initia

Prop 84: Remove IBC Rate Limit for USDC (channel-3)

1. TL;DR

This proposal removes the existing IBC rate limit on channel-3 (Initia ↔ Noble) for USDC. A bug has been identified in the rate limiting module where the flow counter does not reset correctly. The fix will be included in an upcoming chain upgrade, after which a new rate limit will be re-applied.

2. Proposal Details

A bug has been discovered in the ratelimit.v1 module where the rate limit flow counter fails to reset at the end of each duration window. This means the rate limit is not functioning as intended and may incorrectly block valid transfers.

The fix requires a chain-level patch and will be included in the next chain upgrade. In the meantime, removing the rate limit ensures uninterrupted USDC transfers on channel-3.

Related bug fix PR: cosmos/ibc-apps#265

Current Rate Limit (to be removed)

Parameter Value
Network interwoven-1 (Initia Mainnet)
Channel channel-3 (Initia ↔ Noble)
Counterparty Noble (noble-1), counterparty channel channel-129
Token USDC
IBC Denom ibc/6490A7EAB61059BFC1CDDEB05917DD70BDF3A611654162A1A47DB930D40D8AF4
Max Send (outflow) 20% per hour
Max Recv (inflow) 20% per hour
Duration 1 hour

Plan

  1. Remove the rate limit now via this proposal
  2. Patch the reset bug in the upcoming chain upgrade
  3. Re-apply the rate limit after the upgrade is confirmed

Technical Implementation

This proposal executes a MsgRemoveRateLimit via the ratelimit.v1 module (ref: cosmos/ibc-apps rate-limiting module).

{
  "messages": [
    {
      "@type": "/ratelimit.v1.RemoveRateLimit",
      "authority": "init10d07y265gmmuvt4z0w9aw880jnsr700j55nka3",
      "denom": "ibc/6490A7EAB61059BFC1CDDEB05917DD70BDF3A611654162A1A47DB930D40D8AF4",
      "channel_id": "channel-3"
    }
  ]
}

3. Governance Votes

  • YES — You support removing the IBC rate limit on channel-3 due to the reset bug, pending a chain upgrade fix.
  • NO — You do not support removing the rate limit on channel-3.
  • NO WITH VETO — You believe this proposal is harmful, spam, or violates governance principles.
  • ABSTAIN — You choose not to vote for or against but wish your vote to count toward quorum.