Ethereum: What’s the most efficient way to create a raw transaction with a specific fee rate?

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Optimizing Raw Transactions on Ethereum: A Guide to Creating Specific Fee Rates

Ethereum’s transaction fees can be a significant obstacle for developers and users alike. The network’s design ensures that fees are not negligible, which can lead to decreased adoption and usability of certain features. However, setting specific fee rates can be challenging due to the current implementation. In this article, we’ll explore the most efficient ways to create raw transactions with custom fee rates on Ethereum.

The Chicken and Egg Problem

One of the primary issues is that setting a specific fee rate requires knowledge of the total weight (in bytes) of the transaction data. This information is crucial in determining the required gas price. Conversely, calculating the gas price can provide insight into the expected size of the transaction, but it’s not a reliable method for setting a specific fee rate.

Calculating the Total Weight

The total weight is calculated by summing up the following components:

• Transaction data (e.g., accounts, addresses, values)

• Contract code

• Function calls

To calculate the total weight, we can use the following formula:

total_weight = tx_data_weight + contract_code_size + function_call_weights

where tx_data_weight is a variable representing the size of the transaction data in bytes, and contract_code_size and function_call_weights are variables that represent the sizes of the contract code and function calls, respectively.

Creating Raw Transactions with Custom Fee Rates

To create raw transactions with custom fee rates, we need to:

• Determine the total weight: Using the formula above, calculate the total weight of the transaction data.

• Set the gas price: Choose a gas price that balances the expected size of the transaction against the available funds in the wallet. This is typically done using the eth GasPrice variable.

Example Code

Here’s an example code snippet in Solidity (Ethereum) to illustrate the process:

pragma solidity ^0.8.0;


contract MyContract {

    function myFunction() public payable {

        // Calculate the total weight of the transaction data

        uint32 txDataWeight = 10 * 1024; // Assume 10KB for simplicity


        // Set the gas price

        uint256 gasPrice = ethGasPrice();


        // Create the raw transaction with custom fee rate

        address recipientAddress;

        bytes memory data = ...; // Replace with actual transaction data


        // Encode the transaction in hexadecimal format

        string memory txHex = abi.encodeWithSigner(MyContract, sender, data);


        // Send the transaction to the Ethereum network

        payable(recipientAddress).sendValue(txHex);

    }

}

Important Considerations

• Gas prices: The gas price is typically chosen based on a complex algorithm that takes into account factors like the expected size of the transaction and the available funds in the wallet. As such, it’s not possible to simply set a specific fee rate without considering these complexities.

• Transaction data: The total weight calculation assumes a fixed size for each component of the transaction (e.g., account data, contract code). However, the actual sizes can vary depending on the specific use case and data being transmitted.

Conclusion

While it’s challenging to create raw transactions with custom fee rates on Ethereum due to the current implementation complexities, there are still ways to optimize the process. By understanding how gas prices work and calculating the total weight of transaction data, developers can make informed decisions about setting specific fee rates for their use cases.

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