Summary

This proposal, if accepted, will effect the implementation of an upcoming SoftwareUpgradeProposal for the Apollo upgrade to Gravity Bridge. The Apollo upgrade intends to change several things about Gravity Bridge, including:

Deployment of the Auction module
Sending half of all Send To Eth chain fees collected to the Community Pool (for use by the Auction module)
Add MetaMask signing support to Gravity Bridge (a.k.a. EIP-712 Signing support)

This proposal in particular gives the community a voice on the new Gravity module parameter chain_fee_community_pool_fraction. See #Proposal Details below for more information on this proposal's effect.

Context

Auction Module Funding

With Proposal #180 the Gravity Bridge Community chose to fund the development of the Auction module by Notional.

Auction Module Behavior

The Auction module is a CosmosSDK module which regularly takes all of the balances in the Community Pool (except for those on the non_auctionable_tokens list) and puts them up for auction. Each token held in the Community Pool will be a separate auction, so if the pool only holds USDC, WBTC, and PAXG then there would be 3 new auctions to bid on. These auction balances are then transferred out of the Community Pool and into the control of the Auction module. The auctions are only open for a period of time known as the Auction Period (determined by the auction_length parameter), during which anyone may bid on an auction by submitting a MsgBid. Every bid requires paying at least a minimum fee (determined by the min_bid_fee parameter) and locks the provided amount of GRAV (ugraviton) in the Auction module. At the end of the auction period the highest bidder will be transferred the full balance of the auction tokens, and their bid will either be burned or sent to the Community Pool (depending on the burn_winning_bids parameter). Once an auction period is over, the next one begins with the new Community Pool balances.

This Proposal, and other Parameter Proposals like it

To give the Gravity community a thorough voice in the Apollo upgrade, all of the Auction module parameters and the new Gravity module parameters are being put to individual vote. This proposal is a signaling proposal which will affect an upcoming upgrade proposal, in which all decisions from these Parameter Proposals will be included. If this proposal fails, then the upcoming upgrade proposal will have no effect.

Proposal Details

This proposal concerns setting the fraction of Send To Eth Chain Fees which will be sent directly to the community pool (for Auction module use) to 50%.

This proposal, if accepted, will set the initial value of chain_fee_community_pool_fraction to "0.50". The chain_fee_community_pool_fraction will control the percentage of the provided ChainFee value of every MsgSendToEth to automatically send to the Community Pool.