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1. TL;DR

This proposal removes the existing IBC rate limit on channel-3 (Initia ↔ Noble) for USDC. A bug has been identified in the rate limiting module where the flow counter does not reset correctly. The fix will be included in an upcoming chain upgrade, after which a new rate limit will be re-applied.

2. Proposal Details

A bug has been discovered in the ratelimit.v1 module where the rate limit flow counter fails to reset at the end of each duration window. This means the rate limit is not functioning as intended and may incorrectly block valid transfers.

The fix requires a chain-level patch and will be included in the next chain upgrade. In the meantime, removing the rate limit ensures uninterrupted USDC transfers on channel-3.

Related bug fix PR: [Hidden link]

Current Rate Limit (to be removed)

Plan

1. Remove the rate limit now via this proposal
2. Patch the reset bug in the upcoming chain upgrade
3. Re-apply the rate limit after the upgrade is confirmed

Technical Implementation

This proposal executes a MsgRemoveRateLimit via the ratelimit.v1 module (ref: [Hidden link]).

{
  "messages": [
    {
      "@type": "/ratelimit.v1.RemoveRateLimit",
      "authority": "init10d07y265gmmuvt4z0w9aw880jnsr700j55nka3",
      "denom": "ibc/6490A7EAB61059BFC1CDDEB05917DD70BDF3A611654162A1A47DB930D40D8AF4",
      "channel_id": "channel-3"
    }
  ]
}

3. Governance Votes

• YES — You support removing the IBC rate limit on channel-3 due to the reset bug, pending a chain upgrade fix.
• NO — You do not support removing the rate limit on channel-3.
• NO WITH VETO — You believe this proposal is harmful, spam, or violates governance principles.
• ABSTAIN — You choose not to vote for or against but wish your vote to count toward quorum.