Hoping this can be a general thread on fees in the context of validator operations. To get things started:
Are there any good resources on the “minimum_fees” setting for gaiad? Specifically, I am trying to understand what it is intended to achieve.
Is it used solely as an anti-spam measure (CheckTx), thus preventing propagation via mempool of insufficiently funded transactions?
If above is correct, it seems like it would be appropriate to set this on sentry nodes, but could be left untouched on validators?
As operators will choose different values, it seems to me that only proposed TXs with fees >= highest value in +2/3 validator set will be included in blocks.
If that is correct, what happens with validators that set minimum_fees to high?
From a user perspective it is interesting to know if insufficiently funded TXs are censored immediately, or if they propagate and wait until a “cheap” proposer comes along.
I am wondering if minimum_fees shouldn’t be a global setting (genesis.json), ensuring that operators and users are not guessing at random what a sensible level would be?