WEBVTT Kind: captions Language: en 00:00:00.000 --> 00:00:04.350 align:start position:0% foreign 00:00:04.350 --> 00:00:04.360 align:start position:0% 00:00:04.360 --> 00:00:17.330 align:start position:0% [Music] 00:00:17.330 --> 00:00:17.340 align:start position:0% 00:00:17.340 --> 00:00:20.750 align:start position:0% all<00:00:18.119> right<00:00:18.300> everybody<00:00:18.680> hello<00:00:19.680> hello<00:00:20.160> it's<00:00:20.520> so 00:00:20.750 --> 00:00:20.760 align:start position:0% all right everybody hello hello it's so 00:00:20.760 --> 00:00:22.790 align:start position:0% all right everybody hello hello it's so good<00:00:20.939> to<00:00:21.060> see<00:00:21.240> everyone<00:00:21.420> I<00:00:22.140> haven't<00:00:22.260> been<00:00:22.439> in<00:00:22.619> a 00:00:22.790 --> 00:00:22.800 align:start position:0% good to see everyone I haven't been in a 00:00:22.800 --> 00:00:24.650 align:start position:0% good to see everyone I haven't been in a stage<00:00:23.039> like<00:00:23.340> this<00:00:23.580> in<00:00:23.880> about<00:00:24.060> three<00:00:24.420> years 00:00:24.650 --> 00:00:24.660 align:start position:0% stage like this in about three years 00:00:24.660 --> 00:00:27.589 align:start position:0% stage like this in about three years since<00:00:25.080> Devcon<00:00:25.680> Prague<00:00:26.160> back<00:00:26.820> when<00:00:27.000> I<00:00:27.240> was<00:00:27.359> in 00:00:27.589 --> 00:00:27.599 align:start position:0% since Devcon Prague back when I was in 00:00:27.599 --> 00:00:30.290 align:start position:0% since Devcon Prague back when I was in obscure<00:00:28.140> PhD<00:00:28.740> student<00:00:28.980> and<00:00:29.519> giving<00:00:29.699> a<00:00:29.939> talk<00:00:30.060> in 00:00:30.290 --> 00:00:30.300 align:start position:0% obscure PhD student and giving a talk in 00:00:30.300 --> 00:00:32.030 align:start position:0% obscure PhD student and giving a talk in a<00:00:30.480> similarly<00:00:30.840> sized<00:00:31.199> room<00:00:31.380> that<00:00:31.679> no<00:00:31.859> one 00:00:32.030 --> 00:00:32.040 align:start position:0% a similarly sized room that no one 00:00:32.040 --> 00:00:34.430 align:start position:0% a similarly sized room that no one showed<00:00:32.340> up<00:00:32.399> for<00:00:32.579> so<00:00:33.420> very<00:00:33.719> emotional<00:00:34.079> to<00:00:34.260> be 00:00:34.430 --> 00:00:34.440 align:start position:0% showed up for so very emotional to be 00:00:34.440 --> 00:00:36.830 align:start position:0% showed up for so very emotional to be standing<00:00:34.800> in<00:00:34.920> front<00:00:35.040> of<00:00:35.160> you<00:00:35.280> all<00:00:35.460> here<00:00:35.700> as<00:00:36.660> the 00:00:36.830 --> 00:00:36.840 align:start position:0% standing in front of you all here as the 00:00:36.840 --> 00:00:38.630 align:start position:0% standing in front of you all here as the steward<00:00:37.079> of<00:00:37.260> flashbots<00:00:37.800> and<00:00:37.980> looking<00:00:38.160> at<00:00:38.399> how 00:00:38.630 --> 00:00:38.640 align:start position:0% steward of flashbots and looking at how 00:00:38.640 --> 00:00:40.250 align:start position:0% steward of flashbots and looking at how much<00:00:38.760> has<00:00:38.940> happened<00:00:39.120> in<00:00:39.420> our<00:00:39.600> industry<00:00:39.899> in<00:00:40.079> the 00:00:40.250 --> 00:00:40.260 align:start position:0% much has happened in our industry in the 00:00:40.260 --> 00:00:43.490 align:start position:0% much has happened in our industry in the last<00:00:40.379> three<00:00:41.040> years<00:00:41.300> I<00:00:42.300> also<00:00:42.480> am<00:00:42.600> a<00:00:42.840> PhD<00:00:43.200> student 00:00:43.490 --> 00:00:43.500 align:start position:0% last three years I also am a PhD student 00:00:43.500 --> 00:00:45.889 align:start position:0% last three years I also am a PhD student at<00:00:43.920> Cornell<00:00:44.340> but<00:00:44.940> this<00:00:45.180> talk<00:00:45.360> is<00:00:45.600> in<00:00:45.780> my 00:00:45.889 --> 00:00:45.899 align:start position:0% at Cornell but this talk is in my 00:00:45.899 --> 00:00:47.750 align:start position:0% at Cornell but this talk is in my capacity<00:00:46.320> as<00:00:46.559> flashbots 00:00:47.750 --> 00:00:47.760 align:start position:0% capacity as flashbots 00:00:47.760 --> 00:00:49.490 align:start position:0% capacity as flashbots so<00:00:48.300> today<00:00:48.539> I'm<00:00:48.719> going<00:00:48.899> to<00:00:48.899> be<00:00:49.020> taking<00:00:49.200> you<00:00:49.379> all 00:00:49.490 --> 00:00:49.500 align:start position:0% so today I'm going to be taking you all 00:00:49.500 --> 00:00:51.770 align:start position:0% so today I'm going to be taking you all on<00:00:49.739> a<00:00:49.860> tour<00:00:49.980> through<00:00:50.340> the<00:00:50.579> Dark<00:00:50.760> Forest<00:00:51.239> and 00:00:51.770 --> 00:00:51.780 align:start position:0% on a tour through the Dark Forest and 00:00:51.780 --> 00:00:53.510 align:start position:0% on a tour through the Dark Forest and this<00:00:52.020> is<00:00:52.079> actually<00:00:52.260> the<00:00:52.500> Dark<00:00:52.620> Forest<00:00:53.039> where<00:00:53.280> I 00:00:53.510 --> 00:00:53.520 align:start position:0% this is actually the Dark Forest where I 00:00:53.520 --> 00:00:55.310 align:start position:0% this is actually the Dark Forest where I spend<00:00:53.760> my<00:00:54.000> time<00:00:54.180> where<00:00:54.420> I<00:00:54.600> live<00:00:54.719> right<00:00:55.020> so<00:00:55.199> I 00:00:55.310 --> 00:00:55.320 align:start position:0% spend my time where I live right so I 00:00:55.320 --> 00:00:56.209 align:start position:0% spend my time where I live right so I know<00:00:55.440> I'm<00:00:55.559> taking<00:00:55.680> the<00:00:55.860> meme<00:00:55.980> a<00:00:56.219> little 00:00:56.209 --> 00:00:56.219 align:start position:0% know I'm taking the meme a little 00:00:56.219 --> 00:00:58.189 align:start position:0% know I'm taking the meme a little literally<00:00:56.640> but<00:00:57.239> I'll<00:00:57.420> also<00:00:57.660> show<00:00:57.840> you<00:00:57.960> some 00:00:58.189 --> 00:00:58.199 align:start position:0% literally but I'll also show you some 00:00:58.199 --> 00:01:00.470 align:start position:0% literally but I'll also show you some pictures<00:00:58.379> I've<00:00:58.800> taken<00:00:59.160> in<00:00:59.760> my<00:00:59.940> journey<00:01:00.180> over 00:01:00.470 --> 00:01:00.480 align:start position:0% pictures I've taken in my journey over 00:01:00.480 --> 00:01:03.049 align:start position:0% pictures I've taken in my journey over these<00:01:00.780> last<00:01:00.960> three<00:01:01.199> years<00:01:01.379> finding<00:01:01.980> nav<00:01:02.160> and 00:01:03.049 --> 00:01:03.059 align:start position:0% these last three years finding nav and 00:01:03.059 --> 00:01:05.270 align:start position:0% these last three years finding nav and really<00:01:03.180> trying<00:01:03.480> to<00:01:03.780> fight<00:01:03.899> for<00:01:04.320> uh<00:01:04.920> user 00:01:05.270 --> 00:01:05.280 align:start position:0% really trying to fight for uh user 00:01:05.280 --> 00:01:06.649 align:start position:0% really trying to fight for uh user fairness 00:01:06.649 --> 00:01:06.659 align:start position:0% fairness 00:01:06.659 --> 00:01:08.990 align:start position:0% fairness um<00:01:06.720> so<00:01:07.500> I<00:01:07.920> learned<00:01:08.159> in<00:01:08.280> teacher<00:01:08.580> school<00:01:08.760> that 00:01:08.990 --> 00:01:09.000 align:start position:0% um so I learned in teacher school that 00:01:09.000 --> 00:01:10.370 align:start position:0% um so I learned in teacher school that some<00:01:09.180> people<00:01:09.299> only<00:01:09.540> learn<00:01:09.780> well<00:01:09.960> with<00:01:10.200> an 00:01:10.370 --> 00:01:10.380 align:start position:0% some people only learn well with an 00:01:10.380 --> 00:01:11.690 align:start position:0% some people only learn well with an outline<00:01:10.680> so<00:01:10.979> we're<00:01:11.100> going<00:01:11.280> to<00:01:11.340> talk<00:01:11.520> about 00:01:11.690 --> 00:01:11.700 align:start position:0% outline so we're going to talk about 00:01:11.700 --> 00:01:14.570 align:start position:0% outline so we're going to talk about three<00:01:12.180> things<00:01:12.420> today<00:01:12.780> the<00:01:13.680> first<00:01:13.799> one<00:01:14.040> is 00:01:14.570 --> 00:01:14.580 align:start position:0% three things today the first one is 00:01:14.580 --> 00:01:18.350 align:start position:0% three things today the first one is where<00:01:15.000> did<00:01:15.180> Mev<00:01:15.840> come<00:01:16.140> from<00:01:16.320> why<00:01:16.979> are<00:01:17.100> we<00:01:17.280> here 00:01:18.350 --> 00:01:18.360 align:start position:0% where did Mev come from why are we here 00:01:18.360 --> 00:01:20.330 align:start position:0% where did Mev come from why are we here second<00:01:18.960> one<00:01:19.140> is<00:01:19.320> where<00:01:19.500> are<00:01:19.680> we<00:01:19.799> today<00:01:19.979> so<00:01:20.220> I'm 00:01:20.330 --> 00:01:20.340 align:start position:0% second one is where are we today so I'm 00:01:20.340 --> 00:01:22.190 align:start position:0% second one is where are we today so I'm going<00:01:20.460> to<00:01:20.460> talk<00:01:20.640> a<00:01:20.880> lot<00:01:20.939> about<00:01:21.119> flashbots<00:01:21.900> and 00:01:22.190 --> 00:01:22.200 align:start position:0% going to talk a lot about flashbots and 00:01:22.200 --> 00:01:24.109 align:start position:0% going to talk a lot about flashbots and the<00:01:22.380> choices<00:01:22.680> we've<00:01:23.040> made<00:01:23.159> as<00:01:23.520> a<00:01:23.700> collective 00:01:24.109 --> 00:01:24.119 align:start position:0% the choices we've made as a collective 00:01:24.119 --> 00:01:26.570 align:start position:0% the choices we've made as a collective how<00:01:24.900> they<00:01:25.020> relate<00:01:25.380> to<00:01:25.500> things<00:01:25.740> like<00:01:26.040> the<00:01:26.400> base 00:01:26.570 --> 00:01:26.580 align:start position:0% how they relate to things like the base 00:01:26.580 --> 00:01:29.810 align:start position:0% how they relate to things like the base layer<00:01:26.939> of<00:01:27.119> ethereum<00:01:27.600> security<00:01:28.439> and<00:01:29.159> fairness 00:01:29.810 --> 00:01:29.820 align:start position:0% layer of ethereum security and fairness 00:01:29.820 --> 00:01:32.210 align:start position:0% layer of ethereum security and fairness for<00:01:30.060> users<00:01:30.360> as<00:01:30.540> well<00:01:30.799> and<00:01:31.799> I'm<00:01:31.920> going<00:01:32.040> to<00:01:32.159> talk 00:01:32.210 --> 00:01:32.220 align:start position:0% for users as well and I'm going to talk 00:01:32.220 --> 00:01:34.010 align:start position:0% for users as well and I'm going to talk about<00:01:32.340> where<00:01:32.640> do<00:01:32.759> we<00:01:32.939> go<00:01:33.060> so<00:01:33.360> what<00:01:33.540> is<00:01:33.720> the<00:01:33.780> goal 00:01:34.010 --> 00:01:34.020 align:start position:0% about where do we go so what is the goal 00:01:34.020 --> 00:01:36.649 align:start position:0% about where do we go so what is the goal for<00:01:34.140> Mev<00:01:34.619> what<00:01:35.460> is<00:01:35.579> flashbots<00:01:36.119> doing<00:01:36.299> this<00:01:36.540> is 00:01:36.649 --> 00:01:36.659 align:start position:0% for Mev what is flashbots doing this is 00:01:36.659 --> 00:01:38.030 align:start position:0% for Mev what is flashbots doing this is a<00:01:36.780> question<00:01:36.900> I<00:01:37.200> get<00:01:37.320> a<00:01:37.560> lot<00:01:37.680> from<00:01:37.860> the 00:01:38.030 --> 00:01:38.040 align:start position:0% a question I get a lot from the 00:01:38.040 --> 00:01:39.530 align:start position:0% a question I get a lot from the community<00:01:38.220> and<00:01:38.820> we're<00:01:38.939> going<00:01:39.060> to<00:01:39.180> start<00:01:39.299> to 00:01:39.530 --> 00:01:39.540 align:start position:0% community and we're going to start to 00:01:39.540 --> 00:01:42.050 align:start position:0% community and we're going to start to answer<00:01:39.720> it<00:01:39.960> today<00:01:40.200> and<00:01:41.040> how<00:01:41.220> can<00:01:41.340> we<00:01:41.520> all<00:01:41.700> do<00:01:41.880> it 00:01:42.050 --> 00:01:42.060 align:start position:0% answer it today and how can we all do it 00:01:42.060 --> 00:01:44.090 align:start position:0% answer it today and how can we all do it together<00:01:42.299> as<00:01:42.900> an<00:01:43.079> open<00:01:43.259> source<00:01:43.740> as<00:01:43.920> an 00:01:44.090 --> 00:01:44.100 align:start position:0% together as an open source as an 00:01:44.100 --> 00:01:47.149 align:start position:0% together as an open source as an ethereum<00:01:44.780> Community<00:01:45.780> to<00:01:46.560> really<00:01:46.680> build<00:01:46.920> these 00:01:47.149 --> 00:01:47.159 align:start position:0% ethereum Community to really build these 00:01:47.159 --> 00:01:48.590 align:start position:0% ethereum Community to really build these systems<00:01:47.460> for<00:01:47.640> the<00:01:47.820> next<00:01:47.880> trillion<00:01:48.299> I'm<00:01:48.479> not 00:01:48.590 --> 00:01:48.600 align:start position:0% systems for the next trillion I'm not 00:01:48.600 --> 00:01:50.450 align:start position:0% systems for the next trillion I'm not kidding<00:01:48.900> about<00:01:49.020> that 00:01:50.450 --> 00:01:50.460 align:start position:0% kidding about that 00:01:50.460 --> 00:01:52.069 align:start position:0% kidding about that um<00:01:50.520> so<00:01:50.700> this<00:01:50.880> all<00:01:51.060> started<00:01:51.360> for<00:01:51.479> me<00:01:51.600> with<00:01:51.899> this 00:01:52.069 --> 00:01:52.079 align:start position:0% um so this all started for me with this 00:01:52.079 --> 00:01:54.109 align:start position:0% um so this all started for me with this academic<00:01:52.619> paper<00:01:52.799> I<00:01:53.100> wrote<00:01:53.280> at<00:01:53.520> Cornell<00:01:53.880> called 00:01:54.109 --> 00:01:54.119 align:start position:0% academic paper I wrote at Cornell called 00:01:54.119 --> 00:01:56.510 align:start position:0% academic paper I wrote at Cornell called Flash<00:01:54.360> Boys<00:01:54.600> 2.0<00:01:55.259> where<00:01:55.860> we<00:01:56.040> looked<00:01:56.280> at<00:01:56.340> the 00:01:56.510 --> 00:01:56.520 align:start position:0% Flash Boys 2.0 where we looked at the 00:01:56.520 --> 00:01:58.249 align:start position:0% Flash Boys 2.0 where we looked at the market<00:01:56.640> dynamics<00:01:57.240> of<00:01:57.420> several<00:01:57.720> dexes<00:01:58.079> that 00:01:58.249 --> 00:01:58.259 align:start position:0% market dynamics of several dexes that 00:01:58.259 --> 00:01:59.690 align:start position:0% market dynamics of several dexes that were<00:01:58.439> popular<00:01:58.560> at<00:01:58.860> the<00:01:58.979> time<00:01:59.100> around<00:01:59.340> 2018 00:01:59.690 --> 00:01:59.700 align:start position:0% were popular at the time around 2018 00:01:59.700 --> 00:02:02.929 align:start position:0% were popular at the time around 2018 2019<00:02:00.540> and<00:02:01.439> we<00:02:01.619> looked<00:02:01.860> at<00:02:01.920> basically<00:02:02.460> the<00:02:02.759> game 00:02:02.929 --> 00:02:02.939 align:start position:0% 2019 and we looked at basically the game 00:02:02.939 --> 00:02:04.609 align:start position:0% 2019 and we looked at basically the game that<00:02:03.240> Bots<00:02:03.420> were<00:02:03.659> playing<00:02:03.840> to<00:02:04.140> Arbitrage 00:02:04.609 --> 00:02:04.619 align:start position:0% that Bots were playing to Arbitrage 00:02:04.619 --> 00:02:06.889 align:start position:0% that Bots were playing to Arbitrage these<00:02:05.040> decentralized<00:02:05.640> exchanges<00:02:06.180> and<00:02:06.780> how 00:02:06.889 --> 00:02:06.899 align:start position:0% these decentralized exchanges and how 00:02:06.899 --> 00:02:08.270 align:start position:0% these decentralized exchanges and how they<00:02:07.020> related<00:02:07.320> to<00:02:07.500> things<00:02:07.680> like<00:02:07.860> user 00:02:08.270 --> 00:02:08.280 align:start position:0% they related to things like user 00:02:08.280 --> 00:02:11.330 align:start position:0% they related to things like user fairness<00:02:08.700> and<00:02:09.060> consensus<00:02:09.599> security<00:02:10.340> using 00:02:11.330 --> 00:02:11.340 align:start position:0% fairness and consensus security using 00:02:11.340 --> 00:02:13.670 align:start position:0% fairness and consensus security using extensive<00:02:11.819> measurement<00:02:12.239> infrastructure<00:02:13.080> so 00:02:13.670 --> 00:02:13.680 align:start position:0% extensive measurement infrastructure so 00:02:13.680 --> 00:02:14.809 align:start position:0% extensive measurement infrastructure so if<00:02:13.800> you're<00:02:13.920> interested<00:02:14.280> in<00:02:14.459> that<00:02:14.520> and<00:02:14.700> you 00:02:14.809 --> 00:02:14.819 align:start position:0% if you're interested in that and you 00:02:14.819 --> 00:02:16.070 align:start position:0% if you're interested in that and you haven't<00:02:14.940> read<00:02:15.180> that<00:02:15.300> paper<00:02:15.480> yet<00:02:15.660> I<00:02:15.900> highly 00:02:16.070 --> 00:02:16.080 align:start position:0% haven't read that paper yet I highly 00:02:16.080 --> 00:02:18.050 align:start position:0% haven't read that paper yet I highly recommend<00:02:16.379> you<00:02:16.560> check<00:02:16.739> it<00:02:16.920> out<00:02:17.040> but<00:02:17.580> in<00:02:17.940> that 00:02:18.050 --> 00:02:18.060 align:start position:0% recommend you check it out but in that 00:02:18.060 --> 00:02:20.990 align:start position:0% recommend you check it out but in that paper<00:02:18.239> we<00:02:19.080> Define<00:02:19.260> this<00:02:19.620> term<00:02:19.860> called<00:02:20.160> Mev 00:02:20.990 --> 00:02:21.000 align:start position:0% paper we Define this term called Mev 00:02:21.000 --> 00:02:23.570 align:start position:0% paper we Define this term called Mev maybe<00:02:21.900> you've<00:02:22.200> seen<00:02:22.319> some<00:02:22.560> talks<00:02:22.860> on<00:02:22.980> Mev<00:02:23.459> at 00:02:23.570 --> 00:02:23.580 align:start position:0% maybe you've seen some talks on Mev at 00:02:23.580 --> 00:02:26.930 align:start position:0% maybe you've seen some talks on Mev at Devcon<00:02:24.000> here<00:02:24.260> so<00:02:25.260> we<00:02:25.860> Define<00:02:25.980> this<00:02:26.400> as<00:02:26.580> saying 00:02:26.930 --> 00:02:26.940 align:start position:0% Devcon here so we Define this as saying 00:02:26.940 --> 00:02:29.589 align:start position:0% Devcon here so we Define this as saying oo<00:02:27.480> fees<00:02:27.780> or<00:02:27.959> ordering<00:02:28.440> optimization<00:02:29.099> fees 00:02:29.589 --> 00:02:29.599 align:start position:0% oo fees or ordering optimization fees 00:02:29.599 --> 00:02:31.729 align:start position:0% oo fees or ordering optimization fees represent<00:02:30.599> one<00:02:30.840> case<00:02:31.020> of<00:02:31.260> a<00:02:31.379> more<00:02:31.560> General 00:02:31.729 --> 00:02:31.739 align:start position:0% represent one case of a more General 00:02:31.739 --> 00:02:34.130 align:start position:0% represent one case of a more General value<00:02:32.220> we<00:02:32.640> call<00:02:32.760> minor<00:02:33.180> extractable<00:02:33.660> value<00:02:33.900> or 00:02:34.130 --> 00:02:34.140 align:start position:0% value we call minor extractable value or 00:02:34.140 --> 00:02:36.410 align:start position:0% value we call minor extractable value or Mev<00:02:34.680> and<00:02:35.280> that<00:02:35.400> refers<00:02:35.700> to<00:02:35.819> the<00:02:36.000> total<00:02:36.239> amount 00:02:36.410 --> 00:02:36.420 align:start position:0% Mev and that refers to the total amount 00:02:36.420 --> 00:02:38.510 align:start position:0% Mev and that refers to the total amount of<00:02:36.540> ether<00:02:36.780> miners<00:02:37.260> can<00:02:37.379> extract<00:02:37.739> from 00:02:38.510 --> 00:02:38.520 align:start position:0% of ether miners can extract from 00:02:38.520 --> 00:02:40.729 align:start position:0% of ether miners can extract from manipulation<00:02:39.120> of<00:02:39.360> transactions<00:02:40.020> within<00:02:40.560> a 00:02:40.729 --> 00:02:40.739 align:start position:0% manipulation of transactions within a 00:02:40.739 --> 00:02:42.830 align:start position:0% manipulation of transactions within a given<00:02:40.980> time<00:02:41.160> frame<00:02:41.459> which<00:02:42.360> may<00:02:42.540> include 00:02:42.830 --> 00:02:42.840 align:start position:0% given time frame which may include 00:02:42.840 --> 00:02:45.710 align:start position:0% given time frame which may include multiple<00:02:43.140> blocks<00:02:43.440> worth<00:02:43.560> of<00:02:43.739> transactions 00:02:45.710 --> 00:02:45.720 align:start position:0% multiple blocks worth of transactions 00:02:45.720 --> 00:02:47.570 align:start position:0% multiple blocks worth of transactions um<00:02:45.780> so<00:02:45.959> there's<00:02:46.140> a<00:02:46.319> sort<00:02:46.500> of<00:02:46.560> Duality<00:02:46.980> to<00:02:47.160> Mev 00:02:47.570 --> 00:02:47.580 align:start position:0% um so there's a sort of Duality to Mev 00:02:47.580 --> 00:02:49.190 align:start position:0% um so there's a sort of Duality to Mev that<00:02:47.819> we've<00:02:48.060> been<00:02:48.239> exploring<00:02:48.660> and<00:02:48.900> pointed 00:02:49.190 --> 00:02:49.200 align:start position:0% that we've been exploring and pointed 00:02:49.200 --> 00:02:51.229 align:start position:0% that we've been exploring and pointed out<00:02:49.319> basically<00:02:49.739> after<00:02:49.980> this<00:02:50.280> paper<00:02:50.459> we're<00:02:51.060> on 00:02:51.229 --> 00:02:51.239 align:start position:0% out basically after this paper we're on 00:02:51.239 --> 00:02:52.790 align:start position:0% out basically after this paper we're on the<00:02:51.360> one<00:02:51.480> hand<00:02:51.599> Mev<00:02:52.200> is<00:02:52.379> this<00:02:52.560> financial 00:02:52.790 --> 00:02:52.800 align:start position:0% the one hand Mev is this financial 00:02:52.800 --> 00:02:54.410 align:start position:0% the one hand Mev is this financial potential<00:02:53.400> energy<00:02:53.580> that<00:02:54.000> runs<00:02:54.300> through 00:02:54.410 --> 00:02:54.420 align:start position:0% potential energy that runs through 00:02:54.420 --> 00:02:56.570 align:start position:0% potential energy that runs through everything<00:02:54.840> we<00:02:55.140> build<00:02:55.319> every<00:02:56.040> system<00:02:56.280> we 00:02:56.570 --> 00:02:56.580 align:start position:0% everything we build every system we 00:02:56.580 --> 00:02:57.530 align:start position:0% everything we build every system we build 00:02:57.530 --> 00:02:57.540 align:start position:0% build 00:02:57.540 --> 00:02:59.809 align:start position:0% build um<00:02:57.599> and<00:02:57.840> on<00:02:57.959> the<00:02:58.080> other<00:02:58.140> hand<00:02:58.379> it<00:02:58.739> has<00:02:58.860> risks<00:02:59.340> so 00:02:59.809 --> 00:02:59.819 align:start position:0% um and on the other hand it has risks so 00:02:59.819 --> 00:03:01.490 align:start position:0% um and on the other hand it has risks so what<00:02:59.940> we<00:03:00.060> said<00:03:00.180> in<00:03:00.360> the<00:03:00.480> Flash<00:03:00.599> Boys<00:03:00.840> paper<00:03:01.140> was 00:03:01.490 --> 00:03:01.500 align:start position:0% what we said in the Flash Boys paper was 00:03:01.500 --> 00:03:05.089 align:start position:0% what we said in the Flash Boys paper was Mev<00:03:02.160> poses<00:03:02.580> concrete<00:03:03.300> measurable<00:03:04.260> consensus 00:03:05.089 --> 00:03:05.099 align:start position:0% Mev poses concrete measurable consensus 00:03:05.099 --> 00:03:07.550 align:start position:0% Mev poses concrete measurable consensus layer<00:03:05.519> security<00:03:05.819> risks<00:03:06.480> and<00:03:06.900> we<00:03:07.080> show<00:03:07.260> that 00:03:07.550 --> 00:03:07.560 align:start position:0% layer security risks and we show that 00:03:07.560 --> 00:03:09.770 align:start position:0% layer security risks and we show that Mev<00:03:08.280> poses<00:03:08.640> a<00:03:08.760> realistic<00:03:09.120> threat<00:03:09.360> to<00:03:09.420> ethereum 00:03:09.770 --> 00:03:09.780 align:start position:0% Mev poses a realistic threat to ethereum 00:03:09.780 --> 00:03:12.470 align:start position:0% Mev poses a realistic threat to ethereum today<00:03:10.019> that<00:03:10.560> was<00:03:10.680> four<00:03:10.920> years<00:03:11.099> ago<00:03:11.400> so<00:03:12.239> today 00:03:12.470 --> 00:03:12.480 align:start position:0% today that was four years ago so today 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of these systems we're building<00:03:19.140> where<00:03:19.739> we<00:03:19.920> make<00:03:20.099> sure<00:03:20.340> that<00:03:20.640> this 00:03:20.809 --> 00:03:20.819 align:start position:0% building where we make sure that this 00:03:20.819 --> 00:03:23.030 align:start position:0% building where we make sure that this Mev<00:03:21.360> is<00:03:21.959> used<00:03:22.080> for<00:03:22.319> good<00:03:22.560> and<00:03:22.860> not 00:03:23.030 --> 00:03:23.040 align:start position:0% Mev is used for good and not 00:03:23.040 --> 00:03:25.970 align:start position:0% Mev is used for good and not centralization<00:03:23.900> that<00:03:24.900> it<00:03:25.200> doesn't<00:03:25.319> entrench 00:03:25.970 --> 00:03:25.980 align:start position:0% centralization that it doesn't entrench 00:03:25.980 --> 00:03:27.770 align:start position:0% centralization that it doesn't entrench actors<00:03:26.400> into<00:03:26.580> our<00:03:26.819> systems<00:03:27.180> which<00:03:27.420> are<00:03:27.599> not 00:03:27.770 --> 00:03:27.780 align:start position:0% actors into our systems which are not 00:03:27.780 --> 00:03:29.990 align:start position:0% actors into our systems which are not aligned<00:03:28.260> with<00:03:28.379> user<00:03:28.800> fairness<00:03:29.159> how<00:03:29.760> do<00:03:29.879> we 