Propose a network parameter change

Network parameters are a constant (or an array of constants) in the system, the values of which can be changed by on-chain governance.

This page describes what you need to propose a change to a network parameter, and provides proposal templates that you will need to edit before submitting.

Requirements

You will need:

• A connected Vega wallet, with your wallet name and public key to hand
• A minimum of whichever is larger, associated with that public key: 🔗governance.proposal.updateNetParam.minProposerBalance (🔗more than 0 tokens) or 🔗spam.protection.proposal.min.tokens (🔗1 token)
• Familiarity with governance on Vega

Anatomy of a network parameter proposal

Read on for the key inputs to a network parameter proposal.

The contents of a changes object specifies what will be different after the proposal. In this case, these are the changes that will occur on the network.

Rationale requires a title and a description. They are free-text fields that describe the purpose of the proposal. Within the description, include links with more information about your proposal (such as to the IPFS content or forum post) that voters can reference to learn more about the asset proposal. Formatting your rationale with markdown makes it easier to read when it's displayed.

Key is the name of the network parameter that you are proposing a change to.

Value is the new value you're proposing that the network parameter should have.

Templates and submitting

In the tabs below you'll see:

• Annotated example describing what each field is for
• JSON example that can be submitted with the governance dApp ↗
• Command line examples for different operating systems

The governance dApp has a tool ↗ to help you build a network parameter proposal.

Replace the example data with the relevant details before submitting.

Annotated example

{
 rationale: {
  title: "Update market.fee.factors.infrastructureFee",
  description: "Proposal to update market.fee.factors.infrastructureFee to 300}"
 },
 terms: {
  updateNetworkParameter: {
   changes: {
    // Unique key of the network parameter. (string) 
    key: "market.fee.factors.infrastructureFee",

    // Value for the network parameter. (string) 
    value: "300"
   }
  },

  // Timestamp as Unix time in seconds when voting closes for this proposal,
  // constrained by `minClose` and `maxClose` network parameters. (int64 as string)
  closingTimestamp: 1696941757,

  // Timestamp as Unix time in seconds when proposal gets enacted if passed,
  // constrained by `minEnact` and `maxEnact` network parameters. (int64 as string)
  enactmentTimestamp: 1697028157,
 }
}

Governance dApp (JSON)

1. Copy the JSON example below into a text editor.
2. Replace the placeholder values with those you want for the market.
3. Tip: Use markdown formatting in your proposal's rationale to make for easier community review.
4. Submit your proposal on the governance dApp ↗.
5. Check you can see your proposal under Open Proposals on the governance dApp ↗.

{
  "rationale": {
    "title": "Update market.fee.factors.infrastructureFee",
    "description": "Proposal to update market.fee.factors.infrastructureFee to 300}"
  },
  "terms": {
    "updateNetworkParameter": {
      "changes": {
        "key": "market.fee.factors.infrastructureFee",
        "value": "300"
      }
    },
    "closingTimestamp": 1696941757,
    "enactmentTimestamp": 1697028157
  }
}

Command line (Linux / OSX)

1. Copy the command line example below into a text editor.
2. Replace the placeholder values with those you want in the proposal.
3. Tip: Use markdown formatting in your proposal's rationale to make for easier community review.
4. Connect to your Vega wallet and use the command line to submit your proposal.
5. Check you can see your proposal under Open Proposals on the governance dApp ↗.

./vegawallet transaction send --wallet YOUR_WALLETNAME --pubkey YOUR_PUBLIC_KEY --network NETWORK_NAME '{
 "proposalSubmission": {
  "rationale": {
   "title": "Update market.fee.factors.infrastructureFee",
   "description": "Proposal to update market.fee.factors.infrastructureFee to 300}"
  },
  "terms": {
   "updateNetworkParameter": {
    "changes": {
     "key": "market.fee.factors.infrastructureFee",
     "value": "300"
    }
   },
   "closingTimestamp": 1696941757,
   "enactmentTimestamp": 1697028157
  }
 }
}'

Command line (Windows)

1. Copy the command line example below into a text editor.
2. Replace the placeholder values with those you want in the proposal.
3. Tip: Use markdown formatting in your proposal's rationale to make for easier community review.
4. Connect to your Vega wallet and use the command line to submit your proposal.
5. Check you can see your proposal under Open Proposals on the governance dApp ↗.

vegawallet.exe transaction send --wallet YOUR_WALLETNAME --pubkey YOUR_PUBLIC_KEY --network NETWORK_NAME ^
"{^
\"proposalSubmission\": {^
 \"rationale\": {^
  \"title\": \"Update market.fee.factors.infrastructureFee\",^
  \"description\": \"Proposal to update market.fee.factors.infrastructureFee to 300}\"^
 },^
 \"terms\": {^
  \"updateNetworkParameter\": {^
   \"changes\": {^
    \"key\": \"market.fee.factors.infrastructureFee\",^
    \"value\": \"300\"^
   }^
  },^
  \"closingTimestamp\": 1696941757,^
  \"enactmentTimestamp\": 1697028157^
 }^
}^
}"

Voting

All proposals are voted on by the community. To vote, community members need, at a minimum, the larger of 🔗more than 0 tokens, or 🔗1 token associated with their Vega key.

Your proposal will need participation of 🔗9% and a majority of 🔗50%, so having community support is essential.

Proposers who invite feedback, engage with comments, and make revisions to meet the needs of the community are more likely to be successful.

Enactment

If successful, the proposal will be enacted at the time you specify in the enactmentTimestamp field.