With the parameter update of minPoolCost to 170 ADA per epoch that was put on chain 10/23/2023 at 11:23AM, how long until the parameter takes effect? It is currently 10/24/2023 at 5:30PM and when I do:
cardano-cli query protocol-parameters
,the params.json file still shows minPoolCost at 340 ADA. I also checked pooltool.io and noticed that no pools have yet to reduce their minPoolCost. Is there a certain amount of time or number of epochs until I will be able to reduce this pool parameter. Thanks in advance.
You’ll need to wait until the params output shows the new minPoolCost. Then you’ll be able to submit a new pool cert with your selected minPoolCost. I think it will take 2 epochs to take effect, but not sure really. But it will also then depend on when your pool gets its next block!
The two epochs makes sense to me although I don’t understand why my next block would impact updating the pool certificate. Are you implying that the parameter changes will only update after I mint a block?
No, just saying the min fee doesn’t mean anything if you don’t mint a block. For a small pool, they might update the pool cert and not mint a block for many epochs. But either way, if you intend to update the min fee, you need to wait until the params reports the new minPoolCost.
The change of the “min pool cost”-parameter takes effect on mainnet on October 27th, 21:44:51 UTC.