The monthly EOS Block Producer (BP) meetings are intended to establish regular communications between the top 30 EOS BPs and the EOS Network Foundation (ENF), to foster an open dialogue between network operators and custodians in support of the mutual development of the EOS ecosystem.
The meeting began at 0200 UTC on December 14th, 2023. 19 BPs attended the call, and a total of 29 people participated in the discussion. The Interprefy tool was used in the call for synchronous translation to facilitate the free flow of information across multiple languages in real-time.
Beatrice Wang, Communications Manager for the ENF, greeted those in attendance and kicked off the meeting with a brief overview of the topics to be discussed.
EVM Activity—Inscription Event
Yves La Rose, CEO of the EOS Network Foundation, presented first. He highlighted several key points, while focusing on the recent EOS Network performance achievement that took place during an unplanned high-traffic inscription event on the EOS EVM.
Key Points Discussed:Unexpected High Traffic Event on EOS EVM: Over the weekend of December 9th & 10th, the EOS EVM experienced its first inscription event, leading to a significant load on the network. This event was not anticipated, and the network was not specifically prepared for it. Impressive Performance Metrics: Despite the unplanned nature of the event, EOS EVM processed over 17.6 million transactions in a 24-hour period at its peak. This performance was notable compared to other EVM chains that recently hit their own daily records from Inscriptions Network Resilience: The EOS network displayed remarkable resilience during this period, and despite some challenges with RPC nodes, the network managed around 28 million transactions in 32 hours. Future Potential and Stress Testing: La Rose speculated that with coordinated effort, EOS could potentially handle 3 to 4 times more transactions. The largest block recorded contained about 2200 transactions, and he estimated the capacity for over 100 million transactions in a day under optimal conditions. Gas Fees Stability: Unlike other networks that experienced significant spikes in gas fees during high-traffic events, EOS maintained sub-penny gas fees. Upcoming Software Updates: La Rose urged BPs, especially those not on Leap 5.0 RC3, to upgrade as soon as it becomes final (expected in early January). This update includes optimizations for EOS EVM that would enhance performance and reduce operational costs. Infrastructure Importance: Emphasizing the critical role of infrastructure, La Rose pointed out that the success of any initiatives by labs or the EOS Network Foundation hinges on a robust and performant network. He celebrated the network’s achievement of over 2000 days of 100% uptime. Preparation for Future Events: Given the popularity of inscriptions, La Rose anticipates similar events soon. He advised BPs, especially those close to the top 21 but not currently in it, to prepare their infrastructure for potential increased loads and to seek guidance from experienced BPs. Community and Ecosystem Growth: La Rose highlighted the correlation between network load, EOS consumption, and the overall health of the ecosystem. He encouraged BPs to continue their excellent work to support the growth and stability of the network.Yves’ address highlighted the EOS Network’s exceptional performance during an unplanned high-traffic event, showcasing its robustness and the vital role of infrastructure readiness. With upcoming updates poised to enhance this already powerful network, EOS is solidifying its status as a highly stable and growing force in the blockchain ecosystem.
EOS Labs Update
Huaqiang Wen, CEO of EOS Labs, next summarized a remarkably busy month for the organization, highlighting several key developments and collaborations.
Key Highlights from EOS Labs:Joint Laboratory with CoinTR: EOS Labs established a collaborative joint laboratory with CoinTR, aiming to incubate local blockchain projects. This partnership has led to CoinTR supporting both the original EOS chain and the EVM chain, enhancing the convenience for EOS users in terms of deposits, withdrawals, and listing EVM ecosystem projects. Upcoming Initiatives with CoinTR: CoinTR is set to launch EOS Staking services next week and will initiate its first Launchpad project in January. Three candidate projects have already been prepared for this launch. EOSS Performance on EOS EVM: EOSS, launched on EOS EVM, recorded impressive metrics with more than 17 million transactions in 24 hours and over 20,000 unique wallet addresses. Ubox’s ChainPass NFT Launch: Ubox successfully launched the first series of ChainPass NFTs for EOS staking users, with 200,000 EOS worth of NFTs selling out within just 3 hours. PlayZap’s Market Growth: PlayZap achieved significant growth in the Indian market, reaching 62,000 Unique Active Wallets (UAW), 133,000 transactions, and a volume of 52k within 30 days, as reported by DappRadar. Winter Festival Event: EOS Labs is preparing for the Winter Festival Event, featuring a series of ecosystem projects, including the EZSwap (Game Assets Exchange) in collaboration with Blockworld, which is already in beta. Future EVM Projects and Discussions: There are five EVM projects on the horizon, and discussions are ongoing for investment or integration with more than ten additional projects.
