Proposal for a temporary one-off code change to reduce the skyrocketing costs of rent

Another point to bring up thats probably beneficial here, is there needs to be some thought given into storage rent arbitrage - it would be “easy” (depends upon the setup) to clear storage and reinitialize when rent exemption is cheaper. This could lead to some weird side affects.

As said above, a temporary fix is probably just change the hardcoded value while some other formula is worked out.

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I already understand the regulation, i will support it as the both side have the reward they want. Love $KIN to the moon🚀

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They should be pricing it at 2/4x the hardware costs. Like AWS. So getting more $ out of capex for the same opex is really really risk free return.

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yea, thats generally fine. We want folks to write smart contracts that can reclaim storage. The other option is to eliminate persistent storage and to force everyone to deal with rent that eventually gets to 0 and stuffs their account into an RSA accumulator.

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asap, main blocker is accounts index is still in RAM, here is the PR to track progress there:

There may be more PRs that get pulled in. but things are making progress. The roadmap would be

  1. get the index out of RAM so validators can scale the total account set on the chain with SSDs
  2. get the runtime to deal with state rent that adjusts up and down
  3. reduce rent and add a governance hook for validators to set their current capacity
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Thank you for this, I will be following along

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What the latest status on this?

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@anatoly Please could you provide an update? Do you have an estimated time frame on when the rent reduction will be in effect, that would be very helpful for planning

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1.8 is still the target. Testnet is on 1.7 right now, and should go live to mainnet in a few weeks, and work on stabilizing 1.8 will begin after. don’t hold me to it, but maybe 2 month out?

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Ok that’s promising. Can I ask if v1.8 does not actually decrease the cost of rent or is delayed, please can you make a fixed decrease to the current rent exemption cost? With an ecosystem of our size, this is really being a blocker to growth. 1M new users cost $250K in wallet creation just to onboard which is crazy. Once we have this sorted, we will fly.

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May i quote “1M new users cost $250K in wallet creation just to onboard which is crazy. Once we have this sorted, we will fly.” on twitter, Matt? :grinning:

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Thank you for the above context @anatoly - this is currently the biggest blockage for using Solana at scale

@Matt-kf are you guys resizing accounts manually within JS? I know that function is still a bit off on the roadmap as well

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Edit: Seems expected is ~10x decrease :fire:

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I think this should be bumped and slightly prioritized a bit more. 1 SOL is now $190 and is slowly but surely going higher as this bull run continues.

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Some comments:

Definitely not, it’s going to be in local fiat. Where are they?

The hard cost is not only for storage, but for related activities ram, bandwidth etc… but I have no idea how to estimate that.

Question: if the rent exemption was lowered, do you think it should be allowed to get refunds for accounts with more in them than the new rent exemption?

Also, I think it would be technically very difficult to ever raise the rent exemption, unless there was technical changes to have a rent-exempt-flag on accounts, which isn’t the way it works now i think.

i agree. should be bumped.

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will 1.8 have fee reduction? if not whats the current plan? thx :slight_smile:

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On May 8th that this issue was raised by the Kin Foundation the price of SOL was about 45 USD, now the price is about 190 USD and still not fixed. Anatoly this isn’t right and shouldn’t take this long. Please fix this as soon as possible and make it correlated to the price of SOL, so we don’t have the same conversation again in the future!

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I have noticed that there doesn’t seem to be a lot of Solana Foundation members / developers on the forum. Maybe this question should be raised on discord, where I think the members are more active.

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good observation. i was wondering why no one responds