Qi

@qiprotocol

Private team

Joined on Nov 10, 2023

  • Intro In this article, we present a commitment-fullfillment paradigm that allows proposers to delegate the preconfirmation tasks for Based Rollups. Motivation Based Rollups inherits the liveness and decentralization directly from L1, yet the L1 block time(12 seconds) becomes the bottleneck for UX, especially that end users use rollups primarily for its fast transaction confirmations. Based Preconfirmation was introduced to address this very issue. In the original Based Preconfirmation post, Justin Drake mentioned Delegated Preconf as a solution to mitigate a proposer's computational overhead. Here, we want to expand on the idea of Delegrated Preconf and introduce a design that proposers, as dencetralized L2 sequencers, could delegate the task of L2 block building to a separate entity - preconfirmers. In the spirit of PBS(proposer-builder-separation), we've named this design PPS(proposer-preconfirmer-separation). Glossary <ins>Batch</ins>: a roll-up block <ins>Attestation Finality</ins>: all ordered transactions in a batch has been successfully attested, via either fraud proof or validity proof, on the bridge smart contract.[^1] <ins>Preconfirmation (Preconf)</ins>: a low latency(relative to 12-second block time) promise that the user's transaction will be included in future batches.
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  • Intro On Ethereum, blocks constitute the foundational settlement layer for state transitions. In the pre-Proof of Stake (PoS) era, miners, and in the post-PoS era, validators, are responsible for supplying blockspace, a critical resource necessitated by transactional activities on the blockchain. An increase in on-chain activities invariably escalates network fees, thereby fostering heightened competition for blockspace. This competitive landscape transforms blockspace into a coveted commodity, indispensable to Layer 2 solutions, Maximal Extractable Value (MEV) searchers, and (Account Abstract smart)wallets, rendering it an ideal candidate for financialization—a process akin to the evolution observed in traditional commodity markets. Historically, commodity derivatives trading of commodity dates back to the Dojima Rice Exchange, where derivative contracts like forwards and options originated. Rice merchants engaged in the trade of "rice tickets," which represented entitlements to rice stored in their warehouses, rather than dealing with the physical commodity itself. These rice tickets formed the foundation for the development of various derivative contracts, including short sales, forwards, and options, which are prevalent in modern trading. This historical lineage of financial innovation is further exemplified by the establishment of agricultural futures by the Chicago Board of Trade, which significantly contributed to efficient risk management and scalability in operations. The late 20th-century creation of the Volatility Index (VIX) market, despite the non-tradeable nature of the VIX itself, presents a parallel evolution. The thriving derivatives market of the VIX closely mirrors the Ethereum fee market, particularly in the context of the underlying asset—gas—not being directly tradable. The implementation of EIP-1559 marked a pivotal transition for Ethereum, introducing a structured fee market and thereby facilitating the creation of a standardized gas reference price, which is imperative for the settlement of a variety of derivative products. Looking ahead, the Ethereum blockspace market, having drawn lessons from these historical developments, stands on the cusp of a similar evolutionary trajectory. The Merge and the anticipated EIP-4844 are set to redefine this landscape, potentially drawing parallels with the traditional oil and natural gas markets where aggregated benchmarks have historically enabled wider market participation and enhanced efficiency in price discovery. In a manner akin to the oil and VIX markets, the burgeoning Ethereum blockspace market is poised for substantial growth through the incorporation of derivative trading, which promises to refine price discovery mechanisms and offer sophisticated tools for the management of digital asset portfolios. Dojima - A Physically-settled Blockspace Futures Market for Blockspace sec03_img01<em>The offices of Dojima Rice Exchange built over the Dojima river: upper right depicts a scene where a flag is used to disseminate the price of rice. Painting by Yoshimitsu (1850-1891) </em>
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