Add time-weighted averaging to the base fee

Status history

1. Draft22 Jul 2023
2. ⋯Stagnantdate not observed

Abstract

This EIP proposes a new formula to update the base fee, derived from EIP-1559. The existing base fee update formula, $$b[i+1]\triangleq b[i] \cdot \left( 1+\frac{1}{8} \cdot \frac{s[i]-s^* }{s^* }\right)$$ only considers the last block size $s[i]$. This mechanism incentivizes proposers to collude with users to manipulate the base fee. We propose that even previous block sizes be considered by…