Increase withdrawal fee of tokens on OmniBride to 0.1%

Voting ended about 5 years agoFailed

The OmniBridge currently works in subsidised mode when the Arbitrary Message Bridge (AMB) oracles pay gas fees for transferring their confirmations to the Ethereum Mainnet chain.

AMB is being used by the OmniBridge (OB) to pass the messages with tokens operations from the xDai chain to the Ethereum Mainnet back and forth.

Since the moment the bridge start functioning due to very high gas fees in August and September the AMB oracles spend 61 ETH (~38'000 USD) to pay for the xDai users operations. Here is the list of the oracles expenses:

At the same time, the OmniBridge collects fees (0.05%) every time when a user withdraws tokens through the OmniBridge from the xDai chain. Since August when the OmniBridge started operations, total amount of collected fees is about 3'000 USD: https://blockscout.com/poa/xdai/address/0x87533bfd390C6d11aFD8dF1A8c095657E0eeeD0d/tokens.

It is obvious that amount of collected fees does not cover the oracles expenses, that's why it is proposed to increase the fee to 0.1%. It will not cover all costs but will be additional motivation for the oracles to provide good service for the OmniBridge.

Off-Chain Vote

Increase fees on OB to 0.1%

0 0%

Increase fees on OB to 0.15%

0 0%

Increase fees on OB to 0.2%

0 0%

Increase fees on OB to 0.25%

0 0%

Increase fees on OB to 0.3%

0 0%

Don't increase fees on OB

0 0%

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Timeline

Dec 22, 2020Proposal created

Dec 23, 2020Proposal vote started

Dec 30, 2020Proposal vote ended

Oct 26, 2023Proposal updated