MIP: Meter Network Base Gas Price Reduction

BACKGROUND

At Meter Foundation, while our core focus is on the growth and adoption of Meter Network as a public goods platform; we aim to abide by our first principle of freedom and fairness.

Fair growth is inclusive growth! So while our recent efforts have led to a surge of numerous DEFI and GameFI applications adopting Meter Network as their new destination, the higher cost of transactions on Meter Network was noticeable for projects – primarily GameFI and NFTs – moving their home base to Meter.

PROPOSAL

We propose that the gas fees on Meter Network be reduced from current minimum of 500 GWEI to a minimum of 100 GWEI.

The reduction tries to strike a balance between - Lower fees paving way for dapps to shift to Meter and a deficiency in network revenue that we believe can be compensated by the greater adoption of Network ensuring that network fees and MTRG burn are not impacted substantially

PATH AHEAD

Review Period: The gas reduction from minimum 500 GWEI to minimum 100 GWEI will follow a review period of 3 months to gauge the impact on transaction volume and GameFI, NFT adoption. Any further change will follow the governance process.

Variable Gas Implementation: Meter Network will introduce ‘variable gas determination’ in the future as network activity increases.