[proposal][community pool spend] relayers who relay terra

  1. They would need a tool, and that is out of scope of this proposal, or they can verify the account transactions. @larry has a spreadsheet he may be willing to share.

  2. I believe 3-5 is a good number for each channel. Others will have their opinions.

  3. yes. the proposal would cater for 3-5 relayers, regardless of who ‘wins’ the transaction. if too many relayers start running, the amount of funds each individual relayer would get would diminish as well.

Many relayers put memo in the transactions, for example:

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So as for next steps.

I believe we would need to find some independent volunteers (they don’t run a relayer, but are part of the terra community, and ‘trusted/known’ ) to who are willing to be part of the multisig.

I think what would be required from them is
a) create a signed message on their twitter with the wallet they plan to use (as @larry suggested)
b) about an hour a month of their time to approve the costs.

As these people will not have access to the actual endowment, just the interest generated I believe this level is sufficient.

(note: I am no longer a TFL employee)

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I 100% support this proposal.

We support this as well. We at Lavender.Five support most channels in the cosmos, but avoid the Osmosis <> Terra connection because we simply can’t afford the cost of it. The current estimate for that single channel is in the vicinity of $10,000 USD per month, per relayer. Juno <> Terra is in the vicinity of $1,500 per month, per relayer.

When Osmosis <> Terra went down earlier this month, we were part of the force that helped stabilize it - but when the packets were flushed through, and stabilization confirmed, immediately disconnected. We would like to be able to support this channel, and other Terra channels, but it’s frankly too expensive.

One consideration that’s worth bringing up is also having validators coordinate a fee reduction. I proposed this over on Secret: Signaling Proposal: Reduce Validator Fees - Secret Governance - Secret Network to great success; it made users and relayers happy. Has this been considered here?

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oh…
I thought it was 4-5k/month.
If it is 10k, then we will need to budget for that x5, and as anchor earn’s interest rate decreasing, it means the initial ask will be going up as well.

Thanks for the input… I wouldn’t want this running out and having to go back for more in 3 months time.

Also… we don’t seem to have many people who want to step as as ‘independents’ ;-(

Big +1 here

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It costed $5,746 in Feburary. In March the tx volume increased, and my estimation is $6–7K.

Am I correct in assuming we would need the capital to support this endeavor in order to be an “Independent” I’m just a little guy and don’t have much to offer in the way of money or hardware but I want to be more passionate and involved with supporting the ecosystem. Terra and IBC have been so incredibly influential in improving my life and it’s future prospects. If there’s something that us smaller fish can do I’d love to know what it is.

so.
upon discussing with @larry,

we have a way to determine fees via GitHub - larry-stakehouse/ibc-stats: Stats on IBC message relaying.

once that is done, we will generate a proposal to send funds (@150%) to those relayer accounts.

As they were the accounts that incurred the costs, we shouldn’t need verification.

I might need some help generating the proposal itself (to ensure we can do a multi-send) transaction.

By doing it this way, we don’t need a secondary account to hold the funds to disburse, which removes one of the risks

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If you need a way to do a simple multi-send you can always try using Beluga. It’s one of Kujira’s dapps. It lets you send a token to multiple wallet addresses in one transaction for a 0.1% fee. They’re integrating smart contract functionality with it atm as well

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I have put the initial code to generate the summaries here - GitHub - PFC-Validator/ibc-fees
I encourage others to check it does what it is supposed to do / matches other peoples estimations.

I have also checked in the raw & summary files into github alongside the code, so others can verify the process.

the summary for blocks 4985676 (IBC inception) to 70846738 (some time this weekend)
are available:

I’m going to ignore the ibc fee.

denom amount marked up @ 150%
usd 8,625 12,937
krw 30,378,914 45,56,8371
luna 1,920 2,880
sek 86,217 129,325

my only concern is that I am doing something incorrectly as there are over 90k accounts that have generated fees, and that’s more luna than I expected.

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I spoke to other relayers and I was counting ‘transfers’ which are not sent by relayers.
If we remove those we get ibc-fees/terra-fees-4985676-7102688-summary.csv at main · PFC-Validator/ibc-fees · GitHub

denom amount marked up @150%
uusd 415 622
krw 30,598,940 45,898,410
luna 914 1371
sek 89,480 134,220

with 51 different accounts doing relaying.

We are looking for one more volunteer to be a neutral party to join a multi-sig.
Once we have that I will put up a proposal to vote on.

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I support this initiative and am willing to participate in the multisig terra1lty8a7ur0t6l7qz56v5vh9cu3k3xeer2vev66v

I have agreed to multi-sig on this proposal using wallet terra16l79rtfr2pjcax50ptxs69zaxzntvg433mtqpc

Happy to be part of the multi-sig for this proposal using wallet terra1q70v6lglzklu72xu0c6y66w00zmq9jvfrmlwrx

Proposal 929 has been created:

The Multi-sig is terra15egkd745sz0mmsc2aest8ncdhff0s0ywmzpv0m
The ask in total will be for 2022 Luna.
(using today’s price + a bit of slack)

Please note.
As I am no longer a tfl employee, I am planning to remiburse my relaying costs as well.

Prop 929 for back-fees was passed, and the 51 relayers identified have been reimbursed.

Thank you everyone who helped make this happen, and thank you to all the people who relayed

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Thank you! It’s truly appreciated.