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Article Source: ZHEV, Dose of Defi; Translation: Bit Chain Vision Xiaozou
The transaction fee is necessary to support even the most basic activities on the blockchain, because they enable user transactions to be granted effective and included in the block.The main purpose of these costs is to inhibit “spamming”; this is also part of the subsidy of the validated construction/verification block.In a sense, these network costs are similar to rent; users pay to obtain limited products within a unit time.In this case, the product is “block space”, just as its name, which refers to the space on the block.
We evaluated the two largest smart contract blockchain -Ethereum and Solana -upper space.With our in -depth research, we learned that the toll market -organic design in the agreement and bottom -up -enabled authenticants to use their right to access block space.
Solana’s toll market has optimized high -performance optimization to avoid problems arising from Ethereum.However, although the Solana market may ultimately perform better than the Ethereum market, it still needs to experience MEV changes similar to other companions (verifiers began to use their privileges).Solana does not have to take the Proposer of Ethereum-Builder Separation (PBS) route, but it needs to take a comprehensive method to stabilize its toll market for a long time.
1. Block space valuation ABC
Before conducting in -depth discussions, let’s first understand how the value of block space is roughly determined.
This involves both the technical level and the social level (essentially refers to the value of the entity that collects the collective trust of the blockchain).At the technical level, the blockchain can adjust the block size, block time, block production and communication mechanism.See the picture below to understand the Ethereum method and the solana method more detailed description and comparison.
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The social level refers to the coordination of the stakeholders of the blockchain to achieve the technical and financial goals of the blockchain.It can also be regarded as a chain social status. Although subjective, it is an important measure.Social pressure is undoubtedly influential, and setting a specific culture for solving problems is also influential -Solana and Ethereum have established this culture.An example of recent discussions on social levels is the continuous debate on whether to increase the GAS limit of Ethereum and the circulation of each EPOCH, and the recent closure of the JITO memory pool on Solana.
Now, let’s continue to review and compare the toll markets of Ethereum and Solana.
2. Summary of Ethereum Toll Markets
Ethereum popularity should be attributed to its execution environment: Ethereum virtual machine (EVM) that supports smart contracts.Another reason is that Ethereum does not require a permission nature in multiple cycles (the ICO boom from 2017 to 2018, the summer of 2020, and the NFT heat from 2021 to 2022, which generates various typesInnovative application.These applications are continuously running, creating the value of transferring to verifications, because the verifications provide block space for these activities.
Soon after the surge in Ethereum’s economic activities, the miners (a few years before the POS) began to explore how to use their status as a block proposal to insert their transactions when arbitrage opportunities appeared.
Phil Dai is the first person to record this event (we now call this event as MEV) and record in a significant article Flash Boys 2.0 in 2019.At that time, the Ethereum toll market only allowed higher GAS prices to be used as a way to motivate transactions.These priority GAS auctions (PGA) blocked the Ethereum network and pushed the price of GAS until Flashbots (co -founded by DAIAN) was launched.This created a market for miners who were paid through Searches (arbitrage traders on the chain).Researchers in Ethereum subsequently realized that MEV extraction may be more powerful incentives than expenses in the agreement.
The biggest change in the Ethereum charging market may be EIP-1559. It creates a basic cost (each EPOCH dynamic determination, inhibiting “spamming”, Burned burning) and a priority cost (for showing urgency or designated preferences, and also, and alsoPay to the block proposal to include transactions).The important point to note is that “priority fee” is different from “tip” in function.The former ensures that the transaction is included and passed through the underlying chain; the latter ensures sorting at the same time as it is included and passed through the toll market.
The Ethereum method has been continuously developing. At the social level, the MEV industry that vigorously decentralizes and centralized MEV has now become a key part of the technical roadmap at the technical level.
3. SONALA toll market: mechanism
Solana uses a completely different blockchain architecture, especially in terms of scalability.
