This is a proposal to do a software upgrade to the v26.0.0 software tag of the Osmosis codebase on block height 21046000, which is estimated to occur on Wednesday, September 18th, UTC 14:00. Block times have high variance, so please monitor the chain for more precise time estimates.

Upgrade Features

Taker Fee Revenue Share

Adds a new mechanism that allows taker fee revenue agreements to be set by governance.

This will initially be used to implement the Nomic Revenue Share approved by governance in Proposal 795, waiving the Bitcoin bridging fees for depositing to Osmosis in return for a share of protocol fees generated by nBTC trading activity on Osmosis.

SDK upgrade to v0.50

Brings Osmosis up to date with the latest version of the Cosmos SDK in use.

Major improvements with 0.50 include:

More fine grained control over chaining consensus params
New sign mode to make ledger signing easier SIGN_MODE_TEXTUAL
The ability to enable Optimistic Execution. This would be a further patch release to turn on and should improve the performance of all transactions.

Patches

Upgraded wasmd to v0.53.0 and wasmvm to v2.1.2
Addresses permissioned in the UnrestrictedPoolCreatorWhitelist are no longer charged the pool creation fee.
- This fulfills part of Proposal 819
Consensus Parameter optimizations for block production, including increasing cost per byte from 20 to 30 and reducing max block size from 5mb to 3mb.
Enable Ledger functionality with smart account module.

Please see the Full Change Log for a complete list of optimizations and any API changes.

Getting Prepared for the Upgrade

Binary Installation

To build the binary, be sure to install Golang 1.22.4 or higher NOTE: Golang versions lower than this will not work.

As always, we recommend validators utilize 64GB of RAM. Since state migration is relatively negligible in this upgrade, it is possible to get away with less, but it is still not recommended. If you are unable to have 64GB of RAM, at a minimum, have a total of 64GB of swap set to prevent out-of-memory errors.

If using Cosmovisor, manually build & copy the osmosisd binary to /cosmovisor/upgrades/v26/bin/.

If not using Cosmovisor, wait for your node to halt at the upgrade height, then install and run the v26.0.0 binary.

Details of Upgrade Time

The proposal targets the upgrade proposal block to be 21046000, anticipated to be on Wednesday, September 18th, UTC 14:00. Note that block times have high variance, so keep monitoring the time. See the countdown HERE.

The upgrade is anticipated to take approximately 15 minutes, during which time there will be no on-chain activity on the network.

In the event of an issue at upgrade time, we should coordinate via the validators channel in Discord to come to a quick emergency consensus and mitigate any further issues.