Read

Edit

History

Notify

Share

EIP-3651

EIP-3651, also known as "Warm COINBASE", is a Improvement Proposal that aims to change the COINBASE address from a cold address to a hot address as part of the Shanghai Upgrade. This is expected to lower the cost of access to COINBASE and make it more affordable for network contributors known as builders. [1][3]

Details

Builders are responsible for packaging Ethereum transactions into blocks, which are then forwarded to validators for proper ordering in the . Builders are paid by traders to arrange transactions in a certain order, with higher fees charged for earlier validation. Flashbots is currently the largest builder in the Ethereum ecosystem, accounting for 80% of relayed blocks. [1][2]

Currently, COINBASE direct transactions are becoming more popular due to the benefits they offer, such as conditional payments, which enable implicit cancellation of transactions. However, the high price of access to COINBASE is a hindrance for network participants because COINBASE was introduced under the access list framework to carry out gas calculations based on the cost of access to cold addresses, which is relatively higher than the cost of access to hot addresses. [2][3]

EIP-3651 proposes to keep the Coinbase software warm to begin with, which will lower the gas fee required to access it. This is expected to significantly reduce network fees for builders and traders who use builders to execute their trades. Furthermore, traders will no longer have to pay transaction fees for failed trades, as is currently the case, because miners need to confirm all transactions to the chain, whether they succeed or fail. [1][2]

Author

  • William Morriss

See something wrong? Report to us.

EIP-3651

Commit Info

Edited By

0xa817e9da10923C49C3eD3265Ec9aAb4FB2AF69FE
Yeonwoo

Edited On

March 18, 2023

Reason for edit:

added EIPS link, Author section, and timeline

Feedback

Average Rating

No ratings yet, be the first to rate!

How was your experience?

Give this wiki a quick rating to let us know!

REFERENCES

Join the IQ Brainlist

Sign up for the IQ Brainlist to get early access to editing on the IQ.wiki site!

Join Now

Subscribe to our newsletter

The IQ Ecosystem Report will keep you updated on everything IQ.

Subscribe

IQ.wiki

IQ.wiki's vision is to bring blockchain knowledge to the world and knowledge onto the blockchain. A part of Brainfund group

https://twitter.com/IQWIKIhttps://www.reddit.com/r/Everipedia/https://t.me/everipediahttps://www.instagram.com/iqwiki_/https://github.com/EveripediaNetworkhttps://discord.gg/x9EWvTcPXthttps://www.facebook.com/iqdotwiki

IQ

What's IQ?StakingBonds

Company

About usCareersBrandingIQ GPTIQ Dashboard

© 2024 IQ.wiki Powered By BrainDAO & IQ