►
From YouTube: MEV for the Next Billion: It's Time to Get Serious... by Philip Daian | Devcon Bogotá
Description
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https://archive.devcon.org/archive/watch/6/mev-for-the-next-billion-its-time-to-get-serious/
We will take a birds-eye view of research, industry, and L1 developments on MEV. We start with the reasons behind the origins of MEV, a years-old warnings to developers. We revisit these against an explosion of research and industry interest in MEV. We cover the big picture of why these topics, including PBS, MEV auctions, MEV ethics, "fair ordering", cryptography, etc. are key to the decentralization and UX of L1. We will attempt to provide a roadmap to avoid the centralizing effects of MEV.
Speaker(s): Philip Daian
Skill level: Intermediate
Track: Layer 1 Protocol
Keywords: mev,decentralizaton,research
Follow us: https://twitter.com/efdevcon, https://twitter.com/ethereum
Learn more about devcon: https://www.devcon.org/
Learn more about ethereum: https://ethereum.org/
Devcon is the Ethereum conference for developers, researchers, thinkers, and makers.
Devcon 6 was held in Bogotá, Colombia on Oct 11 - 14, 2022.
Devcon is organized and presented by the Ethereum Foundation, with the support of our sponsors. To find out more, please visit https://ethereum.foundation/
A
A
All
right,
everybody,
hello,
hello,
it's
so
good
to
see
everyone
I
haven't
been
in
a
stage
like
this
in
about
three
years
since
Devcon
Prague
back
when
I
was
in
obscure
PhD
student
and
giving
a
talk
in
a
similarly
sized
room
that
no
one
showed
up
for
so
very
emotional
to
be
standing
in
front
of
you
all
here
as
the
steward
of
flashbots
and
looking
at
how
much
has
happened
in
our
industry
in
the
last
three
years.
I
also
am
a
PhD
student
at
Cornell,
but
this
talk
is
in
my
capacity
as
flashbots.
A
A
Second,
one
is:
where
are
we
today
so
I'm
going
to
talk
a
lot
about
flashbots
and
the
choices
we've
made
as
a
collective,
how
they
relate
to
things
like
the
base
layer
of
ethereum
security
and
fairness
for
users
as
well
and
I'm,
going
to
talk
about?
Where
do
we
go?
So
what
is
the
goal
for
Mev?
What
is
flashbots
doing?
This
is
a
question.
A
A
So
this
all
started
for
me.
With
this
academic
paper,
I
wrote
at
Cornell
called
Flash
Boys
2.0,
where
we
looked
at
the
market
dynamics
of
several
dexes
that
were
popular
at
the
time
around
2018
2019,
and
we
looked
at
basically
the
game
that
Bots
were
playing
to
Arbitrage
these
decentralized
exchanges
and
how
they
related
to
things
like
user
fairness
and
consensus
security
using
extensive
measurement
infrastructure.
So
if
you're
interested
in
that-
and
you
haven't
read
that
paper
yet
I
highly
recommend-
you
check
it
out,
but
in
that
paper
we
Define
this
term
called
Mev.
A
Maybe
you've
seen
some
talks
on
Mev
at
Devcon
here,
so
we
Define
this
as
saying
oo
fees
or
ordering
optimization
fees
represent
one
case
of
a
more
General
value.
We
call
minor
extractable
value
or
Mev,
and
that
refers
to
the
total
amount
of
ether.
Miners
can
extract
from
manipulation
of
transactions
within
a
given
time
frame,
which
may
include
multiple
blocks
worth
of
transactions.
A
So
there's
a
sort
of
Duality
to
Mev
that
we've
been
exploring
and
pointed
out.
Basically
after
this
paper
we're
on
the
one
hand,
Mev
is
this
financial
potential
energy
that
runs
through
everything
we
build
every
system
we
build
and
on
the
other
hand
it
has
risks.
So
what
we
said
in
the
Flash
Boys
paper
was
Mev
poses
concrete,
measurable
consensus,
layer,
security
risks
and
we
show
that
Mev
poses
a
realistic
threat
to
ethereum.
Today
that
was
four
years
ago.
