Protocol design space refers to the complete range of possible architectural choices, incentive mechanisms, and governance structures available when creating a new blockchain or decentralized application. It encompasses all the technical and economic decisions that define how a protocol functions and interacts with its users. Exploring this space involves evaluating trade-offs between various properties, such as scalability, security, and decentralization.
Context
News frequently discusses the protocol design space when comparing different blockchain networks or analyzing the innovation behind new decentralized finance projects. Debates often concern the optimal configurations for achieving specific system goals and addressing known challenges. Advances in understanding this design space drive the evolution of more robust and efficient digital asset systems.
This dynamic mechanism, inspired by EIP-1559, enshrines a variable MEV extraction rate to formally balance user and validator incentives for system robustness.
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