MEV in Multiple Concurrent Proposer Blockchains

TL;DR

This paper investigates maximal extractable value (MEV) in concurrent proposer blockchains, revealing new MEV channels and proposing models and protocols to mitigate MEV while maintaining throughput.

Contribution

It introduces a hazard normalized delay model, characterizes MEV equilibria, and proposes protocol configurations to neutralize certain MEV channels in concurrent blockchains.

Findings

Identifies new MEV channels in concurrent blockchains.

Derives a closed form delay envelope for delay analysis.

Proposes protocol configurations to neutralize same tick MEV.

Abstract

We analyze maximal extractable value in multiple concurrent proposer blockchains, where multiple blocks become data available before their final execution order is determined. This concurrency breaks the single builder assumption of sequential chains and introduces new MEV channels, including same tick duplicate steals, proposer to proposer auctions, and timing races driven by proof of availability latency. We develop a hazard normalized model of delay and inclusion, derive a closed form delay envelope \(M(\tau)\), and characterize equilibria for censorship, duplication, and auction games. We show how deterministic priority DAG scheduling and duplicate aware payouts neutralize same tick MEV while preserving throughput, identifying simple protocol configurations to mitigate MCP specific extraction without centralized builders.