A
So
today
it's
even
even
more
so
so
how
do
we
get
to
a
place
where
we
preserve
the
decentralization
of
these
systems,
we're
building
where
we
make
sure
that
this
Mev
is
used
for
good
and
not
centralization,
that
it
doesn't
entrench
actors
into
our
systems
which
are
not
aligned
with
user
fairness?
How
do
we
make
sure
these
systems
actually
work
for
the
people
that
are
using
them?
A
So
this
is
what
what
I
spend
my
entire
time
kind
of
for
the
last
three
years,
obsessing
about
what
is
the
long
game
of
Mev,
and
how
do
we
get
out
of
a
world
where
we're
all
captured
by
Citadel,
where
we're
all
captured
by
Robin
Hood's,
new
crypto
wallet,
where
we're
all
captured
by
metamask,
where
we're
all
captured
by
flashbots
or
a
centralized
Builder?
This
is
the
world
we
need
to
get
away
from
and
we
need
to
play
the
very,
very
long
game
here.
So
what
am
I
doing
about
this?
A
Well,
one
thing
is
stewarding.
This
project
called
flashbots,
which
we
announced
in
this
blog
post
called
front
running
the
Mev
crisis,
and
it
has
three
goals.
Number
one
illuminate
the
Dark
Forest
Mev
when
we
started
was
an
opaque,
obscure,
Niche
area
that
no
Searchers
wanted
to
really
talk
about
publicly.
You
couldn't
get
the
kind
of
data
in
The,
Flash,
Boys,
2.0
Paper
without
doing
months
of
academic
research,
and
that's
not
good
right.
A
We
need
to
communicate
to
the
community,
to
the
users
and
to
everyone
exactly
what
is
going
on
in
these
systems
and
exactly
how
it
affects
them.
So
that's
Illuminating,
the
Dark
Forest.
The
second
thing
we
need
to
do
is
democratize
Mev
extraction.
So
if
we
want
to
preserve
the
decentralization
of
the
systems
we're
building,
we
need
to
make
sure
that
our
validators
aren't
these
vertically
integrated
monoliths
that
essentially
operate
as
hedge
funds.
That
would
be
basically
a
worst
case
scenario
for
our
Network.
A
It
would
be
a
direct
capture
opportunity
for
entities
like
Goldman
Sachs,
Citadel,
Robin,
Hood
Etc,
who
you
already
see
moving
in
this
direction
on
ethereum
today
right,
so
we
need
to
make
sure
that
Mev
extraction
and
the
benefits
of
Med
extraction
are
available
to
all,
and
the
last
one
is
to
distribute
Mev
benefits.
So
it
should
not
be
the
case
that
only
the
users
or
only
the
validators
are
benefiting
from
this
concept.
A
All
right,
let's
talk
about
where
we
are
today.
This
is
a
picture
from
West
Virginia,
also
a
very
dark
Forest.
It
was
cold
there,
so
now
we're
kind
of
on
the
heels
of
the
ethereum
merch,
one
of
the
largest
most
massive
system
upgrades
we've
ever
seen
and
flashbots
has
been
working
towards
decentralizing
itself
so
before
what
we
had
was
a
vertically
integrated
Builder,
where
it
would
plug
directly
into
get
itself
and
basically
build
all
blocks.
A
At
that
point,
we
were
building
upwards
of
90
of
Mev
Laden
ethereum
blocks,
and
we
decided
to
democratize
this
further
by
splitting
this
role
into
several
interfaces
with
many
participants-
and
this
was
a
direct
kind
of
attack
on
centralized
buildings.
Builders,
sorry
to
let
new
block,
Builders
and
new
entities
that
wanted
to
participate
in
Mev
have
a
direct
channel
to
connect,
rather
than
needing
a
high
upstart
kind
of
Legally
heavy
world.
The
way
we
see
in
Trad
five
people
which
I
consider
highly
sub-optimal.
So
what
do
I
mean
by
decentralization?
A
So
this
this
picture
is
actually
a
perfect
example
of
it.
What
we
need
to
do
to
decentralize
is
build
many
many
parties
with
many
many
utility
functions
that
work
on
the
system
together
and
that
cooperate,
and
these
parties
need
to
have
meaningfully
economically
distributed
power.
So
that's
what
we're
working
on
after
the
merge.
