WEBVTT
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Language: en

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foreign

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[Music]

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my<00:00:16.199><c> name</c><00:00:16.260><c> is</c><00:00:16.379><c> torgen</c><00:00:16.859><c> I</c><00:00:17.400><c> also</c><00:00:17.760><c> work</c><00:00:18.240><c> at</c><00:00:18.660><c> chain</c>

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my name is torgen I also work at chain
 

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my name is torgen I also work at chain
security

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security
 

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security
and<00:00:21.060><c> today</c><00:00:21.240><c> I'm</c><00:00:21.480><c> going</c><00:00:21.660><c> to</c><00:00:21.720><c> be</c><00:00:21.779><c> talking</c><00:00:22.020><c> about</c>

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and today I'm going to be talking about
 

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and today I'm going to be talking about
what<00:00:23.279><c> I</c><00:00:23.460><c> call</c><00:00:23.640><c> Future</c><00:00:24.119><c> block</c><00:00:24.539><c> Mev</c><00:00:25.460><c> in</c><00:00:26.460><c> proof</c><00:00:26.760><c> of</c>

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what I call Future block Mev in proof of
 

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what I call Future block Mev in proof of
stake<00:00:27.539><c> so</c><00:00:28.019><c> what</c><00:00:28.380><c> the</c><00:00:28.500><c> hell</c><00:00:28.680><c> is</c><00:00:28.980><c> future</c><00:00:29.340><c> block</c>

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stake so what the hell is future block
 

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stake so what the hell is future block
Mev<00:00:30.180><c> supposed</c><00:00:30.480><c> to</c><00:00:30.660><c> be</c>

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Mev supposed to be
 

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Mev supposed to be
um<00:00:32.340><c> to</c><00:00:32.820><c> understand</c><00:00:33.059><c> that</c><00:00:33.480><c> first</c><00:00:33.899><c> we</c><00:00:34.320><c> have</c><00:00:34.440><c> to</c>

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um to understand that first we have to
 

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um to understand that first we have to
talk<00:00:34.739><c> about</c><00:00:34.860><c> block</c><00:00:35.219><c> production</c><00:00:35.660><c> and</c><00:00:36.660><c> how</c><00:00:36.960><c> it</c>

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talk about block production and how it
 

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talk about block production and how it
changed

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changed
 

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changed
um with<00:00:38.940><c> the</c><00:00:39.180><c> merge</c><00:00:39.540><c> that</c><00:00:39.840><c> happened</c><00:00:40.020><c> a</c><00:00:40.260><c> couple</c>

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um with the merge that happened a couple
 

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um with the merge that happened a couple
weeks<00:00:40.620><c> ago</c><00:00:41.219><c> so</c><00:00:41.760><c> in</c><00:00:42.059><c> proof</c><00:00:42.360><c> of</c><00:00:42.420><c> work</c><00:00:42.600><c> every</c>

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weeks ago so in proof of work every
 

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weeks ago so in proof of work every
Miner<00:00:43.739><c> tries</c><00:00:44.100><c> to</c><00:00:44.280><c> mine</c><00:00:44.520><c> every</c><00:00:45.000><c> single</c><00:00:45.239><c> block</c>

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Miner tries to mine every single block
 

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Miner tries to mine every single block
and<00:00:46.440><c> what</c><00:00:46.739><c> that</c><00:00:46.860><c> means</c><00:00:47.160><c> is</c><00:00:47.399><c> at</c><00:00:48.120><c> no</c><00:00:48.360><c> point</c><00:00:48.539><c> can</c>

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and what that means is at no point can
 

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and what that means is at no point can
you<00:00:49.020><c> know</c><00:00:49.260><c> who</c><00:00:50.160><c> the</c><00:00:50.460><c> next</c><00:00:50.579><c> block</c><00:00:50.820><c> producer</c><00:00:51.360><c> is</c>

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you know who the next block producer is
 

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you know who the next block producer is
going<00:00:51.660><c> to</c><00:00:51.780><c> be</c>

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going to be
 

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going to be
but<00:00:52.860><c> improve</c><00:00:53.399><c> of</c><00:00:53.460><c> stake</c><00:00:53.760><c> that's</c><00:00:54.120><c> a</c><00:00:54.239><c> little</c><00:00:54.360><c> bit</c>

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but improve of stake that's a little bit
 

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but improve of stake that's a little bit
different<00:00:54.920><c> and</c><00:00:55.920><c> there</c><00:00:56.100><c> we</c><00:00:56.399><c> actually</c><00:00:56.520><c> decide</c>

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different and there we actually decide
 

