Learn about the update progress of EIP-1559 in one article
Author |Tim Beiko
Quick Facts
Author |
Quick Facts
Progress on EIP-1559: Client implementations, simulations, game theory analysis, and community outreach are all in progress.
background
The next implementers meeting will be on October 8th, where the "mainnet readiness checklist" will be discussed.
EIP-1559background
Since this is the first update on EIP-1559, it is necessary to introduce the background of EIP-1559. If you are very familiar with this EIP, you can skip this part.
It was proposed by Vitalik in 2019 and has been supported by many people since then. It aims to increase the efficiency of the Ethereum fee market. In short, it wants to double the size of blocks, but keep using half the capacity. This means that the network always has extra capacity to handle surges in block space requirements[0]. EIP-1559 does this by tracking the minimum gas fee, which is BASE FEE, the fee that must be paid for a transaction to be included in a block. BASE FEE goes up when a block uses more than 50% of its capacity, and goes down when a block uses less than 50% of its capacity.
When the demand surges, the block capacity will double in a short period of time until the BASE FEE rises to the point that users are unwilling to pay such a high transaction fee[1]. At this point, BASE FEE will drop to its previous level, and the network will process all these transactions twice as fast as it is now.
We will also hardcode BASE FEE into block headers to make it easier for users to estimate the gas fees they will pay when sending transactions.
But you might think, wouldn't miners want to keep BASE FEE high to earn high transaction fees from each user? To avoid this, we burn this part of the transaction fee. This means that miners will not care about the level of BASE FEE. To incentivize them to process transactions instead of mined blocks, we introduced a second optional fee - TIP.There are many more details about the EIP, but they are beyond the scope of this update. Readers can access the、EIP’s EthMagicians,andVitalik's latest FAQ,and
Implementers' previous meeting notes and videos
Learn more here.
current statea little backgroundAs mentioned above, EIP-1559 was first proposed in 2019. One of the first outputs of EIP-1559 was made a year agoVulcanize.ioan implementation study
. The research highlights all the changes required in the go-ethereum codebase to support EIP-1559. Shortly after the research,ACD#77The team started deploying the implementation on the client.
In the following months, EIP-1559 was mentioned several times in AllCoreDev (core developer all-hands meeting), and in the last meeting in 2019
accomplish
accomplish
Both have implementations for EIP-1559. There are already two implementations that help uncover some unspecified places in EIP, bugs in each implementation, and hopefully soon prove that EIP-1559 is feasible in simple environments [3].
simulation
As we iron out implementation details, we will be ready to test more complex scenarios, such as proof-of-work networks, adding more clients, and handling large blocks, to better understand the impact of EIP-1559 on each node and network effects.Robust Incentives Groupsimulation
In addition to the implementation work, the Ethereum Foundation'sThere has also been work on agent-based simulations. The goal of the simulation was to analyze how EIP-1559 would react under a set of different usage patterns, such as normal network operation, usage spikes, users strategically submitting transactions based on historical BASE FEE values, etc.Deploy to mainnethereavoid making mistakes. Readers can find
here
Watch the latest simulation.
formal analysisAlthough implementations and simulations provide positive empirical data for EIP-1559, they do not help to refine EIP-1559 at the theoretical level. In short, we want to ensure that the design of EIP-1559 is game-theoretic, preferably optimal.To achieve this,The world's top mechanism design researcherTim Roughgarden has signed on to evaluate the fee market mechanism proposed by EIP-1559 and compare it to Ethereum's current fee market and other proposals such as "
", for comparison.
community outreach
The goal of this research is to prove that EIP-1559 works as designed, or to propose modifications to the mechanism to make it more robust.
Follow-up
, and have one-on-one conversations with some of the project teams that EIP-1559 will affect. When they have consulted with a sufficiently large number of projects in various fields (dapps, wallets, exchanges, infrastructure, miners, etc.), they publish a report sharing the community's feedback with implementers, researchers, and other core developers.
Follow-up
So much content! We hope that the first update will provide enough background, so that future updates can be shorter and more focused on incremental progress or new solutions.
Here are some things to watch out for in the next few weeks:
Our next implementers meeting is scheduled for October 8th;
A “mainnet-ready” checklist for EIPs based on conversations with various stakeholders [4];
the results of community extension studies;
Please look forward to our next article to update the above content
footnote
Thanks to Danny Ryan and James Hancock for their valuable comments on drafts of this article.
footnote
[0] For example, when a popular DEX announces that it will airdrop governance tokens to tens of thousands of its users.
[1] When the block capacity is full or empty, the BASE FEE of each block can increase or decrease by up to 12.5%, which means that the gas price of a full or empty block will take about 5 minutes to increase/ Adjust down 10 times, adjust 100 times in 10 minutes, adjust 1000 times in 15 minutes...
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