Arm your validators for the June 25 network settings update

[Justin Rice]

Hello, everyone!

Now the Protocol 21 is live on Mainnet, we'd like to coordinate a vote to update network settings on Tuesday, June 25 at 1700 UTC.  That's a week from today. 

Here's the command to arm your nodes for the upgrade:

http-command 'upgrades?mode=set&upgradetime=2024-06-25T17:00:00Z&configupgradesetkey=p7A7aHjGXD4aaXEeF0Z/D5YT+jawqn6FGP5Ds9koZ7SsN7T+gE1tl78KLf+t3vvpxuOnWHY3hVuS7vsHzJC4OA=='

You can review the proposed settings using the following command:

http-command 'dumpproposedsettings?blob=p7A7aHjGXD4aaXEeF0Z/D5YT+jawqn6FGP5Ds9koZ7SsN7T+gE1tl78KLf+t3vvpxuOnWHY3hVuS7vsHzJC4OA=='

These settings have been in place on Testnet for the past few weeks, and will bring down rent fees, and make them fluctuate less over time.

Here is a quick summary of what they include: 

• Write fees will fluctuate between 11k-12k stroops  (vs the current 10k-40k stroops)

• Rent costs will decrease 1.5x

• The per-transaction read bytes limit will increase to 200 KB

Please let us know here once you have armed your nodes!  And if you have any questions or concerns, please share them ASAP.

For more info about the process for updating Soroban settings, see: https://developers.stellar.org/network/core-node/admin-guide/soroban-settings

Thanks again for your crucial participation in supporting the network!

[Justin Rice]

Hello, validators!

The network settings update was successful! You can check out the changes here: https://stellar.expert/explorer/public/protocol-history

As always, thank you for your attention and participation.