00:03:29.990 --> 00:03:30.000 align:start position:0% aligned with user fairness how do we 00:03:30.000 --> 00:03:31.550 align:start position:0% aligned with user fairness how do we make<00:03:30.180> sure<00:03:30.360> these<00:03:30.659> systems<00:03:30.959> actually<00:03:31.200> work 00:03:31.550 --> 00:03:31.560 align:start position:0% make sure these systems actually work 00:03:31.560 --> 00:03:33.410 align:start position:0% make sure these systems actually work for<00:03:31.860> the<00:03:31.980> people<00:03:32.099> that<00:03:32.340> are<00:03:32.459> using<00:03:32.700> them 00:03:33.410 --> 00:03:33.420 align:start position:0% for the people that are using them 00:03:33.420 --> 00:03:35.089 align:start position:0% for the people that are using them uh<00:03:33.959> well<00:03:34.080> there's<00:03:34.319> one<00:03:34.500> simple<00:03:34.680> answer<00:03:34.920> to 00:03:35.089 --> 00:03:35.099 align:start position:0% uh well there's one simple answer to 00:03:35.099 --> 00:03:36.470 align:start position:0% uh well there's one simple answer to that<00:03:35.220> and<00:03:35.400> this<00:03:35.580> photo<00:03:35.760> is<00:03:35.940> actually<00:03:36.120> from<00:03:36.300> a 00:03:36.470 --> 00:03:36.480 align:start position:0% that and this photo is actually from a 00:03:36.480 --> 00:03:38.570 align:start position:0% that and this photo is actually from a hike<00:03:36.599> I<00:03:36.840> took<00:03:37.019> after<00:03:37.200> Devcon<00:03:37.680> Osaka<00:03:38.220> again<00:03:38.340> all 00:03:38.570 --> 00:03:38.580 align:start position:0% hike I took after Devcon Osaka again all 00:03:38.580 --> 00:03:39.949 align:start position:0% hike I took after Devcon Osaka again all these<00:03:38.760> have<00:03:38.940> like<00:03:39.120> a<00:03:39.239> little<00:03:39.360> emotional<00:03:39.720> story 00:03:39.949 --> 00:03:39.959 align:start position:0% these have like a little emotional story 00:03:39.959 --> 00:03:41.630 align:start position:0% these have like a little emotional story for<00:03:40.200> me<00:03:40.319> so<00:03:40.500> I'm<00:03:40.680> kind<00:03:40.980> of<00:03:41.040> indulging<00:03:41.459> myself 00:03:41.630 --> 00:03:41.640 align:start position:0% for me so I'm kind of indulging myself 00:03:41.640 --> 00:03:44.210 align:start position:0% for me so I'm kind of indulging myself here<00:03:42.060> but<00:03:42.720> we<00:03:42.900> do<00:03:43.019> that<00:03:43.200> by<00:03:43.440> playing<00:03:43.739> the<00:03:43.980> long 00:03:44.210 --> 00:03:44.220 align:start position:0% here but we do that by playing the long 00:03:44.220 --> 00:03:45.470 align:start position:0% here but we do that by playing the long game 00:03:45.470 --> 00:03:45.480 align:start position:0% game 00:03:45.480 --> 00:03:47.869 align:start position:0% game um<00:03:45.540> so<00:03:45.900> this<00:03:46.080> is<00:03:46.200> what<00:03:46.440> what<00:03:46.799> I<00:03:47.340> spend<00:03:47.640> my 00:03:47.869 --> 00:03:47.879 align:start position:0% um so this is what what I spend my 00:03:47.879 --> 00:03:49.970 align:start position:0% um so this is what what I spend my entire<00:03:48.180> time<00:03:48.780> kind<00:03:49.140> of<00:03:49.260> for<00:03:49.379> the<00:03:49.560> last<00:03:49.739> three 00:03:49.970 --> 00:03:49.980 align:start position:0% entire time kind of for the last three 00:03:49.980 --> 00:03:52.550 align:start position:0% entire time kind of for the last three years<00:03:50.159> obsessing<00:03:51.120> about<00:03:51.299> what<00:03:52.019> is<00:03:52.260> the<00:03:52.440> long 00:03:52.550 --> 00:03:52.560 align:start position:0% years obsessing about what is the long 00:03:52.560 --> 00:03:54.770 align:start position:0% years obsessing about what is the long game<00:03:52.799> of<00:03:52.980> Mev<00:03:53.400> and<00:03:53.640> how<00:03:53.819> do<00:03:53.940> we<00:03:54.060> get<00:03:54.239> out<00:03:54.480> of<00:03:54.599> a 00:03:54.770 --> 00:03:54.780 align:start position:0% game of Mev and how do we get out of a 00:03:54.780 --> 00:03:56.449 align:start position:0% game of Mev and how do we get out of a world<00:03:54.900> where<00:03:55.500> we're<00:03:55.680> all<00:03:55.860> captured<00:03:56.280> by 00:03:56.449 --> 00:03:56.459 align:start position:0% world where we're all captured by 00:03:56.459 --> 00:03:58.550 align:start position:0% world where we're all captured by Citadel<00:03:57.000> where<00:03:57.599> we're<00:03:57.720> all<00:03:57.959> captured<00:03:58.379> by 00:03:58.550 --> 00:03:58.560 align:start position:0% Citadel where we're all captured by 00:03:58.560 --> 00:04:00.530 align:start position:0% Citadel where we're all captured by Robin<00:03:58.799> Hood's<00:03:59.280> new<00:03:59.459> crypto<00:03:59.760> wallet<00:04:00.180> where 00:04:00.530 --> 00:04:00.540 align:start position:0% Robin Hood's new crypto wallet where 00:04:00.540 --> 00:04:02.690 align:start position:0% Robin Hood's new crypto wallet where we're<00:04:00.720> all<00:04:00.959> captured<00:04:01.379> by<00:04:01.560> metamask<00:04:02.099> where 00:04:02.690 --> 00:04:02.700 align:start position:0% we're all captured by metamask where 00:04:02.700 --> 00:04:04.610 align:start position:0% we're all captured by metamask where we're<00:04:02.879> all<00:04:03.120> captured<00:04:03.480> by<00:04:03.659> flashbots<00:04:04.319> or<00:04:04.440> a 00:04:04.610 --> 00:04:04.620 align:start position:0% we're all captured by flashbots or a 00:04:04.620 --> 00:04:06.589 align:start position:0% we're all captured by flashbots or a centralized<00:04:05.099> Builder<00:04:05.459> this<00:04:05.940> is<00:04:06.060> the<00:04:06.239> world<00:04:06.360> we 00:04:06.589 --> 00:04:06.599 align:start position:0% centralized Builder this is the world we 00:04:06.599 --> 00:04:07.850 align:start position:0% centralized Builder this is the world we need<00:04:06.720> to<00:04:06.780> get<00:04:06.900> away<00:04:07.019> from<00:04:07.260> and<00:04:07.500> we<00:04:07.620> need<00:04:07.739> to 00:04:07.850 --> 00:04:07.860 align:start position:0% need to get away from and we need to 00:04:07.860 --> 00:04:10.369 align:start position:0% need to get away from and we need to play<00:04:07.980> the<00:04:08.280> very<00:04:08.459> very<00:04:08.640> long<00:04:08.879> game<00:04:09.120> here<00:04:09.420> so 00:04:10.369 --> 00:04:10.379 align:start position:0% play the very very long game here so 00:04:10.379 --> 00:04:11.869 align:start position:0% play the very very long game here so what<00:04:10.620> am<00:04:10.739> I<00:04:10.860> doing<00:04:10.980> about<00:04:11.159> this<00:04:11.400> well<00:04:11.580> one 00:04:11.869 --> 00:04:11.879 align:start position:0% what am I doing about this well one 00:04:11.879 --> 00:04:13.910 align:start position:0% what am I doing about this well one thing<00:04:12.060> is<00:04:12.540> uh<00:04:13.019> stewarding<00:04:13.620> this<00:04:13.739> project 00:04:13.910 --> 00:04:13.920 align:start position:0% thing is uh stewarding this project 00:04:13.920 --> 00:04:17.150 align:start position:0% thing is uh stewarding this project called<00:04:14.280> flashbots<00:04:15.260> which<00:04:16.260> we<00:04:16.560> announced<00:04:16.979> in 00:04:17.150 --> 00:04:17.160 align:start position:0% called flashbots which we announced in 00:04:17.160 --> 00:04:18.710 align:start position:0% called flashbots which we announced in this<00:04:17.400> blog<00:04:17.699> post<00:04:17.820> called<00:04:18.120> front<00:04:18.299> running<00:04:18.479> the 00:04:18.710 --> 00:04:18.720 align:start position:0% this blog post called front running the 00:04:18.720 --> 00:04:21.830 align:start position:0% this blog post called front running the Mev<00:04:19.139> crisis<00:04:19.560> and<00:04:20.040> it<00:04:20.220> has<00:04:20.400> three<00:04:20.639> goals<00:04:21.120> number 00:04:21.830 --> 00:04:21.840 align:start position:0% Mev crisis and it has three goals number 00:04:21.840 --> 00:04:25.070 align:start position:0% Mev crisis and it has three goals number one<00:04:22.139> illuminate<00:04:22.979> the<00:04:23.100> Dark<00:04:23.280> Forest<00:04:23.900> Mev<00:04:24.900> when 00:04:25.070 --> 00:04:25.080 align:start position:0% one illuminate the Dark Forest Mev when 00:04:25.080 --> 00:04:27.590 align:start position:0% one illuminate the Dark Forest Mev when we<00:04:25.199> started<00:04:25.440> was<00:04:25.620> an<00:04:25.800> opaque<00:04:26.220> obscure<00:04:26.759> Niche 00:04:27.590 --> 00:04:27.600 align:start position:0% we started was an opaque obscure Niche 00:04:27.600 --> 00:04:29.270 align:start position:0% we started was an opaque obscure Niche area<00:04:27.720> that<00:04:28.139> no<00:04:28.320> Searchers<00:04:28.740> wanted<00:04:28.979> to<00:04:29.160> really 00:04:29.270 --> 00:04:29.280 align:start position:0% area that no Searchers wanted to really 00:04:29.280 --> 00:04:31.370 align:start position:0% area that no Searchers wanted to really talk<00:04:29.520> about<00:04:29.699> publicly<00:04:30.240> you<00:04:30.840> couldn't<00:04:30.960> get<00:04:31.199> the 00:04:31.370 --> 00:04:31.380 align:start position:0% talk about publicly you couldn't get the 00:04:31.380 --> 00:04:33.110 align:start position:0% talk about publicly you couldn't get the kind<00:04:31.560> of<00:04:31.680> data<00:04:31.919> in<00:04:32.040> The<00:04:32.160> Flash<00:04:32.280> Boys<00:04:32.460> 2.0<00:04:33.000> Paper 00:04:33.110 --> 00:04:33.120 align:start position:0% kind of data in The Flash Boys 2.0 Paper 00:04:33.120 --> 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and<00:04:40.199> to<00:04:40.259> everyone<00:04:40.440> exactly<00:04:41.100> what 00:04:41.270 --> 00:04:41.280 align:start position:0% the users and to everyone exactly what 00:04:41.280 --> 00:04:43.189 align:start position:0% the users and to everyone exactly what is<00:04:41.400> going<00:04:41.580> on<00:04:41.699> in<00:04:41.940> these<00:04:42.120> systems<00:04:42.419> and<00:04:42.900> exactly 00:04:43.189 --> 00:04:43.199 align:start position:0% is going on in these systems and exactly 00:04:43.199 --> 00:04:44.570 align:start position:0% is going on in these systems and exactly how<00:04:43.380> it<00:04:43.500> affects<00:04:43.800> them<00:04:43.979> so<00:04:44.400> that's 00:04:44.570 --> 00:04:44.580 align:start position:0% how it affects them so that's 00:04:44.580 --> 00:04:46.790 align:start position:0% how it affects them so that's Illuminating<00:04:45.180> the<00:04:45.360> Dark<00:04:45.479> Forest<00:04:45.900> the<00:04:46.680> second 00:04:46.790 --> 00:04:46.800 align:start position:0% Illuminating the Dark Forest the second 00:04:46.800 --> 00:04:48.890 align:start position:0% Illuminating the Dark Forest the second thing<00:04:47.040> we<00:04:47.160> need<00:04:47.340> to<00:04:47.400> do<00:04:47.520> is<00:04:47.699> democratize<00:04:48.360> Mev 00:04:48.890 --> 00:04:48.900 align:start position:0% thing we need to do is democratize Mev 00:04:48.900 --> 00:04:51.110 align:start position:0% thing we need to do is democratize Mev extraction<00:04:49.380> so<00:04:50.100> if<00:04:50.280> we<00:04:50.400> want<00:04:50.520> to<00:04:50.639> preserve<00:04:50.940> the 00:04:51.110 --> 00:04:51.120 align:start position:0% extraction so if we want to preserve the 00:04:51.120 --> 00:04:52.969 align:start position:0% extraction so if we want to preserve the decentralization<00:04:51.840> of<00:04:52.380> the<00:04:52.500> systems<00:04:52.800> we're 00:04:52.969 --> 00:04:52.979 align:start position:0% decentralization of the systems we're 00:04:52.979 --> 00:04:55.070 align:start position:0% decentralization of the systems we're building<00:04:53.160> we<00:04:53.940> need<00:04:54.060> to<00:04:54.180> make<00:04:54.360> sure<00:04:54.540> that<00:04:54.840> our 00:04:55.070 --> 00:04:55.080 align:start position:0% building we need to make sure that our 00:04:55.080 --> 00:04:57.230 align:start position:0% building we need to make sure that our validators<00:04:55.740> aren't<00:04:56.520> these<00:04:56.820> vertically 00:04:57.230 --> 00:04:57.240 align:start position:0% validators aren't these vertically 00:04:57.240 --> 00:04:58.850 align:start position:0% validators aren't these vertically integrated<00:04:57.660> monoliths<00:04:58.320> that<00:04:58.560> essentially 00:04:58.850 --> 00:04:58.860 align:start position:0% integrated monoliths that essentially 00:04:58.860 --> 00:05:00.830 align:start position:0% integrated monoliths that essentially operate<00:04:59.280> as<00:04:59.400> hedge<00:04:59.759> funds<00:05:00.060> that<00:05:00.600> would<00:05:00.720> be 00:05:00.830 --> 00:05:00.840 align:start position:0% operate as hedge funds that would be 00:05:00.840 --> 00:05:02.330 align:start position:0% operate as hedge funds that would be basically<00:05:01.080> a<00:05:01.259> worst<00:05:01.500> case<00:05:01.620> scenario<00:05:02.040> for<00:05:02.160> our 00:05:02.330 --> 00:05:02.340 align:start position:0% basically a worst case scenario for our 00:05:02.340 --> 00:05:04.070 align:start position:0% basically a worst case scenario for our Network<00:05:02.460> it<00:05:02.639> would<00:05:02.820> be<00:05:02.880> a<00:05:03.060> direct<00:05:03.240> capture 00:05:04.070 --> 00:05:04.080 align:start position:0% Network it would be a direct capture 00:05:04.080 --> 00:05:06.050 align:start position:0% Network it would be a direct capture opportunity<00:05:04.560> for<00:05:05.100> entities<00:05:05.400> like<00:05:05.580> Goldman 00:05:06.050 --> 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need to make 00:05:12.840 --> 00:05:14.689 align:start position:0% ethereum today right so we need to make sure<00:05:13.020> that<00:05:13.320> Mev<00:05:13.800> extraction<00:05:14.220> and<00:05:14.520> the 00:05:14.689 --> 00:05:14.699 align:start position:0% sure that Mev extraction and the 00:05:14.699 --> 00:05:16.070 align:start position:0% sure that Mev extraction and the benefits<00:05:14.940> of<00:05:15.060> Med<00:05:15.240> extraction<00:05:15.780> are<00:05:15.960> available 00:05:16.070 --> 00:05:16.080 align:start position:0% benefits of Med extraction are available 00:05:16.080 --> 00:05:18.290 align:start position:0% benefits of Med extraction are available to<00:05:16.380> all<00:05:16.560> and<00:05:17.280> the<00:05:17.400> last<00:05:17.520> one<00:05:17.639> is<00:05:17.820> to<00:05:17.940> distribute 00:05:18.290 --> 00:05:18.300 align:start position:0% to all and the last one is to distribute 00:05:18.300 --> 00:05:20.450 align:start position:0% to all and the last one is to distribute Mev<00:05:18.720> benefits<00:05:19.259> so<00:05:19.740> it<00:05:19.860> should<00:05:20.040> not<00:05:20.160> be<00:05:20.280> the 00:05:20.450 --> 00:05:20.460 align:start position:0% Mev benefits so it should not be the 00:05:20.460 --> 00:05:22.189 align:start position:0% Mev benefits so it should not be the case<00:05:20.639> that<00:05:20.940> only<00:05:21.120> the<00:05:21.360> users<00:05:21.660> or<00:05:21.900> only<00:05:22.080> the 00:05:22.189 --> 00:05:22.199 align:start position:0% case that only the users or only the 00:05:22.199 --> 00:05:24.230 align:start position:0% case that only the users or only the validators<00:05:22.620> are<00:05:22.800> benefiting<00:05:23.340> from<00:05:23.940> this 00:05:24.230 --> 00:05:24.240 align:start position:0% validators are benefiting from this 00:05:24.240 --> 00:05:25.550 align:start position:0% validators are benefiting from this concept 00:05:25.550 --> 00:05:25.560 align:start position:0% concept 00:05:25.560 --> 00:05:27.230 align:start position:0% concept all<00:05:26.039> right<00:05:26.160> let's<00:05:26.340> talk<00:05:26.520> about<00:05:26.639> where<00:05:26.940> we<00:05:27.060> are 00:05:27.230 --> 00:05:27.240 align:start position:0% all right let's talk about where we are 00:05:27.240 --> 00:05:29.390 align:start position:0% all right let's talk about where we are today<00:05:27.479> uh<00:05:28.380> this<00:05:28.560> is<00:05:28.620> a<00:05:28.740> picture<00:05:28.860> from<00:05:29.220> West 00:05:29.390 --> 00:05:29.400 align:start position:0% today uh this is a picture from West 00:05:29.400 --> 00:05:31.070 align:start position:0% today uh this is a picture from West Virginia<00:05:29.580> also<00:05:30.180> a<00:05:30.240> very<00:05:30.360> dark<00:05:30.479> Forest<00:05:30.840> it<00:05:30.960> was 00:05:31.070 --> 00:05:31.080 align:start position:0% Virginia also a very dark Forest it was 00:05:31.080 --> 00:05:32.749 align:start position:0% Virginia also a very dark Forest it was cold<00:05:31.259> there 00:05:32.749 --> 00:05:32.759 align:start position:0% cold there 00:05:32.759 --> 00:05:35.570 align:start position:0% cold there um<00:05:33.180> so<00:05:33.840> now<00:05:34.320> we're<00:05:34.560> kind<00:05:34.800> of<00:05:34.860> on<00:05:34.979> the<00:05:35.100> heels<00:05:35.340> of 00:05:35.570 --> 00:05:35.580 align:start position:0% um so now we're kind of on the heels of 00:05:35.580 --> 00:05:37.249 align:start position:0% um so now we're kind of on the heels of the<00:05:35.699> ethereum<00:05:36.120> merch<00:05:36.479> one<00:05:36.720> of<00:05:36.840> the<00:05:36.960> largest 00:05:37.249 --> 00:05:37.259 align:start position:0% the ethereum merch one of the largest 00:05:37.259 --> 00:05:38.930 align:start position:0% the ethereum merch one of the largest most<00:05:37.560> massive<00:05:37.919> system<00:05:38.100> upgrades<00:05:38.580> we've<00:05:38.820> ever 00:05:38.930 --> 00:05:38.940 align:start position:0% most massive system upgrades we've ever 00:05:38.940 --> 00:05:41.270 align:start position:0% most massive system upgrades we've ever seen<00:05:39.180> and<00:05:40.020> flashbots<00:05:40.680> has<00:05:40.919> been<00:05:41.039> working 00:05:41.270 --> 00:05:41.280 align:start position:0% seen and flashbots has been working 00:05:41.280 --> 00:05:43.909 align:start position:0% seen and flashbots has been working towards<00:05:41.699> decentralizing<00:05:42.479> itself<00:05:42.780> so<00:05:43.740> before 00:05:43.909 --> 00:05:43.919 align:start position:0% towards decentralizing itself so before 00:05:43.919 --> 00:05:45.590 align:start position:0% towards decentralizing itself so before what<00:05:44.220> we<00:05:44.340> had<00:05:44.520> was<00:05:44.699> a<00:05:44.880> vertically<00:05:45.180> integrated 00:05:45.590 --> 00:05:45.600 align:start position:0% what we had was a vertically integrated 00:05:45.600 --> 00:05:47.150 align:start position:0% what we had was a vertically integrated Builder<00:05:46.080> where<00:05:46.320> it<00:05:46.440> would<00:05:46.560> plug<00:05:46.740> directly 00:05:47.150 --> 00:05:47.160 align:start position:0% Builder where it would plug directly 00:05:47.160 --> 00:05:50.210 align:start position:0% Builder where it would plug directly into<00:05:47.280> get<00:05:47.580> itself<00:05:48.500> and<00:05:49.500> basically<00:05:49.740> build<00:05:49.979> all 00:05:50.210 --> 00:05:50.220 align:start position:0% into get itself and basically build all 00:05:50.220 --> 00:05:51.469 align:start position:0% into get itself and basically build all blocks<00:05:50.639> at<00:05:50.759> that<00:05:50.940> point<00:05:51.000> we<00:05:51.180> were<00:05:51.300> building 00:05:51.469 --> 00:05:51.479 align:start position:0% blocks at that point we were building 00:05:51.479 --> 00:05:54.110 align:start position:0% blocks at that point we were building upwards<00:05:52.020> of<00:05:52.139> 90<00:05:52.320> of<00:05:52.919> Mev<00:05:53.400> Laden<00:05:53.759> ethereum 00:05:54.110 --> 00:05:54.120 align:start position:0% upwards of 90 of Mev Laden ethereum 00:05:54.120 --> 00:05:56.330 align:start position:0% upwards of 90 of Mev Laden ethereum blocks<00:05:54.539> and<00:05:55.139> we<00:05:55.259> decided<00:05:55.620> to<00:05:55.740> democratize 00:05:56.330 --> 00:05:56.340 align:start position:0% blocks and we decided to democratize 00:05:56.340 --> 00:05:58.909 align:start position:0% blocks and we decided to democratize this<00:05:56.580> further<00:05:56.940> by<00:05:57.419> splitting<00:05:58.199> this<00:05:58.440> role<00:05:58.740> into 00:05:58.909 --> 00:05:58.919 align:start position:0% this further by splitting this role into 00:05:58.919 --> 00:06:00.710 align:start position:0% this further by splitting this role into several<00:05:59.280> interfaces<00:05:59.940> with<00:06:00.539> many 00:06:00.710 --> 00:06:00.720 align:start position:0% several interfaces with many 00:06:00.720 --> 00:06:03.350 align:start position:0% several interfaces with many participants<00:06:01.440> and<00:06:02.280> this<00:06:02.400> was<00:06:02.580> a<00:06:02.820> direct<00:06:02.940> kind 00:06:03.350 --> 00:06:03.360 align:start position:0% participants and this was a direct kind 00:06:03.360 --> 00:06:05.210 align:start position:0% participants and this was a direct kind of<00:06:03.539> attack<00:06:03.720> on<00:06:04.199> centralized<00:06:04.800> buildings 00:06:05.210 --> 00:06:05.220 align:start position:0% of attack on centralized buildings 00:06:05.220 --> 00:06:08.150 align:start position:0% of attack on centralized buildings Builders<00:06:06.180> sorry<00:06:06.419> to<00:06:07.139> let<00:06:07.259> new<00:06:07.500> block<00:06:07.680> Builders 00:06:08.150 --> 00:06:08.160 align:start position:0% Builders sorry to let new block Builders 00:06:08.160 --> 00:06:09.350 align:start position:0% Builders sorry to let new block Builders and<00:06:08.400> new<00:06:08.520> entities<00:06:08.759> that<00:06:09.000> wanted<00:06:09.180> to 00:06:09.350 --> 00:06:09.360 align:start position:0% and new entities that wanted to 00:06:09.360 --> 00:06:11.510 align:start position:0% and new entities that wanted to participate<00:06:09.720> in<00:06:09.840> Mev<00:06:10.320> have<00:06:10.860> a<00:06:11.100> direct<00:06:11.220> channel 00:06:11.510 --> 00:06:11.520 align:start position:0% participate in Mev have a direct channel 00:06:11.520 --> 00:06:13.310 align:start position:0% participate in Mev have a direct channel to<00:06:11.880> connect<00:06:12.000> rather<00:06:12.419> than<00:06:12.600> needing<00:06:13.020> a<00:06:13.139> high 00:06:13.310 --> 00:06:13.320 align:start position:0% to connect rather than needing a high 00:06:13.320 --> 00:06:15.469 align:start position:0% to connect rather than needing a high upstart<00:06:13.800> kind<00:06:14.340> of<00:06:14.400> Legally<00:06:14.699> heavy<00:06:15.120> world<00:06:15.240> the 00:06:15.469 --> 00:06:15.479 align:start position:0% upstart kind of Legally heavy world the 00:06:15.479 --> 00:06:17.870 align:start position:0% upstart kind of Legally heavy world the way<00:06:15.600> we<00:06:15.720> see<00:06:15.840> in<00:06:16.020> Trad<00:06:16.199> five<00:06:16.440> people<00:06:16.759> which<00:06:17.759> I 00:06:17.870 --> 00:06:17.880 align:start position:0% way we see in Trad five people which I 00:06:17.880 --> 00:06:20.090 align:start position:0% way we see in Trad five people which I consider<00:06:18.120> highly<00:06:18.479> sub-optimal<00:06:19.139> so<00:06:19.680> what<00:06:19.860> do<00:06:19.919> I 00:06:20.090 --> 00:06:20.100 align:start position:0% consider highly sub-optimal so what do I 00:06:20.100 --> 00:06:22.129 align:start position:0% consider highly sub-optimal so what do I mean<00:06:20.220> by<00:06:20.400> decentralization<00:06:21.240> so<00:06:21.720> this<00:06:21.960> this 00:06:22.129 --> 00:06:22.139 align:start position:0% mean by decentralization so this this 00:06:22.139 --> 00:06:23.809 align:start position:0% mean by decentralization so this this picture<00:06:22.440> is<00:06:22.680> actually<00:06:22.800> a<00:06:22.979> perfect<00:06:23.100> example<00:06:23.639> of 00:06:23.809 --> 00:06:23.819 align:start position:0% picture is actually a perfect example of 00:06:23.819 --> 00:06:26.210 align:start position:0% picture is actually a perfect example of it<00:06:23.940> what<00:06:24.720> we<00:06:24.840> need<00:06:24.960> to<00:06:25.080> do<00:06:25.199> to<00:06:25.380> decentralize<00:06:25.919> is 00:06:26.210 --> 00:06:26.220 align:start position:0% it what we need to do to decentralize is 00:06:26.220 --> 00:06:28.670 align:start position:0% it what we need to do to decentralize is build<00:06:26.460> many<00:06:26.819> many<00:06:27.060> parties<00:06:27.600> with<00:06:28.259> many<00:06:28.500> many 00:06:28.670 --> 00:06:28.680 align:start position:0% build many many parties with many many 00:06:28.680 --> 00:06:31.309 align:start position:0% build many many parties with many many utility<00:06:29.160> functions<00:06:29.759> that<00:06:30.720> work<00:06:30.900> on<00:06:31.199> the 00:06:31.309 --> 00:06:31.319 align:start position:0% utility functions that work on the 00:06:31.319 --> 00:06:33.590 align:start position:0% utility functions that work on the system<00:06:31.500> together<00:06:31.860> and<00:06:32.400> that<00:06:32.520> cooperate<00:06:33.120> and 00:06:33.590 --> 00:06:33.600 align:start position:0% system together and that cooperate and 00:06:33.600 --> 00:06:35.210 align:start position:0% system together and that cooperate and these<00:06:33.780> parties<00:06:34.080> need<00:06:34.319> to<00:06:34.440> have<00:06:34.620> meaningfully 00:06:35.210 --> 00:06:35.220 align:start position:0% these parties need to have meaningfully 00:06:35.220 --> 00:06:37.550 align:start position:0% these parties need to have meaningfully economically<00:06:35.880> distributed<00:06:36.419> power<00:06:36.720> so<00:06:37.440> that's 00:06:37.550 --> 00:06:37.560 align:start position:0% economically distributed power so that's 00:06:37.560 --> 00:06:39.650 align:start position:0% economically distributed power so that's what<00:06:37.740> we're<00:06:37.860> working<00:06:38.039> on<00:06:38.220> after<00:06:39.120> the<00:06:39.300> merge 00:06:39.650 --> 00:06:39.660 align:start position:0% what we're working on after the merge 