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On Blockchain Metatransactions [article]

István András Seres
<span title="2020-04-17">2020</span> <i > arXiv </i> &nbsp; <span class="release-stage" >pre-print</span>
However, without changing the underlying blockchain, metatransaction designs typically increase transaction costs and reduce the blockchain transaction throughput.  ...  In cryptocurrencies, transaction fees are typically exclusively paid in the native platform currency.  ...  Source: https://coinmarketcap.com/coins/views/all/ 3. https://github.com/ethereum/EIPs/blob/master/EIPS/eip-1559.md observe that this exclusivity leads to several challenges: Deteriorated User Experience  ... 
<span class="external-identifiers"> <a target="_blank" rel="external noopener" href="https://arxiv.org/abs/2004.08094v1">arXiv:2004.08094v1</a> <a target="_blank" rel="external noopener" href="https://fatcat.wiki/release/rk3hhov4ofaaxltojm643i35te">fatcat:rk3hhov4ofaaxltojm643i35te</a> </span>
<a target="_blank" rel="noopener" href="https://web.archive.org/web/20200503001219/https://arxiv.org/pdf/2004.08094v1.pdf" title="fulltext PDF download" data-goatcounter-click="serp-fulltext" data-goatcounter-title="serp-fulltext"> <button class="ui simple right pointing dropdown compact black labeled icon button serp-button"> <i class="icon ia-icon"></i> Web Archive [PDF] </button> </a> <a target="_blank" rel="external noopener" href="https://arxiv.org/abs/2004.08094v1" title="arxiv.org access"> <button class="ui compact blue labeled icon button serp-button"> <i class="file alternate outline icon"></i> arxiv.org </button> </a>

Empirical Analysis of EIP-1559: Transaction Fees, Waiting Time, and Consensus Security [article]

Yulin Liu, Yuxuan Lu, Kartik Nayak, Fan Zhang, Luyao Zhang, Yinhong Zhao
<span title="2022-01-17">2022</span> <i > arXiv </i> &nbsp; <span class="release-stage" >pre-print</span>
Transaction fee mechanism (TFM) is an essential component of a blockchain protocol. However, a systematic evaluation of the real-world impact of TFMs is still absent.  ...  Using rich data from the Ethereum blockchain, mempool, and exchanges, we study the effect of EIP-1559, one of the first deployed TFMs that depart from the traditional first-price auction paradigm.  ...  Our work contributes to a growing set of economics and computer science literature on blockchain transaction fee mechanism design.  ... 
<span class="external-identifiers"> <a target="_blank" rel="external noopener" href="https://arxiv.org/abs/2201.05574v2">arXiv:2201.05574v2</a> <a target="_blank" rel="external noopener" href="https://fatcat.wiki/release/yrvji2uajvbhdlrscioerqduia">fatcat:yrvji2uajvbhdlrscioerqduia</a> </span>
<a target="_blank" rel="noopener" href="https://web.archive.org/web/20220123050903/https://arxiv.org/pdf/2201.05574v2.pdf" title="fulltext PDF download" data-goatcounter-click="serp-fulltext" data-goatcounter-title="serp-fulltext"> <button class="ui simple right pointing dropdown compact black labeled icon button serp-button"> <i class="icon ia-icon"></i> Web Archive [PDF] <div class="menu fulltext-thumbnail"> <img src="https://blobs.fatcat.wiki/thumbnail/pdf/b8/ed/b8ed8d904cc0870ae04946a33036003b4cb965d4.180px.jpg" alt="fulltext thumbnail" loading="lazy"> </div> </button> </a> <a target="_blank" rel="external noopener" href="https://arxiv.org/abs/2201.05574v2" title="arxiv.org access"> <button class="ui compact blue labeled icon button serp-button"> <i class="file alternate outline icon"></i> arxiv.org </button> </a>

Transaction Fees on a Honeymoon: Ethereum's EIP-1559 One Month Later [article]

