We propose to increase gas_price_minimum_(lower_bound) so that the gas of a simple ERC20 transaction, paid in stablecoins, costs around 0.1 cents or USD 0.001. Note that transactions paid in stablecoins use slightly more gas than standard ERC20 transactions.
A similar change was previously carried out with CGP 66. However, it makes sense to revisit this again because of changes to the value of CELO and because of gas optimizations to the cUSD contract which has lowered the amount of gas needed for a cUSD transfer. The option to pay for gas with USDC and USDT has been added since then as well.
Definitions of terms used and an overall explanation of the setup can be found in CGP 66.
Please note:
This proposal builds on the rationale of [^1]CGP 66, where the effort was to keep gas cost for cUSD at $0.01 for a transfer paid for cUSD itself. Since then, it's been made possible to pay gas with USDC and USDT and the total cost for a tx has reduced considerably. These are gas costs of transfers of those tokens on mainnet at the time of writing:
Example tx hash: [0x94aceaeff26b90eb4990a141e69971cecd2f2bb09dbe921834ad837d6f9bfebc](https://celoscan.io/tx/0x94aceaeff26b90eb4990a141e69971cecd2f2bb09dbe921834ad837d6f9bfebc)
After this change is implemented, the most expensive stable asset transfer will cost approximately $0.0015.
Please note that these numbers are illustrative, smart contracts are complex and how much gas a transfer uses may vary depending on many factors. The actual cost of gas is also volatile, affected also by the value of CELO and network usage.
This change has already been deployed to alfajores, you can see a test transaction here where the gas for a stable asset was 0.1 cent of cUSD. Here's an example tx hash: 0x36d33d45a5a1c4c2a20fef6ba6e771569c361ae0152fd2dc198043150f49d398
Current GasPriceMinimum floor can be fetched with:
celocli network:parameters --node https://forno.celo.org
The proposal can be fetched with:
$ celocli governance:view --proposalID $proposalID --node https://forno.celo.org
The proposed number should be 5x higher than the current gas price.
[^1]: The referenced CGP 66 has now been overwritten in the Governance Repo and thus the link points to the latest available version. This prevents Celo Mondo from displaying the on-chain record. Legacy Stake ID tool does show the on-chain record, but the content it shows is from the overwritten proposal, not the original.