New post on ! Maintaining Effective Blob Fee Markets During Network Scaling: Dual-Variable EIP-1559 By: - Xiawpohr - Shao - Chih Cheng Liang - Panta Rhei 🔗 Highlights: - The current blob fee market on Ethereum is becoming ineffective due to oversupply as demand does not keep pace with increased capacity. - The proposed dual-variable EIP-1559 mechanism adjusts both the base fee and target blob gas dynamically to stabilize fees during scaling. - This new mechanism helps maintain economic incentives for validators and provides predictable costs for users, ensuring network security. - The dual-variable approach is designed to be easy to implement, building on existing EIP-1559 with minimal changes. - The research highlights the importance of adapting fee structures in real-time to prevent market breakdown during periods of rapid scaling. ELI5: Ethereum is getting bigger and can handle more data, but sometimes there’s too much data available and not enough people using it, which makes the fees for using that data drop too low. This research suggests a new way to adjust fees automatically based on how much data people are actually using, so that fees stay fair and effective even as the network grows.