Daniël Reijsbergen, Shyam Sridhar, Barnabé Monnot, Stefanos Leonardos, Stratis Skoulakis, Georgios Piliouras
<span title="2022-04-18">2022</span> <i > arXiv </i> &nbsp; <span class="release-stage" >pre-print</span>
Ethereum Improvement Proposal (EIP) 1559 was recently implemented to transform Ethereum's transaction fee market.  ...  of more efficient transaction fee markets.  ...  EIP-1559 Transaction Fee Market EIP-1559 is an upgrade on Ethereum's design which aims to address the above challenges by reforming the transaction fee market.  ... 
<span class="external-identifiers"> <a target="_blank" rel="external noopener" href="https://arxiv.org/abs/2110.04753v3">arXiv:2110.04753v3</a> <a target="_blank" rel="external noopener" href="https://fatcat.wiki/release/m3uenohw2fc6ldw5e57zgi3zwe">fatcat:m3uenohw2fc6ldw5e57zgi3zwe</a> </span>
<a target="_blank" rel="noopener" href="https://web.archive.org/web/20211114045738/https://arxiv.org/pdf/2110.04753v2.pdf" title="fulltext PDF download [not primary version]" data-goatcounter-click="serp-fulltext" data-goatcounter-title="serp-fulltext"> <button class="ui simple right pointing dropdown compact black labeled icon button serp-button"> <i class="icon ia-icon"></i> Web Archive [PDF] <span style="color: #f43e3e;">&#10033;</span> <div class="menu fulltext-thumbnail"> <img src="https://blobs.fatcat.wiki/thumbnail/pdf/84/8f/848f067e9f61c27e33350bea431ee7d12c5de50c.180px.jpg" alt="fulltext thumbnail" loading="lazy"> </div> </button> </a> <a target="_blank" rel="external noopener" href="https://arxiv.org/abs/2110.04753v3" title="arxiv.org access"> <button class="ui compact blue labeled icon button serp-button"> <i class="file alternate outline icon"></i> arxiv.org </button> </a>

When Blockchain Meets Auction Models: A Survey, Some Applications, and Challenges [article]

Zeshun Shi, Cees de Laat, Paola Grosso, Zhiming Zhao
<span title="2021-10-24">2021</span> <i > arXiv </i> &nbsp; <span class="release-stage" >pre-print</span>
On the one hand, the decentralized nature of blockchain can provide a trustworthy, secure, and cost-effective mechanism to manage the auction process; on the other hand, auction models can be utilized  ...  to design incentive and consensus protocols in blockchain architectures.  ...  The transaction fee mechanism of Ethereum has always been a GFP auction, as indicated in EIP-1559. [65] Fee market for cryptocurrencies GSP auction An alternative transaction fee mechanism for cryptocurrencies  ... 
<span class="external-identifiers"> <a target="_blank" rel="external noopener" href="https://arxiv.org/abs/2110.12534v1">arXiv:2110.12534v1</a> <a target="_blank" rel="external noopener" href="https://fatcat.wiki/release/tpy2cv7sz5dc3dpchnmrniab5e">fatcat:tpy2cv7sz5dc3dpchnmrniab5e</a> </span>
<a target="_blank" rel="noopener" href="https://web.archive.org/web/20211109021718/https://arxiv.org/pdf/2110.12534v1.pdf" title="fulltext PDF download" data-goatcounter-click="serp-fulltext" data-goatcounter-title="serp-fulltext"> <button class="ui simple right pointing dropdown compact black labeled icon button serp-button"> <i class="icon ia-icon"></i> Web Archive [PDF] <div class="menu fulltext-thumbnail"> <img src="https://blobs.fatcat.wiki/thumbnail/pdf/67/59/6759723253e549da8a5b0ba96a896f9cee6f0fdd.180px.jpg" alt="fulltext thumbnail" loading="lazy"> </div> </button> </a> <a target="_blank" rel="external noopener" href="https://arxiv.org/abs/2110.12534v1" title="arxiv.org access"> <button class="ui compact blue labeled icon button serp-button"> <i class="file alternate outline icon"></i> arxiv.org </button> </a>

Transaction Fee Mechanism Design [article]

Tim Roughgarden
<span title="2021-08-18">2021</span> <i > arXiv </i> &nbsp; <span class="release-stage" >pre-print</span>
This paper investigates the problem of designing a blockchain transaction fee mechanism through the lens of mechanism design.  ...  Demand for blockchains such as Bitcoin and Ethereum is far larger than supply, necessitating a mechanism that selects a subset of transactions to include "on-chain" from the pool of all pending transactions  ...  EIP-1559 In addition to its basic scientific interest, the analysis of transaction fee mechanisms is immediately applicable to scrutinizing what is arguably the biggest change made to-date to the Ethereum  ... 
<span class="external-identifiers"> <a target="_blank" rel="external noopener" href="https://arxiv.org/abs/2106.01340v2">arXiv:2106.01340v2</a> <a target="_blank" rel="external noopener" href="https://fatcat.wiki/release/ekicrcbk4jelznc5g22trowiom">fatcat:ekicrcbk4jelznc5g22trowiom</a> </span>
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Dynamical Analysis of the EIP-1559 Ethereum Fee Market [article]

