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UNLESS monetary transactions outbid spam.
Which is kinda hard when inscriptions have a 75% discount.
Actually, I don’t think it’s hard. A payment transactions can move any amount of money in fairly small amount of weight. Spam transactions generally take more weight per operation and most of them don’t have an open ended value to their senders.
With the waning interest in inscriptions and runes, feerates of spam transactions are minuscule:
(from this dashboard: https://dune.com/murchandamus/inscription-brc20-weight-and-percentage)
E.g., yesterday, spam transactions paid 4.7% of fees for 47% of the blockspace. Payment transactions paid 95.3% of fees for 53% of the blockspace. So, payment transactions are currently paying about 18× higher feerates on average than spam. To me that sounds like spam transactions are only bidding on underdemanded blockspace at the very bottom of the mempool around 0.1 s/vB. As the mempool is clearing out, they finally are selected into blocks after sitting there for an indeterminate amount of time. There just seems too little demand for blockspace from payment transactions right now.
I really hope it stays that way once fees ramp up and we don't get yet another one of these spam hype cycles. But I am afraid that the spam hype might come back.
You're right about that but it doesn't matter.
Monetary transactions are so scarce these days they'd probably be outbid by spam even if spam didn't have a discount.
But it's all irrelevant because nobody (other than zealots) really worries about blockchain spam.
The 1mb (or 4 with witness) is well bounded and neat and has no issues with resources. The mempool and utxo set is not well bounded and more worrying
But utreexo takes care of utxos and mempool. If only everybody would use it.
The 1mb (or 4 with witness) is well bounded and neat and has no issues with resources.
Yeah it is bounded per block. But the blockchain grows forever. That isn't bounded. And having a growth rate that's just slightly higher per block, does add up significantly over time. Keep in mind that a full node needs to download the entire chain. This gets harder and harder with time.
it doesn't make it better but knots doesn't block spam either, only certain types of spam. spammers will adapt quickly and the whack a mole will never end.
UNLESS monetary transactions outbid spam. which might or might not ever happen.