The
adoption
of
this
system
has
currently
reached
about
56
percent
of
all
all
kind
of
ethereum
blocks
and
flashbots
dominance
currently
on
this
system
is
at
81.
A
Okay,
so
that's
great
Phil.
But
how
is
that
Illuminating?
How
are
we
doing
today
on
these
three
goals?
Illuminate
democratize
this
tribute
and
and
what
are
we
doing
here
so
the
first
thing
we're
doing
at
flashbots
is
we're
aggressively
committed
to
open
data.
We
believe
open
data
is
the
only
way
to
escape
centralization
and
get
to
a
decentralized,
fair
Universe.
A
In
that
regard,
we've
been
pioneering
much
of
the
data
used
by
a
lot
of
the
ecosystem
on
Mev,
it's
very
hard
to
read
an
Mev
article
without
seeing
flashbots
data
quoted
therein,
and
we
provide
open
data
on
both
public
goods
blockchain
transactions
that
do
not
flow
through
us,
as
well
as
transactions
flowing
through
our
node.
Not
only
are
we
a
leader
in
this
space
ourselves,
but
we
also
have
inspired
many
other
parties
working
in
the
Mev
space
to
start
by
releasing
transparency
dashboards,
which
was
Unthinkable
three
years
ago.
A
Through
this
talk
through
proof
of
stake
and
through
any
future
we're
in
one
last
thing,
I
want
to
say-
and
this
is
the
biggest
font
I
used
in
the
entire
slide.
So
this
is
important.
You
cannot
illuminate
without
research.
Flashbots
is
committed
to
doing
research
as
a
first
class
citizen
in
its
activities
and
having
a
dual
research
and
development
engine.
You
can
see
that
in
Devcon
here
you
can
see
the
representation
of
flashbots
researchers,
both
in
the
audience
and
the
number
of
talks
they've
provided
I
recommend.
A
You
know
looking
at
the
schedule
that
we've
listed
on
our
Forum
with
several
amazing
talks
there
and
it's
extremely
hard
to
look
at
an
Mev
event
or
an
Mev
article
or
do
Mev
research
without
using
this
public
goods
research
that
we've
been
doing
all
right.
Phil,
that's
great!
You
guys
are
Illuminating
what
about
democratization?
A
So
democratization
is
extremely
important
to
me.
That
means
that
every
user
has
to
have
equal
access
to
the
system
that
we
are
building
here
of
Med
and
on
that
perspective,
much
like
my
friend
little
frog
I
believe
we're
a
Long,
Way,
From
Home,
so
I
want
to
address
kind
of
the
elephant
in
the
room.
This
is
one
of
the
memes
I've
heard
a
lot
at
the
hallway
track
of
this
conference,
which
is
ofac,
so
we
run
a
lot
of
centralized
infrastructure
in
our
systems
today.
A
That
is
not
the
long-term
plan
at
all,
but
today
we
do
and
we
do
kind
of
comply
with
U.S
regulations
on
ofac,
which
has
become
a
meme,
so
this
threshold
actually
crossed
51
today.
What
does
this
mean?
This
kind
of
shows
two
things
number
one.
We've
been
like
very
successful
in
our
mission
to
democratize
Mev,
almost
too
successful,
we've
almost
grown
too
quickly
to
outpace
and
build
these
competitive
ecosystems.
A
We're
striving
towards
so
the
next
thing
we
need
to
do
is
ensure
as
much
Global
cooperation
on
these
systems
and
as
much
diversity
of
participation
with
different
utility
functions
as
we
can.
If
you
look
at
what
the
ethereum
blockchain
looks
like
today,
this
is
a
picture
from
last
night
of
ofac
compatible
blocks.
You
can
kind
of
get
a
scope
of
the
situation,
so
the
reality
is
today.
There
are
not
many
transactions
that
are
actually
under
these
regulations
as
well
as
you
have
about
half
of
blocks
complying
with
them.
A
What
this
means
is,
you
may
generally
have
to
wait,
15
to
30
seconds
longer
for
the
inclusion
of
a
sanctioned
transaction.
This
is
not
the
same
as
a
51
attack
on
eth
because
it
doesn't
operate
at
the
consensus
layer.
