BIP 1 - Reduce CA minting cost

BeamX DAO Closed proposals
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1

Preamble

BIP#: BIP-1
Title: Reduce CA minting cost
Author(s): Amir, Raskul, Gus
Contributors: Alex Romanov, Valdok
Tags: CA , minting
Type: BIP A (Regular proposal)
Status: Community Vote (offchain)
Date Proposed: 2022-05-09
Date Ratified: N/A
Dependencies: None
Replaces: None

References

Sentence Summary

  • Reduce the amount of $BEAM required to mint Confidential Assets.

Paragraph Summary

  • The current cost for minting confidential assets is 3000 $BEAM. A community discussion was held and the feedback we received was that the mint cost is too high. Therefore, a community vote will be conducted on the Beam Forum to determine the new $BEAM amount for minting confidential assets. The new amount will be implemented in the Beam hardfork mid-June 2022

Component Summary

  • Reduce Confidential Asset minting cost to remove entry barriers for developers creating projects such as bridges and DApps that require the issuance of multiple CAs.

Motivation

  • We envision BeamX to become a hub for Private DeFi (PriFi) connecting seamlessly to other blockchain ecosystems such as Ethereum, Polygon, Solana etc. Tokens bridged from other chains will be represented by a 1:1 copy on Beam, this will significantly increase the need to mint new confidential assets (CAs).
  • Other applications that will require many CAs to be minted are derivative assets (like tokens pegged to commodities such as Gold or stocks like $TSLA), and AMM DEX (potentially requiring LP tokens to be issued as CAs)

Specification / Proposal Details

The voting for the reduction to the Confidential Asset issuance amount will be conducted here on the forum. Both BIP - 1 and BIP - 2 will utilise the forum for voting, so that the changes can come into effect with the upcoming Hardfork. Future voting will be conducted on the Beam Governance Dapp.

The vote can be found below, and will run from today until Friday 1 PM GMT.

Amount of BEAM required to issue a Confidential Asset:

  • 500
  • 250
  • 100
  • 50
  • 25
  • 10

0 voters

2 Likes