Weekly Dev Update #45

Summary

The team successfully Ragnarok’ed the existing network which was useful in identifying some issues that had to be fixed. The testnet will be re-deployed with these fixes to the public shortly. An additional testnet will also be deployed soon for potential THORNode validators to practice joining and leaving.

Dynamic Network Fees

A feature that was added was “Dynamic Network Fees”. This monitors all reported gas fees on incoming transactions (both fee-amount and fee-rate) and saves to the chain. Transactions are charged an amount 3 times the trailing average for the gas for each chain, and the actual gas used by the nodes is 1.5 times the incoming. This means outbound transactions are always prioritised *more* than incoming, and the gas used is always subsidised. An example is:

• The average of incoming Bitcoin fees is 10 sats/byte, with average amount 4000 sats used. ( feeAmount = 4000, feeRate = 10, feeCoin = BTC.BTC ). (Incoming Bitcoin transactions will likely be of type 2-in-3-out so around 400 bytes).
• The user who is swapping to Bitcoin is charged 3 * 4000 BTC.BTC = 12000 BTC.BTC . This is taken from them as RUNE valueInRune(12000, BTC.BTC) (since all transactions go via RUNE at some point) and paid into the TotalReserve.
• Nodes then use a rate of 15 sats/byte to pay the outbound transaction. Most likely the outbound transaction is a 2-in-2-out so around 300 bytes, so the total amount is 4500 BTC.BTC which is taken from the Bitcoin vault balance.
• This transaction is then observed and reported back into THORChain and the Bitcoin pool is paid an amount equal to twice the fee (9000 BTC.BTC ) but in RUNE. This cause arbitrage and the Bitcoin pool is topped up by the market at an amount at least equal to 4500 BTC.BTC .

While appearing complex, this mechanism has the following simple characteristics:

• Fee rates are responsive to short-term fluctuations and should be high enough to always be processed in their respective mempools.
• The fee mechanisms is standard across all chains, no matter the fee-type.
• Liquidity stakers are providing the capital for gas, but should always be reimbursed.
• The network makes a small margin on every swap.

THORNode

Bugfixes & Refactoring

All issues identified from the testnet has been merged back into the main binary.

• [bugfix] removing native tx relay from msg send
• [refactor] refactor how to do kvstore migration
• [refactor] break memo into its own package
• [bugfix] add pruning
• [refactor] move keeper to its own sub packages
• Resolve “[REMOVE] remove old events”
• [bugfix] patches discovered through testnet
• [bugfix] update binance broadcast parsing
• 492-issue add processIn and processOut property back
• [bugfix] fix double handler bug
• [bugfix] remove old pubkeys from pubkey manager in bifrost
• 490-issue a little bit code clean up
• [bugfix] chain block height takes priority over current store position
• [documentation] remove old ‘setup’ documentaiton, its no longer used
• [bugfix] unstaking requires 24 hrs

Chain Work

• [admin] mimir has the power to change the emission curve
• Fix entrypoint keyring
• Resolve “Update Constants endpoint”
• 487-issue add rune address to stake event
• Resolve “[ADD] Dynamic network fees”

Midgard

• Resolve “Fix dateCreated”
• Resolve “Make event handler unit tests deterministic”
• Resolve “Delivery layer clean up”
• Resolve “Build html document in docker build”
• Resolve “ADD: rune address to stake event”
• Resolve “Add eth and btc address”
• Resolve “ADD: totalEarned”
• Fix cross chain duplicate IDs
• Resolve “”thorchain” package cleanup”
• [testnet deploy] updates testnet docker image
• Resolve “Invalid input tx for stake event”

ASGARDEX

ASGARDEX-COMMON

Work continues to abstract out most of the main chain features so that the heavy lifting can be done by a standardised NPM package. This includes all of the CLP arithmetic.

• RESOLVES: Issue15b — Refactor Binance
• Upgrade to latest dependencies, misc. quick fixes
• Fix return type of `getBalance`
• FIX LINTING
• Fix build of the library
• Add calc for XYK formula
• ADD: slip on stake method
• RESOLVE: Issue2 — getSwapSlip
• RESOLVE: ISSUE3 — IMPORT TOKEN HELPERS

ASGARDEX-ELECTRON

The wallet work continues to bring in the main components.

• Feature/addkeys accountdata
• Install `asgardex-binance` from branch
• Feature/sort import order
• Fix build actions and usage of `BinanceClient`
• Feature/ui component
• Issue 104/add mobile header
• Feature/ui component
• Feature/addressinput

Audit

• Code Review: Complete
• Economic Review: Preparing Final Review
• TSS Audit: 58%
• Infra Audit: scoping

Next Milestones

The testnet is being re-deployed and will be made public soon. Chaosnet is expected once testnet has been fully-validated in several environments. There currently isn’t any known blockers to Chaosnet release.

Community

To keep up to date, please monitor community channels, particularly Telegram and Twitter:

• Twitter: https://twitter.com/thorchain_org
• Telegram Community: https://t.me/thorchain_org
• Telegram Announcements: https://t.me/thorchain
• Reddit: https://reddit.com/r/thorchain
• Github: https://github.com/thorchain
• Medium: https://medium.com/thorchain