What wouldn’t it value to settle Korea Alternate’s every day buying and selling worth on Ethereum? On the baseline, block-gas capability is just not the binding constraint. Settlement structure and new onchain state matter extra.
This text fashions a settlement workload on Ethereum calibrated to Korea Alternate (KRX)’s reported common every day buying and selling worth, underneath present mainnet guidelines and underneath Glamsterdam’s proposed gasoline repricing. It’s a gas-accounting experiment, not a proposal to maneuver Korea’s settlement infrastructure onto Ethereum.
Capability is just not the issue on the baseline. At an assumed $10,000 common commerce, settling each commerce in its personal transaction would use 26.0% of someday’s theoretical block gasoline at right now’s 60-million-gas restrict. That’s the full-day gasoline ceiling, not spare capability left after Ethereum’s present demand, and it reaches 100% if the typical commerce falls to about $2,604.
Value construction is. If clearing first nets trades in order that one participant place per commerce is left to replace, netted settlement is 3.6× cheaper in gasoline than trade-by-trade settlement right now, however 2.6× underneath Glamsterdam. Glamsterdam reprices storage writes, and new state most of all. As soon as netting has eliminated a lot of the settlement work, the storage created for first-time holders turns into a bigger share of what stays.
1. Dimension the market
In an April 2025 article for the World Federation of Exchanges (WFE), KRX’s Chairman and CEO reported a median every day securities buying and selling worth of $21.34 billion (2024 knowledge) and an 89% netting ratio. That ratio measures how a lot gross worth clearing removes earlier than settlement, not what number of positions would stay onchain.
Dividing $21.34 billion by an assumed $10,000 common commerce provides 2,134,000 trades on a consultant day. Commerce depend is derived from worth, not from KRX’s contributors, devices or settlement cycles. The share of this workload moved onchain is swept from 0% to 100%.
Commerce measurement is the belief that strikes capability most, as a result of commerce depend scales inversely with it. Throughout averages of $2,000–$50,000, gross settlement with one transaction per commerce wants between 130.2% and 5.2% of theoretical every day block gasoline at full migration. It reaches right now’s ceiling at about $2,604 per commerce; batching 100 trades per transaction strikes that threshold to $1,598.
The workload is a median day, not transaction-level KRX data or a stress-day replay.
2. Change the settlement structure
Each architectures depart commerce matching offchain:
Gross DvP (supply versus fee): each commerce settles atomically onchain, linking the safety and money legs. Trades may be submitted one per transaction or batched.Netted DvP: clearing offsets every participant’s buys in opposition to their sells offchain; every participant then settles one web place onchain per netting cycle.
Netting is best to see on 100 trades. Every has a purchaser and a vendor, so gross settlement updates 200 participant positions. If the identical brokers seem on many trades, netting leaves solely their web adjustments to write:
I name this ratio P/T: web participant positions up to date onchain per gross commerce. All three rows are assumed situations, not noticed KRX place counts, and KRX’s 89% worth ratio doesn’t determine P/T. The place KRX would sit is determined by the account hierarchy: clearing-member or custodian accounts consolidate many trades, whereas end-investor settlement preserves way more positions.
To cost every structure, I measured a minimal balance-settlement contract on an area node underneath present mainnet guidelines (Prague). Holders have been funded in earlier transactions; gasoline got here from transaction receipts and was checked in opposition to opcode traces. The only-trade row is a full transaction, together with intrinsic gasoline and calldata. For batches, the mounted overhead per transaction is separated from the incremental value per unit, which covers that unit’s execution and calldata.
Netting benefit: whole gross gasoline ÷ whole netted gasoline, with no new holders. Glamsterdam columns are modeled, not executed.
The contract settles balances solely. Custody, identification and compliance checks, company actions, and restoration logic would every add storage reads and writes, so a manufacturing token would seemingly value extra per operation. The experiment additionally doesn’t examine Ethereum mainnet with L2s or permissioned settlement networks.
