We've heard of CLOBs and batch auctions
They're well studied in academia but in crypto, we see some much weirder stuff

Block building and the auctions around it (like MEV-share and blocker) are mostly unstudied theoretically... until now

1/

We've heard of CLOBs and batch auctions
They're well studied in academia but in crypto, we see some much weirder stuff

Block building and the auctions around it (like MEV-share and blocker) are mostly unstudied theoretically... until now

1/

https://x.com/awmacp/status/1755165431394935087?s=20

Andrew MacPherson created the first formalisation of these kind of backrun auctions, asking a fundamental question:

when do backrun auctions turn into frontrun auctions?

and then introduces a way for us to measure the degree to which auctions are manipulatable

clean stuff