Monad Initial Specification Proposal

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Document: https://category-labs.github.io/category-research/monad-initial-spec-proposal.pdf

Category Labs is excited to propose an initial specification for Monad, which mainly focuses on:

  1. A dynamic Transaction Fee Mechanism (based on EIP-1559) with a modified format of the update rules for the base fee

  2. A new concept called Reserve Balance for asynchronous execution

  3. Relative pricing of storage related opcodes and precompile, and refunds

The document contains a discussion section on design choices, and we welcome further discussion!

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it’s really hard for me to understand the metric. but with help of ai i understood enough to tell you well done guys!

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1. How do you think the faster fee drop in this TFM will impact gas price volatility during low activity periods?

2. Can Reserve Balance open up new design patterns for async dApps, or is it mostly for EIP-7702 compatibility?

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  1. Could you give some context in what you mean by low activity periods? The base fee mechanism, as provided in the Discussion section, is intended to stay constant at minimum in case of no sustained demand around or above the gas limit of Monad.
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We updated the proposal to version 1.1.0 which contains the following change:
The code_deposit_cost for CREATE and CREATE2 (i.e., storage cost of deployed contract) is updated to 1200 gas per byte from 200 gas per byte.

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We updated the proposal to version 1.2.0 which contains the following change:
The base static cost for CREATE and CREATE2 is updated from 32000 gas to 160000 gas.

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Good update. The dynamic fee part and that Reserve Balance concept sound cool. Curious to see how it plays out.

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We have updated the proposal to version 2.0.0. Notably, this includes removing the storage-related pricing changes - SSTORE and CREATE(2) op code pricing now match Ethereum. Refunds have been zeroed out as is currently the case on the test networks (full charge on the gas limit). The decision to remove the storage pricing changes from the proposal is in the interest of mitigating potential disruption in the short-term. We anticipate sharing a comprehensive design proposal for state economics in the near future for feedback. That proposal should similarly incentivize healthy state hygiene.