3. Capability on the baseline; state prices on the margin
Glamsterdam adjustments two issues. Its repricing makes the identical settlement workload heavier in gasoline; solely a better gasoline restrict turns that into extra headroom. And it fees way more for creating state than for updating it, which issues most to the structure that updates the least.
The situations use present guidelines at 60 million gasoline per block, and Glamsterdam repricing on the similar 60-million restrict and at 150 million, a devnet reference fairly than a scheduled mainnet restrict. Glamsterdam’s mainnet activation date is unconfirmed, and no Glamsterdam EVM is executed right here: the measured storage reads and writes are repriced underneath the proposed EIP-8037 and EIP-8038. EIP-8037 meters execution gasoline and state gasoline individually; a transaction pays for each, however every has its personal block restrict, so utilization follows whichever binds.
At full migration, one-transaction-per-trade gross settlement makes use of 26.0% of theoretical every day block gasoline right now. Glamsterdam’s repricing alone raises that to 37.3% on the similar 60-million restrict; at 150 million it falls to 14.9%. Batched gross settlement makes use of 16.0%, 30.2% and 12.1% in the identical three instances.
The repricing reaches each sorts of storage write:
Updating an present stability. Beneath EIP-8038, the primary write to an present storage slot after a stability learn rises from 2,900 to 10,100 gasoline on this contract. A gross commerce between present holders rises from 52,722 to a modeled 75,522 gasoline.Creating a brand new holder. Beneath EIP-8037, a brand new storage slot prices 97,920 state gasoline plus 10,100 execution gasoline, in opposition to 20,000 gasoline right now. The contract writes two slots per new holder, a stability and a first-holding flag, so each provides 10,310 execution gasoline and 195,840 state gasoline underneath Glamsterdam, in opposition to 37,310 gasoline underneath present guidelines.
On this mannequin, each architectures face the identical new-holder inhabitants. As a result of netting reduces the opposite settlement work, new state accounts for a bigger share of its remaining gasoline. With one place per commerce, the benefit falls from 3.6× to three.1× as new holders rise from 0% to 10% of trades right now, and from 2.6× to 1.9× underneath Glamsterdam. With extremely concentrated netting, it falls from 33.0× to 10.6× right now and from 23.8× to 4.0× underneath Glamsterdam.
All comparisons are in gasoline. Greenback charges depend upon gasoline costs, and settlement latency or failure danger is determined by a system design this experiment doesn’t mannequin.
Closing
Beneath these assumptions, block-gas capability doesn’t cease Ethereum from settling a workload of KRX’s every day buying and selling worth; the price of state shapes which settlement design is cheaper. Netting saves gasoline by decreasing the positions that want updating. However when a first-time holder nonetheless wants a brand new onchain stability, that storage creation stays costly underneath Glamsterdam’s proposed pricing. The extra environment friendly the netting, the bigger the share of its remaining value that new holders account for. A Glamsterdam with a better gasoline restrict would due to this fact add capability whereas narrowing netting’s relative gasoline benefit.
How far it narrows is determined by two numbers this experiment needed to assume: what number of positions netting actually leaves, and what number of new holders a tokenized market brings in. The capability end result additionally is determined by the $10,000 common commerce and on batching, and the Glamsterdam figures on EIP-8037/8038 parameters that aren’t but last. Participant-level netting knowledge and an noticed new-holder fee from a dwell tokenized-securities venue are the following measurements price making.
Appendix
Code and knowledge. Gist (gas-measurement harness, Glamsterdam repricing, workload building, and end result tables).Fig. 2 particulars. Strong strains use two new slots per holder, as within the measured contract; dashed strains use one. Gross settlement is one commerce per transaction, and each architectures obtain the identical new holders. The left panel stops at 10% as a result of extra new holders than 0.11 web positions per commerce is infeasible.Associated. What Modifications When Tokenization Reaches Market Scale?
This put up was initially printed on my private weblog: https://egpivo.dev/2026/10/11/what-glamsterdam-would-change-about-settling-korean-stocks-on-ethereum.
What Glamsterdam Would Change About Settling Korean Shares on Ethereum was initially printed in The Capital on Medium, the place persons are persevering with the dialog by highlighting and responding to this story.
