EIP-1559
Last updated
Last updated
Ethereum transaction fees are designed as a simple auction mechanism for resource acquisition. It operates so that users create and transmit transactions by predicting the gas cost, and miners select the transactions sent with the highest gas cost among these transactions and create blocks.
This policy direction is effective in systems where limited resources must be acquired through auctions, such as Bitcoin and Ethereum. However, in situations where transaction fees fluctuate rapidly, there is a problem in that users have to pay a transaction fee higher than a reasonable level or wait a long time to confirm the transaction they sent.
EIP-1559 is a dynamic transaction fee adjustment mechanism applied to Ethereum London HF, which burns a portion of the transaction fee for each block to handle temporary network congestion efficiently and expands the total amount of available gas in the block by 1/1024 compared to the previous block. It is an algorithm designed to reduce and reduce.
Metadium uses the SPoA consensus algorithm to enable large-scale, high-speed processing. The block size is 3.5 times that of Ethereum (default block gas limit is 105,000,000), and the block creation time supports up to 1/12 of Ethereum (default 1 second). Therefore, it may be reasonable for Metadium to use a fixed gas fee policy determined by governance.
However, the fixed gas fee policy has the problem that the gas fee to control DDoS attacks on the network also changes depending on the price volatility of the native coin META. Although it is possible to change the fixed gas fee through On-Chain Governance, it is not possible to respond quickly, which poses a risk of compromising the safety of the network.
Therefore, Metadium has applied the EIP-1559 protocol with the following conditions to protect the network from DDoS attacks and excessive transaction creation by bots.
BaseFee and CurrentGasTarget of EIP-1559 applied to Metadium are calculated in real time for each block using the following formulas.
In the above formula baseFeeMaxChangeRate(default 55%) is a fixed value and can only be changed through a governance vote.
Also, in order to prevent BaseFee from growing indefinitely and the META from being used as a transaction fee, the maximum value of BaseFee is set to maxBaseFee(Default value is 50,000Gwei). This value can be changed by a governance vote.
In the formula below gasTargetPercentage(default 30%) and PreviousGasLimit(default 105,000,000) are fixed values and can only be changed by a governance vote.
Metadium users can create transactions using fixed gas prices, maxPriorityFeePerGas(default 100Gwei) and the variable gas price, BaseFee(default 1Gwei) recorded in the latest block, and the algorithm is compatible with all wallets that support existing EIP-1559.