Stefanos Leonardos, Barnabé Monnot, Daniël Reijsbergen, Stratis Skoulakis, Georgios Piliouras
<span title="2021-06-05">2021</span> <i > arXiv </i> &nbsp; <span class="release-stage" >pre-print</span>
We perform a thorough analysis of the resulting fee market dynamic mechanism via a combination of tools from game theory and dynamical systems.  ...  EIP-1559 is a recent, improved proposal that introduces a number of innovative features such as a dynamically adaptive base fee that is burned, instead of being paid to the miners.  ...  Conclusions Ethereum's improvement proposal (EIP) 1559 is aiming to transform the transaction fee market of the Ethereum blockchain via a dynamic pricing mechanism.  ... 
<span class="external-identifiers"> <a target="_blank" rel="external noopener" href="https://arxiv.org/abs/2102.10567v3">arXiv:2102.10567v3</a> <a target="_blank" rel="external noopener" href="https://fatcat.wiki/release/e3dm33h4s5f3lfnwlfy5qpkuau">fatcat:e3dm33h4s5f3lfnwlfy5qpkuau</a> </span>
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Extracting Godl [sic] from the Salt Mines: Ethereum Miners Extracting Value [article]

Julien Piet, Jaiden Fairoze, Nicholas Weaver
<span title="2022-03-29">2022</span> <i > arXiv </i> &nbsp; <span class="release-stage" >pre-print</span>
large miners, undermining the security and stability of Ethereum as a whole.  ...  directly to miners, and (iii) MEV represents 9.2 Furthermore, in those 12 days, we also identify four blocks that contain enough MEV profits to make time-bandit forking attacks economically viable for  ...  Without a proper solution, Ethereum remains an impractical blockchain for real-world use.  ... 
<span class="external-identifiers"> <a target="_blank" rel="external noopener" href="https://arxiv.org/abs/2203.15930v1">arXiv:2203.15930v1</a> <a target="_blank" rel="external noopener" href="https://fatcat.wiki/release/5fgd5qp3znd77h3uc6v3q7miji">fatcat:5fgd5qp3znd77h3uc6v3q7miji</a> </span>
<a target="_blank" rel="noopener" href="https://web.archive.org/web/20220613025656/https://arxiv.org/pdf/2203.15930v1.pdf" title="fulltext PDF download" data-goatcounter-click="serp-fulltext" data-goatcounter-title="serp-fulltext"> <button class="ui simple right pointing dropdown compact black labeled icon button serp-button"> <i class="icon ia-icon"></i> Web Archive [PDF] <div class="menu fulltext-thumbnail"> <img src="https://blobs.fatcat.wiki/thumbnail/pdf/28/a1/28a18694d9d95825dea84e10474c63f3c986f0af.180px.jpg" alt="fulltext thumbnail" loading="lazy"> </div> </button> </a> <a target="_blank" rel="external noopener" href="https://arxiv.org/abs/2203.15930v1" title="arxiv.org access"> <button class="ui compact blue labeled icon button serp-button"> <i class="file alternate outline icon"></i> arxiv.org </button> </a>

Revisiting the Properties of Money [article]

Isaiah Hull, Or Sattath
<span title="2021-11-09">2021</span> <i > arXiv </i> &nbsp; <span class="release-stage" >pre-print</span>
It reviews both the economics and computer science literatures and categorizes properties within an expanded version of the original functions-and-properties framework of money that includes societal and  ...  These forms of money have novel properties that have not been studied extensively within the economics literature, but may be important determinants of the monetary equilibrium that emerges in the forthcoming  ...  Acknowledgments O.S. is supported by the Israeli Science Foundation (ISF) grant No. 682/18 and 2137/19, and by the Cyber Security Research Center at Ben-Gurion University.  ... 
<span class="external-identifiers"> <a target="_blank" rel="external noopener" href="https://arxiv.org/abs/2111.04483v2">arXiv:2111.04483v2</a> <a target="_blank" rel="external noopener" href="https://fatcat.wiki/release/gmavb7iap5aefl4mbw36bju5ea">fatcat:gmavb7iap5aefl4mbw36bju5ea</a> </span>
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The Evolution of Blockchain: from Lit to Dark [article]

Agostino Capponi, Ruizhe Jia, Ye Wang
<span title="2022-02-01">2022</span>
We study the economic incentives behind the adoption of blockchain dark venues, where users' transactions are observable only by miners on these venues.  ...  Transactions submitted through the blockchain peer-to-peer (P2P) network may leak out exploitable information.  ...  This choice eliminates the influence of the new fee mechanism introduced by EIP 1559 after August 2021.  ... 
<span class="external-identifiers"> <a target="_blank" rel="external noopener noreferrer" href="https://doi.org/10.48550/arxiv.2202.05779">doi:10.48550/arxiv.2202.05779</a> <a target="_blank" rel="external noopener" href="https://fatcat.wiki/release/b7z7wmvdzjepxfn6hrouqsbg3q">fatcat:b7z7wmvdzjepxfn6hrouqsbg3q</a> </span>
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