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different and there we actually decide
ahead<00:00:57.420><c> of</c><00:00:57.539><c> time</c><00:00:57.780><c> who</c><00:00:58.739><c> the</c><00:00:59.039><c> proposer</c><00:00:59.460><c> for</c><00:00:59.640><c> which</c>

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ahead of time who the proposer for which
 

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ahead of time who the proposer for which
block<00:01:00.120><c> is</c><00:01:00.660><c> going</c><00:01:00.840><c> to</c><00:01:00.960><c> be</c><00:01:01.640><c> and</c><00:01:02.640><c> in</c><00:01:03.000><c> particular</c>

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block is going to be and in particular
 

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block is going to be and in particular
for<00:01:03.600><c> ethereum</c><00:01:04.159><c> we</c><00:01:05.159><c> use</c><00:01:05.339><c> the</c><00:01:05.760><c> randow</c><00:01:06.299><c> value</c>

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for ethereum we use the randow value
 

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for ethereum we use the randow value
together<00:01:06.900><c> with</c><00:01:07.500><c> the</c><00:01:07.799><c> current</c><00:01:07.920><c> validator</c><00:01:08.460><c> set</c>

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together with the current validator set
 

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together with the current validator set
to<00:01:09.060><c> do</c><00:01:09.180><c> this</c><00:01:09.840><c> and</c><00:01:10.320><c> that</c><00:01:10.500><c> means</c><00:01:10.740><c> that</c><00:01:11.100><c> you</c><00:01:11.939><c> can</c>

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to do this and that means that you can
 

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to do this and that means that you can
always<00:01:12.240><c> know</c><00:01:12.780><c> all</c><00:01:13.320><c> the</c><00:01:13.439><c> block</c><00:01:13.560><c> proposers</c><00:01:14.159><c> for</c>

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always know all the block proposers for
 

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always know all the block proposers for
the<00:01:15.119><c> current</c><00:01:15.240><c> Epoch</c><00:01:15.960><c> and</c><00:01:16.500><c> for</c><00:01:16.920><c> the</c><00:01:17.220><c> next</c><00:01:17.460><c> epoch</c>

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the current Epoch and for the next epoch
 

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the current Epoch and for the next epoch
and<00:01:19.140><c> since</c><00:01:19.380><c> two</c><00:01:19.619><c> epochs</c><00:01:20.100><c> and</c><00:01:20.159><c> ethereum</c><00:01:20.580><c> take</c>

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and since two epochs and ethereum take
 

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and since two epochs and ethereum take
about<00:01:21.119><c> 12</c><00:01:21.420><c> minutes</c><00:01:21.740><c> that</c><00:01:22.740><c> means</c><00:01:22.979><c> that</c><00:01:23.159><c> if</c><00:01:23.580><c> you</c>

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about 12 minutes that means that if you
 

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about 12 minutes that means that if you
are<00:01:23.939><c> a</c><00:01:24.420><c> validator</c><00:01:25.200><c> on</c><00:01:25.500><c> ethereum</c><00:01:26.000><c> you</c><00:01:27.000><c> will</c>

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are a validator on ethereum you will
 

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are a validator on ethereum you will
know<00:01:27.240><c> up</c><00:01:27.540><c> to</c><00:01:27.659><c> 12</c><00:01:27.840><c> minutes</c><00:01:28.080><c> ahead</c><00:01:28.439><c> of</c><00:01:28.560><c> time</c><00:01:28.740><c> when</c>

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know up to 12 minutes ahead of time when
 

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know up to 12 minutes ahead of time when
you<00:01:30.060><c> will</c><00:01:30.299><c> actually</c><00:01:30.479><c> be</c><00:01:31.080><c> the</c><00:01:31.380><c> one</c><00:01:31.500><c> that</c><00:01:31.860><c> is</c>

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you will actually be the one that is
 

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you will actually be the one that is
able<00:01:32.340><c> to</c><00:01:32.460><c> produce</c><00:01:32.820><c> a</c><00:01:32.939><c> block</c>

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able to produce a block
 

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able to produce a block
um<00:01:34.740><c> so</c><00:01:34.979><c> now</c><00:01:35.159><c> what</c><00:01:35.460><c> do</c><00:01:35.579><c> you</c><00:01:35.700><c> do</c><00:01:35.820><c> with</c><00:01:36.360><c> this</c>

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um so now what do you do with this
 

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um so now what do you do with this
information

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information
 

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information
this<00:01:38.579><c> is</c><00:01:38.700><c> what</c><00:01:38.939><c> I</c><00:01:39.060><c> call</c><00:01:39.299><c> Future</c><00:01:39.780><c> block</c><00:01:40.140><c> Mev</c>

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this is what I call Future block Mev
 

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this is what I call Future block Mev
um so

