The fact that Solana didn’t even hiccup from this activity is a testament to how far the client has come.
Congrats to all the absolute chads who contributed to Solana core over the last year to make this possible.
I don’t think there is a single EVM chain live or not that could have handled this type of activity without seeing significant fee spikes.
Solana fee markets are far from perfect, but I’m starting to see the beauty of not having base fees, and only priority fees tied to CUs.
Local fee markets help, but when blocks are full there are no local fee markets anymore. It’s all a global market.
In those times it makes sense to delineate the market into two parts:
(1) TXs w/o priority, charged at a low base rate.
(2) TXs that need priority, charged at a market rate depending on activity.
That way even when it becomes a global market. TXs that don’t want to participate in bidding for priority ordering aren’t forced to. Inclusion may become harder, but at least they aren’t forced to bid against the hot spot.
This morning @nickducoff from @solana foundation led an engaging workshop here at #cfcstmoritz on a deep dive into RWA: Exploring the Blockchains, Technologies, and Economics.