Original Author: Joy Song, ABCDE
aPriori is a MEV liquidity staking platform on Monad. Its innovative probability verification design greatly reduces delays and maximally adapts to the high performance of Monad. The team members come from the high-frequency trading field and have experience at Jump Crypto, Flow Traders, and Coinbase, among other top companies. With the team's background in top high-frequency trading companies and crypto institutions, aPriori's MEV infrastructure will unleash the potential of Monad, thereby supporting large-scale applications on high-performance public chains.
Dark Forest
Imagine sitting in economy class waiting for a flight, where boarding typically occurs in order. However, if a wealthy individual is willing to pay an additional fee to upgrade in advance, the flight attendants will immediately prioritize their boarding. In blockchain, miners or validators are similar to these flight attendants, gaining additional profits by adjusting the order of block production to insert, reorder, or delete transactions. We commonly refer to this action 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 attribute 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, bridging fees, and other aspects in the blockchain is reasonable.
We believe that an effective MEV infrastructure will drive an ecosystem towards a healthier direction. Meanwhile, aPriori is building a powerful Miner Extractable Value Auction (MEVA) infrastructure on Monad.
Unique Aspects of MEVA on Monad and Other Ecosystems
The emergence of high-performance, parallel Ethereum Virtual Machine (EVM) platforms like Monad has brought new design opportunities for node-level infrastructure. Drawing on the experiences 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 delve into the Ethereum's PBS (Proposer-Builder Separation) architecture in detail, and the specific content can be found in this link.
Delayed Execution on Monad and Its Impact on MEVA
No guarantee that relayers or builders can receive the "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 the state of all transactions, 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 suitable time, rather than having to execute them immediately at consensus time.
This means that in this delayed execution architecture, relayers 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 level of uncertainty. Additionally, with Monad providing a 1-second block time and 1-second finality, the operational time window for MEVA is extremely limited. Furthermore, due to the lack of theoretical guarantees for transaction rollback by searchers, once validators accept the block constructed by builders, searchers will face greater execution uncertainty.
Innovative Solutions 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 mempool. This method greatly reduces delays and maximally adapts to the performance of Monad.
Source: aPrioriMEVA
Additionally, aPriori closely collaborates with oracles, enabling them to quickly create price feeds, which is crucial for the DeFi protocols in the Monad ecosystem. Its liquidity staking product provides more flexibility and practicality for stakers, 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 track record of the aPriori team and their deep understanding of the MEV track, they are the most suitable candidates for building MEV infrastructure for Monad, a new generation high-speed public chain.
aPriori Team
Ray (CEO) has experience as a high-frequency trader at Jump Crypto and Flow Traders. During his time as a contributor at Pyth Network, Ray accumulated extensive growth experience, helping to expand the protocol to 30 chains, serving over 150 dApps. Olivia (CTO) previously served as a senior software engineer at Coinbase, designing and building an internal distributed tracking pipeline that handles 1 million tracking events per second. She has a very professional knowledge in infrastructure and high-availability systems.
Conclusion
As we enter the era of high TPS blockchains, especially with an increasing number of users entering the web3 space and projects becoming more 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.
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