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Blockchain systems come with the promise of being inclusive for a variety ofdecentralized applications (DApps) that can serve different purposes and havedifferent urgency requirements. Despite this, the transaction fee mechanismscurrently deployed in popular platforms as well as previous modeling attemptsfor the associated mechanism design problem focus on an approach that favorsincreasing prices in favor of those clients who value immediate service duringperiods of congestion. To address this issue, we introduce a model thatcaptures the traffic diversity of blockchain systems and a tiered pricingmechanism that is capable of implementing more inclusive transaction policies.In this model, we demonstrate formally that EIP-1559, the transaction feemechanism currently used in Ethereum, is not inclusive and demonstrateexperimentally that its prices surge horizontally during periods of congestion.On the other hand, we prove formally that our mechanism achieves stable pricesin expectation and we provide experimental results that establish that pricesfor transactions can be kept low for low urgency transactions, resulting in adiverse set of transaction types entering the blockchain. At the same time,perhaps surprisingly, our mechanism does not necessarily sacrifice revenuesince the lowering of the prices for low urgency transactions can be coveredfrom high urgency ones due to the price discrimination ability of themechanism.

Tiered Mechanisms for Blockchain Transaction Fees