In the era of high TPS blockchains, as user numbers increase and projects become more complex, the design of MEV infrastructure is crucial for the healthy development of the network.
Author: ABCDE
Date: July 26th, 2024
aPriori is a MEV liquidity staking platform on Monad. Its innovative probability verification design greatly reduces latency and maximizes compatibility with the high performance of Monad.
The team members come from the high-frequency trading field, with experience at top companies such as Jump Crypto, Flow Traders, and Coinbase. With the team's background in top high-frequency trading companies and crypto institutions, aPriori's MEV infrastructure construction will unleash the potential of Monad, thereby supporting large-scale applications on high-performance public chains.
Dark Forest
Imagine waiting for a flight in economy class, where boarding typically occurs in order. However, if a wealthy individual is willing to pay extra to upgrade in advance, the flight attendants will immediately prioritize their boarding. In blockchain, miners or validators are similar to these flight attendants, adjusting the order of block production to insert, reorder, or delete transactions in order to gain additional profits. We usually refer to these actions as MEV (Maximal Extractable Value).
You may wonder whether this seemingly 'malicious' behavior needs to be completely eliminated in the blockchain? In the highly adversarial environment of blockchain, it is impossible to completely solve or eliminate MEV. Instead, MEV is a fundamental property of blockchain, closely related to the underlying design and consensus mechanism of the blockchain. MEV can reflect whether the mechanism design of block rewards, gas fees, bridge fees, etc., in the blockchain is reasonable.
We believe that an effective MEVA will drive an ecosystem towards a healthier direction. And aPriori is building a powerful Miner Extractable Value Auction (MEVA) infrastructure on Monad.
Unique Aspects of MEVA on Monad Compared to Other Ecosystems
The emergence of high-performance, parallel Ethereum Virtual Machine (EVM) such as Monad has brought new design opportunities for node-level infrastructure. Drawing on the experience of Ethereum's Flashbots and Solana's Jito, the aPriori team plans to design a new architecture to maximize the performance of the Monad network and enhance user experience. This architecture will focus on reducing gas fees, optimizing network traffic, and promoting sustainable incentives for validators.
To gain a deeper understanding of its design principles, we need to first explore the underlying architecture design of Monad. Here we will not discuss the PBS (Proposer - Builder Separation) architecture on Ethereum in detail, and the specific content can be found in the following link (Related Link).
Delayed Execution on Monad and Its Impact on MEVA
No Guarantee of Relay or Builder Receiving "Latest State" & Extremely Short MEV Processing Window
Source: aPriori
Unlike Ethereum, where block consensus is achieved through a list of transactions (with sorting) and the Merkle root of all transaction result states, Monad decouples execution from consensus, and the node protocol only needs to solve the transaction sorting problem. Delayed execution means that the execution of transactions can occur some time after they are included in the consensus process. This provides more flexibility for validating nodes, as they can execute transactions at a more appropriate time, rather than having to execute them immediately at consensus time.
This means that in this delayed execution architecture, relays or builders cannot guarantee possession of the "latest state." Therefore, it is not possible to simulate the latest block before the next block is generated, leading to a certain degree of uncertainty. Moreover, with Monad providing a 1-second block time and 1-second finality, the operational time window for MEVA is extremely limited. Additionally, due to the lack of theoretical guarantees for transaction rollback by searchers, once validators accept the block built by the builder, searchers will face greater execution uncertainty.
Innovative Solution by aPriori
aPriori has proposed a new MEVA design paradigm: probabilistic valuation. This approach uses partial block auctions, allowing builders to construct the top of the block from the packages submitted by searchers, while validators attach the remaining transactions from the public memory pool. This approach greatly reduces latency and maximizes compatibility with the performance of Monad.
Source: aPriori MEVA
In addition, aPriori also works closely with oracles, enabling them to quickly create price feeds, which are crucial for the DeFi protocols in the Monad ecosystem. Its liquidity staking product provides stakers with more flexibility and practicality, allowing users to maintain the liquidity of their assets while also obtaining MEV and staking rewards. These measures can maximize the performance of the Monad network and enhance user experience.
Furthermore, we believe that with the aPriori team's track record and their deep understanding of the MEV track, they are the most suitable candidates for building MEV infrastructure for this new generation high-speed public chain, Monad.
aPriori Team
- Ray (CEO), with experience as a high-frequency trader at Jump Crypto and Flow Traders. During his time as a contributor at Pyth Network, Ray accumulated rich growth experience, helping to expand the protocol to 30 chains, serving over 150 dApps.
- Olivia (CTO), formerly a senior software engineer at Coinbase, designed and built an internal distributed tracking pipeline, handling traffic of 1 million traces per second. She has very professional knowledge in infrastructure and high-availability systems.
Conclusion
As we enter the era of high TPS blockchains, especially with more users entering the web3 field and projects becoming increasingly complex, the design of MEV infrastructure is crucial for the healthy development of any network. We believe that aPriori can help Monad reach more users and improve user experience.
About ABCDE
ABCDE is a VC focused on leading top Crypto Builders, co-founded by Huobi Cofounder Du Jun, who has been working in the Crypto industry for over 10 years, and former Internet and Crypto entrepreneur BMAN. The co-founders of ABCDE have built companies worth billions of dollars from scratch in the Crypto industry. Because we are entrepreneurs, we understand entrepreneurs better. We have built end-to-end ecosystems for ABCDE's Builders, including listed companies (1611.HK), exchanges (Huobi), SAAS companies (ChainUP), media (CoinTime.com), and developer platforms (BeWater.xyz).
Twitter: https://twitter.com/ABCDLabs
Website: www.ABCDE.com
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