Blockchain Regulation and Transaction Ordering: The Importance of MEVA

In the world of Blockchain, code is law. Block builders, as the foundation of the blockchain stack, hold significant power. They determine the success or failure of the blockchain, because if there are issues in block production or the incentive mechanism encourages predatory behavior, the integrity of the entire blockchain will collapse, and users will be lost.

Block builders select transactions from the memory pool and construct blocks, which are then propagated through the network to reach consensus. Different blockchain platforms adopt different design schemes to handle the interactions of various parties during the block building process.

The term "MEV"( is commonly used in the industry to describe the related issues in block sorting, which stands for Maximum Extractable Value). Block sorters are motivated to maximize their own profits, which may lead to malicious reordering of transaction sequences, thereby increasing costs for users. To address this issue, a miner extractable value auction infrastructure(, MEVA), has emerged. The design goal of MEVA is to achieve stability, competitiveness, and decentralization of gas fees.

Ethereum currently adopts the proposer-builder separation ( PBS ) model, dividing the process into five roles: users, block producers, relayers, block proposers, and seekers. This design incentivizes all parties to share information, allowing for competitive block construction while ensuring block profitability. However, this model also has issues such as excessive concentration of block production.

Monad is an upcoming high-performance EVM-compatible public chain that can handle 10,000 transactions per second, with a block time of 1 second. One of Monad's innovations is the separation of the execution layer and the consensus layer, allowing the current block to run consensus while executing the previous block.

This design presents three challenges: uncertainty of state, limited time to simulate a complete Block, and uncertainty of execution. Addressing these issues requires designing an architecture that guarantees both a low transaction failure rate and profitability for Block builders.

The aPriori team is developing the MEVA system for Monad. The team has a background in high-frequency trading, quantitative hedge funds, and other areas, providing unique advantages. aPriori also plans to launch liquid staking, similar to Jito on Solana.

When the Monad testnet goes live, aPriori will launch the initial version of the liquidity staking protocol and the MEVA system. They will focus on guiding participants to engage in block space auctions, as well as facilitating validator experiments and stress tests.

Designing MEVA is crucial for any Blockchain. Monad, as a new ecosystem, needs to continuously innovate to ensure a good user experience and the profitability of block builders. The aPriori team is inviting all parties to participate in testing and provide feedback to prepare for the mainnet and promote further development planning.