Klaytn Community Survey Report on Gas Price Adjustment


As a first step to understanding how our communities view the potential gas price adjustment, the Klaytn team surveyed our GC members and identified how they view the matter. Combining the result of both the GC survey and the previous technical analysis, the Klaytn Team came up with a potential gas price adjustment plan and asked the community’s opinions in a survey outlined as follows in our last article:


Survey Outline

Period

Feb 10 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 increase our gas price, how much should it be?
  • How should the gas price increase be implemented?
  • Do you have any other feedback regarding the proposal to combat arbitrage bot spam transactions by increasing our gas price?

Results

Respondents

25 persons

Answers

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

  1. Transaction speed
    (48%) Important
    (36%) Neutral
    (16%) Not important
  2. Low gas fee
    (20%) Important
    (28%) Neutral
    (52%) Not important
  3. Network availability
    (64%) Important
    (24%) Neutral
    (12%) Not important
  4. Integrity of on-chain data
    (44%) Important
    (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 our gas price, how much should it be raised to?

  • (60%) 750 ston. This should decrease bot transaction traffic by 85% based on the assumption that arbitrage traders seek 100% yield. At this gas price, gas fees for a KLAY transfer will be ~$0.018 to $0.019.
  • (40%) 500 ston. This should decrease bot transaction traffic by 75% based on the assumption that arbitrage traders seek 100% yield. At this gas price, the gas fees for a KLAY transfer will be ~$0.012 to $0.0125

How should the gas price increase be implemented?

  • (76%) An immediate increase to the new gas price of 500 or 750 ston. Doing so will tackle the congestion problem sooner.
  • (24%) A gradual increase while monitoring the impact on arbitrage bots at each interval. Doing so will lessen the impact of the change in gas fees.

Do you have any other feedback regarding the proposal to combat arbitrage bot spam transactions by increasing our gas price?

  • Making a blacklist of arbitrageurs and stopping the wallets from making transactions would work.
  • Enhance the spam throttler.
  • Enhance the TPS to cover the bots.
  • Bots may be just another user of the network.
  • General users may suffer from the gas price adjustment and will eventually diminish the whole community of blockchain in Klaytn.
  • It’s important to implement the burning mechanism for the increased transaction fee transparently, to maintain and enhance the value of Klaytn

In short, network availability is the factor that has the highest ratio of respondents who answered as important, followed by transaction speed, on-chain data integrity, and low gas fee. 60% of respondents chose 750 ston as the more appropriate level of gas price than 500 ston. Lastly, 76% of respondents preferred an immediate increase to a gradual one.

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© Klaytn Foundation 2022. All rights reserved.
© Klaytn Foundation 2022. All rights reserved.