坎昆升级之后 以太坊L2的Gas费真的会降低10倍以上吗?

币圈资讯 阅读:36 2024-04-22 05:07:11 评论:0
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作者:NingNing,独立研究员 来源:X,@0xNing0x

如今的市场有一个共识:在坎昆升级之后,以太坊L2的平均Gas费将降低10倍甚至更高。

在坎昆升级的核心协议EIP4844的部署之后,以太坊主网将新增3个专门保存L2交易和状态数据的Blob空间,且这些Blob拥有独立的Gas Fee市场。预计1个Blob空间存储的状态数据最大规模约等于1个主网区块,即~1.77M。

目前以太坊主网每日Gas消耗为107.9b,其Rollup L2们的Gas消耗占比~10%。

根据经济学的供需曲线:

价格=需求总量/供给总量

假设坎昆升级之后Rollup L2们Gas需求总量不变,而以太坊可以出售给L2的区块空间从现在1个区块的~10%变成3个完整的Blob区块,这相当于区块空间的供应总量扩展了30倍,那么Gas的价格将降低为原来的1/30。

Image

但这个结论并不靠谱,因为其预设太多线性关系假设,并且抽象掉了太多应该纳入计算和考量的细节因素,特别是Rollup L2们之间对Blob空间的竞争与博弈策略对Gas价格的影响。

Rollup L2们的Gas费消耗,主要由数据可用性保存费用(状态数据保存费)+数据可用性验证费用两部分组成。其中数据可用性保存费用,目前占比高达~90%。

坎昆升级之后,对于Rollup L2们来说,新增的3个Blob区块,相当于新增的3块公地。按照科斯的公地理论,在以太坊Blob空间完全自由竞争的市场环境下,大概率会出现目前处于领先地位的头部Rollup L2们滥用Blob空间的现象。这样可以一方面确保他们的市场地位,另一个方面可以挤压竞争对手的生存空间。

下图是5家Rollup L2 1年的利润统计情况,可以发现他们月度利润规模呈现明显季节性变化特征,而没有明显的整体增长趋势。

Image

在这样一个有天花板限制的内卷市场,Rollup L2们处于一直高度紧张的零和博弈状态,对开发者、资金、用户和Dapp进行着激烈竞争。坎昆升级之后,他们激烈竞争的对象,又多了3块新增的Blob空间。

在“肉就这么多,别人多吃一口,你就少吃一口”的市场情况,Rollup L2们之间很难帕累托最优的理想局面。

那处于领先地位的头部Rollup L2们,将如何滥用Blob空间呢?

个人猜测,头部Rollup L2们将修改序列器(Sequencer)的Batch频次,将现在几分钟1次的Batch缩短到~12秒1次,与以太坊主网出块速度保持同步。这样既可以提升自家L2上交易的快速确认性,还可以占据更多的Blob空间以压制竞争对手。

在这种竞争策略下,Rollup L2们的Gas费消耗结构中验证费用和Batch费用将激增。这将限制新增的Blob空间对L2 Gas费降低的积极影响。

Image

结果如上图所示,当Blob空间增加对L2 Gas费降低的积极影响,会边际递减。而且达到某个阈值之后,将几乎失效。

基于以上分析,个人判断坎昆升级之后以太坊L2的Gas费将有所下降,但下降幅度会不及市场预期。


There is a consensus in today's market that after Cancun's upgrade, the average cost of Ethereum will be reduced by times or even higher. After the deployment of the core agreement of Cancun's upgrade, the main network of Ethereum will add a special space to store transaction and status data, and the maximum size of these status data stored in an independent market is estimated to be about 10 main network blocks, that is, the daily consumption of Ethereum's main network accounts for their total supply according to the supply and demand curve of economics. The total amount assumes that after Cancun's upgrade, the total demand of the users will remain unchanged, and the block space that Ethereum can sell has changed from the current block to a complete block, which is equivalent to doubling the total supply of block space, so the price will be reduced to the original, but this conclusion is not reliable because it presupposes too many linear relations and abstracts too many detailed factors that should be included in the calculation and consideration, especially the competition for space between users and the impact of game strategy on the price. According to the availability preservation fee, the state data preservation fee and the data availability verification fee are composed of two parts, among which the data availability preservation fee currently accounts for as much as Cancun's upgrade. For the farmers, the new blocks are equivalent to the new blocks of commons. According to Coase's theory of commons, in the market environment where the space in Ethereum is completely free to compete, there is a high probability that the leading leaders will abuse the space, which can ensure their market position on the one hand and squeeze the competition on the other. The opponent's living space is shown in the figure below, which shows the profit statistics of the family year. It can be found that their monthly profit scale shows obvious seasonal changes without obvious overall growth trend. In such an involution market with ceiling restrictions, people are in a state of zero-sum game that has been highly tense, and there is fierce competition for developers, funds and users. After Cancun's upgrade, there is another piece of space for their fierce competition. There is only so much meat, and you will eat less if others eat more. It is difficult to achieve Pareto optimal ideal situation. How will the leading leaders abuse the space? Personally, I guess that the frequency of modifying sequencers will be shortened from a few minutes to seconds to keep pace with the block output speed of the main network of Ethereum. This will not only improve the rapid confirmation of home transactions, but also occupy more space to suppress competitors. Under this competitive strategy, the verification fees and expenses will surge, which will limit the product of new space to reduce fees. As shown in the above figure, when the positive impact of space increase on fee reduction will decrease marginally and will almost fail after reaching a certain threshold. Based on the above analysis, I personally judge that the fee of Ethereum will decrease after Cancun upgrade, but the decline will not be as good as the market expectation. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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