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um so
 

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um so
if<00:01:44.040><c> you</c><00:01:44.400><c> are</c><00:01:44.579><c> the</c><00:01:44.700><c> block</c><00:01:44.820><c> producer</c><00:01:45.240><c> for</c><00:01:45.420><c> a</c>

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if you are the block producer for a
 

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if you are the block producer for a
block<00:01:45.659><c> you</c><00:01:46.380><c> can</c><00:01:46.500><c> control</c><00:01:46.740><c> the</c><00:01:47.340><c> transactions</c>

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block you can control the transactions
 

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block you can control the transactions
that<00:01:48.119><c> are</c><00:01:48.240><c> included</c><00:01:48.659><c> and</c><00:01:49.020><c> The</c><00:01:49.259><c> Ordering</c><00:01:49.619><c> of</c>

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that are included and The Ordering of
 

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that are included and The Ordering of
the<00:01:49.979><c> transactions</c>

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the transactions
 

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the transactions
um<00:01:51.840><c> so</c><00:01:52.619><c> if</c><00:01:52.920><c> you</c><00:01:53.100><c> know</c><00:01:53.280><c> that</c><00:01:53.640><c> in</c><00:01:54.000><c> some</c><00:01:54.119><c> block</c><00:01:54.360><c> n</c>

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um so if you know that in some block n
 

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um so if you know that in some block n
plus<00:01:54.960><c> one</c><00:01:55.320><c> you</c><00:01:55.860><c> are</c><00:01:56.040><c> going</c><00:01:56.280><c> to</c><00:01:56.520><c> be</c>

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plus one you are going to be
 

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plus one you are going to be
um<00:01:57.720><c> controlling</c><00:01:58.259><c> that</c><00:01:58.500><c> block</c><00:01:58.680><c> you</c><00:01:59.640><c> can</c><00:01:59.700><c> do</c>

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um controlling that block you can do
 

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um controlling that block you can do
some<00:02:00.060><c> weird</c><00:02:00.299><c> stuff</c><00:02:00.540><c> in</c><00:02:00.840><c> the</c><00:02:00.960><c> blog</c><00:02:01.200><c> before</c><00:02:01.500><c> that</c>

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some weird stuff in the blog before that
 

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some weird stuff in the blog before that
in<00:02:02.159><c> Block</c><00:02:02.340><c> n</c><00:02:02.640><c> which</c><00:02:03.180><c> you</c><00:02:03.360><c> wouldn't</c><00:02:03.540><c> do</c><00:02:03.840><c> usually</c>

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in Block n which you wouldn't do usually
 

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in Block n which you wouldn't do usually
so<00:02:05.759><c> one</c><00:02:05.939><c> example</c><00:02:06.299><c> of</c><00:02:06.479><c> that</c><00:02:06.659><c> would</c><00:02:07.020><c> be</c><00:02:07.200><c> that</c><00:02:07.380><c> if</c>

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so one example of that would be that if
 

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so one example of that would be that if
you<00:02:07.680><c> want</c><00:02:07.860><c> to</c><00:02:07.920><c> do</c><00:02:08.099><c> an</c><00:02:08.340><c> oracle</c><00:02:08.819><c> manipulation</c><00:02:09.300><c> on</c>

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you want to do an oracle manipulation on
 

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you want to do an oracle manipulation on
uniswap

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uniswap
 

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uniswap
um<00:02:11.280><c> the</c><00:02:11.459><c> way</c><00:02:11.520><c> that</c><00:02:11.700><c> you</c><00:02:11.819><c> do</c><00:02:11.940><c> that</c><00:02:12.120><c> is</c><00:02:12.920><c> you</c><00:02:13.920><c> buy</c>

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um the way that you do that is you buy
 

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um the way that you do that is you buy
some<00:02:14.760><c> asset</c><00:02:15.120><c> like</c><00:02:15.540><c> here</c><00:02:15.660><c> we</c><00:02:15.840><c> have</c><00:02:15.959><c> some</c><00:02:16.200><c> asset</c>

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some asset like here we have some asset
 

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some asset like here we have some asset
that<00:02:16.680><c> is</c><00:02:16.800><c> worth</c><00:02:16.920><c> one</c><00:02:17.220><c> and</c><00:02:18.120><c> then</c><00:02:18.300><c> you</c><00:02:18.780><c> buy</c>

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that is worth one and then you buy
 

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that is worth one and then you buy
enough<00:02:19.260><c> of</c><00:02:19.500><c> that</c><00:02:19.620><c> to</c><00:02:20.099><c> let's</c><00:02:20.400><c> say</c><00:02:20.580><c> move</c><00:02:20.819><c> it</c><00:02:21.000><c> to</c>

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enough of that to let's say move it to
 

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enough of that to let's say move it to
six

