This article discusses the strategies for paying transaction fees in Blob and how to increase the inclusion rate of Blob in the next block by increasing the gas fee. The author proposes a new strategy for pre-running basic Blob transactions to avoid fee increases.
Optimism and Base are the largest users of the Blob market, but the market utilization is still low. Scroll has launched the mainnet with EIP-4844 and zk rollups, and blobscription makes it easier for non-aggregate users to access blobspace. Implementing data availability sampling technology will expand the Blob market to 256 spots. Primev proposes mev-commit as a reliable solution for Blob inclusion. Blob producers and Ethereum participants are welcome to join the experiment.
Summary:
This article is a follow-up to the previous article on EIP-4844, which includes real data and insights from the emerging Blob market, focusing on the Blob release strategies used by Blob producers such as Optimism and Base, and providing quantitative analysis of strategy efficiency metrics, such as the rate of Blob inclusion in a certain period and the premium fee paid for that inclusion.
Blob Market Utilization:
As of April 16, one month after the Dencun upgrade, about 40% of blocks included blobs. This number indicates that the market has not reached saturation yet, as the average blob fee is still at the minimum 1 wei mark, lower than the target of an average of 3 blobs per block.
In the last week of March, the increase in the basic blob fee briefly reversed the block’s basic fee, pushing the blob market to full capacity for a short period of time.
Currently, the limit is about 400 blobs published per hour. The market saturation of Ethereum data availability is about 900 blobs per hour to meet the target of 3 blobs, indicating that the current capacity of the market is about 40%.
3 Blob Target:
The inclusion rate of builders who account for 20% of the total block production is lower than expected, ranging from 1% to 16%. This indicates that builders may delay inclusion due to the lack of incentive measures predicted in our previous article on EIP 4844. Among the top 7 builders who account for 96% of Ethereum block production, the builders ranked 3rd and 7th in terms of market share (a total of 20%) have much lower blob concentration in their blocks. This indicates that they have abandoned Blob transactions when building block content due to the lack of economic incentives. Blocks built by ordinary validators, defined as validators who build their own blocks locally, have fewer mev opportunities, so there is less precedent for economic competition in terms of inclusion and delay. These validators also usually do not run mev optimized code. As these validators build their own blocks, the timing game of blob propagation delay through relays no longer exists. Most other top builders have similar blob inclusion rates as ordinary validators, indicating a willingness to adapt to the blob market. However, whether this altruistic strategy is effective during periods of intense MEV competition remains to be seen.
Optimism and Base Blob Strategy Insights:
Currently, Optimism and Base use a strategy of maximizing blobs – each transaction can publish up to 6 blobs, effectively filling the block’s blob space with a single type 3 transaction. The advantage of submitting 6 blobs per transaction is that it maximally reduces gas costs. The fee only needs to be paid once, instead of paying the basic fee for 6 blobs in 6 separate transactions.
This strategy increases Blob Gas by up to 12.5%, resulting in higher Blob Gas fees for the next block. If different rollups only publish 1 blob at a time and share the memory pool with transactions of size 6 blobs, it may be more advantageous for rollups to attempt to pre-run basic blob transactions and avoid the 12.5% fee increase. Although the amount saved is currently negligible due to low blob contention, if this strategy is established, blob front running may be a viable cost-saving strategy in the future. This also means that others adopting this strategy may face indefinite review of individual blob blocks submitted by other aggregate or mempool users.
Base is currently the largest user of the blob market, followed by Arbitrum and Optimism. Overall, the strategies adopted by Optimism and Base account for about half of the blob market utilization. We emphasize that the market is currently underutilized, so competition between market participants has not intensified yet.
Blob Inclusion Analysis:
The effectiveness of the above Blob release strategies can be measured by slot inclusion rate and the correlation between EIP-1559 priority fee premium and slot inclusion rate.
The first measurement is the slot inclusion rate, which represents the number of slots required to include a blob in the beacon chain, with a higher rate indicating slower inclusion time. The optimal slot inclusion rate is 1, indicating inclusion within a single block. However, since blobs as very large transactions traverse the mempool slowly, we consider 2 slots as an acceptable target for slot inclusion.
The second metric is to understand the correlation between EIP-1559 priority fee premium and faster slot inclusion rate. Ideally, higher priority fees will result in faster slot inclusion.
Slot Inclusion Rate:
Although the market is underutilized, the blob inclusion rates of Optimism and Base are quite slow, as shown in the chart below, with peaks frequently exceeding a 2-slot inclusion rate. Initially, it seems counterintuitive to have blob inclusion delays in a market that is not running at full capacity.
The historical slot inclusion chart depicts delayed blob inclusion in an underutilized market, with a 2-slot inclusion rate as a reliable inclusion target.
Correlation between EIP-1559 Priority Fee Premium and Slot Inclusion Rate:
The optimistic and base bidding strategies follow the Geth specification and double all parameters when resubmitting blobs. The graph below shows that this bidding strategy has no significant impact on faster slot inclusions, with priority fees as high as 40 gwei ensuring inclusion in over 10 slots, while priority fees as low as 2 gwei sometimes ensure inclusion in a single slot.
The blue dots represent individual priority fee bid premiums, and the green line represents the median bid premium.
The optimal priority fee for reliable blob inclusion is currently unclear. In general, it is not beneficial for blobs to stagnate in the mempool. Slower slot inclusion rates increase the price difference in gas prices, rotational builder selection, and uncertainty of sporadic MEV opportunities.
Adoption and Expansion of the Blob Market:
The Blob market is still in its early stages, and its adoption is ongoing. Scroll recently adopted EIP-4844 and zk rollups (such as Aztec and Taiko), with the goal of launching the mainnet later this year.
According to L2Beat, more rollups use Ethereum calldata as the data availability layer compared to blobs.
In addition, blobscription aims to make it easier for non-aggregate users to access blobspace through a user-friendly frontend UI. With Blob subscription enabled, we saw that the Blob market quickly reached capacity, although activity has since slowed down.
After EIP-4844, the next major technical step in expanding Blob usage is to achieve full danksharding after the target is increased from 3 to 6 blobs. Implementing data availability sampling technology will expand the current Blob market from 6 blobs to 64 and eventually increase to 256 spots.
Outlook for the Blob Market:
Blob producers seeking reasonable slot inclusion rates are currently limited to using the maximum priority fee of EIP-1559, which is not an effective parameter as it has no significant correlation with faster blob inclusion rates. In addition, priority fee updates are slow as the entire blob needs to be resubmitted to the mempool. As Blob adoption continues to increase, it is expected that relying on this bidding mechanism will become more difficult due to increased bandwidth usage, slower inclusion feedback, and the increasing difficulty of relying on this bidding mechanism.
As the Blob market matures, more complex bidding strategies are needed to ensure on-demand access to the data availability layer. Primev is monitoring the Blob market and proposing blob pre-commits as a viable solution for reliable blob inclusion. If you are a blob producer or other Ethereum participant interested in optimizing blob inclusion, please contact our team to participate in our experiment.
Tags:
Base
Blob
Optimism
Ethereum
Source link:
https://news.marsbit.cc/20240428112908421857.html
Original article link: https://www.bitpush.news/articles/6649732
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