[idea] Buy-and-burn with non-native fee tokens

Research & Technical Economics
13

I propose that we start here with a simple update, which would:

  1. Add a protocol treasury account which can hold non-native tokens.
  2. Send non-native token base fees to that account.
  3. Burn native token base fees.

This will help establish the basic economic substrate for the protocol to do something with non-native fees, but we don’t have to commit to exactly what that mechanism looks like immediately. Validators will still receive tips (in both native and non-native fees). For now we can continue setting base gas prices manually, but this change would also allow an easy update to an EIP1559-like automatic mechanism in the future.

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