That
being
said,
it
is
concerning
right,
if
this
number
gets
closer
to
the
full
proportion
of
eth
block
power,
that
would
be
kind
of
a
upsetting
for
the
ability
of
a
lot
of
parties
to
get
transactions
included
and
also
for
ethereum
to
operate
as
a
system
and
as
a
foundation.
A
A
So
what
I
have
to
say
as
flashbots
is,
we
do
not
intend
to
impose
our
utility
functions
or
our
legal
risk
analyzes
on
the
ethereum
network,
full
stop
that
stands
against
everything
I
believe
in
it
stands
against
the
last
seven
years
of
my
participation
in
this
ecosystem
in
the
last
10
years
of
my
participation
in
cryptocurrency
in
general,
I'm
here
for
censorship,
resistance,
everyone
who
knows
me
knows
that
and
I
I've
also
researched
this
issue.
You
know
long
before
ofax.
So
how
do
we
get
out
of
here?
We
believe
one
key
tool
is
open
source.
A
So
open
sourcing
as
much
of
our
infrastructure
as
possible
is
the
only
way
we
get
out
of
this
centralized
Builder
morass
right.
We
need
to
make
sure
that
people
can
easily
build
this
technology,
that
the
barriers
to
entry
are
low
and
almost
non-existent
if
we
want
to
have
a
diversity
of
participants,
A
diversity
of
competition
and
meaningfully
economically
decentralized
power
in
the
systems
we're
building.
A
So
this
is
something
we're
actively
working
towards
here.
So
this
first
graph
is
an
adoption
graph.
You
can
see
on
the
bottom,
basically
the
adoption
in
purple
of
the
Mev
boost
system
on
each
blocks
and
it's
steadily
increasing
an
adoption
adoption
as
we
reach
50.
But
if
you
look
at
who's
actually
building
these
blocks,
where
that
bright,
purple
bars
flashbots
here
you
can
see
a
number
of
new
industry
players
are
coming
in
to
building
blocks
and
as
well
as
relaying
them.
A
We
have
several
relays
as
I
showed
you
on
a
previous
slide,
and
this
is
to
us
key
to
democratization.
So,
in
our
opinion,
the
relay
is
not
a
piece
of
software
that
will
exist
in
two
or
three
years.
It
will
be
replaced
by
PBS
or
more
sophisticated
kind
of
interfaces.
On
the
other
hand,
the
Builder
is
extremely
concerning
to
avoid
centralization
in
because
of
the
entrenched
incentives
in
that
level
of
the
stack.
So
how
do
we
avoid
centralization?
A
Open
sourcing
is
one
way
supporting
our
competition
is
another,
and
a
third
way
is
making
sure
we
Lobby
aggressively
the
entire
ecosystem
them
to
avoid
entrenching
centralized
choices
like
private
or
exclusive
order
flow
into
the
way
they
do
business,
because
these
will
destroy
the
system
that
we
love
as
a
whole,
okay
Phil.
So
how
do
we
get
out
of
here?
Well,
like
any
Forest
when
you're
in
the
middle
of
a
forest,
and
it's
dark?
A
The
only
way
out
is
through
so
come
with
me
on
a
journey,
and
let
me
take
you
through
where
we
are
today.
So
the
first
thing
we're
doing
is
on
the
left:
we're
supporting
not
only
Paradigm
as
our
partners,
but
many
others
who
are
asking
these
hard
social
and
legal
questions
about
the
base
layer
about
validation,
about
how
this
impacts
everything
we're
building
we're
supporting
them
as
much
as
we
can
with
discussions
with
engagement
and
and
in
many
other
ways,
the
other
thing
is
on
the
top
right.
A
I,
don't
think
you
can
pressure
any
one
validator
to
be
decentralized
and
I,
think
that
will
ultimately
make
you
more
centralized
if
you
knock
on
coinbase's
door-
and
you
say
guys,
you
have
to
shut
down
now
or
you
have
to
like
mine
transactions
that
will
get
your
public
company
sanctioned
by
its
relevant
authorities.
That's
not
how
you
build
a
maximally
robust
system.
That's
how
you
push
your
system
to
the
edges.
A
The
other
thing
we're
doing
is
these
are
research
posts
you
can
read
from
vitalik
and
our
team
that
we've
been
engaging
on
for
a
while
on
how
do
we
bring
back
the
status
quo
of
proof
of
work
style,
censorship,
resistance
where
the
validators
have
Agency
on
choosing
only
builders
that
are
not
censoring,
while
maintaining
the
revenue
that
they
can
see
from
Mev
optimization?
