Proposal #469

Allow USDC as transaction fees

Exec Legacy Content
passed
Expected result
Passed
Turnout / Quorum
61.95% / 20.00%

Voting period

Voting ended100.0%
Voting start 2023.03.24 at 18:04:36
Voting end 2023.03.29 at 19:04:36

Vote distribution

99.38%
127 639 897 osmo
Yes
0.04%
53 158 osmo
No
0.01%
12 781 osmo
Veto
0.56%
725 592 osmo
Abstain

Details

logo
Proposer
-
Total deposit
1 600 osmo
Submit time
2023.03.24 at 18:02:09
Deposit end time
2023.04.07 at 19:02:09

Description

This proposal would add USDC via Axelar as a valid fee token for use in paying transaction fees on Osmosis. \n\n## Background\nTransaction fees on Osmosis have been payable in assets other than OSMO since v5. This is managed by the txfee module which specifies a denom to be accepted and an OSMO pool to use as a spot price for the quantity of that denom to accept. Any transaction fees paid in these denoms are collected in the module address and converted into OSMO for distribution to stakers at epoch. \n\nThis whitelist was initially set as all OSMO paired tokens with usable liquidity on 1st December 2021. Since this point there have been many new tokens listed on Osmosis that fees could be paid in, enabling new users to fund the transaction fee for their first trade on the chain. This becomes more important with the minimum fee requirement from Proposal 354 implemented in v15. \n\nThis proposal directly adds USDC.axl as a valid fee token to pay transaction fees in. This is prompted by reports of users bridging from Ethereum and being unable to carry out their first transaction, as well as data provided by Flipside which shows USDC as the most held assets in wallet with no OSMO. \n\nOther assets will be proposed as required or in bulk when the capability to add multiple denoms at the same time exists. \n\n## Test\nThis proposal has been tested on Testnet here: https://testnet.mintscan.io/osmosis-testnet/proposals/57089, adding testnet USDC as a valid fee source and carrying out a transaction here: https://testnet.mintscan.io/osmosis-testnet/txs/F7311AC7AF48D4CD6E8640532FAF02207274E5F1A84196F9CB1357C537037104\n\nCommonwealth Thread: https://commonwealth.im/osmosis/discussion/10478-add-usdc-as-fee-token

Votes

Voter
Answer















Proposal #469: Allow USDC as transaction fees - Osmosis (OSMO) Mainnet Explorer