Increase base fee from 12.5% higher than last block to 33%

[bbondy]

Vitalik recommends going to 33% instead of 12.5%.
Note that this doesn't make actual fees higher because the excess not needed is returned to the user.

Test plan:
Just do a transaction and make sure it goes smoothly and fast.
The base fee should be higher than the previous version.

[srirambv]

Verification passed on

Brave	1.38.118 Chromium: 101.0.4951.67 (Official Build) (arm64)
Revision	8888ee7a24e2c36661ddb9536c35b7d4852a3a98-refs/branch-heads/4951@{#1230}
OS	Windows 11 Version 22H2 (Build 22621.1)

• Verified test plan from original issue description
• Verified transaction is faster

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Verification passed on Oppo Reno 5 with Android 12 running 1.38.118 x64 build

• Verified test plan from original issue description
• Verified transaction is faster

22640.-.ARM.mp4

[timbeiko]

@bbondy just stumbled here with little context, but something seems wrong with either this approach or internal naming.

Vitalik recommends going to 33% instead of 12.5%.

The base fee per gas value is set by the protocol itself and can't be "set" in a transaction by users. It's part of the block header and can only go up/down by +/- 1/8 per block, based on how much gas is used. The exact update formula can be found here (see the # check if the base fee is correct comment).

In other words, the oracle should be able to calculate this exactly by just looking at the gas used of the parent block.

So, I imagine that this is about increasing the max fee per gas (maximum a user can be charged for their transaction, in wei, set in the transaction) or the max priority fee per gas (maximum a user's transaction will send in a transaction, in wei, set in the transaction), in that case, it's just a renaming problem.

I just want to highlight the difference in case the 12.5% limit is somehow used across both, because it's impossible for the base fee to go up/down by more than that, block to block, but totally fine for you to bump the max fee or max priority fee by whatever % by default.

[bbondy]

The base fee per gas value is set by the protocol itself and can't be "set" in a transaction by users. It's part of the block header and can only go up/down by +/- 1/8 per block, based on how much gas is used. The exact update formula can be found here (see the # check if the base fee is correct comment).

Yes I know, that's why I used the 12.5% originally as our internal value.
By increasing this value it increases our max fee per gas value internally.

Thanks for chiming in btw Tim!