Anders Elowsson pfp

Anders Elowsson

@anderselowsson

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Anders Elowsson pfp
Anders Elowsson
@anderselowsson
My talk from Devcon on a Practical endgame on issuance policy is now up. I review the motivations, impacts and potential downsides of a reduction in issuance. This thread will visualize an automated gradual reduction in issuance, which I suggested in an answer at the end. https://www.youtube.com/watch?v=m91Wu6-cdwk
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Anders Elowsson pfp
Anders Elowsson
@anderselowsson
Here is rough draft of how we can design consolidation incentives in Orbit SSF. Publishing it now since I will briefly refer to it during my talk at Devcon tomorrow. https://notes.ethereum.org/@anderselowsson/Incentives_SSF
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Anders Elowsson pfp
Anders Elowsson
@anderselowsson
Practical endgame on issuance policy This post presents a practical endgame on issuance policy that can stop the growth in stake while guaranteeing proper consensus incentives and providing positive regular rewards to diligent small solo stakers. https://ethresear.ch/t/practical-endgame-on-issuance-policy/20747
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Anders Elowsson pfp
Anders Elowsson
@anderselowsson
Vorbit SSF with circular and spiral finality: validator selection and distribution This post analyzes how cumulative finality accrues across committees in single-slot finality (SSF) for a wide range of validator sets, with a key focus on committee design. https://ethresear.ch/t/vorbit-ssf-with-circular-and-spiral-finality-validator-selection-and-distribution/20464 ✍️
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Anders Elowsson pfp
Anders Elowsson
@anderselowsson
I wish to highlight is how to present yield distributions for non-pooled stakers. Some webpages and researchers rely on things like the median across all validators over some minuscule time period, averaging these medians over time. This fails to capture the probabilistic outcome facing the solo staker. Half of the validators will never propose a block during the same day, yet half will still propose within a few months. Order statistics are instead relevant on a per-validator basis over longer time. To check if it is raining, do not extend your hand and measure the median number of fingers impacted by raindrops every millisecond. The result will always be zero; yet it might still rain. The tiny vertical black line segment is the solo stakers that do not have a block proposal or sync-committee duty over a year, presented as the “all-time median” on sites such as Rated. The real median outcome facing solo stakers after one year is indicated by a black arrow, fairly close already to the expected yield.
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Anders Elowsson
@anderselowsson
Sealed execution auction https://ethresear.ch/t/sealed-execution-auction/20060
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Anders Elowsson pfp
Anders Elowsson
@anderselowsson
MEV resistant dynamic pricing auction of execution proposal rights: This post presents an alternative auction mechanism for selling execution proposal rights in advance, relevant to current research on ET/EA. It induces little new MEV, producing a high aggregate MEV burn. Link👇
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Anders Elowsson pfp
Anders Elowsson
@anderselowsson
Burn incentives in MEV pricing auctions This post identifies a strong incentive for burning MEV through early bidding in MEV auctions: Stakers wish to prevent competitors from attaining a higher equilibrium yield than them. They will integrate with builders to burn MEV. Link👇
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Anders Elowsson pfp
Anders Elowsson
@anderselowsson
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Anders Elowsson pfp
Anders Elowsson
@anderselowsson
FAQ: Ethereum issuance reduction When it comes to reducing issuance, there are many important questions to consider. Having studied these questions extensively, I thought it would be fruitful to address them one by one with detailed answers. Link 👇 https://ethresear.ch/t/faq-ethereum-issuance-reduction/19675
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Anders Elowsson
@anderselowsson
One million validators. A reminder that there is a proposal for tempering issuance, which would bring many benefits. Would be great to see more discussion within the community on the proposal, and I'm available to answer any questions. https://ethresear.ch/t/reward-curve-with-tempered-issuance-eip-research-post/19171
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Anders Elowsson pfp
Anders Elowsson
@anderselowsson
There is a paradigm for the reward curve that I wanted to highlight: a reward curve with capped issuance. It is similar to the reward curve with tempered issuance. I outline the baseline design here and will return with a longer write-up. https://notes.ethereum.org/@anderselowsson/Reward-curve-with-capped-issuance
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Anders Elowsson
@anderselowsson
Foundations of minimum viable issuance. A simple post on the core premise behind a change to Ethereum’s issuance policy. There are many benefits to minimum viable issuance; I wanted to emphasize how it inherently creates value by reducing costs to users. https://notes.ethereum.org/@anderselowsson/Foundations-of-MVI
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Anders Elowsson
@anderselowsson
I often come back to this paper, it is like re-watching a good old movie https://www.econlib.org/library/Essays/hykKnw.html
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Anders Elowsson
@anderselowsson
This EIP research post provides the rationale for adjusting Ethereum’s issuance policy to use a reward curve with tempered issuance. It covers relevant trade-offs, reviews security considerations, and discusses the endgame. https://ethresear.ch/t/reward-curve-with-tempered-issuance-eip-research-post/19171
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Anders Elowsson
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Is STRK MEV?
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Anders Elowsson pfp
Anders Elowsson
@anderselowsson
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Anders Elowsson pfp
Anders Elowsson
@anderselowsson
The deadline for academic grants is coming up. Here is a curve ball I added to the wishlist. Before joining the EF I spent many years developing ML architectures in academia, and I think the intersection is worthy of study (safety, possibilities, etc). https://notes.ethereum.org/@drigolvc/AcademicGrantsWishlist2024
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Anders Elowsson pfp
Anders Elowsson
@anderselowsson
In the third part, @barnabe digs deeper into the complexity that we decry on the restaking horizon. It is easy to envision various failure scenarios when reviewing these constructions, and interesting to contemplate various sources of information asymmetry.
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Anders Elowsson
@anderselowsson
An important point from two fresh write-ups by @caspar and @ansgar.eth! We should give our users maximum ease of use and utility from their Ethereum money; not force them to either expend energy economizing on liquidity, or otherwise see their savings eroded.
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