EIP1559 Expert Panel | Tim Beiko, Hasu, Micah Zoltu, Barnabe Monnot, Matt (LightClients)

Aug 4, 2021

Guest

Barnabé Monnot

Join Ethereum core developer Tim Beiko, cryptoeconomics expert Hasu, EIP-1559 contributor Micah Zoltu, and game theory researcher Barnabe Monnot as they dive into the revolutionary impact of EIP-1559. They discuss the shifting dynamics between miners and users and the transformation of gas markets. Insights unfold on improving user experience, the complexities of miner extractable value (MEV), and ongoing challenges within the Ethereum ecosystem. This lively conversation highlights both skepticism and excitement as the community embraces change.

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ANECDOTE

User Experience with Stuck Transactions

Users often experience stuck transactions due to the difficulty of predicting gas prices, sometimes leading to unintended consequences.
EIP-1559 simplifies this process, minimizing stuck transactions and improving user experience.

ADVICE

EIP-1559 Considerations for Developers

Smart contract developers should utilize the basefee opcode for fairer bounties and gas market primitives.
Consider the gas price opcode's new behavior and explore RPC changes for backend systems.

INSIGHT

Miners, MEV, and EIP-1559

Much of miners' revenue comes from MEV, which EIP-1559 doesn't burn.
Miners are incentivized to support changes that benefit the ecosystem and ETH value.

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The time has come. With the London Fork just around the corner, the much anticipated EIP-1559 will be implemented. This fundamentally changes the relationship among miners, users, and gas.

This panel, moderated by Ethereum core developer Tim Beiko, is set to discuss the macro and micro shifts to the ecosystem. We've talked about this a lot on Bankless, so it's time to hear from experts around the community about this massive turning point.

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Topics Covered:

0:00 Intro 8:00 Understanding EIP 1559 ETH Research post: https://ethresear.ch/t/first-and-second-price-auctions-and-improved-transaction-fee-markets/2410 20:34 Changing Metrics 26:21 Improving User Experience Micah’s article: https://medium.com/coinmonks/a-tale-of-two-pricing-schemes-dc9c8717906 33:45 Advice for Smart Contract Devs JSON RPC Changes: https://hackmd.io/@timbeiko/1559-json-rpc 42:30 Miners, Burning Fees, and MEV 53:52 Clarifying MEV and Gas Prices 57:00 EIP 1559 on Geth 1:04:44 Hasu's Turning Point on ETH 1:11:11 David & Ryan ask Community Questions 1:15:51 Fifteen Fifty-Nine 1:19:40 Old Transactions in a New Paradigm 1:22:00 Stuck & Pending Transactions 1:24:16 Changing Monetary Policy 1:36:01 Manipulating Block Size 1:39:58 Discussing Timelines 1:47:25 Closing & Disclaimers

------ Resources:

Tim Beiko on Twitter: https://twitter.com/TimBeiko?s=20

Barnabe Monnot on Twitter: https://twitter.com/barnabemonnot?s=20

Hasu on Twitter: https://twitter.com/hasufl?s=20

Lightclients on Twitter: https://twitter.com/lightclients?s=20

Micah Zoltu on Twitter: https://twitter.com/MicahZoltu?s=20

----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

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