Manage Exchange Rates

MOD-XR-MSG-1 · MOD-XR-MSG-2 · MOD-XR-MSG-3 · MOD-XR-MSG-4 · MOD-XR-MSG-5

Writing to the xr module is split across two roles (see Ownership):

• Governance creates a rate, toggles its state, and grants/revokes operator authorizations. These four messages are signed by the authority (the x/gov module account) and have no direct CLI command — they are submitted with gov submit-proposal.
• An authorized operator pushes fresh values with update-exchange-rate — the module's only direct CLI transaction — signing with its own key.

Spec ID	Message	Signer	How to run
MOD-XR-MSG-1	MsgCreateExchangeRate	authority (gov)	governance proposal
MOD-XR-MSG-2	MsgUpdateExchangeRate	operator	veranad tx xr update-exchange-rate
MOD-XR-MSG-3	MsgSetExchangeRateState	authority (gov)	governance proposal
MOD-XR-MSG-4	MsgGrantExchangeRateAuthorization	authority (gov)	governance proposal
MOD-XR-MSG-5	MsgRevokeExchangeRateAuthorization	authority (gov)	governance proposal

---

Update an exchange rate (Operator)

MOD-XR-MSG-2 — the only xr transaction with a direct CLI command. It lets an operator that holds a valid ExchangeRateAuthorization push a new rate value for a given rate id, without a governance vote.

Prerequisites

The signer must hold an active ExchangeRateAuthorization for the target rate id, granted by governance via Grant Exchange Rate Authorization. This is not the Corporation/de operator delegation — the operator signs directly with its own key. The update is rejected if the authorization is missing/expired, if it violates the min_interval anti-spam window, or if the relative change exceeds the max_deviation_bps circuit breaker.

Usage

veranad tx xr update-exchange-rate [id] [rate] \
  --from <operator> --chain-id <chain-id> --keyring-backend test --fees 750000uvna --gas auto --node <rpc-endpoint>

The operator signer is taken from --from (it maps to the message's operator field). id is the numeric rate to update; rate is the new fixed-point rate value.

Example

veranad tx xr update-exchange-rate 1 1050000 \
  --from $OPERATOR --chain-id $CHAIN_ID --keyring-backend test --fees 750000uvna --gas auto --node $NODE_RPC

MsgUpdateExchangeRate returns an empty response — success is signalled by code: 0, and the new value is read back with get-exchange-rate / get-price. The response shape (from tx.proto) is:

// MsgUpdateExchangeRateResponse defines the response for MsgUpdateExchangeRate.
message MsgUpdateExchangeRateResponse {}

---

Governance operations

The remaining four messages are executed by the x/gov module account. Each is wrapped in a proposal message and submitted with gov submit-proposal; the flow below is identical for all four — only the messages[0] payload changes.

Shared proposal flow

# 1. Resolve the governance authority address (the message signer):
GOV_AUTH=$(veranad q auth module-accounts --node $NODE_RPC --output json \
  | jq -r '.accounts[] | select(.value.name=="gov") | .value.address')

# 2. Write proposal.json (see each message below for the messages[0] payload).

# 3. Submit:
veranad tx gov submit-proposal proposal.json \
  --from $USER_ACC --keyring-backend test --chain-id $CHAIN_ID \
  --fees 750000uvna --gas auto --node $NODE_RPC

# 4. Vote once it is live:
veranad tx gov vote <proposal-id> yes \
  --from $USER_ACC --keyring-backend test --chain-id $CHAIN_ID \
  --fees 650000uvna --gas auto --node $NODE_RPC

Every proposal JSON wraps its message like this (only messages differs per operation):

{
  "messages": [ /* one xr message, see below */ ],
  "metadata": "ipfs://CID",
  "deposit": "10000000uvna",
  "title": "…",
  "summary": "…",
  "expedited": false
}

Create an exchange rate (Governance)

MOD-XR-MSG-1 — /verana.xr.v1.MsgCreateExchangeRate. Creates a new rate entry and returns its auto-assigned id.

{
  "@type": "/verana.xr.v1.MsgCreateExchangeRate",
  "authority": "${GOV_AUTH}",
  "base_asset_type": "TU",
  "base_asset": "tu",
  "quote_asset_type": "COIN",
  "quote_asset": "uvna",
  "rate": "1000000",
  "rate_scale": 0,
  "validity_duration": "31536000s",
  "state": true
}

Field	Description	Mandatory
authority	Governance module address (the signer).	yes
base_asset_type / base_asset	Asset being priced (e.g. TU / "tu").	yes
quote_asset_type / quote_asset	Asset it is priced in (e.g. COIN / "uvna").	yes
rate	Fixed-point rate value (decimal string).	yes
rate_scale	Decimal scale; divisor is 10^rate_scale.	yes
validity_duration	How long a value stays valid; must be ≤ params.max_validity_duration.	yes
state	true = enabled on creation.	yes

Response (tx.proto): MsgCreateExchangeRateResponse { uint64 id = 1; } — the new rate's numeric id.

Set exchange rate state (Governance)

MOD-XR-MSG-3 — /verana.xr.v1.MsgSetExchangeRateState. Enables or disables an existing rate. A disabled rate cannot be used by get-price.

{
  "@type": "/verana.xr.v1.MsgSetExchangeRateState",
  "authority": "${GOV_AUTH}",
  "id": "1",
  "state": false
}

Field	Description	Mandatory
authority	Governance module address.	yes
id	Numeric rate to toggle.	yes
state	true = enable, false = disable.	yes

Returns an empty MsgSetExchangeRateStateResponse.

Grant exchange rate authorization (Governance)

MOD-XR-MSG-4 — /verana.xr.v1.MsgGrantExchangeRateAuthorization. Authorizes an operator to push values for a rate via update-exchange-rate, with optional guardrails. Keyed by (xr_id, operator).

{
  "@type": "/verana.xr.v1.MsgGrantExchangeRateAuthorization",
  "authority": "${GOV_AUTH}",
  "xr_id": "1",
  "operator": "${OPERATOR}",
  "expiration": "2027-01-01T00:00:00Z",
  "min_interval": "3600s",
  "max_deviation_bps": 500
}

Field	Description	Mandatory
authority	Governance module address.	yes
xr_id	Rate the operator may update.	yes
operator	Account authorized to push values.	yes
expiration	When the authorization expires (must be in the future).	optional
min_interval	Minimum time between successful updates (anti-spam).	optional
max_deviation_bps	Max allowed relative change per update, in basis points, (0, 10000] (circuit breaker).	optional

Returns an empty MsgGrantExchangeRateAuthorizationResponse. After it passes, the granted operator can run update-exchange-rate; the authorization then appears in the authorizations array of get-exchange-rate.

Revoke exchange rate authorization (Governance)

MOD-XR-MSG-5 — /verana.xr.v1.MsgRevokeExchangeRateAuthorization. Removes an operator's authorization for a rate.

{
  "@type": "/verana.xr.v1.MsgRevokeExchangeRateAuthorization",
  "authority": "${GOV_AUTH}",
  "xr_id": "1",
  "operator": "${OPERATOR}"
}

Field	Description	Mandatory
authority	Governance module address.	yes
xr_id	Rate the authorization is for.	yes
operator	Account whose authorization is revoked.	yes

Returns an empty MsgRevokeExchangeRateAuthorizationResponse.

Module parameters are also governance-only

max_validity_duration is changed with /verana.xr.v1.MsgUpdateParams (signer authority), submitted through the same proposal flow. It has no direct CLI command; read the current value with veranad query xr params.