00:06:39.660 --> 00:06:40.969 align:start position:0% what we're working on after the merge the<00:06:39.780> adoption<00:06:40.139> of<00:06:40.259> this<00:06:40.440> system<00:06:40.620> has 00:06:40.969 --> 00:06:40.979 align:start position:0% the adoption of this system has 00:06:40.979 --> 00:06:43.550 align:start position:0% the adoption of this system has currently<00:06:41.340> reached<00:06:41.639> about<00:06:41.759> 56<00:06:42.360> percent<00:06:42.660> of 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at 81 it's a number we're 00:06:50.880 --> 00:06:53.210 align:start position:0% this system is at 81 it's a number we're kind<00:06:51.120> of<00:06:51.240> actively<00:06:51.600> looking<00:06:51.780> at<00:06:51.960> here<00:06:52.199> and<00:06:53.160> you 00:06:53.210 --> 00:06:53.220 align:start position:0% kind of actively looking at here and you 00:06:53.220 --> 00:06:55.129 align:start position:0% kind of actively looking at here and you can<00:06:53.340> see<00:06:53.520> that<00:06:53.759> you<00:06:53.940> get<00:06:54.060> a<00:06:54.240> you<00:06:54.479> get<00:06:54.660> a<00:06:54.840> quite 00:06:55.129 --> 00:06:55.139 align:start position:0% can see that you get a you get a quite 00:06:55.139 --> 00:06:57.170 align:start position:0% can see that you get a you get a quite substantial<00:06:55.680> uh<00:06:56.100> validator<00:06:56.580> payment<00:06:56.819> Boost 00:06:57.170 --> 00:06:57.180 align:start position:0% substantial uh validator payment Boost 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position:0% make otherwise but often spiking as high as<00:07:03.840> even<00:07:04.380> 80th<00:07:05.100> in<00:07:05.520> some<00:07:05.639> blocks 00:07:07.189 --> 00:07:07.199 align:start position:0% as even 80th in some blocks 00:07:07.199 --> 00:07:09.350 align:start position:0% as even 80th in some blocks um okay<00:07:07.500> so<00:07:07.680> that's<00:07:07.800> great<00:07:08.039> Phil<00:07:08.280> but<00:07:08.580> how<00:07:09.180> is 00:07:09.350 --> 00:07:09.360 align:start position:0% um okay so that's great Phil but how is 00:07:09.360 --> 00:07:10.909 align:start position:0% um okay so that's great Phil but how is that<00:07:09.539> Illuminating<00:07:10.080> how<00:07:10.319> are<00:07:10.440> we<00:07:10.560> doing<00:07:10.740> today 00:07:10.909 --> 00:07:10.919 align:start position:0% that Illuminating how are we doing today 00:07:10.919 --> 00:07:12.230 align:start position:0% that Illuminating how are we doing today on<00:07:11.160> these<00:07:11.340> three<00:07:11.460> goals<00:07:11.759> illuminate 00:07:12.230 --> 00:07:12.240 align:start position:0% on these three goals illuminate 00:07:12.240 --> 00:07:14.210 align:start position:0% on these three goals illuminate democratize<00:07:12.780> this<00:07:12.960> tribute<00:07:13.259> and<00:07:13.800> and<00:07:13.919> what 00:07:14.210 --> 00:07:14.220 align:start position:0% democratize this tribute and and what 00:07:14.220 --> 00:07:15.770 align:start position:0% democratize this tribute and and what are<00:07:14.340> we<00:07:14.460> doing<00:07:14.639> here<00:07:14.880> so<00:07:15.360> the<00:07:15.539> first<00:07:15.660> thing 00:07:15.770 --> 00:07:15.780 align:start position:0% are we doing here so the first thing 00:07:15.780 --> 00:07:17.270 align:start position:0% are we doing here so the first thing we're<00:07:15.960> doing<00:07:16.139> at<00:07:16.319> flashbots<00:07:16.860> is<00:07:17.100> we're 00:07:17.270 --> 00:07:17.280 align:start position:0% we're doing at flashbots is we're 00:07:17.280 --> 00:07:19.550 align:start position:0% we're doing at flashbots is we're aggressively<00:07:17.880> committed<00:07:18.300> to<00:07:18.479> open<00:07:18.600> data<00:07:19.139> we 00:07:19.550 --> 00:07:19.560 align:start position:0% aggressively committed to open data we 00:07:19.560 --> 00:07:21.650 align:start position:0% aggressively committed to open data we believe<00:07:19.680> open<00:07:20.039> data<00:07:20.580> is<00:07:20.759> the<00:07:20.940> only<00:07:21.120> way<00:07:21.360> to 00:07:21.650 --> 00:07:21.660 align:start position:0% believe open data is the only way to 00:07:21.660 --> 00:07:23.930 align:start position:0% believe open data is the only way to escape<00:07:21.979> centralization<00:07:22.979> and<00:07:23.340> get<00:07:23.520> to<00:07:23.639> a 00:07:23.930 --> 00:07:23.940 align:start position:0% escape centralization and get to a 00:07:23.940 --> 00:07:26.689 align:start position:0% escape centralization and get to a decentralized<00:07:24.599> fair<00:07:25.020> Universe 00:07:26.689 --> 00:07:26.699 align:start position:0% decentralized fair Universe 00:07:26.699 --> 00:07:28.730 align:start position:0% decentralized fair Universe um<00:07:26.759> in<00:07:27.000> that<00:07:27.180> regard<00:07:27.660> we've<00:07:28.020> been<00:07:28.080> pioneering 00:07:28.730 --> 00:07:28.740 align:start position:0% um in that regard we've been pioneering 00:07:28.740 --> 00:07:30.350 align:start position:0% um in that regard we've been pioneering much<00:07:29.039> of<00:07:29.160> the<00:07:29.280> data<00:07:29.520> used<00:07:29.759> by<00:07:29.940> a<00:07:30.060> lot<00:07:30.180> of<00:07:30.240> the 00:07:30.350 --> 00:07:30.360 align:start position:0% much of the data used by a lot of the 00:07:30.360 --> 00:07:32.749 align:start position:0% much of the data used by a lot of the ecosystem<00:07:30.720> on<00:07:31.020> Mev<00:07:31.500> it's<00:07:32.039> very<00:07:32.280> hard<00:07:32.460> to<00:07:32.639> read 00:07:32.749 --> 00:07:32.759 align:start position:0% ecosystem on Mev it's very hard to read 00:07:32.759 --> 00:07:34.670 align:start position:0% ecosystem on Mev it's very hard to read an<00:07:32.880> Mev<00:07:33.240> article<00:07:33.539> without<00:07:33.720> seeing<00:07:34.139> flashbots 00:07:34.670 --> 00:07:34.680 align:start position:0% an Mev article without seeing flashbots 00:07:34.680 --> 00:07:37.010 align:start position:0% an Mev article without seeing flashbots data<00:07:35.099> quoted<00:07:35.699> therein<00:07:36.000> and<00:07:36.300> we<00:07:36.419> provide<00:07:36.720> open 00:07:37.010 --> 00:07:37.020 align:start position:0% data quoted therein and we provide open 00:07:37.020 --> 00:07:39.529 align:start position:0% data quoted therein and we provide open data<00:07:37.500> on<00:07:38.039> both<00:07:38.220> public<00:07:38.759> goods<00:07:39.120> blockchain 00:07:39.529 --> 00:07:39.539 align:start position:0% data on both public goods blockchain 00:07:39.539 --> 00:07:41.330 align:start position:0% data on both public goods blockchain transactions<00:07:40.199> that<00:07:40.380> do<00:07:40.560> not<00:07:40.680> flow<00:07:40.979> through<00:07:41.099> us 00:07:41.330 --> 00:07:41.340 align:start position:0% transactions that do not flow through us 00:07:41.340 --> 00:07:43.370 align:start position:0% transactions that do not flow through us as<00:07:41.880> well<00:07:42.060> as<00:07:42.180> transactions<00:07:42.900> flowing<00:07:43.259> through 00:07:43.370 --> 00:07:43.380 align:start position:0% as well as transactions flowing through 00:07:43.380 --> 00:07:45.290 align:start position:0% as well as transactions flowing through our<00:07:43.500> node<00:07:43.740> not<00:07:44.400> only<00:07:44.520> are<00:07:44.699> we<00:07:44.819> a<00:07:44.940> leader<00:07:45.180> in 00:07:45.290 --> 00:07:45.300 align:start position:0% our node not only are we a leader in 00:07:45.300 --> 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transparency<00:07:52.259> dashboards<00:07:52.979> which<00:07:53.580> was 00:07:53.749 --> 00:07:53.759 align:start position:0% transparency dashboards which was 00:07:53.759 --> 00:07:55.969 align:start position:0% transparency dashboards which was Unthinkable<00:07:54.360> three<00:07:54.660> years<00:07:54.840> ago<00:07:55.139> so<00:07:55.500> several 00:07:55.969 --> 00:07:55.979 align:start position:0% Unthinkable three years ago so several 00:07:55.979 --> 00:07:57.409 align:start position:0% Unthinkable three years ago so several other<00:07:56.400> companies<00:07:56.819> that<00:07:57.000> are<00:07:57.120> doing<00:07:57.240> this 00:07:57.409 --> 00:07:57.419 align:start position:0% other companies that are doing this 00:07:57.419 --> 00:08:00.170 align:start position:0% other companies that are doing this include<00:07:57.780> Western<00:07:57.960> gate<00:07:58.440> jump<00:07:58.680> skip<00:07:59.039> zero<00:07:59.759> Mev 00:08:00.170 --> 00:08:00.180 align:start position:0% include Western gate jump skip zero Mev 00:08:00.180 --> 00:08:02.450 align:start position:0% include Western gate jump skip zero Mev and<00:08:00.419> much<00:08:00.599> more<00:08:01.160> inspired<00:08:02.160> by<00:08:02.340> the 00:08:02.450 --> 00:08:02.460 align:start position:0% and much more inspired by the 00:08:02.460 --> 00:08:05.089 align:start position:0% and much more inspired by the illumination<00:08:02.880> culture<00:08:03.840> of<00:08:03.960> our<00:08:04.080> Explorer<00:08:04.560> and 00:08:05.089 --> 00:08:05.099 align:start position:0% illumination culture of our Explorer and 00:08:05.099 --> 00:08:06.469 align:start position:0% illumination culture of our Explorer and we're<00:08:05.220> taking<00:08:05.460> this<00:08:05.759> past<00:08:05.880> the<00:08:06.060> merge<00:08:06.300> with 00:08:06.469 --> 00:08:06.479 align:start position:0% we're taking this past the merge with 00:08:06.479 --> 00:08:08.629 align:start position:0% we're taking this past the merge with Rich<00:08:07.020> public<00:08:07.380> data<00:08:07.860> from<00:08:08.340> all<00:08:08.520> the 00:08:08.629 --> 00:08:08.639 align:start position:0% Rich public data from all the 00:08:08.639 --> 00:08:10.490 align:start position:0% Rich public data from all the centralized<00:08:09.060> infrastructure<00:08:09.660> we're<00:08:10.259> running 00:08:10.490 --> 00:08:10.500 align:start position:0% centralized infrastructure we're running 00:08:10.500 --> 00:08:12.589 align:start position:0% centralized infrastructure we're running as<00:08:11.099> well<00:08:11.280> as<00:08:11.400> dashboards<00:08:11.940> where<00:08:12.120> people<00:08:12.300> can 00:08:12.589 --> 00:08:12.599 align:start position:0% as well as dashboards where people can 00:08:12.599 --> 00:08:14.689 align:start position:0% as well as dashboards where people can see<00:08:12.840> how<00:08:13.500> this<00:08:13.740> infrastructure<00:08:14.280> is<00:08:14.400> kind<00:08:14.639> of 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illumination through this talk through proof<00:08:20.940> of<00:08:21.060> stake<00:08:21.300> and<00:08:21.539> through<00:08:21.720> any<00:08:22.020> future 00:08:22.249 --> 00:08:22.259 align:start position:0% proof of stake and through any future 00:08:22.259 --> 00:08:24.589 align:start position:0% proof of stake and through any future we're<00:08:22.680> in<00:08:22.919> one<00:08:23.759> last<00:08:23.879> thing<00:08:24.060> I<00:08:24.240> want<00:08:24.360> to<00:08:24.479> say 00:08:24.589 --> 00:08:24.599 align:start position:0% we're in one last thing I want to say 00:08:24.599 --> 00:08:26.629 align:start position:0% we're in one last thing I want to say and<00:08:24.960> this<00:08:25.080> is<00:08:25.199> the<00:08:25.440> biggest<00:08:25.500> font<00:08:25.979> I<00:08:26.220> used<00:08:26.340> in 00:08:26.629 --> 00:08:26.639 align:start position:0% and this is the biggest font I used in 00:08:26.639 --> 00:08:28.490 align:start position:0% and this is the biggest font I used in the<00:08:26.759> entire<00:08:27.000> slide<00:08:27.360> so<00:08:27.840> this<00:08:27.960> is<00:08:28.080> important 00:08:28.490 --> 00:08:28.500 align:start position:0% the entire slide so this is important 00:08:28.500 --> 00:08:30.850 align:start position:0% the entire slide so this is important you<00:08:29.160> cannot<00:08:29.400> illuminate<00:08:29.819> without<00:08:30.000> research 00:08:30.850 --> 00:08:30.860 align:start position:0% you cannot illuminate without research 00:08:30.860 --> 00:08:33.589 align:start position:0% you cannot illuminate without research flashbots<00:08:31.860> is<00:08:32.399> committed<00:08:32.820> to<00:08:32.940> doing<00:08:33.180> research 00:08:33.589 --> 00:08:33.599 align:start position:0% flashbots is committed to doing research 00:08:33.599 --> 00:08:35.570 align:start position:0% flashbots is committed to doing research as<00:08:33.779> a<00:08:34.020> first<00:08:34.080> class<00:08:34.260> citizen<00:08:34.860> in<00:08:35.339> its 00:08:35.570 --> 00:08:35.580 align:start position:0% as a first class citizen in its 00:08:35.580 --> 00:08:37.310 align:start position:0% as a first class citizen in its activities<00:08:35.880> and<00:08:36.240> having<00:08:36.479> a<00:08:36.719> dual<00:08:36.839> research 00:08:37.310 --> 00:08:37.320 align:start position:0% activities and having a dual research 00:08:37.320 --> 00:08:39.110 align:start position:0% activities and having a dual research and<00:08:37.440> development<00:08:37.860> engine<00:08:38.099> you<00:08:38.820> can<00:08:38.880> see<00:08:39.000> that 00:08:39.110 --> 00:08:39.120 align:start position:0% and development engine you can see that 00:08:39.120 --> 00:08:41.089 align:start position:0% and development engine you can see that in<00:08:39.300> Devcon<00:08:39.659> here<00:08:40.020> you<00:08:40.620> can<00:08:40.680> see<00:08:40.860> the 00:08:41.089 --> 00:08:41.099 align:start position:0% in Devcon here you can see the 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looking<00:08:47.580> at<00:08:47.820> the<00:08:48.120> schedule<00:08:48.240> that<00:08:48.540> we've 00:08:48.710 --> 00:08:48.720 align:start position:0% know looking at the schedule that we've 00:08:48.720 --> 00:08:50.630 align:start position:0% know looking at the schedule that we've listed<00:08:48.959> on<00:08:49.080> our<00:08:49.200> Forum<00:08:49.500> with<00:08:49.740> several<00:08:50.100> amazing 00:08:50.630 --> 00:08:50.640 align:start position:0% listed on our Forum with several amazing 00:08:50.640 --> 00:08:53.269 align:start position:0% listed on our Forum with several amazing talks<00:08:51.060> there<00:08:51.240> and<00:08:51.959> it's<00:08:52.140> extremely<00:08:52.740> hard<00:08:53.040> to 00:08:53.269 --> 00:08:53.279 align:start position:0% talks there and it's extremely hard to 00:08:53.279 --> 00:08:55.730 align:start position:0% talks there and it's extremely hard to look<00:08:53.339> at<00:08:53.580> an<00:08:53.700> Mev<00:08:54.120> event<00:08:54.300> or<00:08:54.839> an<00:08:54.959> Mev<00:08:55.380> article 00:08:55.730 --> 00:08:55.740 align:start position:0% look at an Mev event or an Mev article 00:08:55.740 --> 00:08:58.670 align:start position:0% look at an Mev event or an Mev article or<00:08:56.100> do<00:08:56.220> Mev<00:08:56.700> research<00:08:57.120> without<00:08:57.500> using<00:08:58.500> this 00:08:58.670 --> 00:08:58.680 align:start position:0% or do Mev research without using this 00:08:58.680 --> 00:09:00.050 align:start position:0% or do Mev research without using this public<00:08:58.860> goods<00:08:59.279> research<00:08:59.580> that<00:08:59.700> we've<00:08:59.880> been 00:09:00.050 --> 00:09:00.060 align:start position:0% public goods research that we've been 00:09:00.060 --> 00:09:01.790 align:start position:0% public goods research that we've been doing<00:09:00.180> all<00:09:00.540> right<00:09:00.720> Phil<00:09:00.839> that's<00:09:01.320> great<00:09:01.500> you 00:09:01.790 --> 00:09:01.800 align:start position:0% doing all right Phil that's great you 00:09:01.800 --> 00:09:03.110 align:start position:0% doing all right Phil that's great you guys<00:09:01.920> are<00:09:02.100> Illuminating<00:09:02.580> what<00:09:02.940> about 00:09:03.110 --> 00:09:03.120 align:start position:0% guys are Illuminating what about 00:09:03.120 --> 00:09:05.570 align:start position:0% guys are Illuminating what about democratization 00:09:05.570 --> 00:09:05.580 align:start position:0% democratization 00:09:05.580 --> 00:09:07.370 align:start position:0% democratization um so<00:09:05.820> democratization<00:09:06.540> is<00:09:06.959> extremely 00:09:07.370 --> 00:09:07.380 align:start position:0% um so democratization is extremely 00:09:07.380 --> 00:09:09.650 align:start position:0% um so democratization is extremely important<00:09:07.740> to<00:09:07.920> me<00:09:08.040> that<00:09:08.880> means<00:09:09.180> that<00:09:09.420> every 00:09:09.650 --> 00:09:09.660 align:start position:0% important to me that means that every 00:09:09.660 --> 00:09:11.930 align:start position:0% important to me that means that every user<00:09:10.019> has<00:09:10.260> to<00:09:10.440> have<00:09:10.680> equal<00:09:10.980> access<00:09:11.339> to<00:09:11.820> the 00:09:11.930 --> 00:09:11.940 align:start position:0% user has to have equal access to the 00:09:11.940 --> 00:09:13.730 align:start position:0% user has to have equal access to the system<00:09:12.120> uh<00:09:12.600> that<00:09:12.839> we<00:09:12.899> are<00:09:13.019> building<00:09:13.200> here<00:09:13.500> of 00:09:13.730 --> 00:09:13.740 align:start position:0% system uh that we are building here of 00:09:13.740 --> 00:09:14.750 align:start position:0% system uh that we are building here of Med 00:09:14.750 --> 00:09:14.760 align:start position:0% Med 00:09:14.760 --> 00:09:16.670 align:start position:0% Med and<00:09:15.240> on<00:09:15.420> that<00:09:15.540> perspective<00:09:15.899> much<00:09:16.260> like<00:09:16.440> my 00:09:16.670 --> 00:09:16.680 align:start position:0% and on that perspective much like my 00:09:16.680 --> 00:09:19.009 align:start position:0% and on that perspective much like my friend<00:09:16.800> little<00:09:17.100> frog<00:09:17.580> I<00:09:18.060> believe<00:09:18.240> we're<00:09:18.720> a 00:09:19.009 --> 00:09:19.019 align:start position:0% friend little frog I believe we're a 00:09:19.019 --> 00:09:21.290 align:start position:0% friend little frog I believe we're a Long<00:09:19.140> Way<00:09:19.260> From<00:09:19.560> Home 00:09:21.290 --> 00:09:21.300 align:start position:0% Long Way From Home 00:09:21.300 --> 00:09:23.329 align:start position:0% Long Way From Home um<00:09:21.839> so<00:09:22.260> I<00:09:22.380> want<00:09:22.500> to<00:09:22.620> address<00:09:22.740> kind<00:09:23.160> of<00:09:23.220> the 00:09:23.329 --> 00:09:23.339 align:start position:0% um so I want to address kind of the 00:09:23.339 --> 00:09:24.650 align:start position:0% um so I want to address kind of the elephant<00:09:23.700> in<00:09:23.820> the<00:09:23.940> room<00:09:24.060> this<00:09:24.240> is<00:09:24.360> one<00:09:24.480> of<00:09:24.600> the 00:09:24.650 --> 00:09:24.660 align:start position:0% elephant in the room this is one of the 00:09:24.660 --> 00:09:26.030 align:start position:0% elephant in the room this is one of the memes<00:09:24.959> I've<00:09:25.140> heard<00:09:25.260> a<00:09:25.440> lot<00:09:25.560> at<00:09:25.800> the<00:09:25.920> hallway 00:09:26.030 --> 00:09:26.040 align:start position:0% memes I've heard a lot at the hallway 00:09:26.040 --> 00:09:28.670 align:start position:0% memes I've heard a lot at the hallway track<00:09:26.339> of<00:09:26.580> this<00:09:26.880> uh<00:09:27.420> conference<00:09:28.080> which<00:09:28.620> is 00:09:28.670 --> 00:09:28.680 align:start position:0% track of this uh conference which is 00:09:28.680 --> 00:09:31.730 align:start position:0% track of this uh conference which is ofac<00:09:29.420> so<00:09:30.420> we<00:09:30.720> run<00:09:30.899> a<00:09:31.080> lot<00:09:31.140> of<00:09:31.260> centralized 00:09:31.730 --> 00:09:31.740 align:start position:0% ofac so we run a lot of centralized 00:09:31.740 --> 00:09:33.710 align:start position:0% ofac so we run a lot of centralized infrastructure<00:09:32.220> in<00:09:32.399> our<00:09:32.580> systems<00:09:32.880> today<00:09:33.060> that 00:09:33.710 --> 00:09:33.720 align:start position:0% infrastructure in our systems today that 00:09:33.720 --> 00:09:35.509 align:start position:0% infrastructure in our systems today that is<00:09:33.839> not<00:09:34.019> the<00:09:34.200> long-term<00:09:34.620> plan<00:09:34.800> at<00:09:35.100> all<00:09:35.220> but 00:09:35.509 --> 00:09:35.519 align:start position:0% is not the long-term plan at all but 00:09:35.519 --> 00:09:37.310 align:start position:0% is not the long-term plan at all but today<00:09:35.700> we<00:09:36.000> do 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position:0% very successful in our mission to 00:09:52.800 --> 00:09:56.210 align:start position:0% very successful in our mission to democratize<00:09:53.279> Mev<00:09:53.760> almost<00:09:54.480> too<00:09:54.720> successful 00:09:56.210 --> 00:09:56.220 align:start position:0% democratize Mev almost too successful 00:09:56.220 --> 00:09:58.250 align:start position:0% democratize Mev almost too successful um<00:09:56.279> we've<00:09:56.640> almost<00:09:57.060> grown<00:09:57.420> too<00:09:57.660> quickly<00:09:57.959> to 00:09:58.250 --> 00:09:58.260 align:start position:0% um we've almost grown too quickly to 00:09:58.260 --> 00:09:59.810 align:start position:0% um we've almost grown too quickly to outpace<00:09:58.680> and<00:09:58.920> build<00:09:59.220> these<00:09:59.519> competitive 00:09:59.810 --> 00:09:59.820 align:start position:0% outpace and build these competitive 00:09:59.820 --> 00:10:02.449 align:start position:0% outpace and build these competitive ecosystems<00:10:00.480> we're<00:10:00.660> striving<00:10:00.959> towards<00:10:01.320> so<00:10:02.160> the 00:10:02.449 --> 00:10:02.459 align:start position:0% ecosystems we're striving towards so the 00:10:02.459 --> 00:10:04.730 align:start position:0% ecosystems we're striving towards so the next<00:10:02.580> thing<00:10:02.760> we<00:10:02.940> need<00:10:03.000> to<00:10:03.120> do<00:10:03.300> is<00:10:03.959> ensure<00:10:04.440> as 00:10:04.730 --> 00:10:04.740 align:start position:0% next thing we need to do is ensure as 00:10:04.740 --> 00:10:06.650 align:start position:0% next thing we need to do is ensure as much<00:10:04.920> Global<00:10:05.339> cooperation<00:10:05.820> on<00:10:06.120> these<00:10:06.300> systems 00:10:06.650 --> 00:10:06.660 align:start position:0% much Global cooperation on these systems 00:10:06.660 --> 00:10:09.110 align:start position:0% much Global cooperation on these systems and<00:10:06.899> as<00:10:07.019> much<00:10:07.260> diversity<00:10:07.860> of<00:10:08.459> participation 00:10:09.110 --> 00:10:09.120 align:start position:0% and as much diversity of participation 00:10:09.120 --> 00:10:11.870 align:start position:0% and as much diversity of participation with<00:10:09.540> different<00:10:09.660> utility<00:10:10.140> functions<00:10:10.740> as<00:10:11.700> we 00:10:11.870 --> 00:10:11.880 align:start position:0% with different utility functions as we 00:10:11.880 --> 00:10:13.790 align:start position:0% with different utility functions as we can<00:10:12.060> if<00:10:12.660> you<00:10:12.779> look<00:10:12.899> at<00:10:13.019> what<00:10:13.260> the<00:10:13.380> ethereum 00:10:13.790 --> 00:10:13.800 align:start position:0% can if you look at what the ethereum 00:10:13.800 --> 00:10:15.230 align:start position:0% can if you look at what the ethereum blockchain<00:10:14.160> looks<00:10:14.459> like<00:10:14.580> today<00:10:14.700> this<00:10:15.000> is<00:10:15.120> a 00:10:15.230 --> 00:10:15.240 align:start position:0% blockchain looks like today this is a 00:10:15.240 --> 00:10:17.090 align:start position:0% blockchain looks like today this is a picture<00:10:15.300> from<00:10:15.660> last<00:10:15.839> night<00:10:16.080> of<00:10:16.440> ofac 00:10:17.090 --> 00:10:17.100 align:start position:0% picture from last night of ofac 00:10:17.100 --> 00:10:19.970 align:start position:0% picture from last night of ofac compatible<00:10:17.519> blocks<00:10:18.140> you<00:10:19.140> can<00:10:19.260> kind<00:10:19.380> of<00:10:19.500> get<00:10:19.740> a 00:10:19.970 --> 00:10:19.980 align:start position:0% compatible blocks you can kind of get a 00:10:19.980 --> 00:10:22.190 align:start position:0% compatible blocks you can kind of get a scope<00:10:20.339> of<00:10:20.519> the<00:10:20.640> situation<00:10:21.000> so<00:10:21.600> the<00:10:21.720> reality<00:10:22.080> is 00:10:22.190 --> 00:10:22.200 align:start position:0% scope of the situation so the reality is 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of<00:10:28.740> blocks<00:10:29.100> complying<00:10:29.519> with<00:10:29.640> them<00:10:29.820> what 00:10:30.590 --> 00:10:30.600 align:start position:0% half of blocks complying with them what 00:10:30.600 --> 00:10:32.210 align:start position:0% half of blocks complying with them what this<00:10:30.720> means<00:10:30.959> is<00:10:31.140> you<00:10:31.380> may<00:10:31.500> generally<00:10:31.860> have<00:10:32.100> to 00:10:32.210 --> 00:10:32.220 align:start position:0% this means is you may generally have to 00:10:32.220 --> 00:10:34.910 align:start position:0% this means is you may generally have to wait<00:10:32.399> 15<00:10:32.820> to<00:10:33.120> 30<00:10:33.300> seconds<00:10:33.600> longer<00:10:34.260> for<00:10:34.740> the 00:10:34.910 --> 00:10:34.920 align:start position:0% wait 15 to 30 seconds longer for the 00:10:34.920 --> 00:10:36.730 align:start position:0% wait 15 to 30 seconds longer for the inclusion<00:10:35.339> of<00:10:35.519> a<00:10:35.880> sanctioned<00:10:36.360> transaction 00:10:36.730 --> 00:10:36.740 align:start position:0% inclusion of a sanctioned transaction 00:10:36.740 --> 00:10:39.769 align:start position:0% inclusion of a sanctioned transaction this<00:10:37.740> is<00:10:37.860> not<00:10:37.980> the<00:10:38.160> same<00:10:38.279> as<00:10:38.459> a<00:10:38.580> 51<00:10:38.880> attack<00:10:39.420> on 00:10:39.769 --> 00:10:39.779 align:start position:0% this is not the same as a 