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six
 

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six
and<00:02:22.500><c> then</c><00:02:22.620><c> the</c><00:02:22.739><c> uniswap</c><00:02:23.160><c> Oracle</c><00:02:23.580><c> will</c><00:02:23.819><c> always</c>

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and then the uniswap Oracle will always
 

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and then the uniswap Oracle will always
record<00:02:24.780><c> the</c><00:02:25.620><c> price</c><00:02:25.860><c> in</c><00:02:26.760><c> between</c><00:02:26.940><c> two</c><00:02:27.480><c> blocks</c>

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record the price in between two blocks
 

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record the price in between two blocks
so<00:02:28.260><c> it</c><00:02:28.379><c> will</c><00:02:28.500><c> record</c><00:02:28.680><c> this</c><00:02:29.040><c> price</c><00:02:29.280><c> of</c><00:02:29.520><c> six</c><00:02:29.700><c> at</c>

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so it will record this price of six at
 

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so it will record this price of six at
the<00:02:30.480><c> end</c><00:02:30.540><c> and</c><00:02:30.840><c> we'll</c><00:02:30.959><c> take</c><00:02:31.200><c> that</c><00:02:31.440><c> into</c><00:02:31.739><c> its</c><00:02:32.520><c> uh</c>

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the end and we'll take that into its uh
 

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the end and we'll take that into its uh
average<00:02:33.180><c> that</c><00:02:33.959><c> it</c><00:02:34.080><c> reports</c>

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average that it reports
 

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average that it reports
and<00:02:35.400><c> now</c><00:02:35.520><c> usually</c><00:02:35.879><c> this</c><00:02:36.300><c> would</c><00:02:36.480><c> be</c><00:02:36.660><c> very</c>

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and now usually this would be very
 

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and now usually this would be very
expensive<00:02:37.379><c> to</c><00:02:37.620><c> do</c><00:02:37.739><c> because</c><00:02:38.580><c> everyone</c><00:02:39.180><c> would</c>

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expensive to do because everyone would
 

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expensive to do because everyone would
see<00:02:40.440><c> that</c><00:02:41.040><c> this</c><00:02:41.220><c> price</c><00:02:41.459><c> is</c><00:02:41.640><c> incorrect</c><00:02:42.120><c> so</c>

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see that this price is incorrect so
 

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see that this price is incorrect so
there's<00:02:42.720><c> obviously</c><00:02:43.080><c> a</c><00:02:43.319><c> really</c><00:02:43.440><c> big</c><00:02:43.620><c> Arbitrage</c>

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there's obviously a really big Arbitrage
 

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there's obviously a really big Arbitrage
opportunity<00:02:44.700><c> that</c><00:02:45.120><c> somebody</c><00:02:45.300><c> could</c><00:02:45.780><c> take</c>

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opportunity that somebody could take
 

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opportunity that somebody could take
um<00:02:47.220><c> to</c><00:02:47.700><c> like</c><00:02:48.000><c> sell</c><00:02:48.239><c> this</c><00:02:48.480><c> asset</c><00:02:48.840><c> at</c><00:02:49.080><c> a</c><00:02:49.200><c> higher</c>

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um to like sell this asset at a higher
 

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um to like sell this asset at a higher
price<00:02:49.560><c> than</c><00:02:49.800><c> what</c><00:02:50.040><c> it</c><00:02:50.160><c> is</c><00:02:50.220><c> actually</c><00:02:50.459><c> at</c><00:02:50.720><c> and</c>

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price than what it is actually at and
 

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price than what it is actually at and
that<00:02:51.959><c> means</c><00:02:52.140><c> that</c><00:02:52.319><c> for</c><00:02:52.560><c> the</c><00:02:52.739><c> attacker</c><00:02:53.160><c> this</c>

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that means that for the attacker this
 

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that means that for the attacker this
would<00:02:53.819><c> be</c><00:02:53.940><c> really</c><00:02:54.180><c> expensive</c><00:02:55.140><c> but</c><00:02:55.980><c> because</c>

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would be really expensive but because
 

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would be really expensive but because
now<00:02:57.060><c> we're</c><00:02:57.360><c> assuming</c><00:02:57.780><c> that</c><00:02:57.959><c> the</c><00:02:58.140><c> attacker</c><00:02:58.500><c> is</c>

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now we're assuming that the attacker is
 

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now we're assuming that the attacker is
actually<00:02:58.800><c> the</c><00:02:59.040><c> block</c><00:02:59.160><c> producer</c><00:02:59.640><c> for</c><00:02:59.760><c> Block</c><00:02:59.940><c> n</c>

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actually the block producer for Block n
 

