Upgrade to v3.x

Last updated 4 months ago

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Upgrade to v3.x

Important notes

Any validators upgrading should have before attempting this upgrade
After this upgrade, Keplr Wallet unfortunately cannot support dynamic fee lookups for Cosmos SDK chains that are not natively integrated into their wallet. Therefore, we recommend users to .

Ensure your transaction fee configuration works after the upgrade

For non-identity transactions (e.g., standard transfers, staking, rewards, etc), this upgrade introduces EIP-1559 style burns, with the introduction of a feemarket module which introduces dynamic gas pricing. This might affect how you attach/calculate fees when submitting transactions.

Recommended settings for CLI

Use --gas auto and --gas-adjustment (with value of 1.7 to 1.8) for optimal results. Using fixed --fees is unlikely to work if you don't look up real-time gas prices on the network.

Monitoring real-time gas prices using CLI

cheqd-noded query feemarket gas-price ncheq

Monitoring real-time gas prices using REST API

Initiating a GET request at https://api.cheqd.net/feemarket/v1/gas_price/ncheq. The result will be an object as:

{
  "price": {
    "denom": "ncheq",
    "amount": "0.005000000000000000"
  }
}

Interpreting the real-time gas prices API response

Interpret the value of price.amount as the fixed fee in price.denom units, in which case 5000000000000000ncheq using --fees OR calculate the gas prices necessary by multiplying the value of price.amount by (10^4) * (10^9) = 10^13, in which case resulting in 50ncheq. Any increase in the indicative gas price or gas limit will result in greater quantities than the suggested minimum base fee.

Features

We're excited to announce the latest protocol upgrade to our community. This release brings cutting-edge features designed to enhance transaction efficiency, fee flexibility, and cross-chain interoperability. Here's what's coming your way:

🔥 EIP-1559 Feemarket Implementation

Revolutionising the fee structure for a smoother, more efficient user experience. The advanced Additive Increase Multiplicative Decrease (AIMD) model ensures fair and efficient fee adjustments.
Base Fee: Dynamically adjusts based on network congestion. This fee is burnt, reducing token supply and enhancing the economic value of $CHEQ.
Priority Fee: Optional tip for validators to prioritise your transactions.
Block Elasticity: Dynamic block sizes to address congestion, improving transaction times while mitigating volatility in fees and maximising block utilisation.
Congestion-Responsive: Adjustments maintain a balance between supply and demand for network resources.

🌐 Fee Abstraction Module

Cross-Chain Token Support: Pay transaction fees in tokens from any IBC-enabled Cosmos chain.
IBC Hooks: Facilitate cross-chain smart contract calls, opening new use cases like multi-hop swaps.
Fee Conversions: Automatically convert IBC-denominated tokens to native fees before final settlement.

🔄 IBC Packet Forwarding Middleware

Streamlining cross-chain communication with robust packet forwarding:
Atomic Multi-Hop Flows: Secure and synchronized token transfers across multiple chains.
Asynchronous Acknowledgements: Track the outcome of multi-hop transfers from the initiating chain.

🔧 New Message Definitions for Governance and Token Management

Simplifying token minting and burning through governance-approved mechanisms mainly aimed at reducing complexity of $DOCK to $CHEQ token migration:

MsgBurn: Allows manual burning of native tokens with full validation.
MsgMint: Enables governance-controlled token minting and distribution to specific addresses.

🌟 What This Means for You

Improved User Experience: Transaction fees are simpler, predictable, and wallet-friendly.
Enhanced Token Utility: CHEQ’s role as the network’s core currency is strengthened.
Cross-Chain Opportunities: Broader support for IBC tokens ensures a seamless multi-chain experience.
Governance and Transparency: New tools for community-driven token supply management.

🎯 Next Steps

If the software upgrade proposal is approved, this upgrade will go live at block height 16502390, which is expected to be around Thursday, 12th December 2024, 9am UTC.

We’re excited to bring these advancements to the ecosystem and look forward to your feedback. Let’s build the future of Decentralised Identity together!

Release Notes for cheqd-node v3.0.1

What's Changed

Last updated 4 months ago

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