So
we
don't
want
to
make
validators
choose
Mev,
optimization
or
censoring.
A
We
want
them
to
be
on
whatever
point
on
that
trade-off
point
they
want
to
be
at,
and
we
want
to
incubate
as
many
points
on
this
graph
as
we
can,
and
how
do
we
do
that?
We
do
that
through
research.
Again,
research
is
absolutely
key
and
we
cannot
get
out
without
it
alrighty
so
much
like
tree
roots.
The
last
step
is
to
distribute
this
Mev
to
our
entire
Community
organism
in
this
room.
So
here
is
actually
the
the
part
we've
done
the
least
work
on,
but
the
part
we're
really
going
to
focus
on
next.
A
We
must
do
more
here
and
I
think
the
other
two
have
kind
of
Taken
priority,
but
it's
time
to
kind
of
make
sure
we
really
give
users
the
benefits
of
this
Mev.
So
my
guess
is:
in
a
year
people
are
going
to
be
happy
to
be
sandwiched
because
they're
going
to
be
saving
so
much
money
on
their
transactions,
so
don't
call
it
a
sandwich
attack.
Call
it
a
sandwich
and
let's
make
sure
it
doesn't
lead
to
a
centralized
Builder
world
all
right.
A
Let's
talk
more
about
walking
out
of
this
Forest
over
here,
so
where
are
we
going?
So
this
is
how
I
see
the
the
Mev
Marketplace
as
a
user
validator
Supply
demand
optimization
problem
where
the
user
wants
to
minimize
the
fees
plus
Mev,
basically
the
rent,
it's
offering
to
the
system,
and
the
validator
wants
to
maximize
this.
Basically,
the
Commodities
offering
to
resolve
this
potential
Financial
energy
of
our
our
universe,
into
a
single
collapse,
discrete
state.
A
So
what
do
we
need
to
do
in
this
market?
We
need
to
make
it
more.
Private
privacy
is
the
key
here.
You
can't
have
freedom
without
privacy.
We
need
it
to
be
more
decentralized,
economically
meaningfully
decentralized.
We
need
it
to
be
more
competitive
geographically,
so
one
actor
cannot
dominate
the
preferences
of
the
system.
We
need
more
user
tooling,
so
users
can
be
sophisticated
on
their
side
of
the
Curve.
We
need
a
market,
that's
more
robust,
efficient
and
geographically
diverse.
To
me,
this
is
self-explanatory.
A
If
we're
not
building
towards
these
three
goals,
we're
going
to
fail-
and
we
don't
want
to
have
externalities
on
the
ethereum
network,
Corruption
of
the
validator
set
changes
of
incentives
and
proof
of
work
or
any
of
these
other
kind
of
externalities
of
Mev,
and
we
want
to
maintain
the
success
of
flashbots
in
democratizing
Mev
to
the
Searcher
Community
already
and
prevent
first
party
deals
between
Searchers
Builders
relays
and
other
actors
in
the
system.
These
are
best
done
when
you
communicate
on
a
technical,
not
a
political
API,
and
that's
what
we're
aiming
to
build
so
WTF.
A
Do
we
do
next
at
flashbots?
Well
we're
going
to
decentralize
the
crap
out
of
this
thing.
That's
the
answer,
so
we
are
here
to
avoid
entrenching
centralization
at
every
step.
This
is
my
commitment
to
you
as
long
as
I'm
here
in
this
community,
I
will
be
working
whatever
the
status
quo
is
to
further
decentralize
power
in
Mev
in
an
iterative
way
and
I
expect
every
single
person
in
this
room
to
hold
me
to
account.
Okay,
now
you
can
clap
some,
so
we're
not
going
to
end
up
owned
by
Citadel.
No,
no
I'm!
A
Not
done
sorry,
sorry
just
a
little
Applause.
So
what
are
we
doing
at
flashbots?
This
is
the
question
every
Community
member
asks
me
and
today
I'm
going
to
answer
it
for
you
and
please
kind
of
follow
up
with
me
and
start
the
conversation
we're
building
a
project
called
codename
Suave.
