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Tim Roughgarden pfp
Tim Roughgarden
@tr
Happy to report that the main open theory question from my original work on EIP-1559 has been resolved (with two brilliant collaborators, Hao Chung and Elaine Shi)---no transaction fee mechanism can be DSIC, MMIC, and OCA-proof! https://arxiv.org/pdf/2402.09321.pdf (more context below) 1/7
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Tim Roughgarden pfp
Tim Roughgarden
@tr
DSIC: users have an "obvious optimal bid" MMIC: miner/validator is instructed to maximize their fee revenue, has no incentive to insert fake transactions OCA-proof: if miner + all users collude off-chain, they can't do better collectively than in canonical on-chain outcome 2/7
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