Skip to content

Commit

Permalink
Update EIPS/eip-7762.md
Browse files Browse the repository at this point in the history
Co-authored-by: lightclient <[email protected]>
  • Loading branch information
MaxResnick and lightclient authored Sep 9, 2024
1 parent 021e525 commit 07fcaa0
Showing 1 changed file with 1 addition and 0 deletions.
1 change: 1 addition & 0 deletions EIPS/eip-7762.md
Original file line number Diff line number Diff line change
Expand Up @@ -31,6 +31,7 @@ The only specification change introduced by this EIP is setting MIN_BASE_FEE_PER
```

## Rationale

The current MIN_BASE_FEE_PER_BLOB_GAS is 1 wei. This is many orders of magnitude lower than the prevailing price of blobs when blobs enter price discovery. Whenever demand for blobs exceeds supply, blobs enter price discovery, but traversing the 8 orders of magnitude between 1 wei and the point where elasticity of demand starts to decrease takes a long time.

The blob base fee can at most double every $\log_{1.125}(10) = 5.885$ blocks when blocks use all available blob space. When blobs enter price discovery, they must climb many factors of 2 to reach the prevailing price.
Expand Down

0 comments on commit 07fcaa0

Please sign in to comment.