description

This proposal would add USDC via Axelar as a valid fee token for use in paying transaction fees on Osmosis.

Background

Transaction fees on Osmosis have been payable in assets other than OSMO since v5. This is managed by the txfee module which specifies a denom to be accepted and an OSMO pool to use as a spot price for the quantity of that denom to accept. Any transaction fees paid in these denoms are collected in the module address and converted into OSMO for distribution to stakers at epoch.

This whitelist was initially set as all OSMO paired tokens with usable liquidity on 1st December 2021. Since this point there have been many new tokens listed on Osmosis that fees could be paid in, enabling new users to fund the transaction fee for their first trade on the chain. This becomes more important with the minimum fee requirement from Proposal 354 implemented in v15.

This proposal directly adds USDC.axl as a valid fee token to pay transaction fees in. This is prompted by reports of users bridging from Ethereum and being unable to carry out their first transaction, as well as data provided by Flipside which shows USDC as the most held assets in wallet with no OSMO.

Other assets will be proposed as required or in bulk when the capability to add multiple denoms at the same time exists.

Test

This proposal has been tested on Testnet here: https://testnet.mintscan.io/osmosis-testnet/proposals/57089, adding testnet USDC as a valid fee source and carrying out a transaction here: https://testnet.mintscan.io/osmosis-testnet/txs/F7311AC7AF48D4CD6E8640532FAF02207274E5F1A84196F9CB1357C537037104

Commonwealth Thread: https://commonwealth.im/osmosis/discussion/10478-add-usdc-as-fee-token

Proposal #469 overview

Total votes
6,329
Voters
6,234
Total deposit
1,600 OSMO

Proposal #469 votes

#

Validator

Account Address

Options
1Kintsugi NodesYes
20base.vcYes
3Levana 🐉 Powered by Cros NestYes
4S16 Research VenturesYes
5Vitwit (Previously Witval)Yes
6coinhall.orgYes
7interchain.FM🥩Yes
8Redelegate!Yes
9White Marlin StakingYes
10StakeLab.zoneYes
11stake.systems | autocompoundYes
12ChainflowAbstain
13Bro_n_BroYes
14Gelotto 🛡 Slash ProtectedYes
15Chorus OneYes
16KalpaTechYes
17Please redelegate to 01node new valdiatorYes
18InteropYes
19Nocturnal Labs (deprecated)Yes
20Stakewolle.com |100% InsuranceYes
21Coinage x DAICYes
22Golden Ratio StakingYes
23ZKVYes
24CrosnestYes
25Cosmos Spaces ☮️💜⚛️Yes
26Leonoor's CryptomanYes
27jabbeyYes
28KomikuriYes
29Oldcat - airdrop DHK every monthYes
30StakecitoYes
31Stakely.ioYes
32blockscapeYes
33Frens (🤝,🤝)Yes
34ZenscapeYes
35SHUTDOWN_SOONYes
36Crypto AssassinYes
37NotionalYes
38BlockdaemonYes
39CryptoCrew Validators ✅Yes
40MeriaYes
41Simply StakingYes
42[SHUTTING DOWN] AUDIT.oneYes
43DSRVYes
44Kalia NetworkYes
45Node GuardiansYes
46Citadel.oneYes
47a41Yes
48MultiplexYes
49BlockpowerYes
50NansenYes
51Hathor NodeYes
52Informal SystemsYes
53TR-3B ASTRAYes
54GATA HUBYes
55Uncle EdYes
56Oni ⛩️Yes
57Swiss StakingYes
58NosNode🔮Yes
59COSMØSTAKEYes
60bryanlabsYes
61ECO Stake 🌱 | REStake.appYes
62WhisperNode 🤐Yes
63FreshSTAKINGYes
64[Beehive]🇰🇷Yes
65ForboleYes
66CosmostationYes
67Silk NodesYes
68OmniFlix NetworkYes
69Active NodesYes
70PRYZM | StakeDropYes
71Imperator.coYes
72KingSuperYes
73AllnodesYes
74SpacePotatoYes
75Moved to Oldcat - airdrop DHK every month, Please redelgateYes
76PolarisYes
77Smart Stake 📈📊Yes
78kooltek68Yes
79TessellatedYes
80Zenith - REDELEGATE to InterblocYes
81Klub StakingYes
82AutoStake 🛡️ Slash ProtectedYes
83ChihuahuaYes
84Cypher CoreYes
85CommunityStakingYes
86Please redelegate - DecommissioningYes
87polkachu.comYes
88ShapeShift DAOYes
89DEFUNCTYes
90CrowdControlYes
91Larry EngineerYes
92ushakovYes

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