PIP-70: Paloma Skyway Bridge Daily Transfer Limit of 500K GRAINs for Risk Management
Status: Proposed
Author(s): LARRY
Type: EVM Proposal
Discussions-to: PIP-70: Paloma Skyway Bridge Daily Transfer Limit of 500K GRAINs
Created: 07/16/2023
Simple Summary
The Paloma Skyway bridge daily limit feature for the Paloma protocol was launched in the Paloma tumbler mainnest with Paloma v1.15.1. The bridge daily limit is set now via governance. This PIP aims to vote on the initial daily GRAIN transfer limit as we bring Paloma’s Skybridge online for extensive testing and audits. Paloma will ask governance to vote on this proposal. This proposal will prepare GRAINS to cross the bridge to target EVMs in a low-risk manner as Paloma’s Skyway bridge comes online in production. We propose an initial GRAINs daily limit of 500,000 GRAINs per day across all supported Paloma EVM chains.
Abstract
The bridge tax implementation for the Gravity Bridge was launched on the Paloma tumbler mainnest with Paloma v1.15.1, and the bridge limit is set via governance. This PIP aims to vote on the daily bridge limit, via on-chain governance.
Motivation
With Paloma v1.15.1, the Skyway Daily Limit was implemented as a way to lower risk management for the newly created Paloma bridge. All outbound Skyway GRAIN transfers from Paloma to the target EVMs and other chains will be limited to an initial daily limit. The daily limit will block all Skyway GRAIN transfers beyond 500,000 GRAINs to ensure that the bridge can undergo extensive testing and audits as Paloma continues to expand its functionality across multiple target chains.
Specification Overview
- The Skyway Bridge Daily Limit is added to genesis
- Add governance vote with the following parameters:
- Define token
- Define window size
- Define token limit
- List the daily limit exempt addresses.
- Keep a counter of the number of tokens transferred and the block height at the start of the limiting window.
- Before accepting a transfer, update the counters and check the limits.
- Transfers are refused if over the transfer limit.
The following whitelist is exempt from the bridge limit cap.
| Address Owner | Address Role | Address |
|---|---|---|
| Paloma Foundation | PalomaFoundation1 | paloma1va7n2gxufc45p5sqktvyx5lcp77fd3892la2hy |
| Paloma Foundation | PalomaFoundation2 | paloma1tgccuzzsz39q86gr3zq4mcelye0t4hqgtfn9lu |
| Paloma Foundation | PalomaFoundation3 | paloma13z3cve7tfcsjmncrvw3ascs8pap07nkp6ykx8s |
| Paloma Foundation | PalomaFoundation4 | paloma12l2u68cqfr29kf3r4c6dqctpsl6ev62hvpraen |
| VolumeFi1 | Volume Team & Advisors | paloma18xrvj2ffxygkmtqwf3tr6fjqk3w0dgg7m6ucwx |
| VolumeFi2 | Volume Team & Advisors | paloma1kmgn5smatn70xskrh7p83ja3em79nfty4ajuug |
| Paloma Foundation | EcosystemFund1 | paloma17t5pd5l0d8a3p54r0p92src8tx2tvs7l2afmd9 |
| Paloma Foundation | EcosystemFund2 | paloma1vlrsw0hf6ddkje99jtnzh4raaa4dqpwqapeaz6 |
| Paloma Foundation | EcosystemFund3 | paloma155sma9auqx37fydzf38puhag2zfe0e3wecsf88 |
| Paloma Foundation | EcosystemFund4 | paloma1ntgj0mfs0ukflk07sd3h8g3txhged0htvuzy23 |
| Dancing Banana Ventures_Fund1 | Purchaser | paloma1qek2sp2srne2zav3694h9l7s2wuwcn5psv48pg |
Technical Specification
- Run the governance command to set the bridge daily transfer limit for all tokens that are sent over the Gravity Bridge
palomad tx gov submit-legacy-proposal skyway set-bridge-transfer-limit \
ugrain 500000000000 DAILY \
--title "Set Daily Paloma Skyway Bridge Transfer Limit for GRAINs to 500,000 GRAINs" \
--summary "PIP-70: Paloma Skyway Bridge Daily Transfer Limit of 500,000 GRAINs" \
--exempt-addresses <ADDRESS> \
--exempt-addresses <ADDRESS> \
--deposit 10000000ugrain \
--fees 6000ugrain \
--gas auto \
--from <From Paloma Address> \
--chain-id tumbler \
--yes
If the proposal passes, the bridge limit will be set as the proposed daily limit.
Rationale
We are establishing bridge limits on Paloma’s GRAIN token for the following reasons:
- Risk Management: Paloma’s Skyway bridge is new software and still has yet to be audited. The objective of the bridge limit will be to ensure that we can continue to test Skyway as we launch Pigeon Feed.
- Pigeon Feed Support: This bridge limit will allow Paloma’s protocol team to launch GRAIN tokens on various target chain DEXEs to ensure and test GRAIN trading on target EVMs.
- Validators: We expect validators will be the main users of the bridge so this feature aims to ensure that they can start using the bridge quickly and effectively.
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