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actually the block producer for Block n
plus<00:03:00.360><c> one</c><00:03:00.599><c> they</c><00:03:01.379><c> can</c><00:03:01.620><c> just</c><00:03:01.920><c> put</c><00:03:02.519><c> their</c><00:03:02.819><c> own</c>

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plus one they can just put their own
 

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plus one they can just put their own
transaction<00:03:03.420><c> at</c><00:03:03.840><c> the</c><00:03:03.959><c> very</c><00:03:04.080><c> beginning</c><00:03:04.379><c> of</c><00:03:04.980><c> the</c>

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transaction at the very beginning of the
 

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transaction at the very beginning of the
block<00:03:05.280><c> n</c><00:03:05.580><c> plus</c><00:03:05.760><c> one</c><00:03:06.000><c> and</c><00:03:06.840><c> they</c><00:03:07.319><c> can</c><00:03:07.440><c> guarantee</c>

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block n plus one and they can guarantee
 

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block n plus one and they can guarantee
that<00:03:08.099><c> they</c><00:03:08.280><c> themselves</c><00:03:08.640><c> are</c><00:03:08.879><c> going</c><00:03:09.000><c> to</c><00:03:09.180><c> be</c><00:03:09.300><c> the</c>

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that they themselves are going to be the
 

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that they themselves are going to be the
one<00:03:09.959><c> that</c><00:03:10.200><c> takes</c><00:03:10.379><c> this</c><00:03:10.620><c> Arbitrage</c><00:03:11.159><c> instead</c><00:03:11.700><c> of</c>

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one that takes this Arbitrage instead of
 

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one that takes this Arbitrage instead of
anybody<00:03:12.239><c> else</c>

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anybody else
 

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anybody else
so<00:03:13.920><c> essentially</c><00:03:14.459><c> they</c><00:03:15.180><c> are</c><00:03:15.420><c> able</c><00:03:15.720><c> to</c><00:03:16.140><c> hide</c><00:03:16.500><c> the</c>

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so essentially they are able to hide the
 

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so essentially they are able to hide the
Mev

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Mev
 

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Mev
um<00:03:18.120><c> from</c><00:03:18.480><c> the</c><00:03:18.780><c> other</c><00:03:18.900><c> Searchers</c><00:03:19.379><c> and</c><00:03:20.340><c> here</c>

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um from the other Searchers and here
 

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um from the other Searchers and here
we're<00:03:20.640><c> assuming</c><00:03:21.060><c> that</c><00:03:21.239><c> there</c><00:03:21.420><c> is</c><00:03:21.540><c> some</c>

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we're assuming that there is some
 

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we're assuming that there is some
mechanism<00:03:22.080><c> in</c><00:03:22.379><c> which</c><00:03:22.560><c> they</c><00:03:22.860><c> can</c><00:03:23.040><c> make</c><00:03:23.819><c> that</c>

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mechanism in which they can make that
 

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mechanism in which they can make that
first<00:03:24.239><c> transaction</c><00:03:24.720><c> in</c><00:03:25.019><c> Block</c><00:03:25.200><c> n</c><00:03:25.440><c> without</c>

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first transaction in Block n without
 

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first transaction in Block n without
going<00:03:26.580><c> through</c><00:03:26.760><c> the</c><00:03:27.000><c> public</c><00:03:27.120><c> mempool</c><00:03:27.599><c> so</c>

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going through the public mempool so
 

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going through the public mempool so
maybe<00:03:28.080><c> they</c><00:03:28.319><c> put</c><00:03:28.500><c> it</c><00:03:28.620><c> like</c><00:03:28.739><c> through</c><00:03:28.920><c> flashbots</c>

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maybe they put it like through flashbots
 

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maybe they put it like through flashbots
or<00:03:29.640><c> something</c><00:03:29.819><c> and</c><00:03:30.599><c> that</c><00:03:30.780><c> means</c><00:03:31.080><c> that</c><00:03:31.379><c> people</c>

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or something and that means that people
 

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or something and that means that people
will<00:03:32.220><c> only</c><00:03:32.400><c> see</c><00:03:32.640><c> the</c><00:03:32.879><c> transaction</c><00:03:33.300><c> on</c><00:03:33.900><c> chain</c>

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will only see the transaction on chain
 

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will only see the transaction on chain
at<00:03:34.980><c> the</c><00:03:35.099><c> point</c><00:03:35.280><c> where</c><00:03:35.640><c> it's</c><00:03:35.760><c> already</c><00:03:36.000><c> too</c><00:03:36.300><c> late</c>

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at the point where it's already too late
 

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at the point where it's already too late
because<00:03:37.080><c> the</c><00:03:37.560><c> next</c><00:03:37.680><c> block</c><00:03:37.860><c> is</c><00:03:38.099><c> going</c><00:03:38.280><c> to</c><00:03:38.340><c> be</c>

