Published on: 2021-07-29T11:36:25+00:00
The recent online Sydney Socratic Seminar focused on L2 onchain support and discussed various aspects of Bitcoin Improvement Proposal (BIP) 125 RBF. The attendees explored ideas such as SIGHASH_IOMAP, fee sponsorship, and transaction mutation. They also delved into the topics of fee bumping and package relay, with a consensus that enabling two transaction packages would suffice for Lightning and DLCs. The potential benefits of package relay for L2 protocols in addressing future fee unpredictability were highlighted, with previous work by Suhas Daftuar being mentioned.Taproot and witness replacement were also discussed during the seminar. Participants noted that miniscript could assess the transaction pinning risk of a bloated witness. They further suggested that a future soft fork could utilize the annex in Taproot to inflate the fee rate of a witness. In another workshop specifically dedicated to Bitcoin package relay and fee bumping, attendees emphasized the usefulness of package relay for Layer 2 protocols. This approach can help tackle the uncertainty surrounding future fees. Previous works by Suhas Daftuar and Gloria Zhao were acknowledged in this area. The participants agreed that enabling two transaction packages would be adequate for Lightning and DLCs, although concerns were raised about the potential complexity associated with larger package sizes.The workshop also explored the option of utilizing two packages, A and B, or B and C, if supporting three transaction packages proved challenging. Furthermore, attendees suggested communicating only hints, such as fee rate hints, instead of relaying entire transactions. Witness replacement and Taproot were additional topics of discussion. It was proposed that replacing a larger witness with a smaller one could reduce transaction fees. A future soft fork could give significance to the annex in Taproot, allowing for the inflation of a witness's fee rate.To conclude the workshop, the attendees agreed that two transaction packages would adequately support currently deployed L2 protocols. Ongoing discussions are taking place regarding the deprecation of opt-in RBF and the implementation of full RBF. The participants also addressed the need for a status quo and ad hoc security incident response policy in case of cross-layer security issues. Additionally, they advised L2 protocol designers to minimize assumptions on the base layer.
Updated on: 2023-08-02T04:15:19.233258+00:00