PIP-73: Paloma Pigeon Feed Community Fee
Status: Proposed
Author(s): LARRY
Type: EVM Proposal
Discussions-to: PIP-73: Paloma Pigeon Feed Community Fee
Created: 07/23/2023
Simple Summary
With Pigeon Feed, every relay transaction will be subject to a community fee that is charged as a percentage of the validator relay fee. The community fee is paid back into the community pool onto Paloma and thus paid to Paloma GRAIN stakers. This PIP proposes to set the community fee to 30% of the gas fee set by the validator that processes the relay transaction.
Abstract
Paloma incentivizes validators and GRAIN stakers with relay fees collected from cross-chain execution. Relay and community fees were launched as part of Pigeon Feed on the Paloma tumbler mainnest with Paloma v1.15.4, and the community fee is set via governance. This PIP aims to vote on the community fee that applies to all relay messages.
Motivation
With Paloma v1.15.4, individual validator relay fees were introduced together with the community fee. The community fee ensures that Paloma is able to incentivize GRAIN stakers to stake grain, secure the network via active delegation and votes on community proposals. The community fee can be changed via governance at any point in time. This PIP proposes to set it at 30%.
Specification Overview
- The community fee is set to 30%
Technical Specification
- Run the governance command to set the initial weight on each chain
palomad tx gov submit-legacy-proposal treasury propose-community-fund-fee \
0.3 \
--title "PIP-73: Update Pigeon Feed Community Fee" \
--description "Update Pigeon Feed Community Fee on Paloma Mainnest" \
--deposit 10000000ugrain \
--fees 300ugrain \
--gas auto \
--from <From Paloma Address> \
--chain-id tumbler \
--yes
If the proposal passes, the community fee will be set at 30%
Rationale
With the release of Paloma v1.15.4, relaying will be subject to a community fee payable to Paloma GRAIN stakers.
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