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because the next block is going to be
 

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because the next block is going to be
produced<00:03:38.940><c> by</c><00:03:39.239><c> the</c><00:03:39.420><c> attacker</c><00:03:39.840><c> and</c><00:03:40.319><c> nobody</c><00:03:40.620><c> is</c>

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produced by the attacker and nobody is
 

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produced by the attacker and nobody is
going<00:03:40.920><c> to</c><00:03:41.040><c> have</c><00:03:41.099><c> any</c><00:03:41.280><c> time</c><00:03:41.580><c> to</c><00:03:41.819><c> to</c><00:03:42.060><c> react</c>

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going to have any time to to react
 

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going to have any time to to react
before<00:03:42.780><c> that</c><00:03:43.080><c> happens</c>

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before that happens
 

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before that happens
um<00:03:45.120><c> and</c><00:03:45.900><c> so</c><00:03:46.080><c> one</c><00:03:47.040><c> example</c><00:03:47.519><c> of</c><00:03:47.819><c> what</c><00:03:48.120><c> you</c><00:03:48.239><c> could</c>

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um and so one example of what you could
 

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um and so one example of what you could
do<00:03:48.540><c> is</c><00:03:48.840><c> if</c><00:03:49.019><c> there</c><00:03:49.200><c> was</c><00:03:49.319><c> a</c><00:03:49.440><c> lending</c><00:03:49.739><c> protocol</c>

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do is if there was a lending protocol
 

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do is if there was a lending protocol
that<00:03:50.580><c> used</c><00:03:50.879><c> such</c><00:03:51.360><c> a</c><00:03:51.599><c> uniswap</c><00:03:52.319><c> Oracle</c>

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that used such a uniswap Oracle
 

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that used such a uniswap Oracle
um<00:03:54.239><c> you</c><00:03:54.720><c> might</c><00:03:54.840><c> be</c><00:03:55.019><c> able</c><00:03:55.260><c> to</c><00:03:55.440><c> manipulate</c><00:03:56.159><c> it</c>

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um you might be able to manipulate it
 

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um you might be able to manipulate it
enough<00:03:56.519><c> to</c><00:03:57.480><c> get</c><00:03:58.319><c> some</c><00:03:58.620><c> uh</c>

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enough to get some uh
 

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enough to get some uh
to<00:04:00.959><c> get</c><00:04:01.080><c> something</c><00:04:01.379><c> into</c><00:04:02.159><c> the</c><00:04:03.000><c> liquidation</c>

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to get something into the liquidation
 

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to get something into the liquidation
level<00:04:03.840><c> where</c><00:04:04.560><c> it</c><00:04:04.680><c> can</c><00:04:04.799><c> get</c><00:04:04.980><c> liquidated</c><00:04:05.580><c> but</c><00:04:06.060><c> it</c>

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level where it can get liquidated but it
 

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level where it can get liquidated but it
wasn't<00:04:06.540><c> able</c><00:04:06.959><c> to</c><00:04:07.080><c> before</c>

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wasn't able to before
 

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wasn't able to before
um<00:04:08.879><c> and</c><00:04:09.299><c> then</c><00:04:09.500><c> that</c><00:04:10.500><c> liquidation</c><00:04:10.980><c> will</c><00:04:11.280><c> be</c>

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um and then that liquidation will be
 

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um and then that liquidation will be
available<00:04:11.580><c> in</c><00:04:11.939><c> Block</c><00:04:12.060><c> n</c><00:04:12.299><c> plus</c><00:04:12.480><c> one</c><00:04:12.720><c> and</c><00:04:12.959><c> again</c>

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available in Block n plus one and again
 

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available in Block n plus one and again
because<00:04:13.379><c> you</c><00:04:13.739><c> control</c><00:04:13.920><c> it</c><00:04:14.340><c> no</c><00:04:15.180><c> other</c><00:04:15.420><c> Searcher</c>

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because you control it no other Searcher
 

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because you control it no other Searcher
is<00:04:15.959><c> going</c><00:04:16.079><c> to</c><00:04:16.199><c> be</c><00:04:16.260><c> able</c><00:04:16.380><c> to</c><00:04:16.560><c> compete</c><00:04:16.919><c> with</c><00:04:17.100><c> you</c>

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is going to be able to compete with you
 

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is going to be able to compete with you
for<00:04:17.400><c> it</c><00:04:17.519><c> because</c><00:04:17.699><c> you</c><00:04:18.000><c> can</c><00:04:18.060><c> just</c><00:04:18.239><c> put</c><00:04:18.540><c> your</c>

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for it because you can just put your
 

