Hey Community,
I’d like to propose a new SIP around improving the fee system for stacks transactions.
(Just as a reminder, this is not a formal SIP. This is simply the beginning of a discussion where the goal is to eventually propose a formal SIP.)
Right now, Stacks transactions do not fill Stacks blocks and so are not subject to a fee market.
That means that transaction fees approach zero, until there are more transactions fighting for block space than there is block space available, at which point a fee market will form and transaction fees will skyrocket.
Once a fee market develops, the Stacks miners will have a decent percentage of their revenue coming from transactions.
Until then, however, very little incentive is given to miners to add transactions to blocks and miners essentially ignore the contribution of STX fee revenue.
I propose setting a fee floor of a certain amount of STX. Half of this STX will go to miners, and half of this STX will be burned.
Transactors can send fees in excess of these minimums, but they will need to send a fee that is at least the minimum miner fee and the minimum burn fee.
Raising the minimum miner fee to a level higher than the current amount (0.03 STX), would impose a cost on transactors but would make the protocol more sustainable.
It would also act to reduce the STX supply by the amount that is burned.
It also aligns incentives where all miners and STX holders want to increase STX transaction volume because that would help miners and Stacks holders alike.
This is just the beginning of a brainstorm. I wanted to start a conversation here.
One possible transaction fee floor would be 0.1 STX to miners and 0.1 STX burned.
Alternatively, there could be a dynamic calculation, and the way this calculation is done could be explored.
Open to suggestions, thanks in advance for the discussion.