Poll: Increase transaction fees and implement token burn Sept 2022

Centrifuge Governance Proposals
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1

Hey everyone! Discussion about increasing transaction fees and implementing a token burn can be found on the request for comments post. We are now at a stage that the parameters involved in the transaction fee increase and token burn rate can be voted on.

There are a few questions that must be considered in this proposal, to repeat what @mikiquantum posted:

  • Correct Split Rate: Out of the tx fee how much goes to the author and how much to the treasury?
  • Correct Treasury Burn Rate: Out of the amount that is accumulated in the treasury, how much of that we burn every session.

@luis has proposed the following parameters for the first iteration of this proposal, these values are tentative and can change in the near future via governance:

  • Increase current fees on Centrifuge and Altair by a factor of 33 (approx.)
  • 80% of fees are go to the treasury. The remaining 20% goes to the block author (collator).
  • The current burn rate is set to 0%. This percentage will change when the treasury contains a relevant amount of tokens.

It is important to note that the proposed changes will also be applied to Altair chain if voted successfully.

Please vote on the polls posted below! The vote is open for 7 days.

Increase current fees on Centrifuge and Altair chain by approximately a factor of 33
  • Yes
  • No

0 voters

80% of transaction fees go to treasury, 20% goes to the block author
  • Yes
  • No

0 voters

The current treasury burn rate is set to 0%
  • Yes
  • No

0 voters

The pull request regarding this proposal can be found here

Centrifuge treasury address: Subscan | Aggregate Substrate ecological network High-precision Web3 explorer

Altair treasury address: Subscan | Aggregate Substrate ecological network High-precision Web3 explorer

Thank you!

3 Likes
2

Hi Ash. Thanks for the poll. I voted on the first two questions. What does this quote :point_up: mean in detail?
More precisely:
a) how much is “a relevant amount of tokens” and
b) I assume, after this amount has been reached a new RFC/poll will be created to determine the burn rate?

3

It could really be any amount as anyone can make a new proposal to change the burn rate, but it would make sense to implement a burn once there are more tokens in the treasury than there currently are!

4

What is the current fee factor, trans fee split and burn rate?

5

This is the first time the fee is being increased and split into the treasury, so currently there is no split and no burn rate

1 Like
6

Ah that makes sense thank you. If the factor is being increased will this create greater cost as the chain scales?

7

Yes the fees will be higher but they would not be prohibitively high, and we always have the option to scale back fees via governance if fees ever got too high

1 Like
8

Ah, thanks! Good point :raised_hands: :pray:

9

Thanks, Ash. I voted “yes” on the third question as well. Where is treasury address to keep track of the amount of tokens in there?

10

Good day Tjure07

Altair treasury: Subscan | Aggregate Substrate ecological network High-precision Web3 explorer Centrifuge treasury: Subscan | Aggregate Substrate ecological network High-precision Web3 explorer

1 Like
11

Thank you. I will keep an eye on both addresses to see how the treasury grows :star_struck:

1 Like