Detailed Explanation of V God's New Proposal: Why Can EIP-3298 Reduce Gas Fee?

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2021-03-01 14:52 (UTC+8)

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In addition to EIP-1559, there are many ways to reduce Gas costs.

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In addition to EIP-1559, there are many ways to reduce Gas costs.

Editor's Note: This article comes fromBlock beats BlockBeats (ID: BlockBeats), reprinted by Odaily with authorization.

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Block beats BlockBeats (ID: BlockBeats)

, reprinted by Odaily with authorization.@n2ckchongAccording to GitHub, Vitalik has updated the EIP-3298 proposal on February 28. The content of the proposal is to remove the rule "execute SELFDESTRUCT to get a gas fee refund" in the London upgrade. While the proposal is not expected to be implemented until at least July, gas fees did drop over the weekend, averaging around 76 gwei at press time. According to previous reports by Rhythm, the London upgrade will be implemented around mid-July.

So what is SELFDESTRUCT?

The function of the self-destruction operation SELFDESTRUCT (called suicide before EIP6) is to allow people to clean up the blockchain by deleting old or unused contracts. The operating system will provide Gas refunds and encourage users to delete storage states to release resources. Deleting a smart contract will not clear the previous transaction records of the contract, and the blockchain itself cannot be changed.

Twitter ID is

Nick Chong, a trader at , further explained how SELFDESTRUCT has affected the gas fee, and why the gas fee dropped sharply after Vitalik updated the proposal.

Rhythm organizes and translates Nick Chong's tweets as follows:

Currently every transaction on Ethereum requires a Gas fee. Usually, the more complex the transaction is, the more Gas fee the transaction consumes. And SELFDESTRUCT is an EVM-level opcode that sends the balance of the contract to an "address". It is also unique in that the execution of the opcode will directly destroy the contract, but the EVM will actually return some transaction fees to the user to eliminate state inflation, thereby helping the node manage the state (State) size.

It might not sound like fun, but some smart devs realized that you can keep cheap state space alive by storing gas fees in contracts when gas prices are cheap.

The way of storage is simply to mint or buy gas fee tokens when the gas fee is cheap, such as GST and the CHI launched by the 1inch team, and then realize income by destroying these tokens when the gas fee fluctuates.

Rhythm Note: The Gas token turns the Gas fee into an ERC20 Token, allowing users to buy and sell directly, or as a prepayment for using Gas in the future. When the gas price is cheap, users can purchase and store it properly, and then use it when the gas price rises.

Specifically, when the Gas price is low, Gas tokens encourage users to create or mint tokens GST1/GST2 in the contract. At this time, Gas tokens will use the funds provided by users to store data/create contracts at a lower cost. When the price of Gas skyrockets, users can use or consume GST1/GST2, and Gas tokens will get network rewards or Gas refunds by deleting data or contracts (that is, SELFDESTRUCT), thereby realizing consumption at a lower price Gas.

This also explains why many arbitrage transactions on the Ethereum browser Etherscan will have a prompt of "self-destruct contract 0x..." before viewing the transaction details.

This approach is very clever.

When a running arbitrage bot spends thousands of dollars worth of Ethereum transaction fees per day, they can save a lot of money over time by using Gas tokens to save fees.