Revisiting the Primitives of Transaction Fee Mechanism Design
Aadityan Ganesh, Clayton Thomas, Seth Matthew Weinberg · 2024
Transaction Fee Mechanism Design---a rapidly-evolving research agenda initiated by Roughgarden [2021]---studies auctions run by untrusted miners for transaction inclusion in a blockchain. Under previously-considered desiderata, an auction is considered 'good' if, informally-speaking, each party (i.e., the miner, the users, and coalitions of both miners and users) has no incentive to deviate from the fixed and pre-determined protocol. In other words, previous works posit that a 'good' auction should be 'simple for users', 'simple for miners', and 'resistant to collusion'.