It's
something.
We've
been
working
on
for
kind
of
the
last
almost
a
year
now
and
that
we're
going
to
be
releasing
iteratively
to
the
community
and
building
towards
further.
A
It
is
not
an
end
state,
but
an
initial
state
to
start
the
conversation
about
how
we
decentralize
this
existing
ecosystem.
That
flashbots
has
built
to
all
of
our
friends
all
of
our
competitors
and
all
the
other
projects
in
the
space.
So
what
is
suave
Suave
is
an
Mev
aware.
Privacy
first
encrypted
mempool
for
users
and
wallets,
so
Suave
will
make
the
maximum
leverage
of
a
user's
economic
value
to
force
the
system
to
provide
them.
Fairness
essentially,
and
vice
versa.
A
So
this
is
very
very
important.
Cooperation
without
centralization
is
what
we're
doing
here.
I'll,
give
you
some
more
keywords
about
what
we're
building
and
spend
a
little
bit
of
time
kind
of
ranting
about
each
one
of
these.
So
first
is
a
fully
decentralized
block.
Builder
we
stand
against
centralization
in
the
block
building
market
and
I
know
that
may
seem
inconsistent
with
our
previous
views,
but
it
is
my
belief
that
the
only
way
to
achieve
decentralization
is
to
front
run
the
Mev
crisis
and
credibly
decentralize
every
modular
component
of
it.
A
A
We
want
cross,
slash
multi-chain
support,
so
this
one
is
kind
of
self-explanatory.
I
mean
everyone
asks
us.
Are
you
going
cross-chain?
Are
you
going
multi-chain
come
on?
What
do
you
guys
think
of
course,
like
yes,
but
also
ethnative
and
etherlined?
We
think
this
is
the
key
combination
for
these
systems
in
the
future,
so
they
serve
the
whole
world,
not
just
one
area
or
one
set
of
clients
or
people.
A
Last
thing
is
we're
going
to
maximize
competition
and
Geographic
diversity.
So
this
is
the
most
important
point
that
I
kind
of
wanna
everyone
to
leave
today
with
is
we
don't
get
out
of
the
Dark
Forest
unless
we
have
competition
and
Geographic
diversity
and
unless
both
of
those
are
really
meaningful?
A
What
is
open
order
flow,
open
order
flow
means
no
first
party
deals
between
wallets,
Builders
and
or
validators,
because
we
believe
that
these
first
party
deals
in
tradfi
have
led
users
to
have
absolutely
horrible
execution
and
have
entrenched
extremely
predatory,
rent
extractors,
rent
extractors.
If
you
will-
and
the
last
thing
is
we're
going
to
have
programmable
privacy.
So
how
do
you
achieve
all
this?
How
do
you
give
users
back
their
bargaining
power?
They
need
to
have
control
over
what
information
they're
giving
and
that
only
comes
through
privacy.
A
It's
it's
one
tool
that
we
need
to
get
out
of
the
situation
we're
in,
although
it's
not
quite
enough
by
itself
for
reasons
that
will
become
you
know
clear
over
time.
So
this
to
me
is
the
Genesis
of
a
new
phase
of
Mev,
a
new
Cooperative
positive
sum
phase
of
Mev
to
get
us
out
of
this
zero-sum
negative,
centralizing
ecosystem
that
we're
headed
towards.
Even
though
we
have
avoided
vertical
integration,
we
now
need
to
avoid
Builder
centralization,
so
that
will
be
the
next
job
of
flashbots
I.
Want
you
all
to
help?
A
Please
please,
please,
please,
please,
please,
please,
please
every
person
in
this
room-
let's
you
know
all
these
photos
are
from
my
hikes
and
when
you're
on
a
hike,
the
best
thing
you
can
do
is
get
to
the
top,
because
then
it's
all
downhill
from
there.
It's
all
nice
and
easy.
The
Cool
Breeze
is
Flowing
on
your
back,
so
I
want
to
hike
with
you
all
we're
going
to
have
to
climb
the
mountain
first
I'm.
A
Sorry,
it's
not
going
to
be
easy,
but
we're
going
to
do
it,
we're
here
for
years
and
years
to
do
this
together,
especially
if
you're
a
user,
a
wallet
or
a
roll-up.
