Alapfogalmak
The Execution Tickets proposal introduces an innovative ticketing mechanism that enables the Ethereum protocol to directly broker Maximal Extractable Value (MEV), traditionally an external revenue stream for validators. This approach aims to facilitate a more equitable distribution of value within the Ethereum ecosystem and enhance the network's security and economic robustness.
Kivonat
The paper analyzes the Execution Tickets proposal on the Ethereum Research platform, which aims to redefine how the Ethereum protocol distributes the value associated with proposing execution payloads.
Key highlights:
- The proposal introduces a separation of duties between Beacon Block Proposers and Execution Block Proposers, with the latter selected through an auction-based lottery system involving the sale and drawing of tickets.
- Tickets not only confer the right to Execution Layer Rewards (EL Rewards), which include both transaction fees and Maximal Extractable Value (MEV), but also introduce a new native asset to Ethereum, potentially creating its own economy and market.
- Revenue from ticket sales is intended to be burned, applying deflationary pressure on ETH's supply, increasing ETH's value, and enhancing network security.
- The analysis demonstrates that the Execution Ticket system can capture all value generated from proposing execution payloads, redirecting what was once validator revenue to the protocol itself.
- The success of this mechanism hinges on the efficiency of the ticket sale process, as the protocol must be capable of selling tickets at their intrinsic value to prevent value leakage into a secondary market.
Statisztikák
"The Ethereum blockchain operates using a proof-of-stake consensus mechanism, where a network of nodes known as validators maintains the Ethereum Virtual Machine (EVM)."
"With the implementation of EIP-1559, Ethereum introduced a dual fee structure comprising base fees and priority fees. While base fees are burned, contributing to Ethereum's deflationary aspect, priority fees are given to validators as an incentive for block production."
"Maximal Extractable Value (MEV) arises from a validator's ability to choose and order transactions. The most prevalent MEV strategies include sandwich attacks, arbitrage, and liquidations."
"Execution Layer Rewards (EL Rewards) encapsulate the total value a validator can earn from proposing an execution payload, including revenue from fees and MEV."
"The expected net present value of all future EL Rewards is given by NPVR = μR/d, where μR is the expected value of the EL Rewards and d is the inter-slot discount rate."
"The expected value of a single ticket is given by E[Vticket] = μR/(nd + 1), where n is the number of tickets issued."
"The net present value of all tickets issued and unissued equals the expected net present value of the rewards, i.e., E[Vall tickets] = NPVR."
Idézetek
"The Execution Tickets not only confer the right to EL Rewards but also introduce a new native asset to Ethereum, potentially creating their own economy and market."
"Revenue from ticket sales is intended to be burned, applying deflationary pressure on ETH's supply, increasing ETH's value, and thereby enhancing network security."
"Effectively, tickets are EL Reward futures and the market cap of the tickets is a leading indicator of the future value that can be captured from proposing the execution payload."