51 attack on 00:10:39.779 --> 00:10:41.449 align:start position:0% this is not the same as a 51 attack on eth<00:10:40.200> because<00:10:40.380> it<00:10:40.560> doesn't<00:10:40.680> operate<00:10:41.100> at<00:10:41.339> the 00:10:41.449 --> 00:10:41.459 align:start position:0% eth because it doesn't operate at the 00:10:41.459 --> 00:10:43.970 align:start position:0% eth because it doesn't operate at the consensus<00:10:41.940> layer<00:10:42.720> that<00:10:43.260> being<00:10:43.440> said<00:10:43.620> it<00:10:43.800> is 00:10:43.970 --> 00:10:43.980 align:start position:0% consensus layer that being said it is 00:10:43.980 --> 00:10:45.590 align:start position:0% consensus layer that being said it is concerning<00:10:44.339> right<00:10:44.579> if<00:10:44.820> this<00:10:45.000> number<00:10:45.180> gets 00:10:45.590 --> 00:10:45.600 align:start position:0% concerning right if this number gets 00:10:45.600 --> 00:10:47.690 align:start position:0% concerning right if this number gets closer<00:10:45.959> to<00:10:46.380> the<00:10:46.560> full<00:10:46.740> proportion<00:10:47.220> of<00:10:47.399> eth 00:10:47.690 --> 00:10:47.700 align:start position:0% closer to the full proportion of eth 00:10:47.700 --> 00:10:50.470 align:start position:0% closer to the full proportion of eth block<00:10:47.880> power<00:10:48.180> that<00:10:48.959> would<00:10:49.140> be<00:10:49.320> kind<00:10:49.740> of<00:10:49.860> a 00:10:50.470 --> 00:10:50.480 align:start position:0% block power that would be kind of a 00:10:50.480 --> 00:10:53.509 align:start position:0% block power that would be kind of a upsetting<00:10:51.480> for<00:10:52.019> the<00:10:52.140> ability<00:10:52.440> of<00:10:52.800> a<00:10:52.920> lot<00:10:53.040> of<00:10:53.220> uh 00:10:53.509 --> 00:10:53.519 align:start position:0% upsetting for the ability of a lot of uh 00:10:53.519 --> 00:10:55.370 align:start position:0% upsetting for the ability of a lot of uh parties<00:10:53.940> to<00:10:54.180> get<00:10:54.300> transactions<00:10:54.839> included<00:10:55.260> and 00:10:55.370 --> 00:10:55.380 align:start position:0% parties to get transactions included and 00:10:55.380 --> 00:10:58.430 align:start position:0% parties to get transactions included and also<00:10:55.680> for<00:10:55.920> ethereum<00:10:56.640> to<00:10:56.880> operate<00:10:57.180> as<00:10:57.480> a<00:10:57.660> system 00:10:58.430 --> 00:10:58.440 align:start position:0% also for ethereum to operate as a system 00:10:58.440 --> 00:11:00.410 align:start position:0% also for ethereum to operate as a system um<00:10:58.560> and<00:10:58.740> as<00:10:59.160> a<00:10:59.339> foundation 00:11:00.410 --> 00:11:00.420 align:start position:0% um and as a foundation 00:11:00.420 --> 00:11:01.850 align:start position:0% um and as a foundation um<00:11:00.480> so<00:11:00.660> how<00:11:00.779> do<00:11:00.899> we<00:11:01.019> get<00:11:01.140> out<00:11:01.260> of<00:11:01.380> this<00:11:01.500> and<00:11:01.680> make 00:11:01.850 --> 00:11:01.860 align:start position:0% um so how do we get out of this and make 00:11:01.860 --> 00:11:03.470 align:start position:0% um so how do we get out of this and make sure<00:11:01.980> that<00:11:02.160> doesn't<00:11:02.339> happen<00:11:02.640> well<00:11:03.300> there's 00:11:03.470 --> 00:11:03.480 align:start position:0% sure that doesn't happen well there's 00:11:03.480 --> 00:11:05.509 align:start position:0% sure that doesn't happen well there's one<00:11:03.720> thing<00:11:03.839> from<00:11:04.079> me<00:11:04.260> as<00:11:04.440> flashbots<00:11:05.220> that<00:11:05.399> I'm 00:11:05.509 --> 00:11:05.519 align:start position:0% one thing from me as flashbots that I'm 00:11:05.519 --> 00:11:06.769 align:start position:0% one thing from me as flashbots that I'm going<00:11:05.579> to<00:11:05.700> say<00:11:05.820> and<00:11:06.240> then<00:11:06.360> I'm<00:11:06.480> going<00:11:06.540> to<00:11:06.660> go 00:11:06.769 --> 00:11:06.779 align:start position:0% going to say and then I'm going to go 00:11:06.779 --> 00:11:08.269 align:start position:0% going to say and then I'm going to go into<00:11:06.839> really<00:11:07.140> how<00:11:07.440> do<00:11:07.500> we<00:11:07.680> get<00:11:07.800> out<00:11:07.920> of<00:11:07.980> this<00:11:08.100> on 00:11:08.269 --> 00:11:08.279 align:start position:0% into really how do we get out of this on 00:11:08.279 --> 00:11:10.670 align:start position:0% into really how do we get out of this on like<00:11:08.459> a<00:11:08.640> technical<00:11:08.880> level<00:11:09.200> so<00:11:10.200> what<00:11:10.320> I<00:11:10.440> have<00:11:10.560> to 00:11:10.670 --> 00:11:10.680 align:start position:0% like a technical level so what I have to 00:11:10.680 --> 00:11:13.490 align:start position:0% like a technical level so what I have to say<00:11:10.800> as<00:11:10.980> flashbots<00:11:11.579> is<00:11:11.820> we<00:11:12.180> do<00:11:12.300> not<00:11:12.480> intend<00:11:12.839> to 00:11:13.490 --> 00:11:13.500 align:start position:0% say as flashbots is we do not intend to 00:11:13.500 --> 00:11:15.170 align:start position:0% say as flashbots is we do not intend to impose<00:11:13.800> our<00:11:14.040> utility<00:11:14.399> functions<00:11:14.820> or<00:11:15.000> our 00:11:15.170 --> 00:11:15.180 align:start position:0% impose our utility functions or our 00:11:15.180 --> 00:11:17.329 align:start position:0% impose our utility functions or our legal<00:11:15.480> risk<00:11:15.779> analyzes<00:11:16.260> on<00:11:16.860> the<00:11:16.980> ethereum 00:11:17.329 --> 00:11:17.339 align:start position:0% legal risk analyzes on the ethereum 00:11:17.339 --> 00:11:19.610 align:start position:0% legal risk analyzes on the ethereum network<00:11:17.579> full<00:11:18.300> stop<00:11:18.480> that<00:11:19.260> stands<00:11:19.500> against 00:11:19.610 --> 00:11:19.620 align:start position:0% network full stop that stands against 00:11:19.620 --> 00:11:21.170 align:start position:0% network full stop that stands against everything<00:11:20.040> I<00:11:20.279> believe<00:11:20.399> in<00:11:20.640> it<00:11:20.940> stands 00:11:21.170 --> 00:11:21.180 align:start position:0% everything I believe in it stands 00:11:21.180 --> 00:11:23.030 align:start position:0% everything I believe in it stands against<00:11:21.360> the<00:11:21.720> last<00:11:21.899> seven<00:11:22.320> years<00:11:22.560> of<00:11:22.860> my 00:11:23.030 --> 00:11:23.040 align:start position:0% against the last seven years of my 00:11:23.040 --> 00:11:24.829 align:start position:0% against the last seven years of my participation<00:11:23.519> in<00:11:23.760> this<00:11:23.940> ecosystem<00:11:24.360> in<00:11:24.660> the 00:11:24.829 --> 00:11:24.839 align:start position:0% participation in this ecosystem in the 00:11:24.839 --> 00:11:26.810 align:start position:0% participation in this ecosystem in the last<00:11:25.019> 10<00:11:25.620> years<00:11:25.800> of<00:11:26.040> my<00:11:26.160> participation<00:11:26.640> in 00:11:26.810 --> 00:11:26.820 align:start position:0% last 10 years of my participation in 00:11:26.820 --> 00:11:28.970 align:start position:0% last 10 years of my participation in cryptocurrency<00:11:27.420> in<00:11:27.660> general<00:11:27.839> I'm<00:11:28.500> here<00:11:28.800> for 00:11:28.970 --> 00:11:28.980 align:start position:0% cryptocurrency in general I'm here for 00:11:28.980 --> 00:11:30.889 align:start position:0% cryptocurrency in general I'm here for censorship<00:11:29.399> resistance<00:11:29.940> everyone<00:11:30.300> who<00:11:30.600> knows 00:11:30.889 --> 00:11:30.899 align:start position:0% censorship resistance everyone who knows 00:11:30.899 --> 00:11:33.769 align:start position:0% censorship resistance everyone who knows me<00:11:30.959> knows<00:11:31.320> that<00:11:31.860> and<00:11:32.519> I<00:11:32.760> I've<00:11:33.000> also<00:11:33.360> researched 00:11:33.769 --> 00:11:33.779 align:start position:0% me knows that and I I've also researched 00:11:33.779 --> 00:11:35.930 align:start position:0% me knows that and I I've also researched this<00:11:33.959> issue<00:11:34.260> you<00:11:34.620> know<00:11:34.680> long<00:11:34.920> before<00:11:35.100> ofax<00:11:35.700> so 00:11:35.930 --> 00:11:35.940 align:start position:0% this issue you know long before ofax so 00:11:35.940 --> 00:11:38.329 align:start position:0% this issue you know long before ofax so how<00:11:36.360> do<00:11:36.420> we<00:11:36.540> get<00:11:36.660> out<00:11:36.779> of<00:11:36.899> here<00:11:37.019> we<00:11:37.620> believe<00:11:37.800> one 00:11:38.329 --> 00:11:38.339 align:start position:0% how do we get out of here we believe one 00:11:38.339 --> 00:11:40.910 align:start position:0% how do we get out of here we believe one key<00:11:38.519> tool<00:11:38.880> is<00:11:39.060> open<00:11:39.240> source<00:11:39.660> so<00:11:40.140> open<00:11:40.380> sourcing 00:11:40.910 --> 00:11:40.920 align:start position:0% key tool is open source so open sourcing 00:11:40.920 --> 00:11:42.470 align:start position:0% key tool is open source so open sourcing as<00:11:41.220> much<00:11:41.399> of<00:11:41.579> our<00:11:41.700> infrastructure<00:11:42.300> as 00:11:42.470 --> 00:11:42.480 align:start position:0% as much of our infrastructure as 00:11:42.480 --> 00:11:44.810 align:start position:0% as much of our infrastructure as possible<00:11:42.839> is<00:11:43.500> the<00:11:43.740> only<00:11:43.860> way<00:11:44.100> we<00:11:44.339> get<00:11:44.459> out<00:11:44.700> of 00:11:44.810 --> 00:11:44.820 align:start position:0% possible is the only way we get out of 00:11:44.820 --> 00:11:47.750 align:start position:0% possible is the only way we get out of this<00:11:45.000> centralized<00:11:45.480> Builder<00:11:45.899> morass<00:11:46.260> right<00:11:46.980> we 00:11:47.750 --> 00:11:47.760 align:start position:0% this centralized Builder morass right we 00:11:47.760 --> 00:11:49.490 align:start position:0% this centralized Builder morass right we need<00:11:47.940> to<00:11:48.120> make<00:11:48.360> sure<00:11:48.480> that<00:11:48.720> people<00:11:48.899> can<00:11:49.200> easily 00:11:49.490 --> 00:11:49.500 align:start position:0% need to make sure that people can easily 00:11:49.500 --> 00:11:51.530 align:start position:0% need to make sure that people can easily build<00:11:49.740> this<00:11:50.040> technology<00:11:50.399> that<00:11:51.060> the<00:11:51.240> barriers 00:11:51.530 --> 00:11:51.540 align:start position:0% build this technology that the barriers 00:11:51.540 --> 00:11:53.870 align:start position:0% build this technology that the barriers to<00:11:51.720> entry<00:11:52.079> are<00:11:52.380> low<00:11:52.620> and<00:11:52.920> almost<00:11:53.100> non-existent 00:11:53.870 --> 00:11:53.880 align:start position:0% to entry are low and almost non-existent 00:11:53.880 --> 00:11:55.670 align:start position:0% to entry are low and almost non-existent if<00:11:54.300> we<00:11:54.420> want<00:11:54.540> to<00:11:54.660> have<00:11:54.720> a<00:11:54.959> diversity<00:11:55.380> of 00:11:55.670 --> 00:11:55.680 align:start position:0% if we want to have a diversity of 00:11:55.680 --> 00:11:57.590 align:start position:0% if we want to have a diversity of participants<00:11:56.279> A<00:11:56.640> diversity<00:11:57.000> of<00:11:57.180> competition 00:11:57.590 --> 00:11:57.600 align:start position:0% participants A diversity of competition 00:11:57.600 --> 00:11:59.630 align:start position:0% participants A diversity of competition and<00:11:58.440> meaningfully<00:11:58.980> economically 00:11:59.630 --> 00:11:59.640 align:start position:0% and meaningfully economically 00:11:59.640 --> 00:12:01.910 align:start position:0% and meaningfully economically decentralized<00:12:00.480> power<00:12:00.720> in<00:12:01.320> the<00:12:01.500> systems<00:12:01.740> we're 00:12:01.910 --> 00:12:01.920 align:start position:0% decentralized power in the systems we're 00:12:01.920 --> 00:12:03.290 align:start position:0% decentralized power in the systems we're building 00:12:03.290 --> 00:12:03.300 align:start position:0% building 00:12:03.300 --> 00:12:04.550 align:start position:0% building um so<00:12:03.540> this<00:12:03.720> is<00:12:03.839> something<00:12:03.959> we're<00:12:04.200> actively 00:12:04.550 --> 00:12:04.560 align:start position:0% um so this is something we're actively 00:12:04.560 --> 00:12:06.410 align:start position:0% um so this is something we're actively working<00:12:04.740> towards<00:12:05.160> here<00:12:05.399> so<00:12:05.820> this<00:12:06.000> first<00:12:06.180> graph 00:12:06.410 --> 00:12:06.420 align:start position:0% working towards here so this first graph 00:12:06.420 --> 00:12:08.329 align:start position:0% working towards here so this first graph is<00:12:06.600> an<00:12:06.720> adoption<00:12:07.079> graph<00:12:07.320> you<00:12:07.740> can<00:12:07.860> see<00:12:07.980> on<00:12:08.220> the 00:12:08.329 --> 00:12:08.339 align:start position:0% is an adoption graph you can see on the 00:12:08.339 --> 00:12:10.550 align:start position:0% is an adoption graph you can see on the bottom<00:12:08.579> basically<00:12:08.940> the<00:12:09.180> adoption<00:12:09.660> in<00:12:10.380> purple 00:12:10.550 --> 00:12:10.560 align:start position:0% bottom basically the adoption in purple 00:12:10.560 --> 00:12:13.069 align:start position:0% bottom basically the adoption in purple of<00:12:11.160> the<00:12:11.279> Mev<00:12:11.700> boost<00:12:11.880> system<00:12:12.120> on<00:12:12.360> each<00:12:12.540> blocks 00:12:13.069 --> 00:12:13.079 align:start position:0% of the Mev boost system on each blocks 00:12:13.079 --> 00:12:15.170 align:start position:0% of the Mev boost system on each blocks and<00:12:13.560> it's<00:12:13.740> steadily<00:12:14.220> increasing<00:12:14.579> an<00:12:14.700> adoption 00:12:15.170 --> 00:12:15.180 align:start position:0% and it's steadily increasing an adoption 00:12:15.180 --> 00:12:17.690 align:start position:0% and it's steadily increasing an adoption adoption<00:12:15.660> as<00:12:15.779> we<00:12:15.899> reach<00:12:16.140> 50<00:12:16.339> but<00:12:17.339> if<00:12:17.459> you<00:12:17.579> look 00:12:17.690 --> 00:12:17.700 align:start position:0% adoption as we reach 50 but if you look 00:12:17.700 --> 00:12:19.130 align:start position:0% adoption as we reach 50 but if you look at<00:12:17.820> who's<00:12:18.000> actually<00:12:18.240> building<00:12:18.480> these<00:12:18.839> blocks 00:12:19.130 --> 00:12:19.140 align:start position:0% at who's actually building these blocks 00:12:19.140 --> 00:12:21.290 align:start position:0% at who's actually building these blocks where<00:12:19.740> that<00:12:19.920> bright<00:12:20.100> purple<00:12:20.279> bars<00:12:20.700> flashbots 00:12:21.290 --> 00:12:21.300 align:start position:0% where that bright purple bars flashbots 00:12:21.300 --> 00:12:24.290 align:start position:0% where that bright purple bars flashbots here<00:12:21.540> you<00:12:22.320> can<00:12:22.380> see<00:12:22.620> a<00:12:23.100> number<00:12:23.279> of<00:12:23.459> new<00:12:23.940> uh 00:12:24.290 --> 00:12:24.300 align:start position:0% here you can see a number of new uh 00:12:24.300 --> 00:12:26.870 align:start position:0% here you can see a number of new uh industry<00:12:24.660> players<00:12:25.019> are<00:12:25.260> coming<00:12:25.440> in<00:12:25.800> to<00:12:26.519> uh 00:12:26.870 --> 00:12:26.880 align:start position:0% industry players are coming in to uh 00:12:26.880 --> 00:12:28.970 align:start position:0% industry players are coming in to uh building<00:12:27.120> blocks<00:12:27.720> and<00:12:28.079> as<00:12:28.260> well<00:12:28.440> as<00:12:28.500> relaying 00:12:28.970 --> 00:12:28.980 align:start position:0% building blocks and as well as relaying 00:12:28.980 --> 00:12:30.470 align:start position:0% building blocks and as well as relaying them<00:12:29.100> we<00:12:29.279> have<00:12:29.399> several<00:12:29.640> relays<00:12:30.060> as<00:12:30.180> I<00:12:30.300> showed 00:12:30.470 --> 00:12:30.480 align:start position:0% them we have several relays as I showed 00:12:30.480 --> 00:12:32.509 align:start position:0% them we have several relays as I showed you<00:12:30.540> on<00:12:30.660> a<00:12:30.779> previous<00:12:30.899> slide 00:12:32.509 --> 00:12:32.519 align:start position:0% you on a previous slide 00:12:32.519 --> 00:12:34.190 align:start position:0% you on a previous slide um and<00:12:33.180> this<00:12:33.300> is<00:12:33.420> to<00:12:33.600> us<00:12:33.779> key<00:12:34.019> to 00:12:34.190 --> 00:12:34.200 align:start position:0% um and this is to us key to 00:12:34.200 --> 00:12:36.470 align:start position:0% um and this is to us key to democratization<00:12:34.920> so<00:12:35.640> in<00:12:35.880> our<00:12:36.000> opinion<00:12:36.240> the 00:12:36.470 --> 00:12:36.480 align:start position:0% democratization so in our opinion the 00:12:36.480 --> 00:12:37.970 align:start position:0% democratization so in our opinion the relay<00:12:36.720> is<00:12:36.959> not<00:12:37.079> a<00:12:37.260> piece<00:12:37.440> of<00:12:37.500> software<00:12:37.800> that 00:12:37.970 --> 00:12:37.980 align:start position:0% relay is not a piece of software that 00:12:37.980 --> 00:12:40.190 align:start position:0% relay is not a piece of software that will<00:12:38.160> exist<00:12:38.459> in<00:12:38.760> two<00:12:38.880> or<00:12:39.060> three<00:12:39.180> years<00:12:39.420> it<00:12:40.079> will 00:12:40.190 --> 00:12:40.200 align:start position:0% will exist in two or three years it will 00:12:40.200 --> 00:12:42.829 align:start position:0% will exist in two or three years it will be<00:12:40.380> replaced<00:12:40.920> by<00:12:41.100> PBS<00:12:41.640> or<00:12:42.000> more<00:12:42.240> sophisticated 00:12:42.829 --> 00:12:42.839 align:start position:0% be replaced by PBS or more sophisticated 00:12:42.839 --> 00:12:45.829 align:start position:0% be replaced by PBS or more sophisticated kind<00:12:43.620> of<00:12:43.740> interfaces<00:12:44.399> on<00:12:45.120> the<00:12:45.180> other<00:12:45.300> hand<00:12:45.480> the 00:12:45.829 --> 00:12:45.839 align:start position:0% kind of interfaces on the other hand the 00:12:45.839 --> 00:12:48.050 align:start position:0% kind of interfaces on the other hand the Builder<00:12:46.200> is<00:12:46.620> extremely<00:12:47.040> concerning<00:12:47.579> to<00:12:47.820> avoid 00:12:48.050 --> 00:12:48.060 align:start position:0% Builder is extremely concerning to avoid 00:12:48.060 --> 00:12:49.790 align:start position:0% Builder is extremely concerning to avoid centralization<00:12:48.720> in<00:12:48.959> because<00:12:49.440> of<00:12:49.620> the 00:12:49.790 --> 00:12:49.800 align:start position:0% centralization in because of the 00:12:49.800 --> 00:12:51.650 align:start position:0% centralization in because of the entrenched<00:12:50.279> incentives<00:12:50.760> in<00:12:51.120> that<00:12:51.240> level<00:12:51.420> of 00:12:51.650 --> 00:12:51.660 align:start position:0% entrenched incentives in that level of 00:12:51.660 --> 00:12:53.569 align:start position:0% entrenched incentives in that level of the<00:12:51.839> stack<00:12:52.019> so<00:12:52.740> how<00:12:52.920> do<00:12:52.980> we<00:12:53.160> avoid 00:12:53.569 --> 00:12:53.579 align:start position:0% the stack so how do we avoid 00:12:53.579 --> 00:12:56.269 align:start position:0% the stack so how do we avoid centralization<00:12:54.420> open<00:12:55.139> sourcing<00:12:55.680> is<00:12:55.920> one<00:12:56.100> way 00:12:56.269 --> 00:12:56.279 align:start position:0% centralization open sourcing is one way 00:12:56.279 --> 00:12:57.949 align:start position:0% centralization open sourcing is one way supporting<00:12:56.940> our<00:12:57.120> competition<00:12:57.540> is<00:12:57.779> another 00:12:57.949 --> 00:12:57.959 align:start position:0% supporting our competition is another 00:12:57.959 --> 00:13:00.590 align:start position:0% supporting our competition is another and<00:12:58.740> a<00:12:58.860> third<00:12:58.980> way<00:12:59.220> is<00:12:59.519> making<00:12:59.760> sure<00:13:00.000> we<00:13:00.240> Lobby 00:13:00.590 --> 00:13:00.600 align:start position:0% and a third way is making sure we Lobby 00:13:00.600 --> 00:13:02.990 align:start position:0% and a third way is making sure we Lobby aggressively<00:13:01.500> the<00:13:01.860> entire<00:13:02.040> ecosystem<00:13:02.519> them 00:13:02.990 --> 00:13:03.000 align:start position:0% aggressively the entire ecosystem them 00:13:03.000 --> 00:13:05.150 align:start position:0% aggressively the entire ecosystem them to<00:13:03.360> avoid<00:13:03.660> entrenching<00:13:04.260> centralized<00:13:04.800> choices 00:13:05.150 --> 00:13:05.160 align:start position:0% to avoid entrenching centralized choices 00:13:05.160 --> 00:13:07.970 align:start position:0% to avoid entrenching centralized choices like<00:13:05.880> private<00:13:06.360> or<00:13:06.959> exclusive<00:13:07.380> order<00:13:07.620> flow 00:13:07.970 --> 00:13:07.980 align:start position:0% like private or exclusive order flow 00:13:07.980 --> 00:13:09.710 align:start position:0% like private or exclusive order flow into<00:13:08.399> the<00:13:08.639> way<00:13:08.760> they<00:13:08.940> do<00:13:09.060> business<00:13:09.240> because 00:13:09.710 --> 00:13:09.720 align:start position:0% into the way they do business because 00:13:09.720 --> 00:13:11.750 align:start position:0% into the way they do business because these<00:13:10.019> will<00:13:10.200> destroy<00:13:10.680> the<00:13:11.220> system<00:13:11.339> that<00:13:11.579> we 00:13:11.750 --> 00:13:11.760 align:start position:0% these will destroy the system that we 00:13:11.760 --> 00:13:13.069 align:start position:0% these will destroy the system that we love<00:13:11.880> as<00:13:12.240> a<00:13:12.420> whole 00:13:13.069 --> 00:13:13.079 align:start position:0% love as a whole 00:13:13.079 --> 00:13:14.449 align:start position:0% love as a whole um<00:13:13.200> okay<00:13:13.320> Phil<00:13:13.560> so<00:13:13.860> how<00:13:13.980> do<00:13:14.100> we<00:13:14.160> get<00:13:14.279> out<00:13:14.399> of 00:13:14.449 --> 00:13:14.459 align:start position:0% um okay Phil so how do we get out of 00:13:14.459 --> 00:13:16.910 align:start position:0% um okay Phil so how do we get out of here<00:13:15.120> well<00:13:15.540> like<00:13:15.779> any<00:13:15.959> Forest<00:13:16.380> when<00:13:16.680> you're<00:13:16.800> in 00:13:16.910 --> 00:13:16.920 align:start position:0% here well like any Forest when you're in 00:13:16.920 --> 00:13:18.769 align:start position:0% here well like any Forest when you're in the<00:13:16.980> middle<00:13:17.100> of<00:13:17.220> a<00:13:17.339> forest<00:13:17.579> and<00:13:17.760> it's<00:13:17.940> dark<00:13:18.120> the 00:13:18.769 --> 00:13:18.779 align:start position:0% the middle of a forest and it's dark the 00:13:18.779 --> 00:13:20.389 align:start position:0% the middle of a forest and it's dark the only<00:13:18.959> way<00:13:19.139> out<00:13:19.380> is<00:13:19.560> through 00:13:20.389 --> 00:13:20.399 align:start position:0% only way out is through 00:13:20.399 --> 00:13:21.590 align:start position:0% only way out is through so 00:13:21.590 --> 00:13:21.600 align:start position:0% so 00:13:21.600 --> 00:13:23.269 align:start position:0% so come<00:13:22.079> with<00:13:22.200> me<00:13:22.320> on<00:13:22.500> a<00:13:22.620> journey<00:13:22.800> and<00:13:22.980> let<00:13:23.160> me 00:13:23.269 --> 00:13:23.279 align:start position:0% come with me on a journey and let me 00:13:23.279 --> 00:13:25.790 align:start position:0% come with me on a journey and let me take<00:13:23.399> you<00:13:23.579> through<00:13:24.019> uh<00:13:25.019> where<00:13:25.260> we<00:13:25.380> are<00:13:25.560> today 00:13:25.790 --> 00:13:25.800 align:start position:0% take you through uh where we are today 00:13:25.800 --> 00:13:27.769 align:start position:0% take you through uh where we are today so<00:13:26.579> the<00:13:26.760> first<00:13:26.820> thing<00:13:27.000> we're<00:13:27.120> doing<00:13:27.300> is<00:13:27.480> on<00:13:27.660> the 00:13:27.769 --> 00:13:27.779 align:start position:0% so the first thing we're doing is on the 00:13:27.779 --> 00:13:30.170 align:start position:0% so the first thing we're doing is on the left<00:13:27.839> we're<00:13:28.200> supporting<00:13:28.800> not<00:13:29.399> only<00:13:29.519> Paradigm 00:13:30.170 --> 00:13:30.180 align:start position:0% left we're supporting not only Paradigm 00:13:30.180 --> 00:13:32.509 align:start position:0% left we're supporting not only Paradigm as<00:13:30.360> our<00:13:30.540> partners<00:13:30.839> but<00:13:31.079> many<00:13:31.320> others<00:13:31.800> who<00:13:32.399> are 00:13:32.509 --> 00:13:32.519 align:start position:0% as our partners but many others who are 00:13:32.519 --> 00:13:34.430 align:start position:0% as our partners but many others who are asking<00:13:33.000> these<00:13:33.360> hard<00:13:33.540> social<00:13:33.839> and<00:13:34.079> legal 00:13:34.430 --> 00:13:34.440 align:start position:0% asking these hard social and legal 00:13:34.440 --> 00:13:36.829 align:start position:0% asking these hard social and legal questions<00:13:34.680> about<00:13:35.459> the<00:13:35.700> base<00:13:35.940> layer<00:13:36.360> about 00:13:36.829 --> 00:13:36.839 align:start position:0% questions about the base layer about 00:13:36.839 --> 00:13:39.110 align:start position:0% questions about the base layer about validation<00:13:37.500> about<00:13:38.040> how<00:13:38.399> this<00:13:38.579> impacts 00:13:39.110 --> 00:13:39.120 align:start position:0% validation about how this impacts 00:13:39.120 --> 00:13:40.670 align:start position:0% validation about how this impacts everything<00:13:39.420> we're<00:13:39.720> building<00:13:39.959> we're 00:13:40.670 --> 00:13:40.680 align:start position:0% everything we're building we're 00:13:40.680 --> 00:13:42.650 align:start