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Structuring Blockspace Derivatives — Julian Ma

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How to design financial instruments that let users hedge against gas price movements in a non-manipulable and mutually advantageous manner.

Introduction to the gas markets Ethereum is in the business of selling blockspace. This is a commodity that allows users to settle their transactions or interact with smart contracts. The amount of blockspace, however, is limited. To guide which transactions are and which are not included in a block, the gas market was created. All computations executed on the EVM consume real-world computational power. To compare the costs of these different operations, also known as opcodes , these costs are represented relative to one another using units of gas. For example, adding two numbers costs 3 units

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