PIP-120: Update Paloma Mainnet fee to create a denom

Governance
1

PIP Name: PIP-120: Update Paloma Mainnet fee to create a denom

Status: Proposed

Author(s): @birdlady

Type: Parameter Change

Discussions-to: Governance - Paloma

Created: 02/04/2025

Simple Summary

To encourage token launches on Palomatalent, Paloma wants to lower the amount needed to create a new denom.

Abstract

Paloma is preparing the launch for Palomatalent where talent creators can create new tokens. To encourage token launches on Palomatalent, Paloma wants to lower the amount needed to create a new denom from 10 GRAIN to 0.0001 GRAIN.

Motivation

As Paloma now begins to onboard users, it seeks to lower the friction for non-Paloma GRAIN holders to participate on the network. To encourage fast onboarding and token creation, the fee for creating a new token denom will be lowered

Specification Overview

Update the tokenfactory denom_creation_fee parameter .

Technical Specification

Paloma Proposed tokenfactory Parameters:

{
    "params": {
        "denom_creation_fee": [
            {
                "denom": "ugrain",
                "amount": "100"
            }
        ]
    }
}

How to submit the proposal

Run the following governance command

palomad tx gov submit-proposal <path to proposal.json> \
--from <Paloma Address> \
--chain-id tumbler \
--node <node_name>

with the following pip-120.json

{
 "messages": [
  {
   "@type": "/palomachain.paloma.tokenfactory.MsgUpdateParams",
   "authority": "paloma10d07y265gmmuvt4z0w9aw880jnsr700jz87xyk",
   "params": {
    "denom_creation_fee": [{"denom":"ugrain","amount":"100"}]
   },
   "metadata": {
    "creator": "paloma10d07y265gmmuvt4z0w9aw880jnsr700jz87xyk",
    "signers": ["paloma10d07y265gmmuvt4z0w9aw880jnsr700jz87xyk"]
   }
  }
 ],
 "metadata": "ipfs://CID",
 "deposit": "1000000000ugrain",
 "title": "PIP-120: Update Paloma Mainnet fee to create denom",
 "summary": "PIP-120: Update Paloma Mainnet fee to create a denom",
 "expedited": true
}

pip-120_metadata.json

{
 "title": "PIP-120: Update Paloma Mainnet fee to create a denom",
 "authors": [
  "birdlady"
 ],
 "summary": "PIP-120: Update Paloma Mainnet fee to create a denom",
 "details": "Lower the fee to create a denom on Paloma from 10GRAIN to 0.0001GRAIN",
 "proposal_forum_url": "https://forum.palomachain.com/c/governance/6",
 "vote_option_context": "Vote YES to update the tokenfactory denom_creation_fee"
}

How to Vote on the Proposal

palomad tx gov vote 163 yes \
--chain-id tumbler \
--from=<Paloma Address> \
-b block
-y

Rationale

The parameter update does not require chain start and is meant to encourage active participation in the Paloma network.

About Paloma

Paloma wants to be the fastest relay chain in the world with the most decentralized network of validators that can attest to any transaction with the fastest possible execution. Paloma aims to make it easy for developers to control smart contracts on any Solana, Ethereum L1, L2, and L3 chain.

To learn more about Paloma, please visit https://palomachain.com

To follow the project on Github, please star the project GitHub - palomachain/paloma: The fast blockchain messenger protocol

To participate in the community, please join the Paloma Discord: Paloma