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* Added alfajores proposal * Added example tx hash * Fixed date format
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--- | ||
cgp: 145 | ||
title: Increase minimum gas threshold to 25000000000 gwei | ||
date-created: 2024-08-06 | ||
author: Martín Volpe (@martinvol) | ||
status: DRAFT | ||
discussions-to: | ||
governance-proposal-id: | ||
date-executed: | ||
--- | ||
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### Proposal Overview | ||
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We propose to increase gas_price_minimum_(lower_bound) so that the gas of a simple ERC20 transaction, paid in stablecoins, costs around 0.1 cents or USD 0.001. Note that transactions paid in stablecoins use slightly more gas than standard ERC20 transactions. | ||
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This has previously been attempted with [CGP 66](https://github.com/celo-org/governance/blob/277ae3cb52e8bbb0e7f74c819b9b09f738f4bbd0/CGPs/cgp-0066.md), but as the value of CELO has shifted, as well as how much gas is needed to a cUSD transfer changed, it is required to update the parameters. The option to pay for gas with USDC and USDT has been added since then as well. | ||
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Definitions of terms used and an overall explanation of the setup can be found in [CGP 66](https://github.com/celo-org/governance/blob/277ae3cb52e8bbb0e7f74c819b9b09f738f4bbd0/CGPs/cgp-0066.md). | ||
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Please note: | ||
* This increase only impacts the base fee, meaning that the validator rewards from gas remain unaltered. | ||
* We are confident this increase addresses the issues we discuss under _Rationale_, while at the same time the proposed fees are so low that they should not interfere with most use of the blockchain. | ||
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### Rationale | ||
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This proposal builds on the rationale of [CGP 66](TBD), where the effort was to keep gas cost for cUSD at $0.01 for a transfer paid for cUSD itself. Since then, it's been made possible to pay gas with USDC and USDT and the total cost for a tx has reduced considerably. These are gas costs of transfers of those tokens on mainnet at the time of writing: | ||
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cUSD | ||
Example tx hash: 0x485e1aaab931ff206dbdd3994ae76a2e0f890f6d91ddf1405c76549b41ca32e3 | ||
Cost: 0.000237143493845625 cUSD | ||
USDC: | ||
Example tx hash: 0x45b84acb1f440509b85d8ab942e489c28427751a3cf55f558a6bf8f7df8aeea2 | ||
Cost: 0.000240841172077479 | ||
USDT: | ||
Example tx hash: | ||
0x2310021513441c5ba42b028f907732510143d9e3e23d03719830a4b5cbd8d32d | ||
Cost: 0.000237139846444008 | ||
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After this change is implemented, the most expensive stable asset transfer will cost $0.00120420586. | ||
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Please note that these numbers are illustrative, smart contracts are complex and how much gas a transfer takes may vary depending on many factors. The actual cost of gas is also volatile, affected also by the value of CELO and network usage. | ||
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### Testing | ||
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This change has already been deployed to alfajores, you can see a test transaction here where the gas for a stable asset was 0.1 cent of cUSD. Here's an example tx hash: [0x36d33d45a5a1c4c2a20fef6ba6e771569c361ae0152fd2dc198043150f49d398](https://alfajores.celoscan.io/tx/0x36d33d45a5a1c4c2a20fef6ba6e771569c361ae0152fd2dc198043150f49d398) | ||
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## Proposed Changes | ||
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1. Setting a new gas price minimum | ||
- Destination: GasPriceMinimum.setGasPriceMinimumFloor | ||
- Data: ["25000000000"] | ||
- Value: 0 | ||
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## Verification | ||
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Current GasPriceMinimum floor can be fetched with: | ||
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`celocli network:parameters --node https://forno.celo.org` | ||
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The proposal can be fetched with: | ||
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`$ celocli governance:view --proposalID $proposalID --node https://forno.celo.org` | ||
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The proposed number should be 5x higher than the current gas price. | ||
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## Useful Links | ||
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* Forum Post | ||
* Forum Post for previous gas price minimum modification https://forum.celo.org/t/increase-of-minimum-gas-fee/4616 | ||
* Celo Docs: Gas Pricing https://docs.celo.org/protocol/transaction/gas-pricing |
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[ | ||
{ | ||
"contract": "GasPriceMinimum", | ||
"function": "setGasPriceMinimumFloor", | ||
"args": [ | ||
"25000000000" | ||
], | ||
"value": "0" | ||
} | ||
] |