Finally the reminting process is stopped. I still can’t believe somebody actually thought that reminting lunc is a good idea.
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It is not a bad idea. It was a terrible idea when applied to voluntary burns.
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Now that Proposal 11243 ([2/2] Increase Gas Fees by 5x) has successfully passed, what is the desired action that the community would like validators to take to support the increase of minimum gas fees?
As per: Configure general settings | Terra Docs
Replace in your terrad app.toml file the minimum-gas-prices variable from:
minimum-gas-prices = “old values”
to:
minimum-gas-prices = “28.325uluna,0.52469usdr,0.75uusd,850.0ukrw,2142.855umnt,0.625ueur,4.9ucny,81.85ujpy,0.55ugbp,54.4uinr,0.95ucad,0.7uchf,0.95uaud,1.0usgd,23.1uthb,6.25usek,6.25unok,4.5udkk,10900.0uidr,38.0uphp,5.85uhkd,3.0umyr,20.0utwd”
,and restart terrad for the changes to take effect
@godoal
Understood. A further question this type of change raises then, is how does the community want to ensure that every validator has made the appropriate changes in their app.toml, and how long do we want to give validators to make this change?
If we do not come up with some sort of enforcement around implementing this change for validators, a marketplace paradigm will emerge where validators could purposefully not update their minimum-gas-prices to capitalize on users who don’t want to pay the higher gas fees, and a race to the bottom dynamic could occur; which would violate the spirit of the proposal that has been passed and go against the wishes of the community.
I misled no one. Binance does not make or break LUNC. Without aggressive funding of the community pool we are doomed to stagnation.
LUNA2.0’s community pool is orders of magnitude larger than ours. They can afford more devs more of everything. Parity can only be achieved via large scale capital expenditure.
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There’s an incentive for validators to increase the fees in that they (and their delegators) receive more rewards.
During prop 10983 discussions you stated that prior any implementation you’ll get the feedback from Binance. It never happened, doesn’t it sounds like misleading?
When x5 gas fee will be implemented?
Hi @George2365,
There is a pre-requisite for TFL to make changes on the fcd/lcd before the validators do their change so it is coordinated by @ek826 to take place at the same time as v1.05 and keep bothering TFL to a minimum. Hopefully that “taking ownership of the infrastructure from TFL” will come sooner than later…
I do apologize to all our validators that had to change their terrad settings prematurely and get Tx errors.
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This is actually my main concern. From what I can see on my end, a lot of validators are not even participating in governance and may not be aware that they have to raise gas fees. At the same time, there are those who opposed the increase in gas fees and given that this was not a parameter change, may silently opt not to raise the gas fees. The same applies to the operators of infrastructure on-chain.
Just an FYI after reloading the app looks like the swaps and withdraws are working again on Terra Station. So looks like everything is updated. Is there anything else further or is the 5x gas fee fully implemented now?
TFL has updated its endpoints, you can see the new gas prices listed here: https://fcd.terra.dev/v1/txs/gas_prices
Rebel station (for now) uses the same fcd endpoints so Rebel station gas prices are updated as well.
Third-party interfaces (CEXes, wallets, etc) will also need to update their gas prices as well.
Binance seems to have already updated: Binance Will Support the Terra Classic (LUNC) Network Upgrade | Binance Support
Just waiting to hear back from other third-party interfaces.
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The new gas fees has broken Astroport Classic. So our only DEX is not working and all user funds are stuck on the platform. @dfunk @godoal @Cryptoking_NFT are you guys planning to reach out to Astroport to ask them to fix this issue?
The TFL fcd/lcd and station have been updated, Rebel Station has been updated and @Vegas has chased all third-party wallets and is now reaching out to CEXs, DEXs…
Work in progress
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so now with $0.000174 LUNC price
Withdraw rewards: 6.8 USTC (259.5 LUNC - $0.045153)
Delegate: 0.765 USTC (28.9 LUNC - $0.0050286)
For LUNA at $2
Withdraw fee costs 0.0099 Luna or $0.02
Delegate fee 0.0044 Luna or $0.009
Astroport Classic hadn’t updated their gas prices. They have updated it now. The contracts should be working now.
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Kucoin has supported the gas increase - KuCoin Will Support the Terra Classic (LUNC) Network Upgrade| KuCoin
Kraken shall be supporting it as well - https://twitter.com/krakensupport/status/1615073603254452242
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Hey everyone!
When will this change have an effect on staking rewards?
So far only withdraw fees are x5, but my daily rewards seem to be the same as before…
Greetings
I think you got a little confused, the staking rewards have nothing to do with the fees, they are fully dependent on the oracle rewards pool / % staked coins. The more people stake the less the rewards and vise versa.
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