position:0% everything we're building we're supporting<00:13:41.040> them<00:13:41.220> as<00:13:41.399> much<00:13:41.519> as<00:13:41.639> we<00:13:41.820> can<00:13:42.000> with 00:13:42.650 --> 00:13:42.660 align:start position:0% supporting them as much as we can with 00:13:42.660 --> 00:13:46.190 align:start position:0% supporting them as much as we can with discussions<00:13:43.260> with<00:13:43.680> engagement<00:13:44.420> and<00:13:45.420> and<00:13:45.600> in 00:13:46.190 --> 00:13:46.200 align:start position:0% discussions with engagement and and in 00:13:46.200 --> 00:13:47.389 align:start position:0% discussions with engagement and and in many<00:13:46.320> other<00:13:46.560> ways 00:13:47.389 --> 00:13:47.399 align:start position:0% many other ways 00:13:47.399 --> 00:13:49.250 align:start position:0% many other ways the<00:13:47.820> other<00:13:48.000> thing<00:13:48.180> is<00:13:48.360> on<00:13:48.600> the<00:13:48.720> top<00:13:48.839> right<00:13:49.019> you 00:13:49.250 --> 00:13:49.260 align:start position:0% the other thing is on the top right you 00:13:49.260 --> 00:13:50.629 align:start position:0% the other thing is on the top right you can<00:13:49.380> see<00:13:49.500> part<00:13:49.680> of<00:13:49.800> a<00:13:49.920> tweet<00:13:50.100> storm<00:13:50.279> of<00:13:50.519> mine 00:13:50.629 --> 00:13:50.639 align:start position:0% can see part of a tweet storm of mine 00:13:50.639 --> 00:13:52.490 align:start position:0% can see part of a tweet storm of mine where<00:13:50.880> I<00:13:51.060> talk<00:13:51.240> about<00:13:51.420> how<00:13:52.260> to<00:13:52.380> actually 00:13:52.490 --> 00:13:52.500 align:start position:0% where I talk about how to actually 00:13:52.500 --> 00:13:54.350 align:start position:0% where I talk about how to actually achieve<00:13:52.980> censorship<00:13:53.459> resistance<00:13:54.000> and 00:13:54.350 --> 00:13:54.360 align:start position:0% achieve censorship resistance and 00:13:54.360 --> 00:13:56.389 align:start position:0% achieve censorship resistance and neutrality<00:13:54.959> through<00:13:55.620> decentralization 00:13:56.389 --> 00:13:56.399 align:start position:0% neutrality through decentralization 00:13:56.399 --> 00:13:59.090 align:start position:0% neutrality through decentralization through<00:13:57.300> Geographic<00:13:57.959> distributions<00:13:58.500> of<00:13:58.980> the 00:13:59.090 --> 00:13:59.100 align:start position:0% through Geographic distributions of the 00:13:59.100 --> 00:14:00.230 align:start position:0% through Geographic distributions of the preferences<00:13:59.579> of<00:13:59.700> different<00:13:59.880> utility 00:14:00.230 --> 00:14:00.240 align:start position:0% preferences of different utility 00:14:00.240 --> 00:14:01.790 align:start position:0% preferences of different utility functions 00:14:01.790 --> 00:14:01.800 align:start position:0% functions 00:14:01.800 --> 00:14:03.829 align:start position:0% functions um I<00:14:02.160> don't<00:14:02.279> think<00:14:02.459> you<00:14:02.639> can<00:14:02.760> pressure<00:14:03.000> any 00:14:03.829 --> 00:14:03.839 align:start position:0% um I don't think you can pressure any 00:14:03.839 --> 00:14:05.930 align:start position:0% um I don't think you can pressure any one<00:14:04.019> validator<00:14:04.500> to<00:14:04.740> be<00:14:04.860> decentralized<00:14:05.519> and<00:14:05.820> I 00:14:05.930 --> 00:14:05.940 align:start position:0% one validator to be decentralized and I 00:14:05.940 --> 00:14:07.610 align:start position:0% one validator to be decentralized and I think<00:14:06.060> that<00:14:06.240> will<00:14:06.480> ultimately<00:14:06.839> make<00:14:07.200> you<00:14:07.380> more 00:14:07.610 --> 00:14:07.620 align:start position:0% think that will ultimately make you more 00:14:07.620 --> 00:14:09.769 align:start position:0% think that will ultimately make you more centralized<00:14:08.279> if<00:14:08.700> you<00:14:08.820> knock<00:14:09.000> on<00:14:09.180> coinbase's 00:14:09.769 --> 00:14:09.779 align:start position:0% centralized if you knock on coinbase's 00:14:09.779 --> 00:14:11.870 align:start position:0% centralized if you knock on coinbase's door<00:14:09.959> and<00:14:10.139> you<00:14:10.260> say<00:14:10.440> guys<00:14:10.740> you<00:14:11.519> have<00:14:11.639> to<00:14:11.760> shut 00:14:11.870 --> 00:14:11.880 align:start position:0% door and you say guys you have to shut 00:14:11.880 --> 00:14:13.670 align:start position:0% door and you say guys you have to shut down<00:14:12.120> now<00:14:12.420> or<00:14:12.720> you<00:14:12.959> have<00:14:13.079> to<00:14:13.200> like<00:14:13.380> mine 00:14:13.670 --> 00:14:13.680 align:start position:0% down now or you have to like mine 00:14:13.680 --> 00:14:15.710 align:start position:0% down now or you have to like mine transactions<00:14:14.339> that<00:14:14.639> will<00:14:14.880> get<00:14:15.300> your<00:14:15.480> public 00:14:15.710 --> 00:14:15.720 align:start position:0% transactions that will get your public 00:14:15.720 --> 00:14:17.389 align:start position:0% transactions that will get your public company<00:14:15.959> sanctioned<00:14:16.620> by<00:14:16.860> its<00:14:17.040> relevant 00:14:17.389 --> 00:14:17.399 align:start position:0% company sanctioned by its relevant 00:14:17.399 --> 00:14:19.610 align:start position:0% company sanctioned by its relevant authorities<00:14:17.820> that's<00:14:18.600> not<00:14:18.779> how<00:14:18.959> you<00:14:19.079> build<00:14:19.260> a 00:14:19.610 --> 00:14:19.620 align:start position:0% authorities that's not how you build a 00:14:19.620 --> 00:14:21.350 align:start position:0% authorities that's not how you build a maximally<00:14:19.920> robust<00:14:20.339> system<00:14:20.639> that's<00:14:21.060> how<00:14:21.240> you 00:14:21.350 --> 00:14:21.360 align:start position:0% maximally robust system that's how you 00:14:21.360 --> 00:14:23.569 align:start position:0% maximally robust system that's how you push<00:14:21.540> your<00:14:21.779> system<00:14:21.959> to<00:14:22.200> the<00:14:22.380> edges<00:14:22.740> this<00:14:23.459> is 00:14:23.569 --> 00:14:23.579 align:start position:0% push your system to the edges this is 00:14:23.579 --> 00:14:25.310 align:start position:0% push your system to the edges this is Mev<00:14:24.000> for<00:14:24.180> the<00:14:24.300> next<00:14:24.420> trillion<00:14:24.839> we're<00:14:25.139> trying 00:14:25.310 --> 00:14:25.320 align:start position:0% Mev for the next trillion we're trying 00:14:25.320 --> 00:14:27.470 align:start position:0% Mev for the next trillion we're trying to<00:14:25.500> go<00:14:25.620> to<00:14:25.740> the<00:14:25.920> whole<00:14:26.040> world<00:14:26.279> the<00:14:27.240> entire 00:14:27.470 --> 00:14:27.480 align:start position:0% to go to the whole world the entire 00:14:27.480 --> 00:14:29.470 align:start position:0% to go to the whole world the entire Financial<00:14:27.839> value<00:14:28.260> of<00:14:28.620> the<00:14:28.740> entire<00:14:28.980> world<00:14:29.160> here 00:14:29.470 --> 00:14:29.480 align:start position:0% Financial value of the entire world here 00:14:29.480 --> 00:14:32.030 align:start position:0% Financial value of the entire world here so<00:14:30.480> we<00:14:30.660> are<00:14:30.779> absolutely<00:14:31.139> trying<00:14:31.440> to<00:14:31.560> go<00:14:31.680> beyond 00:14:32.030 --> 00:14:32.040 align:start position:0% so we are absolutely trying to go beyond 00:14:32.040 --> 00:14:33.650 align:start position:0% so we are absolutely trying to go beyond the<00:14:32.279> preferences<00:14:32.700> and<00:14:32.820> utility<00:14:33.060> functions<00:14:33.540> of 00:14:33.650 --> 00:14:33.660 align:start position:0% the preferences and utility functions of 00:14:33.660 --> 00:14:35.389 align:start position:0% the preferences and utility functions of any<00:14:33.899> single<00:14:34.200> player 00:14:35.389 --> 00:14:35.399 align:start position:0% any single player 00:14:35.399 --> 00:14:36.769 align:start position:0% any single player um<00:14:35.459> the<00:14:35.579> other<00:14:35.760> thing<00:14:35.880> we're<00:14:36.060> doing<00:14:36.240> is<00:14:36.540> these 00:14:36.769 --> 00:14:36.779 align:start position:0% um the other thing we're doing is these 00:14:36.779 --> 00:14:38.090 align:start position:0% um the other thing we're doing is these are<00:14:36.839> research<00:14:37.139> posts<00:14:37.440> you<00:14:37.560> can<00:14:37.680> read<00:14:37.800> from 00:14:38.090 --> 00:14:38.100 align:start position:0% are research posts you can read from 00:14:38.100 --> 00:14:39.590 align:start position:0% are research posts you can read from vitalik<00:14:38.639> and<00:14:38.820> our<00:14:39.000> team<00:14:39.120> that<00:14:39.360> we've<00:14:39.480> been 00:14:39.590 --> 00:14:39.600 align:start position:0% vitalik and our team that we've been 00:14:39.600 --> 00:14:42.110 align:start position:0% vitalik and our team that we've been engaging<00:14:39.959> on<00:14:40.079> for<00:14:40.320> a<00:14:40.440> while<00:14:40.560> on<00:14:41.519> how<00:14:41.820> do<00:14:41.940> we 00:14:42.110 --> 00:14:42.120 align:start position:0% engaging on for a while on how do we 00:14:42.120 --> 00:14:45.050 align:start position:0% engaging on for a while on how do we bring<00:14:42.420> back<00:14:42.660> the<00:14:43.260> status<00:14:43.440> quo<00:14:43.920> of<00:14:44.339> proof<00:14:44.940> of 00:14:45.050 --> 00:14:45.060 align:start position:0% bring back the status quo of proof of 00:14:45.060 --> 00:14:47.150 align:start position:0% bring back the status quo of proof of work<00:14:45.240> style<00:14:45.480> censorship<00:14:46.019> resistance<00:14:46.560> where 00:14:47.150 --> 00:14:47.160 align:start position:0% work style censorship resistance where 00:14:47.160 --> 00:14:49.730 align:start position:0% work style censorship resistance where the<00:14:47.339> validators<00:14:47.880> have<00:14:48.120> Agency<00:14:48.600> on<00:14:49.320> choosing 00:14:49.730 --> 00:14:49.740 align:start position:0% the validators have Agency on choosing 00:14:49.740 --> 00:14:52.810 align:start position:0% the validators have Agency on choosing only<00:14:49.980> builders<00:14:50.579> that<00:14:51.240> are<00:14:51.420> not<00:14:51.540> censoring 00:14:52.810 --> 00:14:52.820 align:start position:0% only builders that are not censoring 00:14:52.820 --> 00:14:56.150 align:start position:0% only builders that are not censoring while<00:14:53.820> maintaining<00:14:54.720> the<00:14:55.320> revenue<00:14:55.620> that<00:14:56.040> they 00:14:56.150 --> 00:14:56.160 align:start position:0% while maintaining the revenue that they 00:14:56.160 --> 00:14:58.670 align:start position:0% while maintaining the revenue that they can<00:14:56.279> see<00:14:56.459> from<00:14:56.880> Mev<00:14:57.360> optimization<00:14:57.899> so<00:14:58.500> we 00:14:58.670 --> 00:14:58.680 align:start position:0% can see from Mev optimization so we 00:14:58.680 --> 00:15:01.310 align:start position:0% can see from Mev optimization so we don't<00:14:58.800> want<00:14:58.920> to<00:14:59.040> make<00:14:59.220> validators<00:14:59.820> choose<00:15:00.320> Mev 00:15:01.310 --> 00:15:01.320 align:start position:0% don't want to make validators choose Mev 00:15:01.320 --> 00:15:03.710 align:start position:0% don't want to make validators choose Mev optimization<00:15:01.920> or<00:15:02.459> censoring<00:15:03.000> we<00:15:03.480> want<00:15:03.600> them 00:15:03.710 --> 00:15:03.720 align:start position:0% optimization or censoring we want them 00:15:03.720 --> 00:15:05.150 align:start position:0% optimization or censoring we want them to<00:15:03.899> be<00:15:03.959> on<00:15:04.199> whatever<00:15:04.380> point<00:15:04.800> on<00:15:05.040> that 00:15:05.150 --> 00:15:05.160 align:start position:0% to be on whatever point on that 00:15:05.160 --> 00:15:07.069 align:start position:0% to be on whatever point on that trade-off<00:15:05.519> point<00:15:05.760> they<00:15:06.300> want<00:15:06.420> to<00:15:06.540> be<00:15:06.660> at<00:15:06.839> and 00:15:07.069 --> 00:15:07.079 align:start position:0% trade-off point they want to be at and 00:15:07.079 --> 00:15:08.990 align:start position:0% trade-off point they want to be at and we<00:15:07.199> want<00:15:07.320> to<00:15:07.440> incubate<00:15:07.920> as<00:15:08.220> many<00:15:08.399> points<00:15:08.760> on 00:15:08.990 --> 00:15:09.000 align:start position:0% we want to incubate as many points on 00:15:09.000 --> 00:15:11.870 align:start position:0% we want to incubate as many points on this<00:15:09.180> graph<00:15:09.480> as<00:15:10.199> we<00:15:10.440> can<00:15:10.560> and<00:15:11.339> how<00:15:11.579> do<00:15:11.639> we<00:15:11.760> do 00:15:11.870 --> 00:15:11.880 align:start position:0% this graph as we can and how do we do 00:15:11.880 --> 00:15:13.370 align:start position:0% this graph as we can and how do we do that<00:15:12.000> we<00:15:12.180> do<00:15:12.300> that<00:15:12.420> through<00:15:12.660> research<00:15:13.139> again 00:15:13.370 --> 00:15:13.380 align:start position:0% that we do that through research again 00:15:13.380 --> 00:15:15.889 align:start position:0% that we do that through research again research<00:15:13.980> is<00:15:14.100> absolutely<00:15:14.699> key<00:15:15.060> and<00:15:15.540> we<00:15:15.660> cannot 00:15:15.889 --> 00:15:15.899 align:start position:0% research is absolutely key and we cannot 00:15:15.899 --> 00:15:18.410 align:start position:0% research is absolutely key and we cannot get<00:15:16.019> out<00:15:16.139> without<00:15:16.380> it<00:15:16.680> alrighty<00:15:17.639> so<00:15:18.060> much<00:15:18.240> like 00:15:18.410 --> 00:15:18.420 align:start position:0% get out without it alrighty so much like 00:15:18.420 --> 00:15:20.449 align:start position:0% get out without it alrighty so much like tree<00:15:18.600> roots<00:15:19.019> the<00:15:19.740> last<00:15:19.920> step<00:15:20.100> is<00:15:20.279> to 00:15:20.449 --> 00:15:20.459 align:start position:0% tree roots the last step is to 00:15:20.459 --> 00:15:22.250 align:start position:0% tree roots the last step is to distribute<00:15:20.820> this<00:15:21.060> Mev<00:15:21.480> to<00:15:21.779> our<00:15:22.019> entire 00:15:22.250 --> 00:15:22.260 align:start position:0% distribute this Mev to our entire 00:15:22.260 --> 00:15:25.730 align:start position:0% distribute this Mev to our entire Community<00:15:22.560> organism<00:15:23.220> in<00:15:24.120> this<00:15:24.300> room<00:15:24.560> so<00:15:25.560> here 00:15:25.730 --> 00:15:25.740 align:start position:0% Community organism in this room so here 00:15:25.740 --> 00:15:27.350 align:start position:0% Community organism in this room so here is<00:15:25.920> actually<00:15:26.100> the<00:15:26.399> the<00:15:26.699> part<00:15:26.820> we've<00:15:27.120> done<00:15:27.180> the 00:15:27.350 --> 00:15:27.360 align:start position:0% is actually the the part we've done the 00:15:27.360 --> 00:15:29.150 align:start position:0% is actually the the part we've done the least<00:15:27.480> work<00:15:27.779> on<00:15:27.959> but<00:15:28.440> the<00:15:28.620> part<00:15:28.740> we're<00:15:28.980> really 00:15:29.150 --> 00:15:29.160 align:start position:0% least work on but the part we're really 00:15:29.160 --> 00:15:31.069 align:start position:0% least work on but the part we're really going<00:15:29.279> to<00:15:29.399> focus<00:15:29.639> on<00:15:29.820> next<00:15:30.060> so<00:15:30.720> we<00:15:30.839> do<00:15:30.959> have 00:15:31.069 --> 00:15:31.079 align:start position:0% going to focus on next so we do have 00:15:31.079 --> 00:15:32.990 align:start position:0% going to focus on next so we do have this<00:15:31.380> product<00:15:31.560> called<00:15:32.040> flashbots<00:15:32.639> protect 00:15:32.990 --> 00:15:33.000 align:start position:0% this product called flashbots protect 00:15:33.000 --> 00:15:34.670 align:start position:0% this product called flashbots protect which<00:15:33.540> you<00:15:33.720> can<00:15:33.839> plug<00:15:33.959> into<00:15:34.139> your<00:15:34.320> metamask 00:15:34.670 --> 00:15:34.680 align:start position:0% which you can plug into your metamask 00:15:34.680 --> 00:15:37.069 align:start position:0% which you can plug into your metamask and<00:15:34.800> and<00:15:35.220> essentially<00:15:35.519> get<00:15:35.760> the<00:15:35.940> benefits<00:15:36.480> of 00:15:37.069 --> 00:15:37.079 align:start position:0% and and essentially get the benefits of 00:15:37.079 --> 00:15:39.550 align:start position:0% and and essentially get the benefits of private<00:15:37.440> Mev<00:15:37.920> auctions 00:15:39.550 --> 00:15:39.560 align:start position:0% private Mev auctions 00:15:39.560 --> 00:15:42.590 align:start position:0% private Mev auctions and<00:15:40.560> and<00:15:40.620> extend<00:15:41.399> these<00:15:41.579> to<00:15:41.760> all<00:15:41.880> normal<00:15:42.120> you 00:15:42.590 --> 00:15:42.600 align:start position:0% and and extend these to all normal you 00:15:42.600 --> 00:15:44.269 align:start position:0% and and extend these to all normal you know<00:15:42.660> retail<00:15:43.079> kind<00:15:43.320> of<00:15:43.440> users<00:15:43.680> of<00:15:43.860> blockchain 00:15:44.269 --> 00:15:44.279 align:start position:0% know retail kind of users of blockchain 00:15:44.279 --> 00:15:45.710 align:start position:0% know retail kind of users of blockchain so<00:15:44.820> that<00:15:44.940> you<00:15:45.060> don't<00:15:45.180> need<00:15:45.360> to<00:15:45.480> be<00:15:45.540> a 00:15:45.710 --> 00:15:45.720 align:start position:0% so that you don't need to be a 00:15:45.720 --> 00:15:47.150 align:start position:0% so that you don't need to be a sophisticated<00:15:46.139> party<00:15:46.380> to<00:15:46.680> access<00:15:46.800> the 00:15:47.150 --> 00:15:47.160 align:start position:0% sophisticated party to access the 00:15:47.160 --> 00:15:48.710 align:start position:0% sophisticated party to access the benefits<00:15:47.579> of<00:15:47.760> what<00:15:48.180> we're<00:15:48.300> building<00:15:48.480> at 00:15:48.710 --> 00:15:48.720 align:start position:0% benefits of what we're building at 00:15:48.720 --> 00:15:51.170 align:start position:0% benefits of what we're building at flashbots<00:15:49.260> but<00:15:50.040> we<00:15:50.220> have<00:15:50.399> a<00:15:50.579> much<00:15:50.760> much<00:15:50.940> more 00:15:51.170 --> 00:15:51.180 align:start position:0% flashbots but we have a much much more 00:15:51.180 --> 00:15:53.569 align:start position:0% flashbots but we have a much much more richer<00:15:51.660> set<00:15:52.199> of<00:15:52.380> features<00:15:52.740> to<00:15:52.920> come<00:15:53.100> on<00:15:53.459> this 00:15:53.569 --> 00:15:53.579 align:start position:0% richer set of features to come on this 00:15:53.579 --> 00:15:55.550 align:start position:0% richer set of features to come on this front<00:15:53.760> and<00:15:54.600> I'm<00:15:54.779> going<00:15:54.899> to<00:15:54.959> talk<00:15:55.079> about<00:15:55.199> that 00:15:55.550 --> 00:15:55.560 align:start position:0% front and I'm going to talk about that 00:15:55.560 --> 00:15:58.069 align:start position:0% front and I'm going to talk about that next<00:15:56.000> the<00:15:57.000> bottom<00:15:57.240> line<00:15:57.360> with<00:15:57.540> distribute<00:15:57.899> is 00:15:58.069 --> 00:15:58.079 align:start position:0% next the bottom line with distribute is 00:15:58.079 --> 00:15:59.389 align:start position:0% next the bottom line with distribute is we've<00:15:58.260> been<00:15:58.380> too<00:15:58.500> slow<00:15:58.740> like<00:15:58.980> I'm<00:15:59.160> not<00:15:59.279> going 00:15:59.389 --> 00:15:59.399 align:start position:0% we've been too slow like I'm not going 00:15:59.399 --> 00:16:02.449 align:start position:0% we've been too slow like I'm not going to<00:15:59.519> lie<00:15:59.760> with<00:15:59.820> you<00:16:00.000> we<00:16:00.600> must<00:16:00.720> do<00:16:00.899> more<00:16:01.079> here<00:16:01.459> and 00:16:02.449 --> 00:16:02.459 align:start position:0% to lie with you we must do more here and 00:16:02.459 --> 00:16:04.129 align:start position:0% to lie with you we must do more here and I<00:16:02.639> think<00:16:02.760> the<00:16:03.000> other<00:16:03.120> two<00:16:03.300> have<00:16:03.600> kind<00:16:03.779> of<00:16:03.839> Taken 00:16:04.129 --> 00:16:04.139 align:start position:0% I think the other two have kind of Taken 00:16:04.139 --> 00:16:06.530 align:start position:0% I think the other two have kind of Taken priority<00:16:04.380> but<00:16:04.620> it's<00:16:04.800> time<00:16:05.100> to<00:16:05.459> kind<00:16:05.760> of<00:16:05.880> make 00:16:06.530 --> 00:16:06.540 align:start position:0% priority but it's time to kind of make 00:16:06.540 --> 00:16:09.350 align:start position:0% priority but it's time to kind of make sure<00:16:06.779> we<00:16:07.320> really<00:16:07.680> give<00:16:08.160> users<00:16:08.639> the<00:16:09.000> benefits 00:16:09.350 --> 00:16:09.360 align:start position:0% sure we really give users the benefits 00:16:09.360 --> 00:16:12.350 align:start position:0% sure we really give users the benefits of<00:16:09.540> this<00:16:09.720> Mev<00:16:10.139> so<00:16:11.040> my<00:16:11.459> guess<00:16:11.579> is<00:16:11.820> in<00:16:12.060> a<00:16:12.240> year 00:16:12.350 --> 00:16:12.360 align:start position:0% of this Mev so my guess is in a year 00:16:12.360 --> 00:16:14.210 align:start position:0% of this Mev so my guess is in a year people<00:16:13.079> are<00:16:13.260> going<00:16:13.440> to<00:16:13.560> be<00:16:13.680> happy<00:16:13.860> to<00:16:14.100> be 00:16:14.210 --> 00:16:14.220 align:start position:0% people are going to be happy to be 00:16:14.220 --> 00:16:15.710 align:start position:0% people are going to be happy to be sandwiched<00:16:14.760> because<00:16:15.180> they're<00:16:15.420> going<00:16:15.540> to<00:16:15.660> be 00:16:15.710 --> 00:16:15.720 align:start position:0% sandwiched because they're going to be 00:16:15.720 --> 00:16:17.090 align:start position:0% sandwiched because they're going to be saving<00:16:16.139> so<00:16:16.320> much<00:16:16.440> money<00:16:16.740> on<00:16:16.980> their 00:16:17.090 --> 00:16:17.100 align:start position:0% saving so much money on their 00:16:17.100 --> 00:16:18.949 align:start position:0% saving so much money on their transactions<00:16:17.760> so<00:16:18.240> don't<00:16:18.360> call<00:16:18.540> it<00:16:18.720> a<00:16:18.839> sandwich 00:16:18.949 --> 00:16:18.959 align:start position:0% transactions so don't call it a sandwich 00:16:18.959 --> 00:16:21.350 align:start position:0% transactions so don't call it a sandwich attack<00:16:19.320> call<00:16:20.160> it<00:16:20.339> a<00:16:20.459> sandwich<00:16:20.639> and<00:16:21.000> let's<00:16:21.180> make 00:16:21.350 --> 00:16:21.360 align:start position:0% attack call it a sandwich and let's make 00:16:21.360 --> 00:16:22.850 align:start position:0% attack call it a sandwich and let's make sure<00:16:21.480> it<00:16:21.660> doesn't<00:16:21.779> lead<00:16:22.079> to<00:16:22.320> a<00:16:22.440> centralized 00:16:22.850 --> 00:16:22.860 align:start position:0% sure it doesn't lead to a centralized 00:16:22.860 --> 00:16:24.470 align:start position:0% sure it doesn't lead to a centralized Builder<00:16:23.279> world 00:16:24.470 --> 00:16:24.480 align:start position:0% Builder world 00:16:24.480 --> 00:16:26.269 align:start position:0% Builder world all<00:16:24.959> right<00:16:25.079> let's<00:16:25.260> talk<00:16:25.500> more<00:16:25.740> about<00:16:25.980> walking 00:16:26.269 --> 00:16:26.279 align:start position:0% all right let's talk more about walking 00:16:26.279 --> 00:16:28.970 align:start position:0% all right let's talk more about walking out<00:16:26.579> of<00:16:26.699> this<00:16:26.820> Forest<00:16:27.180> over<00:16:27.540> here<00:16:27.720> so<00:16:28.560> where 00:16:28.970 --> 00:16:28.980 align:start position:0% out of this Forest over here so where 00:16:28.980 --> 00:16:32.090 align:start position:0% out of this Forest over here so where are<00:16:29.220> we<00:16:29.339> going<00:16:29.779> so<00:16:30.779> this<00:16:31.320> is<00:16:31.380> how<00:16:31.560> I<00:16:31.680> see<00:16:31.860> the 00:16:32.090 --> 00:16:32.100 align:start position:0% are we going so this is how I see the 00:16:32.100 --> 00:16:34.910 align:start position:0% are we going so this is how I see the the<00:16:32.220> Mev<00:16:32.760> Marketplace<00:16:33.300> as<00:16:33.839> a<00:16:34.079> user<00:16:34.500> validator 00:16:34.910 --> 00:16:34.920 align:start position:0% the Mev Marketplace as a user validator 00:16:34.920 --> 00:16:37.850 align:start position:0% the Mev Marketplace as a user validator Supply<00:16:35.279> demand<00:16:35.880> optimization<00:16:36.720> problem<00:16:37.079> where 00:16:37.850 --> 00:16:37.860 align:start position:0% Supply demand optimization problem where 00:16:37.860 --> 00:16:39.710 align:start position:0% Supply demand optimization problem where the<00:16:38.040> user<00:16:38.279> wants<00:16:38.579> to<00:16:38.639> minimize<00:16:39.000> the<00:16:39.300> fees<00:16:39.540> plus 00:16:39.710 --> 00:16:39.720 align:start position:0% the user wants to minimize the fees plus 00:16:39.720 --> 00:16:42.350 align:start position:0% the user wants to minimize the fees plus Mev<00:16:40.259> basically<00:16:40.980> the<00:16:41.220> rent<00:16:41.399> it's<00:16:41.820> offering<00:16:42.180> to 00:16:42.350 --> 00:16:42.360 align:start position:0% Mev basically the rent it's offering to 00:16:42.360 --> 00:16:44.210 align:start position:0% Mev basically the rent it's offering to the<00:16:42.480> system<00:16:42.660> and<00:16:43.380> the<00:16:43.500> validator<00:16:43.860> wants<00:16:44.160> to 00:16:44.210 --> 00:16:44.220 align:start position:0% the system and the validator wants to 00:16:44.220 --> 00:16:46.009 align:start position:0% the system