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for it because you can just put your
transaction<00:04:19.280><c> uh</c><00:04:20.280><c> like</c><00:04:20.519><c> in</c><00:04:20.940><c> second</c><00:04:21.120><c> position</c>

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transaction uh like in second position
 

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transaction uh like in second position
for<00:04:21.840><c> example</c><00:04:22.079><c> in</c><00:04:22.800><c> that</c><00:04:22.979><c> block</c><00:04:23.160><c> so</c><00:04:23.699><c> then</c><00:04:23.820><c> you</c>

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for example in that block so then you
 

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for example in that block so then you
can<00:04:24.180><c> trigger</c><00:04:24.600><c> a</c><00:04:24.900><c> liquidation</c><00:04:25.380><c> without</c><00:04:26.340><c> having</c>

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can trigger a liquidation without having
 

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can trigger a liquidation without having
to<00:04:26.940><c> compete</c><00:04:27.240><c> with</c><00:04:27.600><c> all</c><00:04:27.840><c> the</c><00:04:28.020><c> other</c><00:04:28.400><c> Searchers</c>

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to compete with all the other Searchers
 

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to compete with all the other Searchers
out<00:04:29.699><c> there</c><00:04:29.880><c> so</c><00:04:30.720><c> what</c><00:04:31.020><c> are</c><00:04:31.139><c> the</c><00:04:31.199><c> main</c><00:04:31.380><c> takeaways</c>

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out there so what are the main takeaways
 

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out there so what are the main takeaways
first<00:04:32.520><c> of</c><00:04:32.639><c> all</c><00:04:32.759><c> the</c><00:04:33.240><c> block</c><00:04:33.360><c> proposers</c><00:04:33.900><c> improve</c>

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first of all the block proposers improve
 

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first of all the block proposers improve
a<00:04:34.440><c> stake</c><00:04:34.740><c> are</c><00:04:35.460><c> known</c><00:04:35.759><c> in</c><00:04:36.000><c> advance</c><00:04:36.180><c> and</c><00:04:36.780><c> that</c><00:04:36.960><c> is</c>

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a stake are known in advance and that is
 

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a stake are known in advance and that is
different<00:04:37.320><c> than</c><00:04:37.740><c> it</c><00:04:37.979><c> was</c><00:04:38.160><c> in</c><00:04:38.759><c> proof</c><00:04:39.000><c> of</c><00:04:39.060><c> work</c>

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different than it was in proof of work
 

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different than it was in proof of work
and<00:04:40.139><c> second</c><00:04:40.259><c> of</c><00:04:40.500><c> all</c><00:04:40.680><c> this</c><00:04:41.040><c> information</c><00:04:41.220><c> is</c>

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and second of all this information is
 

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and second of all this information is
valuable<00:04:42.360><c> so</c><00:04:43.020><c> for</c><00:04:43.259><c> example</c><00:04:43.500><c> you</c><00:04:43.800><c> can</c><00:04:43.919><c> use</c><00:04:44.100><c> it</c>

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valuable so for example you can use it
 

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valuable so for example you can use it
through

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through
 

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through
um doing<00:04:46.680><c> manipulations</c><00:04:47.520><c> or</c><00:04:47.940><c> creating</c><00:04:48.240><c> Mev</c>

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um doing manipulations or creating Mev
 

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um doing manipulations or creating Mev
and<00:04:49.620><c> hiding</c><00:04:50.040><c> it</c><00:04:50.160><c> like</c><00:04:50.820><c> I</c><00:04:50.940><c> said</c><00:04:51.060><c> here</c><00:04:51.360><c> but</c><00:04:51.960><c> you</c>

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and hiding it like I said here but you
 

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and hiding it like I said here but you
could<00:04:52.320><c> also</c><00:04:52.620><c> imagine</c><00:04:53.040><c> that</c><00:04:53.580><c> you</c><00:04:53.880><c> could</c><00:04:54.060><c> maybe</c>

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could also imagine that you could maybe
 

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could also imagine that you could maybe
sell<00:04:55.320><c> future</c>

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sell future
 

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sell future
blog<00:04:57.660><c> space</c><00:04:57.919><c> and</c><00:04:58.919><c> guarantee</c><00:04:59.460><c> that</c><00:04:59.699><c> to</c><00:05:00.000><c> people</c>

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blog space and guarantee that to people
 

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blog space and guarantee that to people
or<00:05:01.020><c> you</c><00:05:01.199><c> could</c><00:05:01.259><c> even</c><00:05:01.500><c> incentivize</c><00:05:02.160><c> people</c><00:05:02.460><c> to</c>

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or you could even incentivize people to
 

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or you could even incentivize people to
um

