Welcome to another governor’s call for the Celoist community. This is Governance Call Number 11. In this tutorial, we will cover the discussions and updates from the call.
The first agenda item is an update on Proposal 32 and 33. Proposal 32, the Celo Core Contract Release 5, is currently being uploaded and will soon enter the approval stage. It will then proceed to the referendum stage for voting. The same applies to Proposal 33, the Grand Mentor proposal.
A new Celo Blockchain Parameters (CBP) proposal is being introduced for governors. Mariano has a new pull request (PR) for this proposal. The PR suggests increasing the block target density from 0.5 to 0.8. Currently, Celo implements its own version of EIP-1559, and the block utilization rate is set to use only 50% of the maximum block size. The base fee is adjusted using a formula that leads to an exponential growth of the base fee when the block usage exceeds the target density.
The proposal suggests increasing the block target density to 0.8 to maximize transaction throughput with low gas costs. By utilizing more of the block capacity, more transactions can be processed. The proposal acknowledges the risk associated with this change, specifically the potential for a cartel attack. The asymmetric nature of the formula may allow validators to manipulate the base fee to increase their profits. However, the proposal believes the benefits outweigh the risks.
For a more in-depth analysis of EIP-1559 and its implications, a forum post by Team Ralph Garden is provided. The post explores the risks and benefits of the proposed changes. It also outlines the research conducted and provides an explanation of the parameters and their impact on the gas price.
During the call, participants raised questions and discussed various aspects of the proposals. Some of the questions included:
- Consideration of increasing the gas block limit
- Support for making changes to the gas price function to mitigate cartel issues
- Concerns about the upper bounds of price deviations during proposal periods
- Clarification on the impact of changing the parameter to 0.8 instead of 1
The status update provided during the call stated that Proposal 32 and 33 will soon enter the referendum stage. Additionally, three new proposals are planned to be submitted on Tuesday, and one proposal will be submitted shortly afterward. The timeline for execution was discussed, with Tuesday being the preferred day to submit proposals to ensure execution before the weekend.
This tutorial summarized the discussions and updates from Celo Governance Call 11. The topics covered included updates on Proposal 32 and 33, the introduction of a new CBP proposal, the rationale for increasing the block target density, and the risks and benefits associated with the proposed changes. Participants also had the opportunity to ask questions and seek clarifications. Stay tuned for further developments in Celo governance.