and the validator wants to maximize<00:16:44.639> this<00:16:44.880> basically<00:16:45.300> the<00:16:45.600> Commodities 00:16:46.009 --> 00:16:46.019 align:start position:0% maximize this basically the Commodities 00:16:46.019 --> 00:16:48.350 align:start position:0% maximize this basically the Commodities offering<00:16:46.620> to<00:16:47.339> resolve<00:16:47.759> this<00:16:48.000> potential 00:16:48.350 --> 00:16:48.360 align:start position:0% offering to resolve this potential 00:16:48.360 --> 00:16:50.150 align:start position:0% offering to resolve this potential Financial<00:16:48.600> energy<00:16:49.019> of<00:16:49.320> our<00:16:49.500> our<00:16:49.680> universe 00:16:50.150 --> 00:16:50.160 align:start position:0% Financial energy of our our universe 00:16:50.160 --> 00:16:53.689 align:start position:0% Financial energy of our our universe into<00:16:50.399> a<00:16:50.699> single<00:16:51.060> collapse<00:16:51.839> discrete<00:16:52.320> state 00:16:53.689 --> 00:16:53.699 align:start position:0% into a single collapse discrete state 00:16:53.699 --> 00:16:55.069 align:start position:0% into a single collapse discrete state um<00:16:53.820> so<00:16:54.000> what<00:16:54.120> do<00:16:54.240> we<00:16:54.360> need<00:16:54.480> to<00:16:54.600> do<00:16:54.720> in<00:16:54.959> this 00:16:55.069 --> 00:16:55.079 align:start position:0% um so what do we need to do in this 00:16:55.079 --> 00:16:57.110 align:start position:0% um so what do we need to do in this market<00:16:55.259> we<00:16:56.040> need<00:16:56.160> to<00:16:56.220> make<00:16:56.399> it<00:16:56.519> more<00:16:56.699> private 00:16:57.110 --> 00:16:57.120 align:start position:0% market we need to make it more private 00:16:57.120 --> 00:16:59.389 align:start position:0% market we need to make it more private privacy<00:16:57.779> is<00:16:57.959> the<00:16:58.139> key<00:16:58.259> here<00:16:58.380> you<00:16:59.040> can't<00:16:59.160> have 00:16:59.389 --> 00:16:59.399 align:start position:0% privacy is the key here you can't have 00:16:59.399 --> 00:17:01.790 align:start position:0% privacy is the key here you can't have freedom<00:16:59.820> without<00:17:00.000> privacy<00:17:00.600> we<00:17:01.320> need<00:17:01.440> it<00:17:01.560> to<00:17:01.680> be 00:17:01.790 --> 00:17:01.800 align:start position:0% freedom without privacy we need it to be 00:17:01.800 --> 00:17:03.530 align:start position:0% freedom without privacy we need it to be more<00:17:01.980> decentralized<00:17:02.699> economically 00:17:03.530 --> 00:17:03.540 align:start position:0% more decentralized economically 00:17:03.540 --> 00:17:05.809 align:start position:0% more decentralized economically meaningfully<00:17:04.020> decentralized<00:17:04.799> we<00:17:05.459> need<00:17:05.579> it<00:17:05.699> to 00:17:05.809 --> 00:17:05.819 align:start position:0% meaningfully decentralized we need it to 00:17:05.819 --> 00:17:07.730 align:start position:0% meaningfully decentralized we need it to be<00:17:05.939> more<00:17:06.120> competitive<00:17:06.540> geographically<00:17:07.380> so 00:17:07.730 --> 00:17:07.740 align:start position:0% be more competitive geographically so 00:17:07.740 --> 00:17:09.409 align:start position:0% be more competitive geographically so one<00:17:08.040> actor<00:17:08.459> cannot<00:17:08.819> dominate<00:17:09.240> the 00:17:09.409 --> 00:17:09.419 align:start position:0% one actor cannot dominate the 00:17:09.419 --> 00:17:10.850 align:start position:0% one actor cannot dominate the preferences<00:17:09.839> of<00:17:09.959> the<00:17:10.140> system 00:17:10.850 --> 00:17:10.860 align:start position:0% preferences of the system 00:17:10.860 --> 00:17:13.069 align:start position:0% preferences of the system we<00:17:11.339> need<00:17:11.459> more<00:17:11.640> user<00:17:12.000> tooling<00:17:12.360> so<00:17:12.480> users<00:17:12.839> can 00:17:13.069 --> 00:17:13.079 align:start position:0% we need more user tooling so users can 00:17:13.079 --> 00:17:14.870 align:start position:0% we need more user tooling so users can be<00:17:13.199> sophisticated<00:17:13.799> on<00:17:14.280> their<00:17:14.459> side<00:17:14.640> of<00:17:14.819> the 00:17:14.870 --> 00:17:14.880 align:start position:0% be sophisticated on their side of the 00:17:14.880 --> 00:17:15.710 align:start position:0% be sophisticated on their side of the Curve 00:17:15.710 --> 00:17:15.720 align:start position:0% Curve 00:17:15.720 --> 00:17:17.390 align:start position:0% Curve we<00:17:16.020> need<00:17:16.199> a<00:17:16.319> market<00:17:16.439> that's<00:17:16.679> more<00:17:16.980> robust 00:17:17.390 --> 00:17:17.400 align:start position:0% we need a market that's more robust 00:17:17.400 --> 00:17:20.689 align:start position:0% we need a market that's more robust efficient<00:17:18.299> and<00:17:18.660> geographically<00:17:19.260> diverse<00:17:19.919> to 00:17:20.689 --> 00:17:20.699 align:start position:0% efficient and geographically diverse to 00:17:20.699 --> 00:17:22.490 align:start position:0% efficient and geographically diverse to me<00:17:20.760> this<00:17:21.000> is<00:17:21.059> self-explanatory<00:17:21.900> if<00:17:22.199> we're<00:17:22.319> not 00:17:22.490 --> 00:17:22.500 align:start position:0% me this is self-explanatory if we're not 00:17:22.500 --> 00:17:24.230 align:start position:0% me this is self-explanatory if we're not building<00:17:22.679> towards<00:17:23.100> these<00:17:23.400> three<00:17:23.640> goals<00:17:24.000> we're 00:17:24.230 --> 00:17:24.240 align:start position:0% building towards these three goals we're 00:17:24.240 --> 00:17:25.490 align:start position:0% building towards these three goals we're going<00:17:24.419> to<00:17:24.600> fail 00:17:25.490 --> 00:17:25.500 align:start position:0% going to fail 00:17:25.500 --> 00:17:27.230 align:start position:0% going to fail and<00:17:25.799> we<00:17:25.980> don't<00:17:26.100> want<00:17:26.280> to<00:17:26.400> have<00:17:26.579> externalities 00:17:27.230 --> 00:17:27.240 align:start position:0% and we don't want to have externalities 00:17:27.240 --> 00:17:28.970 align:start position:0% and we don't want to have externalities on<00:17:27.480> the<00:17:27.600> ethereum<00:17:27.959> network<00:17:28.140> Corruption<00:17:28.860> of 00:17:28.970 --> 00:17:28.980 align:start position:0% on the ethereum network Corruption of 00:17:28.980 --> 00:17:31.070 align:start position:0% on the ethereum network Corruption of the<00:17:29.100> validator<00:17:29.460> set<00:17:29.760> changes<00:17:30.540> of<00:17:30.720> incentives 00:17:31.070 --> 00:17:31.080 align:start position:0% the validator set changes of incentives 00:17:31.080 --> 00:17:32.870 align:start position:0% the validator set changes of incentives and<00:17:31.260> proof<00:17:31.500> of<00:17:31.559> work<00:17:31.740> or<00:17:32.280> any<00:17:32.400> of<00:17:32.580> these<00:17:32.760> other 00:17:32.870 --> 00:17:32.880 align:start position:0% and proof of work or any of these other 00:17:32.880 --> 00:17:35.690 align:start position:0% and proof of work or any of these other kind<00:17:33.120> of<00:17:33.240> externalities<00:17:33.960> of<00:17:34.140> Mev<00:17:35.039> and<00:17:35.400> we<00:17:35.580> want 00:17:35.690 --> 00:17:35.700 align:start position:0% kind of externalities of Mev and we want 00:17:35.700 --> 00:17:37.610 align:start position:0% kind of externalities of Mev and we want to<00:17:35.820> maintain<00:17:36.120> the<00:17:36.360> success<00:17:36.660> of<00:17:36.840> flashbots<00:17:37.380> in 00:17:37.610 --> 00:17:37.620 align:start position:0% to maintain the success of flashbots in 00:17:37.620 --> 00:17:39.409 align:start position:0% to maintain the success of flashbots in democratizing<00:17:38.280> Mev<00:17:38.760> to<00:17:39.000> the<00:17:39.059> Searcher 00:17:39.409 --> 00:17:39.419 align:start position:0% democratizing Mev to the Searcher 00:17:39.419 --> 00:17:41.630 align:start position:0% democratizing Mev to the Searcher Community<00:17:39.600> already<00:17:39.960> and<00:17:40.860> prevent<00:17:41.220> first 00:17:41.630 --> 00:17:41.640 align:start position:0% Community already and prevent first 00:17:41.640 --> 00:17:43.789 align:start position:0% Community already and prevent first party<00:17:41.820> deals<00:17:42.299> between<00:17:42.600> Searchers<00:17:43.200> Builders 00:17:43.789 --> 00:17:43.799 align:start position:0% party deals between Searchers Builders 00:17:43.799 --> 00:17:46.010 align:start position:0% party deals between Searchers Builders relays<00:17:44.400> and<00:17:45.059> other<00:17:45.179> actors<00:17:45.539> in<00:17:45.720> the<00:17:45.900> system 00:17:46.010 --> 00:17:46.020 align:start position:0% relays and other actors in the system 00:17:46.020 --> 00:17:48.049 align:start position:0% relays and other actors in the system these<00:17:46.860> are<00:17:46.980> best<00:17:47.160> done<00:17:47.340> when<00:17:47.580> you<00:17:47.700> communicate 00:17:48.049 --> 00:17:48.059 align:start position:0% these are best done when you communicate 00:17:48.059 --> 00:17:51.169 align:start position:0% these are best done when you communicate on<00:17:48.240> a<00:17:48.419> technical<00:17:48.720> not<00:17:49.320> a<00:17:49.620> political<00:17:50.039> API<00:17:50.640> and 00:17:51.169 --> 00:17:51.179 align:start position:0% on a technical not a political API and 00:17:51.179 --> 00:17:53.930 align:start position:0% on a technical not a political API and that's<00:17:51.299> what<00:17:51.480> we're<00:17:51.600> aiming<00:17:51.900> to<00:17:52.020> build<00:17:52.280> so<00:17:53.280> WTF 00:17:53.930 --> 00:17:53.940 align:start position:0% that's what we're aiming to build so WTF 00:17:53.940 --> 00:17:56.210 align:start position:0% that's what we're aiming to build so WTF do<00:17:54.059> we<00:17:54.240> do<00:17:54.360> next<00:17:54.480> at<00:17:54.720> flashbots<00:17:55.320> well<00:17:56.039> we're 00:17:56.210 --> 00:17:56.220 align:start position:0% do we do next at flashbots well we're 00:17:56.220 --> 00:17:57.710 align:start position:0% do we do next at flashbots well we're going<00:17:56.340> to<00:17:56.460> decentralize<00:17:57.000> the<00:17:57.240> crap<00:17:57.419> out<00:17:57.600> of 00:17:57.710 --> 00:17:57.720 align:start position:0% going to decentralize the crap out of 00:17:57.720 --> 00:17:59.750 align:start position:0% going to decentralize the crap out of this<00:17:57.840> thing<00:17:58.020> that's<00:17:58.260> the<00:17:58.440> answer<00:17:58.620> so<00:17:59.400> we<00:17:59.580> are 00:17:59.750 --> 00:17:59.760 align:start position:0% this thing that's the answer so we are 00:17:59.760 --> 00:18:01.730 align:start position:0% this thing that's the answer so we are here<00:17:59.940> to<00:18:00.179> avoid<00:18:00.480> entrenching<00:18:01.080> centralization 00:18:01.730 --> 00:18:01.740 align:start position:0% here to avoid entrenching centralization 00:18:01.740 --> 00:18:04.070 align:start position:0% here to avoid entrenching centralization at<00:18:02.100> every<00:18:02.280> step<00:18:02.520> this<00:18:03.299> is<00:18:03.419> my<00:18:03.600> commitment<00:18:03.900> to 00:18:04.070 --> 00:18:04.080 align:start position:0% at every step this is my commitment to 00:18:04.080 --> 00:18:05.690 align:start position:0% at every step this is my commitment to you<00:18:04.260> as<00:18:04.620> long<00:18:04.799> as<00:18:04.919> I'm<00:18:05.160> here<00:18:05.400> in<00:18:05.580> this 00:18:05.690 --> 00:18:05.700 align:start position:0% you as long as I'm here in this 00:18:05.700 --> 00:18:07.909 align:start position:0% you as long as I'm here in this community<00:18:05.820> I<00:18:06.240> will<00:18:06.360> be<00:18:06.480> working<00:18:06.720> whatever<00:18:07.620> the 00:18:07.909 --> 00:18:07.919 align:start position:0% community I will be working whatever the 00:18:07.919 --> 00:18:10.190 align:start position:0% community I will be working whatever the status<00:18:08.100> quo<00:18:08.520> is<00:18:08.700> to<00:18:09.120> further<00:18:09.539> decentralize 00:18:10.190 --> 00:18:10.200 align:start position:0% status quo is to further decentralize 00:18:10.200 --> 00:18:13.070 align:start position:0% status quo is to further decentralize power<00:18:10.500> in<00:18:10.799> Mev<00:18:11.280> in<00:18:11.580> an<00:18:11.700> iterative<00:18:11.940> way<00:18:12.240> and<00:18:12.960> I 00:18:13.070 --> 00:18:13.080 align:start position:0% power in Mev in an iterative way and I 00:18:13.080 --> 00:18:14.870 align:start position:0% power in Mev in an iterative way and I expect<00:18:13.260> every<00:18:13.799> single<00:18:14.100> person<00:18:14.280> in<00:18:14.640> this<00:18:14.760> room 00:18:14.870 --> 00:18:14.880 align:start position:0% expect every single person in this room 00:18:14.880 --> 00:18:16.370 align:start position:0% expect every single person in this room to<00:18:15.120> hold<00:18:15.240> me<00:18:15.419> to<00:18:15.539> account<00:18:15.720> okay<00:18:15.960> now<00:18:16.140> you<00:18:16.320> can 00:18:16.370 --> 00:18:16.380 align:start position:0% to hold me to account okay now you can 00:18:16.380 --> 00:18:17.330 align:start position:0% to hold me to account okay now you can clap<00:18:16.620> some 00:18:17.330 --> 00:18:17.340 align:start position:0% clap some 00:18:17.340 --> 00:18:19.010 align:start position:0% clap some so<00:18:17.880> we're<00:18:18.000> not<00:18:18.179> going<00:18:18.299> to<00:18:18.360> end<00:18:18.480> up<00:18:18.600> owned<00:18:18.900> by 00:18:19.010 --> 00:18:19.020 align:start position:0% so we're not going to end up owned by 00:18:19.020 --> 00:18:20.630 align:start position:0% so we're not going to end up owned by Citadel<00:18:19.440> no<00:18:19.559> no<00:18:19.620> I'm<00:18:19.799> not<00:18:20.039> done<00:18:20.220> sorry<00:18:20.460> sorry 00:18:20.630 --> 00:18:20.640 align:start position:0% Citadel no no I'm not done sorry sorry 00:18:20.640 --> 00:18:22.130 align:start position:0% Citadel no no I'm not done sorry sorry just<00:18:20.880> a<00:18:21.000> little<00:18:21.120> Applause 00:18:22.130 --> 00:18:22.140 align:start position:0% just a little Applause 00:18:22.140 --> 00:18:24.110 align:start position:0% just a little Applause um<00:18:22.260> so<00:18:22.740> what<00:18:22.980> are<00:18:23.100> we<00:18:23.220> doing<00:18:23.340> at<00:18:23.580> flashbots 00:18:24.110 --> 00:18:24.120 align:start position:0% um so what are we doing at flashbots 00:18:24.120 --> 00:18:25.730 align:start position:0% um so what are we doing at flashbots this<00:18:24.360> is<00:18:24.480> the<00:18:24.660> question<00:18:24.900> every<00:18:25.440> Community 00:18:25.730 --> 00:18:25.740 align:start position:0% this is the question every Community 00:18:25.740 --> 00:18:27.350 align:start position:0% this is the question every Community member<00:18:26.220> asks<00:18:26.580> me<00:18:26.640> and<00:18:26.820> today<00:18:27.000> I'm<00:18:27.179> going<00:18:27.299> to 00:18:27.350 --> 00:18:27.360 align:start position:0% member asks me and today I'm going to 00:18:27.360 --> 00:18:29.750 align:start position:0% member asks me and today I'm going to answer<00:18:27.480> it<00:18:27.720> for<00:18:27.900> you<00:18:28.100> and<00:18:29.100> please<00:18:29.280> kind<00:18:29.640> of 00:18:29.750 --> 00:18:29.760 align:start position:0% answer it for you and please kind of 00:18:29.760 --> 00:18:30.890 align:start position:0% answer it for you and please kind of follow<00:18:29.880> up<00:18:30.059> with<00:18:30.240> me<00:18:30.360> and<00:18:30.539> start<00:18:30.720> the 00:18:30.890 --> 00:18:30.900 align:start position:0% follow up with me and start the 00:18:30.900 --> 00:18:32.330 align:start position:0% follow up with me and start the conversation 00:18:32.330 --> 00:18:32.340 align:start position:0% conversation 00:18:32.340 --> 00:18:33.890 align:start position:0% conversation um<00:18:32.400> we're<00:18:32.580> building<00:18:32.820> a<00:18:33.120> project<00:18:33.299> called 00:18:33.890 --> 00:18:33.900 align:start position:0% um we're building a project called 00:18:33.900 --> 00:18:36.350 align:start position:0% um we're building a project called codename<00:18:34.440> Suave<00:18:34.880> it's<00:18:35.880> something<00:18:36.059> we've<00:18:36.299> been 00:18:36.350 --> 00:18:36.360 align:start position:0% codename Suave it's something we've been 00:18:36.360 --> 00:18:38.150 align:start position:0% codename Suave it's something we've been working<00:18:36.539> on<00:18:36.720> for<00:18:37.020> kind<00:18:37.200> of<00:18:37.320> the<00:18:37.500> last<00:18:37.740> uh 00:18:38.150 --> 00:18:38.160 align:start position:0% working on for kind of the last uh 00:18:38.160 --> 00:18:40.190 align:start position:0% working on for kind of the last uh almost<00:18:38.400> a<00:18:38.640> year<00:18:38.820> now<00:18:39.000> and<00:18:39.780> that<00:18:39.960> we're<00:18:40.080> going 00:18:40.190 --> 00:18:40.200 align:start position:0% almost a year now and that we're going 00:18:40.200 --> 00:18:41.630 align:start position:0% almost a year now and that we're going to<00:18:40.320> be<00:18:40.380> releasing<00:18:40.740> iteratively<00:18:41.280> to<00:18:41.520> the 00:18:41.630 --> 00:18:41.640 align:start position:0% to be releasing iteratively to the 00:18:41.640 --> 00:18:43.430 align:start position:0% to be releasing iteratively to the community<00:18:41.820> and<00:18:42.480> building<00:18:42.660> towards<00:18:43.080> further 00:18:43.430 --> 00:18:43.440 align:start position:0% community and building towards further 00:18:43.440 --> 00:18:45.710 align:start position:0% community and building towards further it<00:18:43.919> is<00:18:44.100> not<00:18:44.220> an<00:18:44.400> end<00:18:44.580> state<00:18:44.820> but<00:18:45.240> an<00:18:45.419> initial 00:18:45.710 --> 00:18:45.720 align:start position:0% it is not an end state but an initial 00:18:45.720 --> 00:18:47.750 align:start position:0% it is not an end state but an initial state<00:18:46.020> to<00:18:46.620> start<00:18:46.799> the<00:18:47.039> conversation<00:18:47.460> about 00:18:47.750 --> 00:18:47.760 align:start position:0% state to start the conversation about 00:18:47.760 --> 00:18:49.610 align:start position:0% state to start the conversation about how<00:18:48.059> we<00:18:48.179> decentralize<00:18:48.900> this<00:18:49.260> existing 00:18:49.610 --> 00:18:49.620 align:start position:0% how we decentralize this existing 00:18:49.620 --> 00:18:52.370 align:start position:0% how we decentralize this existing ecosystem<00:18:50.160> that<00:18:50.880> flashbots<00:18:51.419> has<00:18:51.600> built<00:18:51.900> to 00:18:52.370 --> 00:18:52.380 align:start position:0% ecosystem that flashbots has built to 00:18:52.380 --> 00:18:53.630 align:start position:0% ecosystem that flashbots has built to all<00:18:52.500> of<00:18:52.620> our<00:18:52.799> friends<00:18:52.980> all<00:18:53.400> of<00:18:53.520> our 00:18:53.630 --> 00:18:53.640 align:start position:0% all of our friends all of our 00:18:53.640 --> 00:18:55.549 align:start position:0% all of our friends all of our competitors<00:18:54.120> and<00:18:54.780> all<00:18:54.900> the<00:18:55.020> other<00:18:55.200> projects 00:18:55.549 --> 00:18:55.559 align:start position:0% competitors and all the other projects 00:18:55.559 --> 00:18:56.570 align:start position:0% competitors and all the other projects in<00:18:55.740> the<00:18:55.860> space 00:18:56.570 --> 00:18:56.580 align:start position:0% in the space 00:18:56.580 --> 00:18:59.570 align:start position:0% in the space so<00:18:57.059> what<00:18:57.240> is<00:18:57.419> suave<00:18:57.720> Suave<00:18:58.559> is<00:18:58.799> an<00:18:58.860> Mev<00:18:59.220> aware 00:18:59.570 --> 00:18:59.580 align:start position:0% so what is suave Suave is an Mev aware 00:18:59.580 --> 00:19:01.850 align:start position:0% so what is suave Suave is an Mev aware privacy<00:19:00.179> first<00:19:00.480> encrypted<00:19:01.200> mempool<00:19:01.620> for 00:19:01.850 --> 00:19:01.860 align:start position:0% privacy first encrypted mempool for 00:19:01.860 --> 00:19:04.549 align:start position:0% privacy first encrypted mempool for users<00:19:02.100> and<00:19:02.220> wallets<00:19:02.580> so<00:19:03.240> Suave<00:19:03.600> will<00:19:03.900> make<00:19:04.320> the 00:19:04.549 --> 00:19:04.559 align:start position:0% users and wallets so Suave will make the 00:19:04.559 --> 00:19:06.890 align:start position:0% users and wallets so Suave will make the maximum<00:19:04.980> leverage<00:19:05.340> of<00:19:05.880> a<00:19:06.059> user's<00:19:06.419> economic 00:19:06.890 --> 00:19:06.900 align:start position:0% maximum leverage of a user's economic 00:19:06.900 --> 00:19:09.169 align:start position:0% maximum leverage of a user's economic value<00:19:07.080> to<00:19:07.620> force<00:19:07.919> the<00:19:08.100> system<00:19:08.280> to<00:19:08.760> provide 00:19:09.169 --> 00:19:09.179 align:start position:0% value to force the system to provide 00:19:09.179 --> 00:19:11.510 align:start position:0% value to force the system to provide them<00:19:09.360> fairness<00:19:09.720> essentially<00:19:10.200> and<00:19:10.860> vice<00:19:11.100> versa 00:19:11.510 --> 00:19:11.520 align:start position:0% them fairness essentially and vice versa 00:19:11.520 --> 00:19:14.090 align:start position:0% them fairness essentially and vice versa as<00:19:11.760> a<00:19:11.940> negotiation<00:19:12.360> tactic<00:19:12.840> in<00:19:13.020> this<00:19:13.140> market 00:19:14.090 --> 00:19:14.100 align:start position:0% as a negotiation tactic in this market 00:19:14.100 --> 00:19:15.950 align:start position:0% as a negotiation tactic in this market it<00:19:14.520> features<00:19:14.820> Progressive<00:19:15.299> decentralization 00:19:15.950 --> 00:19:15.960 align:start position:0% it features Progressive decentralization 00:19:15.960 --> 00:19:18.590 align:start position:0% it features Progressive decentralization so<00:19:16.320> along<00:19:16.620> with<00:19:17.039> the<00:19:17.640> iterative<00:19:17.940> steps<00:19:18.299> on<00:19:18.480> our 00:19:18.590 --> 00:19:18.600 align:start position:0% so along with the iterative steps on our 00:19:18.600 --> 00:19:19.850 align:start position:0% so along with the iterative steps on our centralized<00:19:19.080> infrastructure<00:19:19.559> that<00:19:19.740> we're 00:19:19.850 --> 00:19:19.860 align:start position:0% centralized infrastructure that we're 00:19:19.860 --> 00:19:21.830 align:start position:0% centralized infrastructure that we're going<00:19:19.980> to<00:19:20.100> take<00:19:20.160> towards<00:19:20.520> Suave<00:19:20.880> we're<00:19:21.600> also 00:19:21.830 --> 00:19:21.840 align:start position:0% going to take towards Suave we're also 00:19:21.840 --> 00:19:23.330 align:start position:0% going to take towards Suave we're also going<00:19:22.020> to<00:19:22.140> have<00:19:22.200> a<00:19:22.440> very<00:19:22.500> clear<00:19:22.679> decentralized 00:19:23.330 --> 00:19:23.340 align:start position:0% going to have a very clear decentralized 00:19:23.340 --> 00:19:25.669 align:start position:0% going to have a very clear decentralized roadmap<00:19:23.760> that<00:19:23.940> we<00:19:24.120> expect<00:19:24.299> you<00:19:24.720> again<00:19:24.960> to<00:19:25.620> keep 00:19:25.669 --> 00:19:25.679 align:start position:0% roadmap that we expect you again to keep 00:19:25.679 --> 00:19:26.990 align:start position:0% roadmap that we expect you again to keep us<00:19:25.860> to<00:19:26.039> account<00:19:26.160> on 00:19:26.990 --> 00:19:27.000 align:start position:0% us to account on 00:19:27.000 --> 00:19:29.750 align:start position:0% us to account on and<00:19:27.539> for<00:19:27.720> our<00:19:27.900> friends<00:19:28.020> at<00:19:28.260> roll<00:19:28.500> ups<00:19:28.860> l2s<00:19:29.580> you 00:19:29.750 --> 00:19:29.760 align:start position:0% and for our friends at roll ups l2s you 00:19:29.760 --> 00:19:31.010 align:start position:0% and for our friends at roll ups l2s you know<00:19:29.880> any<00:19:30.059> other<00:19:30.240> whatever<00:19:30.539> you<00:19:30.780> want<00:19:30.840> to<00:19:30.960> call 00:19:31.010 --> 00:19:31.020 align:start position:0% know any other whatever you want to call 00:19:31.020 --> 00:19:34.250 align:start position:0% know any other whatever you want to call them<00:19:31.200> side<00:19:31.559> chains<00:19:32.299> multi-chain<00:19:33.299> we're<00:19:34.080> going 00:19:34.250 --> 00:19:34.260 align:start position:0% them side chains multi-chain we're going 00:19:34.260 --> 00:19:36.830 align:start position:0% them side chains multi-chain we're going to<00:19:34.380> give<00:19:34.559> those<00:19:34.919> uh<00:19:35.340> actors<00:19:35.820> a<00:19:36.360> turnkey 00:19:36.830 --> 00:19:36.840 align:start position:0% to give those uh actors a turnkey 00:19:36.840 --> 00:19:39.049 align:start position:0% to give those uh actors a turnkey decentralized<00:19:37.620> block<00:19:37.860> builder<00:19:38.340> for<00:19:38.880> both 00:19:39.049 --> 00:19:39.059 align:start position:0% decentralized block builder for both 00:19:39.059 --> 00:19:40.789 align:start position:0% decentralized block builder for both their<00:19:39.240> validators<00:19:39.840> to<00:19:40.080> maximize<00:19:40.500> their 00:19:40.789 --> 00:19:40.799 align:start position:0% their validators to maximize their 00:19:40.799 --> 00:19:42.830 align:start position:0% their validators to maximize their revenue<00:19:41.039> and<00:19:41.340> for<00:19:41.520> their<00:19:41.700> users<00:19:42.059> to<00:19:42.360> maximize 00:19:42.830 --> 00:19:42.840 align:start position:0% revenue and for their users to maximize 00:19:42.840 --> 00:19:45.110 align:start position:0% revenue and for their users to maximize the<00:19:43.559> output<00:19:43.860> of<00:19:44.340> their<00:19:44.640> economic 00:19:45.110 --> 00:19:45.120 align:start position:0% the output of their