[Proposal]Increase network minimum gas fee

Status: Draft

Abstract

In this proposal, we propose that all validators of the BTTC network increase the minimum gas price to ‘9M Gwei’ in order to curb spam transactions and improve the overall health of the network.

Motivation

BTTC has grown significantly over the past several months, growing to almost 6.3m unique addresses interacting on its blockchain since its launch in December 2021.

With a rapid rise in adoption and usage, the network is increasingly susceptible to spam transactions that clog up the network, impacting user experience.

These transactions are clogging the network and real users would find it much more difficult to make genuine transactions, especially if blocks are fully filled with spam.

In an attempt to curb malicious behavior, I suggest increasing the minimum gas price to a proper setting from the current (default) value of 300k Gwei for the whole network.

Rationale

In order to figure out what is the proper minimum gas price settings which can best fit in the current ecosystem status of BTTC and also balance the interest between the validators and the users. We collect and sort out the current gas fees of mainstream Ethereum folk chains in the latest period.

As we know, the gas price is dynamically changing every second according to the Ethereum gas mechanism.

An important reason for the change of gas fee is the user’s intention to include more transactions into the block faster. Sometimes, when the blockchain is busy, the users are willing to pay more gas fee to make their transactions being included in the next block, and the gas fee will rise. Otherwise, when the blockchain is idle, there are not many transactions in the chain, and the gas fee will drop significantly.

There are many metrics that can measure a chain, such as market cap ranking. The following table lists several important parameters of the mainstream Ethereum folk chains, followed by Market Cap Ranking, Average gas price per unit in the last month(in original token), coin price, and Average gas price per unit in the last month(USDT).

note: all the data listed below are fetched in 2022.11.14, and all the data sources are from coinmarketcap.com

Chain Market Cap Ranking Average gas price per unit in last month(in original token) Token price Average gas price per unit in last month(in USDT)
BNB 5 7.5 Gwei $282 0.000002
Polygon 10 422 Gwei $0.94 0.0000004
Avalanche 20 50 Gwei $13.28 0.00000065
Ethereum Classic 24 3.4Gwei $20.14 0.00000007
Fantom 59 1450Gwei $0.1816 0.00000025
Bttc 61 300000Gwei $0.00000068 0.00000000017
Klaytn 68 300Gwei $0.1737 0.00000005
Moonbeam 121 300Gwei $0.36 0.0000001

gas price(in USDT) = gas price(in original token) * token price.

From the table above, we can find out that: the unit gas price of the different chains has a positive linear relationship with its market cap value as a whole.

Currently, the BTTC chain ranks about 61st.similar to other chains like Klaytn(rank 68) and Fantom(rank 59).

So we suggest increasing the current minimum gas price by 30 times, which means adjust it from the current 300k Gwei to 9M Gwei to match the current market value of BTTC.

If you want to change it, here are the instructions:

Edit ~/node/bttc/start.sh file and add the following flag -

  --miner.gasprice '9000000000000000' \
  --gpo.maxprice '10000000000000000' \

Please note the \ at the end of the line if it’s not the last line of the bttc invocation command.

Note:

BTTC is a decentralized network, so it is completely up to validators to decide whether they will accept this value or configure their nodes to another value.

Min Gas Price is not a network-level setting or upgrade; it is a client-level setting and validators are free to make decision on their own.

Network-level changes or upgrades can only happen when more than ⅔+1 of the validators are agreed and a subsequent acceptance by the community.

Even if all the validators adopt this setting, the gas prices are still rather low ($0.002 - $0.004) for the end users.

If you have any questions about this proposal, please feel free to comment and discuss.

Thank you.

If you want to discuss with other BTTC developers,you can go to [Proposal]Increase network minimum gas fee · Issue #32 · bttcprotocol/bttc · GitHub for more discuss.

3 Likes

Great initiative ! Agree

Agree, fee on the BTTC network is too cheap

Now BTTC is the best choice for developers because of its Cross-chain solution and the cheapest gas fee. But a good user experience on BTTC is more important, so please ensure the healthy development of the network.

Fair enough, spam is quite annoying, new fee is relatively low.

It’s a good idea to reduce spam.
Even with the higher fees, it’s still cheap for developers.

According to the data comparison, we can see the increase of network minimum gas fee is necessary and reasonable. And spam transactions will probably decrease to save more resource of network for normal transactions.

It is necessary to raise the threshold of cost for a valuable eco. DApps and users definitely need better network traffic to improve the experience and usability, mitigating spam in the meantime.