Force Study | The Economics and Gas Fee Cost after HyperDrive Upgrade
The amount of Filecoin network storage power growth per day kept surging to new highs from July 1, as the starting day of HyperDrive upgrade. But if we calculate the amount and define the “growth” more precisely, the start of the real storage power growth shall be counted on July 5. Taking the amount of growth on July 2 as an example, though it’s over 90 PiB , part of the growth is to recover the power loss during Filecoin v13 HyperDrive Network upgrade.
So, what does the amazing daily growth after HyperDrive upgrade stand for? And how to calculate the Gas fee then?
- To reduce the consumption and alleviate the burden for a vibrant Filecoin ecosystem
Our previous article has mentioned that the objective of Filecoin’s destruction of deflation is similar to that of Government monetary policy, to stabilize the “legal tender” currency via the control on monetary issue, output and currency inflation.
It’s quite similar to the current daily incentive (block reward releases) of Filecoin, since Filecoin indirectly regulates the stability by daily Filecoin token destruction.
So, what is HyperDrive upgrade trying to achieve? The answer can be extracted as to reduce the “tax” and to promote “storage” demand..
The main function of tax is to adjust the social demand and to adjust the transaction practice in the market. As we all know, the higher the tax on a commodity is, the higher its price will be, and the fewer people will pay for it in the market.
The reduction in Filecoin’s gas fee is similar to the reduction in taxation. When the users can spend less “tax” for storage power growth, the market demand will definitely be boosted.
It can be inferred from above analogy that reducing gas consumption can increase FIL circulating supply. However, from the perspective of tax economics, the main purpose of Hyperdrive is to promote storage demand,, increase storage power and reduce FIL token circulation.
By this week, the storage power growth has increased rapidly since yesterday, which proofs the obvious impact HyperDrive has with regard to the Filecoin network.
However, we should also consider about the market performance to estimate whether the market demand continues to meet the tax relief (gas fee). The long-term pledge is greater than the gas fee that should be consumed in the same period resulting in the continuous decrease of the market circulating supply after the HyperDrive, which is the expected role that HyperDrive shall play.
2. Gas fee: calculation of aggregated messages
HyperDrive can help improve the network efficiency via series of modification: PreCommitSector into PreCommitSectorBatch and ProveCommitSector into ProveCommitAggregate (including aggregation fees).
●PreCommitSectorBatch: no change on gas fee calculation
PreCommitSectorBatch means, the shift from the single-sector commit to multiple-sector commit to apportion the cost. The calculation is still including the basic gas fee (BaseFee + GasPremium > GasFeeCap) and the out of gas, which requires the storage service provider to select the formula and parameter OVER.
●ProveCommitAggregate: Aggregation Fee is newly-involved in gas fee calculation
The calculation of ProveCommitAggregate is similar to the previous gas fee calculation, but also be added with the aggregation fee which accounts for the largest proportion in the consumption of ProveCommitAggregate. Aggregation fee is charged by the batch of proof which accounts for an additional proportion in the new Gas fee consumption to meet the balance of the original gas fee.
IF:
BatchDiscount = 1/20 unitless
BatchBalancer = 2 nanoFIL
Price=Max (BaseFee, 2 nanoFIL)
SingleProofGasUsage = 65733296.73
THEN:
Aggregation Fee = Price✖Sectorcount✖BatchBalancer✖BatchDiscount
=Price✖Sectorcount ✖65733297✖0.05
Taking five sectors at random to summarize, the trend as follows:
Based on the above formula, it can be concluded that:
When BaseFee is less than 2nanoFIL, the total aggregation cost increases linearly with the number of sectors and the average single sector cost is the same.
When BaseFee is greater than 2nanoFIL with no change on sector number, the total aggregation cost and that of the single sectors increase accordingly.
3. About Base Fee during HyperDrive Upgrade
Now the daily storage growth is about 80PiB and Gas fee consumption is about 20,000 FIL. The reduction is very obvious.
From the data of 24-hour Gas consumption provided by Filscan.io, ProveCommitSector and ProveCommitAggregate consume the highest amount of gas fee, and the gas consumption in ProveCommitSector is still determined according to BaseFee;
The consumption of ProveCommitAggregate is mainly impacted by the aggregation cost which is also determined by BaseFee. Hence it is more advisable to continue the storage power growth when BaseFee is less than 2 nanoFIL.
PS: In Filscan.io, aggregation costs is merged into ProveCommitAggregate, which may be different from other browsers.
