Lovely Little Gas Protocol & Finalized Staking v2

[randomishwalk]

Very interesting…got some questions and related thoughts/suggestions below.

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@sambacha

Our implementation follows the smart contract wallet (SCW) design pattern with support for out-of-order transaction submission and EIP 4337

How much does your meta-transaction protocol deviate from the EIP-4337 spec, if at all?

Is Manifold going to run its own bundlers?

@sambacha

At the setup phase, the gas-purchasing user (the Buyer) sets the contract parameters, namely:

How do the block builder and “futures contract” buyer know how to settle on a forward price for gwei?

@sambacha

• The target confirmation interval (Note, this is configured by us as to not exceed 2 epochs worth of slots)

2 epochs - are there limits to how far out you can write these contracts? I suspect the further out you go, the more subject to gas market manipulation risk as well as uncertainty over how to price the contract?

@sambacha

For that, there exists an alternative function, exhaust, that enables Seller to extract the funds without any cooperation from Buyer. However, to prevent Seller abusing this function, its invocation spends gas equal to the agreed-upon amount through repeated null operations. This construction results with the Execute function being preferred in case Buyer abides by the contract, while protecting Seller if not.

does this design initially (or maybe forever) require some amount of permissioning on the part of both buyers and sellers? Or are there reasons why you think this is DDOS-resistant? Looks like the “exhaust” feature could at the very least prevent some forms of builder (aka “seller”) abuse

@sambacha

Buyer also locks the payment upfront, and then the gas-selling block builder (the Seller) can accept the contract by depositing a collateral of his own. At this point, Buyer does not commit to a future transaction.

Could you structure this as a perp eventually + have free floating funding rates? For end users who may want to be perpetually hedged on gwei and don’t want to manage constantly rolling maturities for futures.

@sambacha

with additional details including a new ethereum transaction type

this is UserOperation and handleOps correct?

@sambacha

information concerning the Gas Pricing Oracle for LLGP

Feels like the gas oracle piece is critical here…eager to see what you land on there

@sambacha

Staking V2

We can see that in this system, LLGP, that FOLD is used in a pro rata form to provide an incentive compatible mechanism for honest reporting from the Manifold Relay. Staked FOLD earns fees for all transactions using LLGP, furthermore, protocols can supply their token to provide for additional subsidy payments, etc. Staked FOLD primary risk is in operating an honest relay, so long as the relay operator is honest the collateral is not at risk of liquidation.

So the FOLD token is going to function effectively like the MKR (maybe also NXM?) token as an “issuance backstop”? Key difference is staking vs. non-staking I guess