economic 00:19:45.120 --> 00:19:47.510 align:start position:0% the output of their economic transactions<00:19:45.720> without<00:19:46.440> entrenching<00:19:47.160> further 00:19:47.510 --> 00:19:47.520 align:start position:0% transactions without entrenching further 00:19:47.520 --> 00:19:49.730 align:start position:0% transactions without entrenching further centralization<00:19:48.120> into<00:19:48.480> the<00:19:48.660> roll-up<00:19:49.020> or<00:19:49.559> into 00:19:49.730 --> 00:19:49.740 align:start position:0% centralization into the roll-up or into 00:19:49.740 --> 00:19:51.830 align:start position:0% centralization into the roll-up or into the<00:19:49.980> uh<00:19:50.280> other<00:19:50.520> chain<00:19:50.820> so<00:19:51.120> this<00:19:51.299> is<00:19:51.419> very<00:19:51.600> very 00:19:51.830 --> 00:19:51.840 align:start position:0% the uh other chain so this is very very 00:19:51.840 --> 00:19:53.930 align:start position:0% the uh other chain so this is very very important<00:19:52.280> cooperation<00:19:53.280> without 00:19:53.930 --> 00:19:53.940 align:start position:0% important cooperation without 00:19:53.940 --> 00:19:56.870 align:start position:0% important cooperation without centralization<00:19:54.780> is<00:19:54.960> what<00:19:55.140> we're<00:19:55.260> doing<00:19:55.380> here 00:19:56.870 --> 00:19:56.880 align:start position:0% centralization is what we're doing here 00:19:56.880 --> 00:19:58.250 align:start position:0% centralization is what we're doing here um<00:19:57.000> I'll<00:19:57.240> give<00:19:57.419> you<00:19:57.539> some<00:19:57.720> more<00:19:57.840> keywords 00:19:58.250 --> 00:19:58.260 align:start position:0% um I'll give you some more keywords 00:19:58.260 --> 00:19:59.630 align:start position:0% um I'll give you some more keywords about<00:19:58.380> what<00:19:58.559> we're<00:19:58.740> building<00:19:58.919> and<00:19:59.280> spend<00:19:59.520> a 00:19:59.630 --> 00:19:59.640 align:start position:0% about what we're building and spend a 00:19:59.640 --> 00:20:01.430 align:start position:0% about what we're building and spend a little<00:19:59.760> bit<00:19:59.880> of<00:20:00.000> time<00:20:00.240> kind<00:20:00.840> of<00:20:00.960> ranting<00:20:01.320> about 00:20:01.430 --> 00:20:01.440 align:start position:0% little bit of time kind of ranting about 00:20:01.440 --> 00:20:04.370 align:start position:0% little bit of time kind of ranting about each<00:20:01.679> one<00:20:01.799> of<00:20:01.919> these<00:20:02.580> so<00:20:03.240> first<00:20:03.539> is<00:20:03.840> a<00:20:04.080> fully 00:20:04.370 --> 00:20:04.380 align:start position:0% each one of these so first is a fully 00:20:04.380 --> 00:20:06.890 align:start position:0% each one of these so first is a fully decentralized<00:20:05.220> block<00:20:05.400> Builder<00:20:05.880> we<00:20:06.720> stand 00:20:06.890 --> 00:20:06.900 align:start position:0% decentralized block Builder we stand 00:20:06.900 --> 00:20:08.630 align:start position:0% decentralized block Builder we stand against<00:20:07.200> centralization<00:20:08.100> in<00:20:08.460> the<00:20:08.520> block 00:20:08.630 --> 00:20:08.640 align:start position:0% against centralization in the block 00:20:08.640 --> 00:20:10.909 align:start position:0% against centralization in the block building<00:20:08.940> market<00:20:09.299> and<00:20:10.020> I<00:20:10.140> know<00:20:10.260> that<00:20:10.440> may<00:20:10.620> seem 00:20:10.909 --> 00:20:10.919 align:start position:0% building market and I know that may seem 00:20:10.919 --> 00:20:13.250 align:start position:0% building market and I know that may seem inconsistent<00:20:11.580> with<00:20:11.760> our<00:20:11.940> previous<00:20:12.059> views<00:20:12.539> but 00:20:13.250 --> 00:20:13.260 align:start position:0% inconsistent with our previous views but 00:20:13.260 --> 00:20:14.990 align:start position:0% inconsistent with our previous views but it<00:20:13.380> is<00:20:13.559> my<00:20:13.799> belief<00:20:14.100> that<00:20:14.400> the<00:20:14.580> only<00:20:14.640> way<00:20:14.820> to 00:20:14.990 --> 00:20:15.000 align:start position:0% it is my belief that the only way to 00:20:15.000 --> 00:20:17.270 align:start position:0% it is my belief that the only way to achieve<00:20:15.299> decentralization<00:20:16.020> is<00:20:16.799> to<00:20:16.980> front<00:20:17.100> run 00:20:17.270 --> 00:20:17.280 align:start position:0% achieve decentralization is to front run 00:20:17.280 --> 00:20:19.789 align:start position:0% achieve decentralization is to front run the<00:20:17.520> Mev<00:20:17.940> crisis<00:20:18.360> and<00:20:18.660> credibly<00:20:19.080> decentralize 00:20:19.789 --> 00:20:19.799 align:start position:0% the Mev crisis and credibly decentralize 00:20:19.799 --> 00:20:22.909 align:start position:0% the Mev crisis and credibly decentralize every<00:20:20.460> modular<00:20:20.820> component<00:20:21.360> of<00:20:21.480> it<00:20:22.080> this<00:20:22.799> is 00:20:22.909 --> 00:20:22.919 align:start position:0% every modular component of it this is 00:20:22.919 --> 00:20:24.350 align:start position:0% every modular component of it this is going<00:20:22.980> to<00:20:23.039> be<00:20:23.100> a<00:20:23.280> fully<00:20:23.460> open<00:20:23.640> source<00:20:24.179> system 00:20:24.350 --> 00:20:24.360 align:start position:0% going to be a fully open source system 00:20:24.360 --> 00:20:26.029 align:start position:0% going to be a fully open source system that's<00:20:25.020> going<00:20:25.200> to<00:20:25.260> be<00:20:25.320> developed<00:20:25.620> in<00:20:25.799> the<00:20:25.919> open 00:20:26.029 --> 00:20:26.039 align:start position:0% that's going to be developed in the open 00:20:26.039 --> 00:20:28.549 align:start position:0% that's going to be developed in the open so<00:20:27.000> starting<00:20:27.240> in<00:20:27.480> about<00:20:27.600> a<00:20:27.840> week<00:20:27.900> we'll<00:20:28.320> start 00:20:28.549 --> 00:20:28.559 align:start position:0% so starting in about a week we'll start 00:20:28.559 --> 00:20:31.010 align:start position:0% so starting in about a week we'll start releasing<00:20:28.980> information<00:20:29.280> specs<00:20:30.240> possibly 00:20:31.010 --> 00:20:31.020 align:start position:0% releasing information specs possibly 00:20:31.020 --> 00:20:32.810 align:start position:0% releasing information specs possibly even<00:20:31.200> prototypes<00:20:31.919> and<00:20:31.980> code<00:20:32.160> we'll<00:20:32.400> see<00:20:32.580> two 00:20:32.810 --> 00:20:32.820 align:start position:0% even prototypes and code we'll see two 00:20:32.820 --> 00:20:35.930 align:start position:0% even prototypes and code we'll see two weeks<00:20:33.120> TM<00:20:33.419> right<00:20:33.600> like<00:20:34.160> for<00:20:35.160> for<00:20:35.340> users<00:20:35.760> to 00:20:35.930 --> 00:20:35.940 align:start position:0% weeks TM right like for for users to 00:20:35.940 --> 00:20:36.909 align:start position:0% weeks TM right like for for users to play<00:20:36.059> with 00:20:36.909 --> 00:20:36.919 align:start position:0% play with 00:20:36.919 --> 00:20:39.230 align:start position:0% play with and<00:20:37.919> we<00:20:38.039> want<00:20:38.160> you<00:20:38.280> to<00:20:38.400> come<00:20:38.520> discuss<00:20:38.880> with<00:20:39.120> us 00:20:39.230 --> 00:20:39.240 align:start position:0% and we want you to come discuss with us 00:20:39.240 --> 00:20:41.750 align:start position:0% and we want you to come discuss with us that's<00:20:39.960> what<00:20:40.140> decentralized<00:20:40.860> means<00:20:41.100> if<00:20:41.640> you 00:20:41.750 --> 00:20:41.760 align:start position:0% that's what decentralized means if you 00:20:41.760 --> 00:20:43.909 align:start position:0% that's what decentralized means if you consider<00:20:42.120> yourself<00:20:42.299> a<00:20:42.660> competitor<00:20:43.020> of<00:20:43.200> us<00:20:43.320> we 00:20:43.909 --> 00:20:43.919 align:start position:0% consider yourself a competitor of us we 00:20:43.919 --> 00:20:45.049 align:start position:0% consider yourself a competitor of us we want<00:20:44.039> you<00:20:44.160> to<00:20:44.280> come<00:20:44.400> to<00:20:44.520> the<00:20:44.640> table<00:20:44.760> and<00:20:44.940> we 00:20:45.049 --> 00:20:45.059 align:start position:0% want you to come to the table and we 00:20:45.059 --> 00:20:46.789 align:start position:0% want you to come to the table and we want<00:20:45.179> to<00:20:45.299> build<00:20:45.360> this<00:20:45.539> together<00:20:45.780> because<00:20:46.440> we 00:20:46.789 --> 00:20:46.799 align:start position:0% want to build this together because we 00:20:46.799 --> 00:20:48.770 align:start position:0% want to build this together because we really<00:20:46.980> believe<00:20:47.400> truly<00:20:48.299> that<00:20:48.480> the<00:20:48.600> best 00:20:48.770 --> 00:20:48.780 align:start position:0% really believe truly that the best 00:20:48.780 --> 00:20:50.150 align:start position:0% really believe truly that the best outcome<00:20:49.080> for<00:20:49.260> the<00:20:49.380> space<00:20:49.559> is<00:20:49.740> if<00:20:49.919> we're<00:20:50.039> all 00:20:50.150 --> 00:20:50.160 align:start position:0% outcome for the space is if we're all 00:20:50.160 --> 00:20:52.250 align:start position:0% outcome for the space is if we're all doing<00:20:50.340> this<00:20:50.520> together<00:20:50.760> rather<00:20:51.600> than<00:20:51.780> fighting 00:20:52.250 --> 00:20:52.260 align:start position:0% doing this together rather than fighting 00:20:52.260 --> 00:20:54.650 align:start position:0% doing this together rather than fighting each<00:20:52.380> other<00:20:52.500> in<00:20:52.740> zero-sum<00:20:53.220> games 00:20:54.650 --> 00:20:54.660 align:start position:0% each other in zero-sum games 00:20:54.660 --> 00:20:56.150 align:start position:0% each other in zero-sum games um it's<00:20:54.840> going<00:20:55.020> to<00:20:55.020> be<00:20:55.140> ethnative<00:20:55.679> so<00:20:55.980> that 00:20:56.150 --> 00:20:56.160 align:start position:0% um it's going to be ethnative so that 00:20:56.160 --> 00:20:58.310 align:start position:0% um it's going to be ethnative so that means<00:20:56.400> aligned<00:20:57.000> with<00:20:57.179> the<00:20:57.360> eth<00:20:57.600> validator<00:20:58.020> set 00:20:58.310 --> 00:20:58.320 align:start position:0% means aligned with the eth validator set 00:20:58.320 --> 00:21:00.350 align:start position:0% means aligned with the eth validator set and<00:20:58.860> intended<00:20:59.340> not<00:20:59.580> to<00:20:59.820> corrupt<00:21:00.179> the 00:21:00.350 --> 00:21:00.360 align:start position:0% and intended not to corrupt the 00:21:00.360 --> 00:21:02.750 align:start position:0% and intended not to corrupt the validator<00:21:00.720> set<00:21:01.020> of<00:21:01.620> ethereum<00:21:02.100> or<00:21:02.400> impose 00:21:02.750 --> 00:21:02.760 align:start position:0% validator set of ethereum or impose 00:21:02.760 --> 00:21:05.029 align:start position:0% validator set of ethereum or impose things<00:21:03.059> like<00:21:03.299> undo<00:21:03.720> token<00:21:04.140> incentives<00:21:04.559> or 00:21:05.029 --> 00:21:05.039 align:start position:0% things like undo token incentives or 00:21:05.039 --> 00:21:07.070 align:start position:0% things like undo token incentives or other<00:21:05.220> centralization<00:21:05.820> risks<00:21:06.299> on<00:21:06.539> the<00:21:06.660> evm 00:21:07.070 --> 00:21:07.080 align:start position:0% other centralization risks on the evm 00:21:07.080 --> 00:21:08.990 align:start position:0% other centralization risks on the evm layer<00:21:07.380> and<00:21:07.919> it's<00:21:07.980> going<00:21:08.160> to<00:21:08.220> be<00:21:08.280> fully<00:21:08.520> evm 00:21:08.990 --> 00:21:09.000 align:start position:0% layer and it's going to be fully evm 00:21:09.000 --> 00:21:11.450 align:start position:0% layer and it's going to be fully evm compatible<00:21:09.419> to<00:21:10.140> kind<00:21:10.260> of<00:21:10.380> bring<00:21:10.740> the<00:21:11.039> benefits 00:21:11.450 --> 00:21:11.460 align:start position:0% compatible to kind of bring the benefits 00:21:11.460 --> 00:21:13.070 align:start position:0% compatible to kind of bring the benefits of<00:21:11.700> all<00:21:11.820> these<00:21:12.000> evm<00:21:12.419> chains<00:21:12.780> and<00:21:12.900> their 00:21:13.070 --> 00:21:13.080 align:start position:0% of all these evm chains and their 00:21:13.080 --> 00:21:15.470 align:start position:0% of all these evm chains and their interconnectivity<00:21:13.799> to<00:21:14.340> Mev 00:21:15.470 --> 00:21:15.480 align:start position:0% interconnectivity to Mev 00:21:15.480 --> 00:21:17.570 align:start position:0% interconnectivity to Mev we're<00:21:16.320> going<00:21:16.500> to<00:21:16.559> provide<00:21:16.799> optimal<00:21:17.280> user 00:21:17.570 --> 00:21:17.580 align:start position:0% we're going to provide optimal user 00:21:17.580 --> 00:21:19.909 align:start position:0% we're going to provide optimal user execution<00:21:18.000> that<00:21:18.240> harnesses<00:21:18.660> Mev<00:21:19.200> so<00:21:19.799> we're 00:21:19.909 --> 00:21:19.919 align:start position:0% execution that harnesses Mev so we're 00:21:19.919 --> 00:21:21.830 align:start position:0% execution that harnesses Mev so we're going<00:21:20.039> to<00:21:20.039> use<00:21:20.160> Mev<00:21:20.640> as<00:21:20.880> this<00:21:21.120> decentralized 00:21:21.830 --> 00:21:21.840 align:start position:0% going to use Mev as this decentralized 00:21:21.840 --> 00:21:23.810 align:start position:0% going to use Mev as this decentralized engine<00:21:22.080> in<00:21:22.380> the<00:21:22.500> long<00:21:22.620> term<00:21:22.799> to<00:21:23.400> make<00:21:23.520> sure<00:21:23.640> the 00:21:23.810 --> 00:21:23.820 align:start position:0% engine in the long term to make sure the 00:21:23.820 --> 00:21:26.270 align:start position:0% engine in the long term to make sure the users<00:21:24.120> get<00:21:24.360> really<00:21:24.539> the<00:21:24.780> best<00:21:24.960> execution<00:21:25.559> on 00:21:26.270 --> 00:21:26.280 align:start position:0% users get really the best execution on 00:21:26.280 --> 00:21:28.070 align:start position:0% users get really the best execution on their<00:21:26.460> trades<00:21:26.820> in<00:21:27.480> a<00:21:27.660> way<00:21:27.720> that's<00:21:27.900> really 00:21:28.070 --> 00:21:28.080 align:start position:0% their trades in a way that's really 00:21:28.080 --> 00:21:29.750 align:start position:0% their trades in a way that's really going<00:21:28.200> to<00:21:28.260> make<00:21:28.380> tradfy<00:21:28.919> look<00:21:29.159> embarrassing 00:21:29.750 --> 00:21:29.760 align:start position:0% going to make tradfy look embarrassing 00:21:29.760 --> 00:21:32.990 align:start position:0% going to make tradfy look embarrassing very<00:21:30.059> shortly<00:21:30.360> in<00:21:31.140> my<00:21:31.440> guess 00:21:32.990 --> 00:21:33.000 align:start position:0% very shortly in my guess 00:21:33.000 --> 00:21:33.950 align:start position:0% very shortly in my guess um<00:21:33.059> we're<00:21:33.360> going<00:21:33.480> to<00:21:33.539> offer<00:21:33.780> full 00:21:33.950 --> 00:21:33.960 align:start position:0% um we're going to offer full 00:21:33.960 --> 00:21:35.450 align:start position:0% um we're going to offer full compatibility<00:21:34.380> with<00:21:34.559> flashbots<00:21:35.039> today<00:21:35.220> so 00:21:35.450 --> 00:21:35.460 align:start position:0% compatibility with flashbots today so 00:21:35.460 --> 00:21:37.669 align:start position:0% compatibility with flashbots today so many<00:21:35.640> of<00:21:35.820> you<00:21:35.940> may<00:21:36.179> search<00:21:36.720> on<00:21:36.900> flashbots<00:21:37.440> May 00:21:37.669 --> 00:21:37.679 align:start position:0% many of you may search on flashbots May 00:21:37.679 --> 00:21:40.190 align:start position:0% many of you may search on flashbots May relay<00:21:37.980> blacks<00:21:38.400> blocks<00:21:38.820> to<00:21:38.940> flashbots<00:21:39.480> may<00:21:39.960> do 00:21:40.190 --> 00:21:40.200 align:start position:0% relay blacks blocks to flashbots may do 00:21:40.200 --> 00:21:41.210 align:start position:0% relay blacks blocks to flashbots may do whatever 00:21:41.210 --> 00:21:41.220 align:start position:0% whatever 00:21:41.220 --> 00:21:42.770 align:start position:0% whatever um<00:21:41.280> and<00:21:42.000> we<00:21:42.179> want<00:21:42.299> to<00:21:42.419> have<00:21:42.600> full 00:21:42.770 --> 00:21:42.780 align:start position:0% um and we want to have full 00:21:42.780 --> 00:21:44.810 align:start position:0% um and we want to have full compatibility<00:21:43.380> with<00:21:43.980> that<00:21:44.159> system<00:21:44.400> going 00:21:44.810 --> 00:21:44.820 align:start position:0% compatibility with that system going 00:21:44.820 --> 00:21:46.130 align:start position:0% compatibility with that system going forward 00:21:46.130 --> 00:21:46.140 align:start position:0% forward 00:21:46.140 --> 00:21:47.870 align:start position:0% forward um<00:21:46.260> we<00:21:46.500> want<00:21:46.620> cross<00:21:46.860> slash<00:21:47.280> multi-chain 00:21:47.870 --> 00:21:47.880 align:start position:0% um we want cross slash multi-chain 00:21:47.880 --> 00:21:49.730 align:start position:0% um we want cross slash multi-chain support<00:21:48.179> so<00:21:48.960> this<00:21:49.140> one<00:21:49.260> is<00:21:49.440> kind<00:21:49.679> of 00:21:49.730 --> 00:21:49.740 align:start position:0% support so this one is kind of 00:21:49.740 --> 00:21:51.710 align:start position:0% support so this one is kind of self-explanatory<00:21:50.640> I<00:21:50.940> mean<00:21:51.059> everyone<00:21:51.240> asks<00:21:51.659> us 00:21:51.710 --> 00:21:51.720 align:start position:0% self-explanatory I mean everyone asks us 00:21:51.720 --> 00:21:53.149 align:start position:0% self-explanatory I mean everyone asks us are<00:21:51.960> you<00:21:52.080> going<00:21:52.200> cross-chain<00:21:52.740> are<00:21:52.980> you<00:21:53.039> going 00:21:53.149 --> 00:21:53.159 align:start position:0% are you going cross-chain are you going 00:21:53.159 --> 00:21:55.070 align:start position:0% are you going cross-chain are you going multi-chain<00:21:53.820> come<00:21:54.480> on<00:21:54.600> what<00:21:54.780> do<00:21:54.900> you<00:21:54.960> guys 00:21:55.070 --> 00:21:55.080 align:start position:0% multi-chain come on what do you guys 00:21:55.080 --> 00:21:57.470 align:start position:0% multi-chain come on what do you guys think<00:21:55.200> of<00:21:55.380> course<00:21:55.559> like<00:21:56.340> um<00:21:56.400> yes<00:21:56.700> but<00:21:57.240> also 00:21:57.470 --> 00:21:57.480 align:start position:0% think of course like um yes but also 00:21:57.480 --> 00:21:59.630 align:start position:0% think of course like um yes but also ethnative<00:21:58.140> and<00:21:58.320> etherlined<00:21:58.980> we<00:21:59.280> think<00:21:59.400> this 00:21:59.630 --> 00:21:59.640 align:start position:0% ethnative and etherlined we think this 00:21:59.640 --> 00:22:01.250 align:start position:0% ethnative and etherlined we think this is<00:21:59.760> the<00:21:59.940> key<00:22:00.120> combination<00:22:00.539> for<00:22:00.780> these<00:22:00.960> systems 00:22:01.250 --> 00:22:01.260 align:start position:0% is the key combination for these systems 00:22:01.260 --> 00:22:03.110 align:start position:0% is the key combination for these systems in<00:22:01.440> the<00:22:01.559> future<00:22:01.679> so<00:22:02.280> they<00:22:02.460> serve<00:22:02.820> the<00:22:02.940> whole 00:22:03.110 --> 00:22:03.120 align:start position:0% in the future so they serve the whole 00:22:03.120 --> 00:22:05.930 align:start position:0% in the future so they serve the whole world<00:22:03.360> not<00:22:03.780> just<00:22:03.960> one<00:22:04.320> area<00:22:04.620> or<00:22:05.280> one<00:22:05.520> set<00:22:05.700> of 00:22:05.930 --> 00:22:05.940 align:start position:0% world not just one area or one set of 00:22:05.940 --> 00:22:08.090 align:start position:0% world not just one area or one set of clients<00:22:06.299> or<00:22:06.480> people 00:22:08.090 --> 00:22:08.100 align:start position:0% clients or people 00:22:08.100 --> 00:22:09.529 align:start position:0% clients or people um<00:22:08.159> last<00:22:08.400> thing<00:22:08.580> is<00:22:08.700> we're<00:22:08.880> going<00:22:09.000> to<00:22:09.059> maximize 00:22:09.529 --> 00:22:09.539 align:start position:0% um last thing is we're going to maximize 00:22:09.539 --> 00:22:11.390 align:start position:0% um last thing is we're going to maximize competition<00:22:10.020> and<00:22:10.320> Geographic<00:22:10.860> diversity<00:22:11.220> so 00:22:11.390 --> 00:22:11.400 align:start position:0% competition and Geographic diversity so 00:22:11.400 --> 00:22:13.310 align:start position:0% competition and Geographic diversity so this<00:22:11.580> is<00:22:11.700> the<00:22:11.820> most<00:22:11.940> important<00:22:12.299> point<00:22:12.539> that<00:22:13.140> I 00:22:13.310 --> 00:22:13.320 align:start position:0% this is the most important point that I 00:22:13.320 --> 00:22:15.049 align:start position:0% this is the most important point that I kind<00:22:13.500> of<00:22:13.620> wanna<00:22:13.860> everyone<00:22:14.340> to<00:22:14.700> leave<00:22:14.880> today 00:22:15.049 --> 00:22:15.059 align:start position:0% kind of wanna everyone to leave today 00:22:15.059 --> 00:22:17.450 align:start position:0% kind of wanna everyone to leave today with<00:22:15.360> is<00:22:16.140> we<00:22:16.500> don't<00:22:16.620> get<00:22:16.860> out<00:22:17.039> of<00:22:17.159> the<00:22:17.280> Dark 00:22:17.450 --> 00:22:17.460 align:start position:0% with is we don't get out of the Dark 00:22:17.460 --> 00:22:20.090 align:start position:0% with is we don't get out of the Dark Forest<00:22:17.940> unless<00:22:18.419> we<00:22:18.659> have<00:22:18.780> competition<00:22:19.380> and 00:22:20.090 --> 00:22:20.100 align:start position:0% Forest unless we have competition and 00:22:20.100 --> 00:22:22.250 align:start position:0% Forest unless we have competition and Geographic<00:22:20.640> diversity<00:22:21.120> and<00:22:21.600> unless<00:22:21.900> both<00:22:22.080> of 00:22:22.250 --> 00:22:22.260 align:start position:0% Geographic diversity and unless both of 00:22:22.260 --> 00:22:24.350 align:start position:0% Geographic diversity and unless both of those<00:22:22.380> are<00:22:22.620> really<00:22:22.860> meaningful<00:22:23.280> so<00:22:24.000> we<00:22:24.179> can't 00:22:24.350 --> 00:22:24.360 align:start position:0% those are really meaningful so we can't 00:22:24.360 --> 00:22:28.010 align:start position:0% those are really meaningful so we can't build<00:22:24.600> systems<00:22:25.340> Solana<00:22:26.340> that<00:22:27.120> uh<00:22:27.419> for<00:22:27.720> example 00:22:28.010 --> 00:22:28.020 align:start position:0% build systems Solana that uh for example 00:22:28.020 --> 00:22:30.710 align:start position:0% build systems Solana that uh for example privilege<00:22:28.740> certain<00:22:29.100> economic<00:22:29.700> zones<00:22:30.120> or 00:22:30.710 --> 00:22:30.720 align:start position:0% privilege certain economic zones or 00:22:30.720 --> 00:22:32.870 align:start position:0% privilege certain economic zones or require<00:22:30.960> you<00:22:31.320> to<00:22:31.500> have<00:22:31.679> low<00:22:31.919> latency<00:22:32.340> to<00:22:32.700> an 00:22:32.870 --> 00:22:32.880 align:start position:0% require you to have low latency to an 00:22:32.880 --> 00:22:34.909 align:start position:0% require you to have low latency to an existing<00:22:33.299> set<00:22:33.539> of<00:22:33.720> infrastructures<00:22:34.260> because 00:22:34.909 --> 00:22:34.919 align:start position:0% existing set of infrastructures because 00:22:34.919 --> 00:22:36.710 align:start position:0% existing set of infrastructures because then<00:22:35.100> we<00:22:35.340> lose<00:22:35.520> out<00:22:35.760> on<00:22:35.940> the<00:22:36.059> benefit<00:22:36.179> of<00:22:36.539> these 00:22:36.710 --> 00:22:36.720 align:start position:0% then we lose out on the benefit of these 00:22:36.720 --> 00:22:39.110 align:start position:0% then we lose out on the benefit of these Global<00:22:37.020> utility<00:22:37.320> functions<00:22:37.860> and<00:22:38.460> the<00:22:38.700> amazing 00:22:39.110 --> 00:22:39.120 align:start position:0% Global utility functions and the amazing 00:22:39.120 --> 00:22:40.789 align:start position:0% Global utility functions and the amazing cooperation<00:22:39.659> that<00:22:39.960> these<00:22:40.140> utility<00:22:40.380> functions 00:22:40.789 --> 00:22:40.799 align:start position:0% cooperation that these utility functions 00:22:40.799 --> 00:22:43.070 align:start position:0% cooperation that these utility functions enable<00:22:41.100> so<00:22:42.000> every<00:22:42.360> step<00:22:42.539> we're<00:22:42.720> going<00:22:42.900> to<00:22:42.960> take 00:22:43.070 --> 00:22:43.080 align:start position:0% enable so every step we're going to take 00:22:43.080 --> 00:22:44.630 align:start position:0% enable so every step we're going to take is<00:22:43.200> going<00:22:43.380> to<00:22:43.440> be<00:22:43.500> intended<00:22:43.860> to<00:22:44.039> maximize<00:22:44.400> this 00:22:44.630 --> 00:22:44.640 align:start position:0% is going to be intended to maximize this 00:22:44.640 --> 00:22:45.710 align:start position:0% is going to be intended to maximize this competition 00:22:45.710 --> 00:22:45.720 align:start position:0% competition 00:22:45.720 --> 00:22:47.510 align:start position:0% competition we're<00:22:46.200> going<00:22:46.320> to<00:22:46.380> enable<00:22:46.620> open<00:22:46.919> order<00:22:47.220> flow 00:22:47.510 --> 00:22:47.520 align:start position:0% we're going to enable open order flow 00:22:47.520 --> 00:22:49.250 align:start position:0% we're going to enable open order