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um
 

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um
create<00:05:05.220><c> a</c><00:05:05.520><c> lot</c><00:05:05.639><c> of</c><00:05:05.759><c> Mev</c><00:05:06.180><c> in</c><00:05:06.479><c> a</c><00:05:06.600><c> block</c><00:05:06.720><c> that</c><00:05:07.320><c> you</c>

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create a lot of Mev in a block that you
 

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create a lot of Mev in a block that you
will<00:05:07.979><c> control</c><00:05:08.160><c> like</c><00:05:08.880><c> you</c><00:05:09.000><c> can</c><00:05:09.120><c> imagine</c><00:05:09.300><c> if</c>

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will control like you can imagine if
 

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will control like you can imagine if
there's<00:05:09.900><c> some</c><00:05:10.259><c> nft</c><00:05:10.680><c> project</c><00:05:11.100><c> they</c><00:05:12.060><c> might</c><00:05:12.240><c> not</c>

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there's some nft project they might not
 

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there's some nft project they might not
care<00:05:12.600><c> exactly</c><00:05:13.080><c> in</c><00:05:13.380><c> which</c><00:05:13.620><c> block</c><00:05:13.979><c> they're</c>

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care exactly in which block they're
 

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care exactly in which block they're
going<00:05:14.639><c> to</c><00:05:14.759><c> be</c><00:05:14.820><c> launching</c><00:05:15.180><c> so</c><00:05:15.720><c> you</c><00:05:15.900><c> could</c><00:05:16.020><c> just</c>

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going to be launching so you could just
 

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going to be launching so you could just
tell<00:05:16.320><c> them</c><00:05:16.500><c> to</c><00:05:16.800><c> launch</c><00:05:17.160><c> in</c><00:05:17.820><c> the</c><00:05:17.940><c> blog</c><00:05:18.180><c> that</c><00:05:18.360><c> you</c>

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tell them to launch in the blog that you
 

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tell them to launch in the blog that you
create<00:05:18.720><c> and</c><00:05:19.320><c> then</c><00:05:19.440><c> all</c><00:05:19.680><c> of</c><00:05:19.860><c> the</c>

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create and then all of the
 

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create and then all of the
um gas<00:05:21.780><c> that</c><00:05:22.320><c> is</c><00:05:22.440><c> going</c><00:05:22.620><c> to</c><00:05:22.740><c> be</c><00:05:22.800><c> spent</c><00:05:23.160><c> on</c>

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um gas that is going to be spent on
 

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um gas that is going to be spent on
minting<00:05:23.940><c> those</c><00:05:24.120><c> nfts</c><00:05:24.720><c> early</c><00:05:24.900><c> is</c><00:05:25.440><c> going</c><00:05:25.620><c> to</c><00:05:25.740><c> be</c>

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minting those nfts early is going to be
 

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minting those nfts early is going to be
in<00:05:25.919><c> your</c><00:05:26.100><c> block</c><00:05:26.340><c> instead</c><00:05:26.759><c> of</c><00:05:26.820><c> somebody</c><00:05:27.000><c> else's</c>

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in your block instead of somebody else's
 

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in your block instead of somebody else's
so<00:05:28.500><c> I</c><00:05:29.039><c> wrote</c><00:05:29.280><c> a</c><00:05:30.000><c> paper</c><00:05:30.300><c> on</c><00:05:30.960><c> Oracle</c>

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so I wrote a paper on Oracle
 

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so I wrote a paper on Oracle
manipulation<00:05:31.919><c> and</c><00:05:32.759><c> a</c><00:05:33.000><c> blog</c><00:05:33.300><c> post</c><00:05:33.419><c> on</c><00:05:33.840><c> how</c><00:05:34.139><c> that</c>

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manipulation and a blog post on how that
 

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manipulation and a blog post on how that
changes<00:05:35.100><c> after</c><00:05:35.759><c> the</c><00:05:36.000><c> merge</c><00:05:36.360><c> so</c><00:05:36.960><c> if</c><00:05:37.080><c> you</c><00:05:37.259><c> guys</c>

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changes after the merge so if you guys
 

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changes after the merge so if you guys
are<00:05:37.620><c> interested</c><00:05:38.100><c> in</c><00:05:38.400><c> learning</c><00:05:38.699><c> more</c><00:05:38.880><c> about</c>

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are interested in learning more about
 

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are interested in learning more about
the<00:05:39.419><c> Oracle</c><00:05:39.720><c> manipulation</c><00:05:40.139><c> side</c><00:05:40.440><c> of</c><00:05:40.560><c> it</c><00:05:40.740><c> I</c>

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the Oracle manipulation side of it I
 

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the Oracle manipulation side of it I
highly<00:05:41.520><c> recommend</c><00:05:41.820><c> checking</c><00:05:42.600><c> it</c><00:05:42.720><c> out</c>