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	Options
1	Kintsugi Nodes	Yes
2	0base.vc	Yes
3	Levana 🐉 Powered by Cros Nest	Yes
4	S16 Research Ventures	Yes
5	Vitwit (Previously Witval)	Yes
6	coinhall.org	Yes
7	interchain.FM🥩	Yes
8	Redelegate!	Yes
9	White Marlin Staking	Yes
10	StakeLab.zone	Yes
11	stake.systems \| autocompound	Yes
12	Chainflow	Abstain
13	Bro_n_Bro	Yes
14	Gelotto 🛡 Slash Protected	Yes
15	Chorus One	Yes
16	KalpaTech	Yes
17	01node	Yes
18	Interop	Yes
19	Nocturnal Labs	Yes
20	Stakewolle.com \|100% Insurance	Yes
21	Coinage x DAIC	Yes
22	Golden Ratio Staking	Yes
23	Zero Knowledge Validator (ZKV)	Yes
24	Crosnest	Yes
25	Cosmos Spaces ☮️💜⚛️	Yes
26	Leonoor's Cryptoman	Yes
27	jabbey	Yes
28	Komikuri	Yes
29	#decentralizehk - DHK dao	Yes
30	Stakecito	Yes
31	Stakely.io	Yes
32	blockscape	Yes
33	Frens (🤝,🤝)	Yes
34	Zenscape	Yes
35	B-Harvest	Yes
36	Crypto Assassin	Yes
37	Notional	Yes
38	Blockdaemon	Yes
39	CryptoCrew Validators ✅	Yes
40	Meria	Yes
41	Simply Staking	Yes
42	AUDIT.one	Yes
43	DSRV	Yes
44	Kalia Network	Yes
45	Node Guardians	Yes
46	Citadel.one	Yes
47	a41	Yes
48	Multiplex	Yes
49	Blockpower	Yes
50	StakeWithUs	Yes
51	Hathor Node	Yes
52	Informal Systems	Yes
53	TR-3B ASTRA	Yes
54	GATA HUB	Yes
55	Uncle Ed	Yes
56	Oni ⛩️	Yes
57	Swiss Staking	Yes
58	NosNode🔮	Yes
59	COSMØSTAKE	Yes
60	defiantlabs	Yes
61	ECO Stake 🌱	Yes
62	WhisperNode 🤐	Yes
63	FreshSTAKING	Yes
64	[Beehive]🇰🇷	Yes
65	Forbole	Yes
66	Cosmostation	Yes
67	Silk Nodes	Yes
68	OmniFlix Network	Yes
69	Active Nodes	Yes
70	PRYZM \| StakeDrop	Yes
71	Imperator.co	Yes
72	KingSuper	Yes
73	Allnodes	Yes
74	SpacePotato	Yes
75	Oldcat	Yes
76	in3s.com	Yes
77	Smart Stake 📈📊	Yes
78	kooltek68	Yes
79	Tessellated	Yes
80	Zenith - REDELEGATE to Interbloc	Yes
81	Klub Staking	Yes
82	AutoStake 🛡️ Slash Protected	Yes
83	Chihuahua	Yes
84	Cypher Core	Yes
85	CommunityStaking	Yes
86	TaxiStake	Yes
87	polkachu.com	Yes
88	ShapeShift DAO	Yes
89	DEFUNCT	Yes
90	CrowdControl	Yes
91	Larry Engineer	Yes
92	ushakov	Yes

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