Protocol Parameter Update
In 2 weeks’ time, the maxGasPrice parameter in the Kyber Network contract will be updated from 100 gwei to 50 gwei.
Below are the important points to note during this transition:
- On 4th October 2019, the maxGasPrice parameter will be updated to 50 gwei.
- Token liquidity and the standard functionality of token swaps are not affected. Users and DApps can execute token swaps using up to 100 gwei in gas price until BEFORE the update to the maxGasPrice parameter. Once the maxGasPrice update has been rolled out, any token swap transaction exceeding 50 gwei in gas price will be reverted.
- This update does not affect the KNC token contract. KNC holder’s tokens are not affected.
When is the maxGasPrice update?
Friday, 4th October, 2019
Actions Required Before 4th Oct.
Reserve Managers: In situations where you need your price update transactions to be prioritized over the taker’s transaction to reduce the chance of front running, do note the new masGasPrice limit and set your price update transaction’s gas price as needed.
DApps: Any DApps that have integrated the Kyber protocol may need to ensure that this gas price limit (50 Gwei) is enforced in your application / platform in order to ensure that no transactions are reverted due to gas prices.
Users: Popular DApps that have integrated the Kyber protocol (e.g. KyberSwap, MyEtherWallet, Trust, Enjin Wallet, etc.) will be informed of this new maxGasPrice limit, so if you’re a user of these DApps, you don’t need to worry about the change. But do take note of this limit if you plan to alter the gas price of your transaction before broadcasting them (i.e. when using MetaMask). This update does not affect the cost of token swaps.
What is the role of maxGasPrice in Kyber Network?
To prevent takers from front running in Kyber Network, the smart contract limits the gas price that trade transactions can have. The taker’s transaction will be reverted if the limit is exceeded. This potentially protects Reserve Managers against front running, as their price update transactions can be prioritized over taker’s transactions, since Reserve Managers are not restricted by the maxGasPrice parameter. To query for the maximum gas limit, check the public variable maxGasPrice from the KyberNetworkProxy contract (https://etherscan.io/address/kybernetwork.eth).
Why is the maxGasPrice going to be updated?
In the last 6 months, the average token swap transaction uses less than 50 gwei in gas price.
In addition, the chance of front running can be reduced as a lower max gas price for takers gives more room for makers / reserves to use gas prices to prioritize their transactions over a taker’s transaction (e.g. when reserves submit on-chain transactions to update token prices).
You can check the average gas price chart from Etherscan here: https://etherscan.io/chart/gasprice
Next Steps
We sincerely thank all of the projects and teams in the Kyber ecosystem for their understanding and cooperation during this parameter update. For any teams that require assistance, please feel free to reach out to us on our KyberDeveloper telegram channel (https://t.me/KyberDeveloper)
A subsequent announcement will be done on the day of the maxGasPrice update as well.
For additional information, please contact Shane on Telegram https://t.me/shaneHk or Twitter https://twitter.com/shaneMkt
About Kyber
- Developer Portal: https://developer.kyber.network/
- Telegram Developer Group: https://t.me/KyberDeveloper/
- Twitter: https://twitter.com/kybernetwork/
- Telegram announcement channel: https://t.me/officialkybernetwork/
- Facebook: https://www.facebook.com/kybernetwork
- Blog: https://blog.kyber.network/
- Website: https://kyber.network/
