This proposal implements an update to the IBC Rate Limit contract administered by Osmosis governance

IBC Rate Limits

The IBC Rate Limit module is a safety control implemented in v13, intended to protect assets on Osmosis in the event of security issues with:

• Osmosis
• A counter-party chain
• IBC

Rate limits allow only a specified net percentage change in the quantity of an asset on Osmosis within a specified period.

Slowing down the rate of security incidents allows validators more time to respond, investigate, and take any required action. It either caps the rate at which exploited tokens generated elsewhere can be sent to Osmosis for disposal or prevents unusually high amounts of tokens on Osmosis from being removed.

This upgrade to the IBC Rate Limits contract adds additional checks to the existing contract while maintaining all previous functionality and states

Forum Thread: https://forum.osmosis.zone/t/ibc-rate-limiting-v2-1-upgrade-contract/3422