I wanted to put forward a new proposal to increase the fees 100X on the network. The post below will explain a bit more about the reasoning and process.
The average fee per transaction is approximate:
Mystic Valley festival had 15k transactions with $1 million USD transacted. The total network cost for fees $0.70
This opens the network to be easily attacked (as spamming lots of transactions is still cheap)
Hard to create long term sustainability with this model. We are very far from the $0.01 network transaction fee goal.
No consensus voting is required for the change, as the min gas defined on the validator node level. We will supply a migration timeslot, during it all validators required to update their validator node to the latest version.
The gas price is hardcoded in many apps and contracts to 1 gwei. We will urge all applications running on the Fuse network to take care of this before the migrations, as the transaction will stop going trough
Fuse After the Vote:
Fees will be approximately 10% the cost of those on xDAI
Running a large event with 20k transactions will still cost less than $200 USD
We will be 100X away from $0.01 per transaction fee that will allow the network to remain economically sustainable long term.