Secret Network Proposal: #304
Support IBC Relayers with Fee Grants III
Turnout:45.69%
Quorum:33.40%
Yes: 93.3%
67,237,850 SCRT
No: 0%
6,214 SCRT
No With Veto: 0%
6,872 SCRT
Abstain: 6.7%
4,801,429 SCRT
Voting Period
-Deposit End
Submit Time
Description
We propose the use of fee grants to temporarily mitigate these costs and incentivize more relayers to participate in our network. This solution is only temporary until more sustainable solutions, such as IBC fee middleware, are introduced. We will be using the IBC Relayers telegram where popular IBC relayers can submit their addresses and be added to the grant system. This approach will directly pay for the gas costs of the relayers and create a healthier ecosystem for all participants.
Context and Importance of IBC Relayers
IBC Relayers play a crucial role in connecting our network with other chains. They are the unsung heroes who allow our transactions to flow smoothly between different networks, enabling seamless interoperability. However, they incur gas costs to keep this mechanism running, a financial burden that can often deter many from participating in this essential service. The main funding mechanism for relayers, as of now, are delegations from SCRT Labs to cover their costs.
Funding Details
Based on new estimates, we anticipate a need for 2000 SCRT per month, leading to a total of 12000 SCRT for the period of 6 months. Any excess funds will be used to extend the runtime of the proposal. The actual amount required may vary based on gas price fluctuations and the number of participating relayers. This initial fund will be monitored and used as a baseline to establish future funding requirements.
The forum post for the proposal with more details can be found here: https://forum.scrt.network/t/support-ibc-relayers-with-fee-grants-iii/7341
The total ask is 12000 SCRT.
Places this has also been discussed: