Don’t you consider Polygon a competitor ?
There the transaction cost is less than 1 cent
Arbitrum could lower transaction fees significantly in many ways at the cost of security, for example, by using a DAC or Celestia for DA. We believe one of the strongest incentives to build on and use Arbitrum One is that it inherits security from Ethereum to a high degree.
Thanks for the proposal @Entropy!
We are supportive of the increase in L2 minimum base fee. While we don’t think an increase to 0.05 will have a material impact on organic activity, maybe it would be fruitful for both the DAO and the working group for Milestone 2 if we start with an increase to 0.03 with the goal to raise it to 0.05 after a short period of time. This should hopefully provide some additional insight into the effects of raising the L2 min base fee.
Regarding Milestone 2, we’d be in favour of Option 2. But we do have concerns about the need for constantly fine-tuning these fees and the costs that will come from funding a specialised group. We would also like to see a veto mechanism incorporated / Guardian role just for additional safety in case of any errors when updating the L2 min base fee (oSnap could also be used here).
Lastly, one overlooked point regarding the elasticity of users is that the DAO is currently spending millions of ARB in incentives to incentivise activity on the chain, so even with an increase in the L2 min base fee the expected cost will still likely be negligible for most users.
Thank you for proposing these adjustments to the gas fees, @Entropy. This is an area I have been concerned about since the Atlas upgrade. Increasing the gas to a minimum base fee of 0.03 and 0.05 still keeps the fees very low, so I don’t expect a significant impact on the user experience. However, I would like to understand more about how you arrived at these specific numbers. Is there a particular reason for choosing 0.03 and 0.05? What differences or benefits do these specific values provide compared to other potential options?
Additionally, we need to find the optimum point for the gas fee base to ensure long-term sustainability. I love the idea of having a working group to focus on this specific area and make adjustments based on market conditions.
Thanks to @Entropy for the proposal!
I’m glad to see suggestions in this area. I support raising the minimum base fee, as it will provide a more solid foundation for the subsequent arb economic model.
We have been made aware that per our request, risk member of the ARDC @chaoslabs is slated to look into this proposal and its implications. We will wait to proceed to Snapshot until after their analysis is complete and delegates have had time to digest it.
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