Some of Solana’s famous innovations include:
· No General memory pool: In Solana, the transaction directly forwarded from the original client to the current leader responsible for generating blocks, thereby eliminating the demand for memory pools.This reduces the delay of transaction confirmation in theory, but it is not always the case in practice, because “Jitter”, Jitter is about changes in the processing time experienced by different verifications when dealing with transactions or blocks.
· Status isolation: It is an extension and innovation for its non -memory pool, so that transactions on its DAPP can be more independent of each other.This method is similar to the principle of “increasing lanes to alleviate traffic congestion”; on Solana, different types of transactions have specific “paths”. They must follow the specific path from users to leaders in order to be added to the block to the block.Essence
· Parallel execution: Solana has the ability to handle non -heavy transactions in parallel in the same block.This is due to two factors: in Solana, block production (roughly) is continuous, because the Leader is expected to add the transaction to the block immediately after receiving the transaction.The Slot-Leader character is certain, because they are arranged in the queue in advance, and the Leader is also responsible for creating four continuous blocks.
The above two factors, coupled with Solana’s state isolation, make transactions “multi -threaded” possible.In this case, the current EPOCH Leader will arrange multiple trading packages to confirm multiple trading packages in the same way (under the same state in the same thread).
4. Solana charging market: lower prices are not equal to better
Solana’s network costs are usually very low (although the recent demand has risen).Compared with Ethereum, Solana has a static basic costs measured by Lamports for each signature.Then measure its priority costs with MicroLaMPORTs of each request.
This means that although the cost is expanded with the complexity and demand of EVM, SVM only expand its priority through simple needs.It should be noted that it is not optimal to pricing the price of products that demand fluctuations violently and the supply volume determined by static ways.
5. Solana charging market: MEV inevitability
Regarding Solana’s social consensus, its low cost is its unique advantage relative to other blockchain.This method will recruit “spamming”, so some people call for a higher fee or dynamic basic cost of the dense time of the activity (similar to EIP-1559).
So far, Solana’s approach is to implement the localized toll market to meet increasing demand.Because the state is isolated, it is troublesome to determine the “hotspot” or the state where the demand is being experienced.Compared with other states with less demand, this hotspot method enables blockchain to pricing target transaction costs higher than the average level through algorithm.This method -similar to the role of block builders on Ethereum -scheduled by scheduler, it helps to place the transaction in a continuous block according to the priority cost.
As part of the local toll market deployment, Solana has built a Scheduler in the agreement, which is based on advanced algorithms based on advanced algorithms.The transaction will continue to flow to Slot Leader, and Slot Leader will classify the transaction based on the tips provided.
The algorithm also requires Slot Leader to share with some nodes (node -based pledge) related to them to share the shreds they are constructing.However, as mentioned earlier, this process was interfered by Jitter.Specifically, the Scheduler Jitter (because Solana is randomly assigned to the input transaction to the execution thread) and the network Jitter (because the input transaction and the P2P relay delay of the P2P).
These “Jitter” lead to the uncertainty of the transaction order on Solana, which makes the block space auctioning economically feasible.Therefore, in other words, as long as Jitter is existed, the verifications have economic motivations for inserting or re -sorting transactions.For users, this means the leak of the MEV, and for the verified as the verification, it means MEV profits.
6. Solana and Etherwood
Look at MEV-Ethereum: On Ethereum Pre-Flashbots, MEV activities have crowded conventional blockchain activities and pushed the prices of all users through PGA.On Solana, the cost will not soar, because it does not have a shared state and a global minimum price like Ethereum, but for ordinary users on Solana, it is very difficult to trade during the increasing event period.Flashbots released MEV-GETH to handle PGA, which has a different approach to MEV value and auction outside the agreement.As far as Solana is concerned, JITO has launched a similar product for the verifications that allows verifiers to access a pseudo -memory pool and a customized Scheduler. The scheduler will sort the transaction in the most favorable way.JITO’s memory pool is very attractive to users to ensure that users have the right to trademark (ie, extract their MEV).
