Referendum #178

#658·Upgrade Bifrost-Kusama chain to runtime v974

BayaCat
Democracy
1yr ago
3 Comments
Executed

This proposal aims upgrade Bifrost-Kusama chain to runtime v974.

  • Call Hash: 0x662ee6839e628ec53d002f4cb3150e2332bbf82a34c4efbe8b17b643e7654b72

  • Preimage is submitted: Submission should have the hash: 0x662ee6839e628ec53d002f4cb3150e2332bbf82a34c4efbe8b17b643e7654b72

What's Changed

New Contributors

Full Changelog: bifrost-v0.9.72...bifrost-v0.9.74

Notice! This upgrade will bring about major changes that are closely related to community users:

Considering the current market conditions and the price of BNC, the transaction fee on the Bifrost chain has been kept at a very low level. This poses some problems:

  • Affects the security of the Bifrost network
  • Not conducive to the orderly operation of the Bifrost economic model
  • It is not conducive to the full flow and value expression of BNC token

In order to solve these problems, we have increased the transaction fees for operations on the Bifrost chain in this upgrade. The case is as follows:

The transaction fee for a basic BNC transfer before the upgrade 0.005669339116 BNC
Estimated transaction fee for a basic BNC transfer after the upgrade 0.266458938452 BNC

*Due to the complexity of the calculation of the actual transaction fee on the chain, the actual estimated value above is only for reference and not an exact value

Based on the complexity of the transaction, the transaction fee change multiple of different transactions will be somewhat different, but the overall change rate is generally between 40x - 60x.

Edited
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Votes
99.1%Aye
Passing thresholdSimpleMajority
0.9%Nay
Aye
≈14.75KBNC
Nay
132.7BNC
Turnout
≈49.38KBNC
Electorate
0BNC
Passed
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14r7...fkXU

I dont understand why must increase the txs fee 40x-60x while the future is feeless, at current price users have to pay 0.05$/txs Wouldn't Bifrost pooled security from the relaychain? So the fee must be covered by the opporturnity cost from bonding DOT/KSM. Imo BNC's value must be from the protocol's accrual fee beside the governance's function.
Imagine in the bull-market BNC's value is 10$ and user must pay 2.5$ per basical tx (dont mentioned another type of txs) like we've seen on Ethereum? It prevents user coming to Bifrost and no more mass adoption at all !
Looking from Mangata they integrated gasless swap and another parachain in Dotsama the fee is very cheap, nearly zero
I really love Bifrost and thats my point of view from a normal user on this protocol

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