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This article was originally written by IPFS Force Zone The gas fee premium has been very high recently, skyrocketing a million times. The amount of transaction information has increased by 100% compared to last week, resulting in abnormally high single transaction fees. The network-wide transaction fee has increased from dozens of FIL per day to more than 30,000 FIL. So, according to the current average daily block rewards of 170,000 FIL and the consumption of more than 30,000 FIL transaction fees, as well as the daily increase in computing power, the mortgage demand. So, what is the current supply and demand situation of Filecoin? We all know that gas fees are indispensable for blockchain projects such as BTC and ETH. Because the essence of blockchain is the process of bookkeeping, and the transactions on the network are bookkeeping by miners, and gas fees are paid to miners for bookkeeping. Because the application of blockchain is a combination of security, performance and privacy, but it is difficult for blockchain projects to meet the "impossible triangle" at the same time, which means that BTC and ETH can improve TPS while ensuring security and privacy. If TPS cannot be directly increased, too many network transactions will directly lead to network congestion, so there will be a phenomenon of high gas fees. When DeFi was popular in August this year, the daily gas fee spent on Ethereum exceeded 17,500 ETH. 1. Filecoin network-wide transaction fees exceeded 35,000 FIL According to UTC data from November 8 to 14, the gas fee of the entire network has gradually increased, with the total handling fee on the 14th reaching 36,000 FIL. According to the data, ProveCommitSector accounts for the highest proportion, accounting for more than 50% of the total handling fee, followed by PreCommitSector and SubmitWindowedPoSt accounting for 15%-25%, and the rest accounting for no more than 2% of the handling fee. Filecoin gas fee change curve for one week (UTC, successful transaction), source: IPFS Force Zone, 2020-11-16 In addition, there are many cases where information fails to be uploaded to the chain due to low transaction fees. At most, the loss of FIL due to failures in one day is as high as more than a thousand. The author believes that the high transaction fees of Filecoin are mainly due to the following factors: The computing power has grown too fast, and the amount of information has been too large, leading to congestion. The computing power has grown too fast recently, which has directly led to too much information. The general amount of information on the network is more than 11 million, an increase of more than 100% over last week;
Total network computing power growth (UTC), source: IPFS Force Zone, 2020-11-17 TPS cannot meet the current situation. According to the set limits of the Filecoin network, only a few hundred messages can be packaged every 30 seconds (depending on the size of the message). Too many messages will cause congestion; Miners choose to package information on their own. When the network is congested, the gas fee is too high, and miners choose to package information on their own, resulting in fewer miners actually packaging information on the network.
Can miners break even with high gas fees? 2. Block rewards are a drop in the bucket The increase in gas fees has an indirect impact on miners’ block rewards. The increase in expenditure requires block rewards to make up for it, so how much do miners earn? Referring to the data shared by Hu Feitong in the article “Chatting about Filecoin’s Gas Fees Again”, we can draw several conclusions: Source: Hu Feitong, "Chatting about Filecoin's Gas Fees Again", 2020-11-07 A single T can release 0.0323 FIL per day. The handling fee required to maintain 1PiB of space-time proof per day is about 11.16 FIL. The block reward of a single PiB per day is about 177 FIL. 25% is directly released to 44 FIL, and the surplus is about 33 FIL per day. The computing power growth of a single PiB directly releasing rewards does not exceed 100TiB/day. Each PiB does not introduce external FIL collateral, uses block rewards as collateral, ignores other information packaging, and takes ProveCommitSector and PreCommitSector fees and collateral as the main fees, which is equivalent to 0.1212+0.1223+0.09=0.3335 FIL fees. Ignoring other payments, 33 FIL can only increase computing power by 99TiB per day.
3. ETH EIP1559 VS Filecoin EIP1559 The main fee structure of ETH EIP1559 is basic fee + tip, where the basic fee is mainly the basic fee for adjusting network transaction congestion, which will be destroyed; the tip is equivalent to the priority fee, and users can pay more to increase the transfer speed. Filecoin is mainly modified and optimized based on ETH EIP1559, with the following three main adjustments: Destroy excess gas fees. The Filecoin network does not support users paying excessively high fees to "jump the queue", so in the Filecoin network, the part that exceeds the basic fee + tip gas fee will be directly destroyed, while the ETH network will return this part; Triple punishment for miners’ “transactions that should not be packaged”. “Transactions that should not be packaged” means that the person who issues the transaction cannot successfully pay the miner’s fee, but the miner has completed the packaged transaction. For this part, the Filecoin network will punish the miner three times the fee. Through this measure, miners are allowed to supervise “transactions that should not be packaged”, which is also unique to the Filecoin network. For the Filecoin network, failed transactions also need to deduct failure fees.
Filecoin fuel fee consists of three parts: basic fee, tip and excess fuel fee. This time we will talk about the excess burn fee (EstimateMessage Gas). Excess gas fee (EstimateMessage Gas) We all know that the Gas Limit in ETH can be set very large. When it is too large, the excess Gas fee on ETH will be fully refunded, but this is not the case with Filecoin. Because Filecoin's Gas Limit participates in the calculation of Base Fee and Gas Premium, it is particularly important to refer to the actual transfer situation for Gas Limit. If a transaction sets an unreasonable Gas Limit, Filecoin adopts a penalty mechanism. In this regard, Filecoin sets an indicator over for gas, mainly to avoid excessive burning, where Over=Gas Limit-11/10*Gas Used. Source: Filecoin GitHub, 2020-11-17 When Over＜0, Gas Limit/Gas Used＜1.1, the handling fee needs to be deducted: (Gas Limit-Gas Used)*Base Fee. When Over>Gas Used, Gas Limit/Gas Used<2.1, Over=Gas Used, then the Base Fee is ((Gas Limit-Gas Used)*over)/Gas Used*Base Fee=(Gas Limit-Gas Used)*Base Fee. When 0≤Over≦Gas Used, 1.1≤Gas Limit/Gas Used≤2.1, the basic fee calculation formula is ((Gas Limit-Gas Used)*over)/Gas Used*Base Fee. From the above, we can see that 1.1≤Gas Limit/Gas Used≤2.1 is more reasonable, that is, 1.1-2.1 times is more reasonable. 4. Being trapped, standing still? In general, because the handling fee is too high, it is difficult for miners to achieve a smooth increase in computing power to a certain extent. Currently, miners can choose to increase computing power during the period of low gas fees or package information transactions by themselves, but it is not suitable for long-term development. However, on the technical level, Hu Feitong proposed three points to improve the algorithm: Allow batch submission of PreCommitSector messages, and reduce Gas consumption by merging messages; Increase Sector Size (mining equipment may be affected) Increase the Gas Limit and the upper limit of calculation (requires everyone to have better equipment and network)
Finally, I hope that investors can work together with miners to overcome this gas difficulty! Gas Used: The actual amount of Gas consumed by each transaction. Gas Limit: The estimated limit on the Gas consumption of a transaction, which means the upper limit of the consumption of the transaction. Base Fee: This is the basic fee. This value is determined by the transaction congestion on the chain. It will fluctuate according to the actual network conditions and cannot be adjusted manually by users. The higher the Base Fee, the higher the block utilization rate, which means that a single block contains more transaction data. Gas Premium: the tip exchange rate value. In case of network congestion, you can pay a tip to encourage transactions to be packaged as soon as possible. |
