Proposal #469
Passed on 29 Mar 2023 with 99.4% of the votes for yes.
Yes
99.4%
99.9% without abstain
Veto
0.0%
of votes cast
Ended
29 Mar 2023
99.38%
of votes cast
0.56%
of votes cast
0.04%
of votes cast
0.01%
of votes cast
This proposal would add USDC via Axelar as a valid fee token for use in paying transaction fees on Osmosis.
Transaction fees on Osmosis have been payable in assets other than OSMO since [Hidden link]. This is managed by the [Hidden link] module which specifies a denom to be accepted and an OSMO pool to use as a spot price for the quantity of that denom to accept. Any transaction fees paid in these denoms are collected in the module address and converted into OSMO for distribution to stakers at epoch.
This whitelist was initially set as all OSMO paired tokens with usable liquidity on 1st December 2021. Since this point there have been many new tokens listed on Osmosis that fees could be paid in, enabling new users to fund the transaction fee for their first trade on the chain. This becomes more important with the minimum fee requirement from [Hidden link] implemented in v15.
This proposal directly adds USDC.axl as a valid fee token to pay transaction fees in. This is prompted by reports of users bridging from Ethereum and being unable to carry out their first transaction, as well as [Hidden link] which shows USDC as the most held assets in wallet with no OSMO.
Other assets will be proposed as required or in bulk when the capability to add multiple denoms at the same time exists.
This proposal has been tested on Testnet here: [Hidden link], adding testnet USDC as a valid fee source and carrying out a transaction here: [Hidden link]
Commonwealth Thread: [Hidden link]