EIP-1559 Support

EIP-1559 is an upgrade proposal put forth by the Ethereum community, aiming to address network security issues by adjusting the structure of transaction fees. The core idea of this proposal is to burn transaction fees while providing miners (or proof-of-stake validators) with a more reliable permanent block reward, thus creating a more effective incentive mechanism.

Analysis of Factors Affecting Fees

In EIP-1559, the composition of transaction fees undergoes significant changes with the introduction of BASEFEE and GasTipCap (or MaxPriorityFeePerGas), along with the addition of GasFeeCap to ensure transaction security. The Ethereum protocol dynamically adjusts BASEFEE based on network congestion, resolving potential security risks associated with external price discovery in transaction packing by burning all BASEFEE.

Why Was EIP-1559 Introduced

The introduction of EIP-1559 aims to address the following issues:

• Inefficient price auctions: The use of price auctions for different network congestion scenarios leads to inefficiency, and fee estimation is highly inaccurate.
• Inconsistent block utilization: The native fee design results in inconsistent block utilization. EIP-1559 allows for the adjustment of block utilization, enabling a longer-term average block size limit.
• Enhancing network security: Additional incentives (GasTipCap) help eliminate validators' dependence on block rewards, thereby strengthening network security.

Application of EIP-1559 in Mantle v2 Tectonic

In Mantle v2 Tectonic, we have made the following adjustments to BASEFEE and GasTipCap:

• BASEFEE Adjustment Mechanism:
  • Compare gasUsed of transactions packed in the previous block with block.gasLimit:
    • If equal to half, BASEFEE remains unchanged.
    • If exceeded half, increase the BASEFEE for the next block, up to a maximum of 12.5%.
    • If not exceeded half, decrease the BASEFEE for the next block, up to a maximum of 12.5%.
  • BASEFEE will no longer burn and will be collected in BaseFeeVault while supporting withdrawal to L1.
• GasTipCap Adjustment Mechanism:
  • In each transaction, take the smallest value of GasTip and (GasFeeCap - BaseFee) and multiply it by gasUsed as an award to the validator, have it collected in SequencerFeeVault, and support withdrawal to L1.
  • Mantle v2 Tectonic, in an effort to further reduce fees, chose the FIFO method of transaction sequencing to minimize the impact of priorityfee.

Through these adjustments, Mantle v2 Tectonic builds on EIP-1559 to provide a more flexible and efficient transaction fee management mechanism.

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Mantle v2 Tectonic sets a very low BASEFEE, we also recommend that you set the MaxPriorityFeePerGas of your EIP-1559 transactions to 0, so that your transaction fees will be very low!