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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INSIGHT

EIP-1559's Impact on Gas Prices and Network Security

EIP-1559 acts as a dampener on gas price spikes during high demand.
A stable ETH price is good for network security, especially in a Proof-of-Stake system.

INSIGHT

Understanding Priority Fee Dynamics

Simulating EIP-1559 reveals how the priority fee's dynamics differ from current gas prices.
This key difference is crucial for understanding EIP-1559's improvements.

ANECDOTE

From Critic to Advocate

Micah Zoltu initially criticized Vitalik Buterin's EIP-1559 proposal, calling it ineffective.
He later became a strong advocate after understanding its mechanics.

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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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