Abstract
The “Units per second” value plays a crucial role in determining transaction fees for XCM transactions on Moonriver/Moonbeam. However, the existing data for this value for various assets is outdated and needs an update. This proposal aims to address this issue by proposing a referenda to refresh the units per second values for the current list of assets on Moonbeam.
Details
This referenda will update the units per second data for all assets on Moonbeam, ensuring accurate transaction fee calculations.
The update will be based on the following details:
- Data Source:
- Primary: CoinGecko: Token price data will be primarily sourced from CoinGecko for accurate and reliable information. Price data was obtained on Feb 29, 2024.
- Alternative: Third-party DEX (e.g., StellaSwap): If a specific token’s price data is unavailable on CoinGecko, alternative sources like decentralized exchanges will be utilized.
- Execution Path: The referendum will be executed through the General Admin track.
- Robustness: The proposal call was tested in Chopsticks to ensure it executed correctly.
The actual call data is here:
Benefits
- Improved Transaction Fee Accuracy: Updated units per second data will lead to more accurate transaction fee calculations, preventing overpaying or underpaying for XCM transactions.
- Enhanced Network Efficiency: Accurate fee estimations can encourage users to participate in the network, potentially increasing overall network utilization.
- Data Relevance: Regularly updating asset data ensures its continued relevance and reflects market dynamics.
We encourage all Moonbeam stakeholders to review this proposal and cast their votes to support this crucial update. By ensuring accurate asset data, we can contribute to a more efficient and user-friendly network for everyone.
Addtional note:
This proposal builds upon the success of Moonriver proposal 51 which was recently implemented .Thanks to your support. We appreciate your contribution!
Equilibrium is currently undergoing a slot lease renewal process. Its token price is currently retrieved from Gate.io , with a daily trading volume of approximately 14,000 USD. However, it is important to acknowledge that this source may need to be updated in the future.