Why This Matters
Gas fees are a crucial component of network security, incentivizing validators to process transactions while protecting the network from spam attacks. By implementing a minimum global gas fee we’re establishing a baseline cost for every transaction, making it more expensive for malicious actors to flood the network with spam. While validators retain the flexibility to set their specific minimum gas fees, these must now be equal to or greater than the established global minimum. This change not only secures the network but also encourages validators to prioritize transactions with higher gas fees, and so optimizes network performance. Additionally we are adding a rewards getter function (AvailableTips) to show the amount of rewards including tips by selector.
Process
The proposal was made on Monday August 26, 2024 as an expedited proposal and the voting period will end 24 hours later. Included in the proposal will be the specific block height at which this upgrade will be activated. Once the chain reaches this block height, validators will need to update their binaries to comply with the new gas fee structure. This update can be carried out manually or by using cosmovisor, an automated upgrade manager.
Key Details:
Proposal Time: August 26, 2024, 1:51pm EST
Voting Period Ends: August 27, 2024, 1:51pm EST
Block Height for Upgrade: 874300 (~3:00pm EST)
Link to Tag v0.4.2