We
want
to
be
talking
to
you
now
about
centralization
in
your
system
and
the
rest
of
the
stack,
we're
hosting
a
round
table
on
this
later
today.
So
please
reach
out
with
an
application
if
you're
interested
in
that.
A
Lastly,
please
check
out
our
Forum,
where
we
make
all
these
discussions
and
come
troll,
the
crap
out
of
us
about
ofac
centralization,
competition
unfairness,
you
just
Hammer
us!
You
know
please
please!
So
we
really
want
you
to
participate
in
this
because
you
can't
meaningfully
diversify
power
without
diversifying
participation.
So
we
look
forward
to
talking
to
you
all-
and
hopefully
this
makes
you
feel
a
little
better
about
us
not
being
like
the
evil,
Goldman
sachsborg
that
censors
us
all.
Thank
you.
C
Thanks
Phil
great
talk,
so
I
think
talking
with
the
community
recently
one
sort
of
trust
issue
that
people
have
with
flashbots
is
you
do
all
this
great
open
source
work
and
it's
not
quite
clear?
What's
like
the
end
game,
what
is
the
way
you
make
this
into?
You
know
something
sustainable,
profitable
for
flashbots.
Obviously,
there's
a
research
Collective
there's
also
accompanying
your
foundation
or
some
sort
of
of
entity
there.
A
The
truthful
answer-
and
this
doesn't
satisfy
people
internally
either
as
we
don't
know,
yet
we
think
it's
too
early
in
this
market
and
there
are
too
many
kind
of
variables
and
competitors
to
make
a
call
without
entrenching
something
that
further
provides
centralization
in
the
long
term,
so
we're
intentionally
avoiding
that
people
ask
like
what
do
you
pitch
the
VCS?
Why
do
they
invest
in
you?
A
Well,
we
pitch
them
like
look
guys,
you
own
eth,
we're
going
to
solve
this
problem
for
you
and
like
do
you
want
your
eat
bags
that
are
worth
100
x
more
than
us
to
go
to
zero
or
not?
And
yes,
we
also
pitch
them
that
we
do
want
to
be
sustainable
because
as
a
mission-driven
organization,
if
we're
not
reasonable
and
sustainable,
we
won't
be
able
to
to
continue
operating
so
that
the
more
specific
answers
I
think,
there's
three
things.
We
still
need
to
do
at
flashbots
and
they
were
all
on
that
slide.
A
Those
goal
are
still
open
research
questions
and
once
we've
answered
that
we'll
look
into
to
being
sustainable
and
reasonable
and
monetizing
I
realize
it's
not
a
satisfying
answer,
but
personally
I
would
rather
die
right
now
than
entrench
something
shitty.
So
it's
kind
of
what
we're
going
to
be
doing.
We're
also
going
to
announce
much
more
about
this
in
the
next
month
or
two
because
I
understand
this
is
a
question.
People
have
it's
a
question.
People
have
internally
as
well,
so
totally
reasonable
and
totally
understood.
A
So
this
is
what
decentralizing
the
Builder
role
is
about
in
the
future.
I,
don't
think
there
will
be
such
a
thing
as
a
monolithic
Builder
that
builds
a
whole
block.
That's
kind
of
the
future
we're
working
away
from
what
we
want
to
build
in
the
future
is
much
closer
to
a
network
of
Searchers
that
eventually
chaotically
kind
of
produce.
This
block
hash
output,
and,
in
that
case,
any
economically
meaningful
information
that
you
have
in
any
possible
strategy
in
any
way
can
be
expressed
into
the
system
without
kind
of
ruining
its
decentralization
properties.
A
So
I
agree
with
you
open
order
flow.
Oh
sorry,
closed
order
flow
does
make
this
whole
thing
like
much
more
centralizing.
That's
why
we
want
to
get
rid
of
it
and
that's
why
we
want
to
move
into
systems
where
any
Builder,
no
matter
how
big
or
small,
can
access
the
order
flow
of
the
biggest
parties
in
the
space.
You
know
metamask
coinbase,
whatever
else
like
that
would
be
how
you
get
out
of
that
equilibrium.
You
make
the
order
flow
Democratic,
as
well
as
the
Mev
extraction
API,
and
that
that
is
what
we're
working
on
so.