Seven Days of Ether • 2021/3/1

Seven Days of Ether • 15

Eth2

➤ How to understand the removal of SELFDESTRUCT

Two weeks ago, Vitalik published the article "List of EVM features potentially worth removing", one of which is `SELFDESTRUCT` (self-destruct function). @n2ckchong said on Twitter that in the London upgrade, the removal of the `SELFDESTRUCT` feature will also remove the "gas refund (gas refund)", which may reduce the demand for gas, and the gas price may drop to two digits Number of Gwei. The following compiles the explanation:

Every transaction on Ethereum needs to consume gas. In general, more complex transactions consume more gas. The gas amount and the gas price you specify together determine your transaction fee.

The interface of the old version of MetaMask

The variable transaction fee model exists to ensure that miners' earnings are proportional to the growth of the state of Ethereum. The state of Ethereum is information about contracts and addresses on nodes.

SELFDESTRUCT is an EVM-level opcode that sends the balance of the contract to the address. It's special because when executing this opcode to destroy a contract, the EVM actually refunds some of the gas to the user to curb state bloat, which helps manage state size.

While this doesn't sound like much fun, some clever developers realized that you could transfer cheap state space into the future by storing gas in contracts when gas fees were low.

For example:

For example:

Users can take advantage of this arbitrage opportunity through gas tokens like $GST and $CHI, which was released by the 1inch team.

These users can mint or buy gas tokens when gas fees are cheap, and then burn them to realize gains when they fluctuate.

This explains why many arbitrage transactions on Etherscan have "Self Destruct Contract 0x..."tips.

This is very clever.

While someone is running an arbitrage bot and spending thousands of dollars worth of ETH per day in transaction fees, someone can gradually accumulate income by using gas tokens.

Some argue that when gas fees are low, gas tokens lead to severe state inflation, which is stored as meaningless contracts on Ethereum nodes. As state inflation gets worse, the uncle block rate will increase.

source:

source:

https://twitter.com/n2ckchong/status/1365828206889082883?s=20

➤ Most of the community supports 1559

Tim Beiko and @trent_vanepps continue the community survey on EIP-1559 to understand the views of various projects or teams on this EIP. The following figure shows their survey results:

The results show that the vast majority of projects in the community support EIP-1559. In addition, the attitude of Uniswap, which is not in the table but many people care about, its founder Haydam Adams expressed his support on Twitter.

source:

source:

https://github.com/ethereum-cat-herders/1559-outreach

➤ Quantify MEV, specific miners' income after 1559

The 1559 community meeting on February 26 last week received widespread attention. During the discussion with miner Michael Carter, it was found that the miner group did not understand miner extractable value (Miner Extractable Value, MEV), and at the same time focused on the research and development of MEV Flashbot The MEV browser (https://explore.flashbots.net/) MEV-Explore v0 was recently launched to realize quantitative MEV. After the meeting, researcher Hasu and MEV browser co-developer Georgios Konstantopoulos published an analysis article "Establishing Bounds for Miner Revenue in EIP-1559" based on Flashbot's MEV dashboard data. The main idea of ​​the article is:

There are three sources of income for miners: 1) Block subsidy (2 ETH/block + uncle block reward); 2) Congestion fees paid by users; 3) Transaction fees from MEV. After starting EIP-1559, the block subsidy and MEV part of the miner's income will remain unchanged. When the system is not congested, the fee packaged into the block will be burned. When the system is congested, the additional first price bidding mechanism will be activated. Tip Owned by miners. Combining the data of the MEV browser and the total income data, they analyzed the absolute lower limit (green) of the proportion of MEV in the total income of miners, as shown in the following figure:

However, since there are many other different transaction types that are not covered by the MEV browser, based on this absolute lower bound, the study also analyzed the three percent of miner revenue when the MEV browser correctly identified 67%, 50%, and 33% of the total MEV. different distributions of sources.

67%

50%

33%

In the above three cases, the 50% case is most likely to be close to the true upper limit. And the whole analysis tells us that only the orange part of the miners' income will be reduced because of EIP-1559.

➤ Optimism will launch the mainnet in March

Optimism issued a document on February 25 stating that after completing the A round of financing led by a16z in November last year (financing 25 million US dollars), Optimism has expanded its team and will accelerate its research and development speed - on the mainnet in March (rather than just opening the public testnet), at which point arbitrary contracts can be deployed on Optimism.

Some articles about Optimism (Chinese version):

"Why Synthetix Chooses Optimism Expansion Solution"

Translation for Ethereum enthusiasts:

Details:

Details:

https://twitter.com/optimismPBC/status/1364705156705579009

➤ Synthetix's Layer2 is down, and the staking function is currently suspended

On February 26, the second layer of the DeFi asset synthesis protocol Synthetix failed. Its community administrator Justin issued an announcement on Discord: "Synthetix's L2 throughput has some failures, and the transaction cannot be confirmed at present." Synthetix founder Kain immediately issued an announcement, "I have contacted the Optimism team and they are planning to deploy Upgrade version, the problem will be resolved after the upgrade. The user's assets and network status are safe, but new transactions cannot be received by the serializer currently. The Optimism team said that it will take at least 24 hours to test and deploy the upgrade. Not registered User deposits will be added as soon as possible after the upgrade."

On February 28, Justin said that the Layer2 dApp function has been restored again, and the staking function has been turned on. Deposit transactions that were not confirmed during the outage are currently being processed.

In the early morning of March 1, Justin released the latest progress again. He said that the Optimism team detected some backlog deposits that were not deposited in Layer2. Currently, Synthetix's staking function is suspending deposit transactions again.

➤ StarkNet deployment plan

Ethereum Layer 2 solution provider StarkWare has announced the deployment roadmap for StarkNet: a decentralized, permissionless, censorship-resistant, STARK-powered L2 ZK-Rollup solution. It is based on the Turing-complete Cairo language.

Developers can build applications that implement their own logic on StarkNet; users can send transactions on StarkNet; under the incentives of encryption economy, StarkNet nodes and participants will ensure the effective operation of the network.

StarkNet will be rolled out in four steps:

StakWare expects to deploy Phase 1 in a few months, with Phases 2 and 3 well underway by the end of 2021.

cr：https://medium.com/starkware/on-the-road-to-starknet-a-permissionless-stark-powered-l2-zk-rollup-83be53640880

The progress of StakWare and other DeFi cooperation projects:

➤ Vitalik interprets Rollup technology

Link:

Link:

https://bihu.com/article/1651815142?i=1Tg0lE&c=1&s=1NMQzI

➤ DeFi alliance fund established

The DeFi Alliance fund, co-founded by trading and venture capital firms CMT Digital, Cumberland DRW, and Jump Capital, aims to connect DeFi startups and institutional trading firms to help these startups solve liquidity problems and provide financial support for their founders. Provide product feedback from expert users. DeFi Alliance currently has more than 60 member companies and has promoted the growth of 28 DeFi projects, including 0x, dYdX, IDEX, Kyber Network, Synthetix, etc.

DeFi Alliance announced the establishment of DeFi Alliance Fund I in the article. Initiated by alliance members, led by the founder and Mark Cuban.

Disclaimer: The content of the Seven Days of Ether talk column was compiled by the editor and is for reference only. Please refer to the source of the news. Reprints must indicate the source of the original text and the ETH Chinese website. For long-term reprinting, please contact eth@ecn.co for authorization.