Although popular, the Jito memory pool closed last month under social pressure.This may be similar to more than 20%of the Ethereum transactions that run through a private memory pool: users have enough to be sandwiched in the middle.Now, SPAMMING has returned to people’s vision as the sole mechanism (probability) as a SOLANA guaranteeing time -sensitive transaction execution.The lack of effective block space bidding mechanism leads to uncertainty during high demand period.
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Since the transactions on Solana are now directly flowing to Slot Leader and the priority model has been broken, Topology (topology) and extended delay are the most important content of users’ consideration of time sensitive transactions.
Topology in the network can be understood as the “distance” of them from Leader, and it depends on their pledge weights and/or their pledge weights related to nodes.Therefore, rational agents will seek to connect to nodes that have controlled a large number of pledge, which will lead to centralization.
Affected by Spamming’s short -term influence, Solana is now very crowded. For users who are not proficient, due to the failure of the transaction, it is actually unavailable.The solution to long -term impact (centralized network pledge) becomes more important.
7. More structured market?
Solana’s initial design concept is based on eliminating user friction and allowing verifications to meet the needs in any possible way.Solana ignored that when the market was basic to operate its way, the market performed the best.By requiring users to pay more fees, transfer problems from the perspective of topology to incentive angle, providing a generally included way.
While changing the user experience, embrace the toll market -especially the market -related market -is the best forward path for Solana and its users.It can be said that while maintaining chain integrity, it provides a cost -intensive containing pathway, which is much better than any way.
In fact, the event on the chain is almost always sensitive, especially when the agent seeks the value of rarely or even zero economic costs.High -priced certainty execution is better than the probability of low prices.
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The professionalization of the toll market allows the bargaining and auction of block space to be carried out on higher levels away from consensus and execution.Therefore, the verifier can fulfill its responsibilities without having to worry about optimizing the value of block space.
8. Solana is about to stage MEV change
Solana is conducting a full -chain discussion to discuss how to reorganize its toll market (Ethereum has been thinking about this issue for many years, but still has not figured out).
Solana has not yet completed the necessary MEV transformation.Although the recent increase in chain activities has attracted MEV participants such as Jito and Ellipsis to start building MEV infrastructure, the main verifications have not yet determined to start running their Solana MEV strategies.This is in sharp contrast to all the main pledges running MEV BOOST on Ethereum.The Solana verified community is not as hostile to the verified community in Ethereum. Regarding the preferential consideration of the end user experience, it has begun friendship negotiation.
This situation will not continue; it is impossible for the social level to supervise behavior forever.The blockchain must play a role in a hostile environment composed of a self -interested actor.Solana may be better than Ethereum, because it can solve some MEV problems without being bound by serious decentralized characteristics like Ethereum.However, it must solve some difficult problems. For example, should all pledge SOL get MEV rewards through MEVBOOST like Ethereum?
In order to solve the problem of Solana’s congestion, some minimal congestion mechanisms have been exploring.These include dynamic expense structures, upcoming native SCHEDULER specification updates, pledge -based restrictions, and other optimization of application levels.Everything progresses quickly.JITO CEO recently said: “A small group of operators/searches (in) conduct sandwiches (and) first trading of private memory pools.”
MEV is a sign of economic growth, so it is inevitable.In fact, even Bitcoin -its simplicity is usually known as its biggest feature -with the rise of Ordinals and economic activities, it has begun to experience a reshape.Selecting the solution (such as the example of the JITO) due to negative externality is not eliminated, which can only lead to uncoordinated markets.
Social layers are effective tools to prevent plunder, but they can only maintain a short time.With the rise of the Timing game, Ethereum is experiencing the shortcomings of social layers. Timing is a strategy that means that the block proposal deliberately delay the release of the block and maximizes the acquisition of MEV.This weakens the security of the chain, but it is economic significant from the perspective of the verification.The sense of shame may be temporarily effective, but the agreement research is the only long -term plan.
Now it is too early to say what SOLANA’s MEV supply chain will look like in a few years.But one thing we can determine now is that most of the value will be included in the pocket of those large -scale verificationrs.
