Klaytn Community Inquiry Report on Gas Price Adjustment | by Klaytn | Klaytn

As a first step in understanding how our communities view the potential gas price adjustment, Klaytn’s team surveyed our GC members and identified how they view the issue. By combining the result of the GC survey and previous technical analysis, the Klaytn team proposed a potential gas price adjustment plan and sought community input in a survey described as follows in our last post:

Period

10 Feb 2022 — Feb 16 2022

Questions

  • Rank the factors that matter most to you when using a blockchain.
  • Similar to Solana, Klaytn’s low gas fees make our network vulnerable to DDoS attacks. If we were to raise the price of gasoline, how much would it have to be?
  • How to implement the gas price increase?
  • Do you have any other comments regarding the proposal to combat arbitrage spam transactions by raising the price of gasoline?

Respondents

25 people

Answers

Rank the factors that matter most to you when using a blockchain.

  1. Transaction speed
    (48%) Significant
    (36%) Neutral
    (16%) Not important
  2. Low gas costs
    (20%) Significant
    (28%) Neutral
    (52%) Not important
  3. Network availability
    (64%) Important
    (24%) Neutral
    (12%) Not important
  4. On-chain data integrity
    (44%) Significant
    (12%) Neutral
    (44%) Not important

Similar to Solana, Klaytn’s low gas fees make our network vulnerable to DDoS attacks. If we were to increase the price of gasoline, how much should it be increased?

  • (60%) 750 ton. This should reduce bot trade traffic by 85% assuming arbitrage traders are looking for 100% return. At this gas price, the gas fee for a KLAY transfer will be around $0.018 to $0.019.
  • (40%) 500 tons. This should reduce bot trade traffic by 75% assuming arbitrage traders are looking for 100% return. At this gas price, the gas fee for a KLAY transfer will be around $0.012 to $0.0125

How to implement the gas price increase?

  • (76%) An immediate increase in the new gas price of 500 or 750 tons. This will solve the congestion problem sooner.
  • (24%) A gradual increase while monitoring the impact on arbitrage bots at each interval. This will reduce the impact of changing gas charges.

Do you have any other comments regarding the proposal to combat arbitrage spam transactions by raising the price of gasoline?

  • Blacklisting arbitrageurs and blocking wallets from trading would work.
  • Improve spam limiter.
  • Improve the TPS to cover the bots.
  • Bots can be just another network user.
  • General users may suffer from the gas price adjustment and will eventually diminish the entire blockchain community in Klaytn.
  • It is important to transparently implement the increased transaction fee burning mechanism, in order to maintain and improve the value of Klaytn

In short, network availability is the factor that has the highest rate of respondents responding as important, followed by transaction speed, on-chain data integrity, and low gas fees. 60% of respondents chose 750 tonnes as the more appropriate gas price level than 500 tonnes. Finally, 76% of respondents prefer an immediate increase to a gradual increase.

Eleanor C. William