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Blockboy
@0xblockboy.eth
@mcutler at the @modular_summit highlighted the impact of optimized private transaction flow to gas instability. Basically validators using MEV-boost propose highly gas-utilized blocks, while others without it produce low-utilization blocks, swaying gas fees based on these extremes. Here are some unsolicited thoughts I have...
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Blockboy
@0xblockboy.eth
1/ Is this existential to bringing businesses on-chain? YES, predictable gas markets allows on-chain builders to accurately model their user experience or potential expenses. Without this capability, blockchains lose reliability and building on them becomes riskier.
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Blockboy
@0xblockboy.eth
2/ Does the optimized private transaction flow from MEV-boost (which causes instability) net value for the ecosystem? YES and NO, it protects users from adversarial MEV and produces more fees for validators, but is slower, fragments information, lacks transparency, and causes accidental slippage. So it accomplishes its initial goal, but its far from perfect.
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Blockboy
@0xblockboy.eth
3/ Is optimized private transaction flow inevitable? YES, MEV-boost blocks produce significantly more valuable blocks for validators, so those not running it will likely get outcompeted thus making its adoption inevitable.
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Blockboy
@0xblockboy.eth
4/ What does this mean? The gas market is beginning to destabilize and whats causing it seems to only be growing. We MUST make studying validator behavior and adjustments to the core gas markets a priority if we want to keep Ethereums gas predictable for builders. BECAUSE IF NOT... Sophisticated actors will find ways to exploit these inconsistencies in the gas market to their advantage, slowly siphoning value from less sophisticated end users and builders.
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Blockboy
@0xblockboy.eth
If your interested in the video that started this rant, watch it here: https://youtube.com/watch?v=f0C74MrdHaA&list=WL&index=2 #Blockchain #Crypto #MEV #GasFees #Validator #ModularSummit #Ethereum #DeFi #CryptoInnovation #OnChain
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