These updates from Huaqiang Wen showcase a period of dynamic growth and expansion for EOS Labs, emphasizing collaborative efforts and the successful integration of new technologies and projects within the EOS ecosystem.
Proposal—EOS Network Resources
The CEO of EOS Nation, Daniel Keyes, presented five proposals for consideration by the EOS Network. These proposals, outlined briefly below, are founded on a set of core guiding principles emphasizing the integrity and security of the network. These principles include ensuring network security, maintaining or increasing voter participation without compromising the network’s security, and adhering to code security standards. This entails minimal modifications to system contracts, ensuring there’s no risk of fund loss, and keeping code complexity to a minimum during the review process. For a more in-depth exploration of these proposals, please refer to the detailed information provided here.Modify RAM Increase Rate
The proposal aims to halt the inflation of RAM supply in the EOS market by setting the RAM rate increase parameter to zero. This change addresses the mismatch between the theoretical and actual RAM capacities available to block producers. Additional research is suggested for potentially allowing a negative RAM inflation rate. Immediate action is necessary. More Details.Update Since the Meeting: A multisignature (MSIG) proposal to halt RAM inflation was recently submitted to EOS block producers. As of December 17th, a majority consensus was achieved, with 15 of the top 21 block producers voting for and subsequently executing proposal. For more information, please refer to the details provided within the link below:Remove Deferred Transactions from System Contract
To improve reliability and reduce development complexities, this proposal suggests deploying system contract v3.2.0, which removes deferred transactions from certain actions, notably requiring explicit refunds for failed name bids in the bidname action. The implementation is immediate. More Details.Staking Rewards
This proposal seeks to increase Resource Exchange (REX) rewards by boosting EOS Network token issuance by 2% and altering the claimrewards action to channel new tokens to REX. It includes creating a new table for tracking inflation to REX and removing voting requirements from REX to enable broader participation. The proposal would require additional development and testing. More Details.Increase Maximum Transaction Time
To enhance transaction processing efficiency, particularly for EVM transactions, the proposal involves deploying Leap 5.0.0, which increases the maximum transaction time to 150ms. This change is implemented and awaiting deployment. More Details.Powerup Technical Improvements
Aiming to simplify resource allocation, this proposal adds a new function for powerup prepayments, allowing for specific CPU time leasing and automatic CPU and NET allocation at a 10:1 ratio. This proposal is in the development and testing phase. More Details.
To read more about these proposals click the link below:
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The EOS Network is a 3rd generation blockchain platform powered by the EOS VM, a low-latency, highly performant, and extensible WebAssembly engine for deterministic execution of near feeless transactions; purpose-built for enabling optimal Web3 user and developer experiences. EOS is the flagship blockchain and financial center of the Antelope framework, serving as the driving force behind multi-chain collaboration and public goods funding for tools and infrastructure through the EOS Network Foundation (ENF).
The EOS EVM is an emulation of the Ethereum EVM, housed within an EOS smart contract. It offers feature parity to other EVMs in the space but with unmatched speed, performance and compatibility. EOS EVM connects the EOS ecosystem to the Ethereum ecosystem by allowing developers to deploy a wide array of Solidity-based digital assets and innovative dApps on EOS. Developers can use EOS EVM to take advantage of Ethereum’s battle-tested open source code, tooling, libraries and SDKs, while leveraging the superior performance of EOS.
EOS Network Foundation
The EOS Network Foundation (ENF) was forged through a vision for a prosperous and decentralized future. Through our key stakeholder engagement, community programs, ecosystem funding, and support of an open technology ecosystem, the ENF is transforming Web3. Founded in 2021, the ENF is the hub for EOS Network, a leading open source platform with a suite of stable frameworks, tools, and libraries for blockchain deployments. Together, we are bringing innovations that our community builds and are committed to a stronger future for all.