flow for<00:22:47.880> ethereum's<00:22:48.419> future 00:22:49.250 --> 00:22:49.260 align:start position:0% for ethereum's future 00:22:49.260 --> 00:22:51.590 align:start position:0% for ethereum's future what<00:22:49.799> is<00:22:49.919> open<00:22:50.100> order<00:22:50.400> flow<00:22:50.640> open<00:22:51.059> order<00:22:51.299> flow 00:22:51.590 --> 00:22:51.600 align:start position:0% what is open order flow open order flow 00:22:51.600 --> 00:22:53.750 align:start position:0% what is open order flow open order flow means<00:22:52.140> no<00:22:52.500> first<00:22:52.799> party<00:22:52.980> deals<00:22:53.460> between 00:22:53.750 --> 00:22:53.760 align:start position:0% means no first party deals between 00:22:53.760 --> 00:22:56.630 align:start position:0% means no first party deals between wallets<00:22:54.500> Builders<00:22:55.500> and<00:22:55.860> or<00:22:56.039> validators 00:22:56.630 --> 00:22:56.640 align:start position:0% wallets Builders and or validators 00:22:56.640 --> 00:22:58.430 align:start position:0% wallets Builders and or validators because<00:22:57.240> we<00:22:57.600> believe<00:22:57.720> that<00:22:58.080> these<00:22:58.320> first 00:22:58.430 --> 00:22:58.440 align:start position:0% because we believe that these first 00:22:58.440 --> 00:23:01.250 align:start position:0% because we believe that these first party<00:22:58.740> deals<00:22:59.159> in<00:22:59.280> tradfi<00:22:59.820> have<00:23:00.360> led<00:23:00.600> users<00:23:00.960> to 00:23:01.250 --> 00:23:01.260 align:start position:0% party deals in tradfi have led users to 00:23:01.260 --> 00:23:03.830 align:start position:0% party deals in tradfi have led users to have<00:23:01.440> absolutely<00:23:02.039> horrible<00:23:02.580> execution<00:23:03.179> and 00:23:03.830 --> 00:23:03.840 align:start position:0% have absolutely horrible execution and 00:23:03.840 --> 00:23:07.250 align:start position:0% have absolutely horrible execution and have<00:23:04.080> entrenched<00:23:04.740> extremely<00:23:05.659> predatory<00:23:06.659> rent 00:23:07.250 --> 00:23:07.260 align:start position:0% have entrenched extremely predatory rent 00:23:07.260 --> 00:23:10.390 align:start position:0% have entrenched extremely predatory rent extractors<00:23:07.980> rent<00:23:08.580> extractors<00:23:09.120> if<00:23:09.539> you<00:23:09.659> will 00:23:10.390 --> 00:23:10.400 align:start position:0% extractors rent extractors if you will 00:23:10.400 --> 00:23:12.649 align:start position:0% extractors rent extractors if you will and<00:23:11.400> the<00:23:11.580> last<00:23:11.700> thing<00:23:11.880> is<00:23:12.059> we're<00:23:12.360> going<00:23:12.539> to 00:23:12.649 --> 00:23:12.659 align:start position:0% and the last thing is we're going to 00:23:12.659 --> 00:23:14.570 align:start position:0% and the last thing is we're going to have<00:23:12.720> programmable<00:23:13.200> privacy<00:23:13.679> so<00:23:14.220> how<00:23:14.400> do<00:23:14.520> you 00:23:14.570 --> 00:23:14.580 align:start position:0% have programmable privacy so how do you 00:23:14.580 --> 00:23:16.010 align:start position:0% have programmable privacy so how do you achieve<00:23:14.880> all<00:23:15.000> this<00:23:15.120> how<00:23:15.360> do<00:23:15.419> you<00:23:15.539> give<00:23:15.659> users 00:23:16.010 --> 00:23:16.020 align:start position:0% achieve all this how do you give users 00:23:16.020 --> 00:23:17.990 align:start position:0% achieve all this how do you give users back<00:23:16.260> their<00:23:16.500> bargaining<00:23:16.980> power<00:23:17.100> they<00:23:17.820> need<00:23:17.940> to 00:23:17.990 --> 00:23:18.000 align:start position:0% back their bargaining power they need to 00:23:18.000 --> 00:23:19.549 align:start position:0% back their bargaining power they need to have<00:23:18.179> control<00:23:18.480> over<00:23:19.020> what<00:23:19.320> information 00:23:19.549 --> 00:23:19.559 align:start position:0% have control over what information 00:23:19.559 --> 00:23:22.130 align:start position:0% have control over what information they're<00:23:20.520> giving<00:23:20.760> and<00:23:21.299> that<00:23:21.539> only<00:23:21.720> comes 00:23:22.130 --> 00:23:22.140 align:start position:0% they're giving and that only comes 00:23:22.140 --> 00:23:24.950 align:start position:0% they're giving and that only comes through<00:23:22.260> privacy<00:23:22.880> it's<00:23:23.880> it's<00:23:24.059> one<00:23:24.419> tool<00:23:24.720> that 00:23:24.950 --> 00:23:24.960 align:start position:0% through privacy it's it's one tool that 00:23:24.960 --> 00:23:26.330 align:start position:0% through privacy it's it's one tool that we<00:23:25.080> need<00:23:25.260> to<00:23:25.559> get<00:23:25.679> out<00:23:25.860> of<00:23:25.980> the<00:23:26.039> situation 00:23:26.330 --> 00:23:26.340 align:start position:0% we need to get out of the situation 00:23:26.340 --> 00:23:28.370 align:start position:0% we need to get out of the situation we're<00:23:26.580> in<00:23:26.760> although<00:23:27.419> it's<00:23:27.600> not<00:23:27.900> quite<00:23:28.200> enough 00:23:28.370 --> 00:23:28.380 align:start position:0% we're in although it's not quite enough 00:23:28.380 --> 00:23:30.890 align:start position:0% we're in although it's not quite enough by<00:23:28.740> itself<00:23:29.039> uh<00:23:29.760> for<00:23:30.000> reasons<00:23:30.360> that<00:23:30.480> will 00:23:30.890 --> 00:23:30.900 align:start position:0% by itself uh for reasons that will 00:23:30.900 --> 00:23:33.529 align:start position:0% by itself uh for reasons that will become<00:23:31.200> you<00:23:31.440> know<00:23:31.500> clear<00:23:31.620> over<00:23:31.860> time<00:23:32.580> so<00:23:33.240> this 00:23:33.529 --> 00:23:33.539 align:start position:0% become you know clear over time so this 00:23:33.539 --> 00:23:35.570 align:start position:0% become you know clear over time so this to<00:23:33.720> me<00:23:33.840> is<00:23:33.960> the<00:23:34.140> Genesis<00:23:34.620> of<00:23:34.980> a<00:23:35.039> new<00:23:35.159> phase<00:23:35.400> of 00:23:35.570 --> 00:23:35.580 align:start position:0% to me is the Genesis of a new phase of 00:23:35.580 --> 00:23:38.930 align:start position:0% to me is the Genesis of a new phase of Mev<00:23:36.000> a<00:23:36.419> new<00:23:36.600> Cooperative<00:23:37.340> positive<00:23:38.340> sum<00:23:38.640> phase 00:23:38.930 --> 00:23:38.940 align:start position:0% Mev a new Cooperative positive sum phase 00:23:38.940 --> 00:23:41.770 align:start position:0% Mev a new Cooperative positive sum phase of<00:23:39.179> Mev<00:23:39.659> to<00:23:40.200> get<00:23:40.320> us<00:23:40.440> out<00:23:40.620> of<00:23:40.740> this<00:23:40.980> zero-sum 00:23:41.770 --> 00:23:41.780 align:start position:0% of Mev to get us out of this zero-sum 00:23:41.780 --> 00:23:45.470 align:start position:0% of Mev to get us out of this zero-sum negative<00:23:42.919> centralizing<00:23:43.919> uh<00:23:44.640> ecosystem<00:23:45.120> that 00:23:45.470 --> 00:23:45.480 align:start position:0% negative centralizing uh ecosystem that 00:23:45.480 --> 00:23:47.330 align:start position:0% negative centralizing uh ecosystem that we're<00:23:45.539> headed<00:23:45.840> towards<00:23:46.140> even<00:23:46.740> though<00:23:46.919> we<00:23:47.159> have 00:23:47.330 --> 00:23:47.340 align:start position:0% we're headed towards even though we have 00:23:47.340 --> 00:23:49.730 align:start position:0% we're headed towards even though we have avoided<00:23:47.880> vertical<00:23:48.179> integration<00:23:48.659> we<00:23:49.380> now<00:23:49.500> need 00:23:49.730 --> 00:23:49.740 align:start position:0% avoided vertical integration we now need 00:23:49.740 --> 00:23:51.950 align:start position:0% avoided vertical integration we now need to<00:23:49.860> avoid<00:23:50.159> Builder<00:23:50.580> centralization<00:23:51.240> so<00:23:51.840> that 00:23:51.950 --> 00:23:51.960 align:start position:0% to avoid Builder centralization so that 00:23:51.960 --> 00:23:54.730 align:start position:0% to avoid Builder centralization so that will<00:23:52.140> be<00:23:52.260> the<00:23:52.440> next<00:23:52.620> job<00:23:52.919> of<00:23:53.280> flashbots 00:23:54.730 --> 00:23:54.740 align:start position:0% will be the next job of flashbots 00:23:54.740 --> 00:23:57.289 align:start position:0% will be the next job of flashbots I<00:23:55.740> want<00:23:55.860> you<00:23:56.039> all<00:23:56.220> to<00:23:56.460> help<00:23:56.640> please<00:23:57.059> please 00:23:57.289 --> 00:23:57.299 align:start position:0% I want you all to help please please 00:23:57.299 --> 00:23:58.850 align:start position:0% I want you all to help please please please<00:23:57.360> please<00:23:57.600> please<00:23:57.600> please<00:23:57.960> please 00:23:58.850 --> 00:23:58.860 align:start position:0% please please please please please 00:23:58.860 --> 00:24:01.789 align:start position:0% please please please please please please<00:23:59.580> every<00:24:00.179> person<00:24:00.299> in<00:24:00.539> this<00:24:00.720> room<00:24:00.840> let's 00:24:01.789 --> 00:24:01.799 align:start position:0% please every person in this room let's 00:24:01.799 --> 00:24:04.010 align:start position:0% please every person in this room let's you<00:24:02.520> know<00:24:02.640> all<00:24:03.120> these<00:24:03.299> photos<00:24:03.419> are<00:24:03.720> from<00:24:03.840> my 00:24:04.010 --> 00:24:04.020 align:start position:0% you know all these photos are from my 00:24:04.020 --> 00:24:05.810 align:start position:0% you know all these photos are from my hikes<00:24:04.260> and<00:24:04.380> when<00:24:04.500> you're<00:24:04.620> on<00:24:04.740> a<00:24:04.919> hike<00:24:05.039> the<00:24:05.700> best 00:24:05.810 --> 00:24:05.820 align:start position:0% hikes and when you're on a hike the best 00:24:05.820 --> 00:24:07.190 align:start position:0% hikes and when you're on a hike the best thing<00:24:05.940> you<00:24:06.120> can<00:24:06.240> do<00:24:06.360> is<00:24:06.539> get<00:24:06.780> to<00:24:06.900> the<00:24:07.020> top 00:24:07.190 --> 00:24:07.200 align:start position:0% thing you can do is get to the top 00:24:07.200 --> 00:24:09.169 align:start position:0% thing you can do is get to the top because<00:24:07.919> then<00:24:08.100> it's<00:24:08.340> all<00:24:08.520> downhill<00:24:08.940> from 00:24:09.169 --> 00:24:09.179 align:start position:0% because then it's all downhill from 00:24:09.179 --> 00:24:11.390 align:start position:0% because then it's all downhill from there<00:24:09.419> it's<00:24:10.080> all<00:24:10.260> nice<00:24:10.500> and<00:24:10.679> easy<00:24:10.860> the<00:24:11.220> Cool 00:24:11.390 --> 00:24:11.400 align:start position:0% there it's all nice and easy the Cool 00:24:11.400 --> 00:24:14.210 align:start position:0% there it's all nice and easy the Cool Breeze<00:24:11.820> is<00:24:11.880> Flowing<00:24:12.179> on<00:24:12.360> your<00:24:12.480> back<00:24:12.860> so<00:24:13.860> I<00:24:14.159> want 00:24:14.210 --> 00:24:14.220 align:start position:0% Breeze is Flowing on your back so I want 00:24:14.220 --> 00:24:16.130 align:start position:0% Breeze is Flowing on your back so I want to<00:24:14.400> hike<00:24:14.580> with<00:24:14.820> you<00:24:15.000> all<00:24:15.179> we're<00:24:15.780> going<00:24:15.960> to<00:24:16.020> have 00:24:16.130 --> 00:24:16.140 align:start position:0% to hike with you all we're going to have 00:24:16.140 --> 00:24:17.870 align:start position:0% to hike with you all we're going to have to<00:24:16.200> climb<00:24:16.559> the<00:24:16.679> mountain<00:24:16.860> first<00:24:17.159> I'm<00:24:17.700> sorry 00:24:17.870 --> 00:24:17.880 align:start position:0% to climb the mountain first I'm sorry 00:24:17.880 --> 00:24:20.210 align:start position:0% to climb the mountain first I'm sorry it's<00:24:18.659> not<00:24:18.780> going<00:24:18.900> to<00:24:19.020> be<00:24:19.140> easy<00:24:19.320> but<00:24:20.100> we're 00:24:20.210 --> 00:24:20.220 align:start position:0% it's not going to be easy but we're 00:24:20.220 --> 00:24:21.770 align:start position:0% it's not going to be easy but we're going<00:24:20.340> to<00:24:20.400> do<00:24:20.580> it<00:24:20.700> we're<00:24:20.940> here<00:24:21.120> for<00:24:21.419> years<00:24:21.539> and 00:24:21.770 --> 00:24:21.780 align:start position:0% going to do it we're here for years and 00:24:21.780 --> 00:24:23.350 align:start position:0% going to do it we're here for years and years<00:24:21.960> to<00:24:22.260> do<00:24:22.380> this<00:24:22.500> together 00:24:23.350 --> 00:24:23.360 align:start position:0% years to do this together 00:24:23.360 --> 00:24:25.610 align:start position:0% years to do this together especially<00:24:24.360> if<00:24:24.539> you're<00:24:24.720> a<00:24:24.840> user<00:24:25.080> a<00:24:25.200> wallet<00:24:25.500> or 00:24:25.610 --> 00:24:25.620 align:start position:0% especially if you're a user a wallet or 00:24:25.620 --> 00:24:27.409 align:start position:0% especially if you're a user a wallet or a<00:24:25.679> roll-up<00:24:25.919> we<00:24:26.159> want<00:24:26.280> to<00:24:26.400> be<00:24:26.520> talking<00:24:26.760> to<00:24:27.240> you 00:24:27.409 --> 00:24:27.419 align:start position:0% a roll-up we want to be talking to you 00:24:27.419 --> 00:24:29.630 align:start position:0% a roll-up we want to be talking to you now<00:24:27.659> about<00:24:28.260> centralization<00:24:28.980> in<00:24:29.340> your<00:24:29.460> system 00:24:29.630 --> 00:24:29.640 align:start position:0% now about centralization in your system 00:24:29.640 --> 00:24:31.789 align:start position:0% now about centralization in your system and<00:24:29.880> the<00:24:30.059> rest<00:24:30.179> of<00:24:30.299> the<00:24:30.419> stack<00:24:30.659> we're<00:24:31.440> hosting 00:24:31.789 --> 00:24:31.799 align:start position:0% and the rest of the stack we're hosting 00:24:31.799 --> 00:24:33.890 align:start position:0% and the rest of the stack we're hosting a<00:24:31.919> round<00:24:32.039> table<00:24:32.220> on<00:24:32.520> this<00:24:32.700> later<00:24:32.940> today<00:24:33.240> so 00:24:33.890 --> 00:24:33.900 align:start position:0% a round table on this later today so 00:24:33.900 --> 00:24:35.990 align:start position:0% a round table on this later today so please<00:24:34.140> reach<00:24:34.559> out<00:24:34.679> with<00:24:35.220> an<00:24:35.400> application<00:24:35.760> if 00:24:35.990 --> 00:24:36.000 align:start position:0% please reach out with an application if 00:24:36.000 --> 00:24:38.090 align:start position:0% please reach out with an application if you're<00:24:36.120> interested<00:24:36.539> in<00:24:36.659> that<00:24:36.840> lastly<00:24:37.740> please 00:24:38.090 --> 00:24:38.100 align:start position:0% you're interested in that lastly please 00:24:38.100 --> 00:24:40.730 align:start position:0% you're interested in that lastly please check<00:24:38.340> out<00:24:38.520> our<00:24:38.760> Forum<00:24:39.059> where<00:24:39.539> we<00:24:39.840> make<00:24:40.500> all 00:24:40.730 --> 00:24:40.740 align:start position:0% check out our Forum where we make all 00:24:40.740 --> 00:24:42.409 align:start position:0% check out our Forum where we make all these<00:24:40.860> discussions<00:24:41.340> and<00:24:41.820> come<00:24:41.940> troll<00:24:42.179> the 00:24:42.409 --> 00:24:42.419 align:start position:0% these discussions and come troll the 00:24:42.419 --> 00:24:45.049 align:start position:0% these discussions and come troll the crap<00:24:42.600> out<00:24:42.780> of<00:24:42.900> us<00:24:43.020> about<00:24:43.620> ofac<00:24:44.280> centralization 00:24:45.049 --> 00:24:45.059 align:start position:0% crap out of us about ofac centralization 00:24:45.059 --> 00:24:47.810 align:start position:0% crap out of us about ofac centralization competition<00:24:45.840> unfairness 00:24:47.810 --> 00:24:47.820 align:start position:0% competition unfairness 00:24:47.820 --> 00:24:49.850 align:start position:0% competition unfairness you<00:24:48.360> just<00:24:48.600> Hammer<00:24:49.080> us<00:24:49.200> you<00:24:49.440> know<00:24:49.559> please 00:24:49.850 --> 00:24:49.860 align:start position:0% you just Hammer us you know please 00:24:49.860 --> 00:24:52.190 align:start position:0% you just Hammer us you know please please<00:24:50.400> so<00:24:51.360> we<00:24:51.600> really<00:24:51.720> want<00:24:51.900> you<00:24:52.020> to 00:24:52.190 --> 00:24:52.200 align:start position:0% please so we really want you to 00:24:52.200 --> 00:24:53.570 align:start position:0% please so we really want you to participate<00:24:52.620> in<00:24:52.799> this<00:24:52.919> because<00:24:53.159> you<00:24:53.460> can't 00:24:53.570 --> 00:24:53.580 align:start position:0% participate in this because you can't 00:24:53.580 --> 00:24:55.610 align:start position:0% participate in this because you can't meaningfully<00:24:54.059> diversify<00:24:54.659> power<00:24:54.960> without 00:24:55.610 --> 00:24:55.620 align:start position:0% meaningfully diversify power without 00:24:55.620 --> 00:24:58.370 align:start position:0% meaningfully diversify power without diversifying<00:24:56.460> participation<00:24:57.120> so<00:24:58.020> we<00:24:58.200> look 00:24:58.370 --> 00:24:58.380 align:start position:0% diversifying participation so we look 00:24:58.380 --> 00:25:00.950 align:start position:0% diversifying participation so we look forward<00:24:58.679> to<00:24:59.280> talking<00:24:59.520> to<00:24:59.700> you<00:24:59.880> all<00:25:00.059> and 00:25:00.950 --> 00:25:00.960 align:start position:0% forward to talking to you all and 00:25:00.960 --> 00:25:02.750 align:start position:0% forward to talking to you all and hopefully<00:25:01.620> this<00:25:02.039> makes<00:25:02.220> you<00:25:02.340> feel<00:25:02.520> a<00:25:02.640> little 00:25:02.750 --> 00:25:02.760 align:start position:0% hopefully this makes you feel a little 00:25:02.760 --> 00:25:05.090 align:start position:0% hopefully this makes you feel a little better<00:25:02.940> about<00:25:03.299> us<00:25:03.600> not<00:25:03.840> being<00:25:04.080> like<00:25:04.440> the<00:25:04.860> evil 00:25:05.090 --> 00:25:05.100 align:start position:0% better about us not being like the evil 00:25:05.100 --> 00:25:06.770 align:start position:0% better about us not being like the evil Goldman<00:25:05.400> sachsborg<00:25:06.000> that<00:25:06.179> censors<00:25:06.480> us<00:25:06.600> all 00:25:06.770 --> 00:25:06.780 align:start position:0% Goldman sachsborg that censors us all 00:25:06.780 --> 00:25:12.049 align:start position:0% Goldman sachsborg that censors us all thank<00:25:07.140> you 00:25:12.049 --> 00:25:12.059 align:start position:0% 00:25:12.059 --> 00:25:14.630 align:start position:0% that's<00:25:12.299> awesome<00:25:12.480> we<00:25:13.020> have<00:25:13.200> time<00:25:13.500> for<00:25:13.919> one<00:25:14.460> or 00:25:14.630 --> 00:25:14.640 align:start position:0% that's awesome we have time for one or 00:25:14.640 --> 00:25:16.190 align:start position:0% that's awesome we have time for one or two<00:25:14.880> questions 00:25:16.190 --> 00:25:16.200 align:start position:0% two questions 00:25:16.200 --> 00:25:19.010 align:start position:0% two questions make<00:25:16.740> them<00:25:17.159> spicy<00:25:17.640> yeah 00:25:19.010 --> 00:25:19.020 align:start position:0% make them spicy yeah 00:25:19.020 --> 00:25:20.750 align:start position:0% make them spicy yeah there<00:25:19.620> is<00:25:19.799> another<00:25:19.980> there<00:25:20.280> is<00:25:20.460> a<00:25:20.580> question 00:25:20.750 --> 00:25:20.760 align:start position:0% there is another there is a question 00:25:20.760 --> 00:25:23.510 align:start position:0% there is another there is a question here<00:25:21.299> one<00:25:22.020> and<00:25:22.260> two<00:25:22.440> hey 00:25:23.510 --> 00:25:23.520 align:start position:0% here one and two hey 00:25:23.520 --> 00:25:25.370 align:start position:0% here one and two hey um thanks<00:25:23.820> Phil<00:25:24.120> great<00:25:24.480> talk 00:25:25.370 --> 00:25:25.380 align:start position:0% um thanks Phil great talk 00:25:25.380 --> 00:25:26.029 align:start position:0% um thanks Phil great talk um 00:25:26.029 --> 00:25:26.039 align:start position:0% um 00:25:26.039 --> 00:25:28.970 align:start position:0% um so<00:25:26.700> I<00:25:27.539> think<00:25:27.720> uh<00:25:28.140> talking<00:25:28.320> with<00:25:28.620> the<00:25:28.799> community 00:25:28.970 --> 00:25:28.980 align:start position:0% so I think uh talking with the community 00:25:28.980 --> 00:25:31.850 align:start position:0% so I think uh talking with the community recently<00:25:29.700> one<00:25:30.360> sort<00:25:30.720> of<00:25:30.840> trust<00:25:31.260> issue<00:25:31.559> that 00:25:31.850 --> 00:25:31.860 align:start position:0% recently one sort of trust issue that 00:25:31.860 --> 00:25:34.430 align:start position:0% recently one sort of trust issue that people<00:25:31.980> have<00:25:32.220> with<00:25:32.460> flashbots<00:25:33.059> is 00:25:34.430 --> 00:25:34.440 align:start position:0% people have with flashbots is 00:25:34.440 --> 00:25:36.409 align:start position:0% people have with flashbots is um you<00:25:35.220> do<00:25:35.340> all<00:25:35.460> this<00:25:35.640> great<00:25:35.820> open<00:25:36.000> source 00:25:36.409 --> 00:25:36.419 align:start position:0% um you do all this great open source 00:25:36.419 --> 00:25:38.450 align:start position:0% um you do all this great open source work<00:25:36.539> and<00:25:37.020> it's<00:25:37.260> not<00:25:37.500> quite<00:25:37.740> clear<00:25:37.980> what's 00:25:38.450 --> 00:25:38.460 align:start position:0% work and it's not quite clear what's 00:25:38.460 --> 00:25:40.370 align:start position:0% work and it's not quite clear what's like<00:25:38.700> the<00:25:38.880> end<00:25:39.059> game<00:25:39.299> what<00:25:39.659> is<00:25:39.840> the<00:25:39.960> way<00:25:40.140> you 00:25:40.370 --> 00:25:40.380 align:start position:0% like the end game what is the way you 00:25:40.380 --> 00:25:42.289 align:start position:0% like the end game what is the way you make<00:25:40.559> this<00:25:40.799> into<00:25:41.220> you<00:25:41.700> know<00:25:41.760> something 00:25:42.289 --> 00:25:42.299 align:start position:0% make this into you know something 00:25:42.299 --> 00:25:44.090 align:start position:0% make this into you know something sustainable<00:25:42.900> profitable<00:25:43.380> for<00:25:43.620> flashbots 00:25:44.090 --> 00:25:44.100 align:start position:0% sustainable profitable for flashbots 00:25:44.100 --> 00:25:45.590 align:start position:0% sustainable profitable for flashbots obviously<00:25:44.520> there's<00:25:44.760> a<00:25:44.940> research<00:25:45.179> Collective 00:25:45.590 --> 00:25:45.600 align:start position:0% obviously there's a research Collective 00:25:45.600 --> 00:25:47.149 align:start position:0% obviously there's a research Collective there's<00:25:46.140> also<00:25:46.440> accompanying<00:25:46.980> your 00:25:47.149 --> 00:25:47.159 align:start position:0% there's also accompanying your 00:25:47.159 --> 00:25:49.610 align:start position:0% there's also accompanying your foundation<00:25:47.700> or<00:25:47.940> some<00:25:48.179> sort<00:25:48.360> of<00:25:48.480> of<00:25:49.020> entity 00:25:49.610 --> 00:25:49.620 align:start position:0% foundation or some sort of of entity 00:25:49.620 --> 00:25:51.409 align:start position:0% foundation or some sort of of entity there<00:25:49.919> so<00:25:50.400> can<00:25:50.520> you<00:25:50.640> talk<00:25:50.760> you<00:25:51.059> know<00:25:51.179> to<00:25:51.299> people 00:25:51.409 --> 00:25:51.419 align:start position:0% there so can you talk you know to people 00:25:51.419 --> 00:25:54.649 align:start position:0% there so can you talk you know to people about<00:25:51.659> like<00:25:52.279> what<00:25:53.279> is<00:25:53.580> flashbots<00:25:54.240> the<00:25:54.480> company 00:25:54.649 --> 00:25:54.659 align:start position:0% about like what is flashbots the company 00:25:54.659 --> 00:25:56.810 align:start position:0% about like what is flashbots the company organization<00:25:55.380> trying<00:25:55.799> to<00:25:56.039> build<00:25:56.220> and<00:25:56.460> how<00:25:56.700> do 00:25:56.810 --> 00:25:56.820 align:start position:0% organization trying to build and how do 00:25:56.820 --> 00:25:58.669 align:start position:0% organization trying to build and how do you<00:25:56.940> see<00:25:57.059> yourselves<00:25:57.539> integrating<00:25:58.200> with<00:25:58.559> that 00:25:58.669 --> 00:25:58.679 align:start position:0% you see yourselves integrating with that 00:25:58.679 --> 00:26:00.950 align:start position:0% you see yourselves integrating with that ecosystem<00:25:59.159> in<00:25:59.880> a<00:25:59.940> way<00:26:00.059> where<00:26:00.240> like<00:26:00.480> others<00:26:00.840> can 00:26:00.950 --> 00:26:00.960 align:start position:0% ecosystem in a way where like others can 00:26:00.960 --> 00:26:03.830 align:start position:0% ecosystem in a way where like others can also<00:26:01.140> thrive<00:26:01.980> the<00:26:02.520> truthful<00:26:02.880> answer<00:26:03.059> and<00:26:03.539> this 00:26:03.830 --> 00:26:03.840 align:start position:0% also thrive the truthful answer and this 00:26:03.840 --> 00:26:05.510 align:start position:0% also thrive the truthful answer and this doesn't<00:26:04.080> satisfy<00:26:04.620> people<00:26:04.860> internally<00:26:05.340> either 00:26:05.510 --> 00:26:05.520 align:start position:0% doesn't satisfy people internally either 00:26:05.520 --> 00:26:07.549 align:start position:0% doesn't satisfy people internally either as<00:26:05.760> we<00:26:05.940> don't<00:26:06.120> know<00:26:06.240> yet<00:26:06.480> we<00:26:07.020> think<00:26:07.140> it's<00:26:07.320> too 00:26:07.549 --> 00:26:07.559 align:start position:0% as we don't know yet we think it's too 00:26:07.559 --> 00:26:08.930 align:start position:0% as we don't know yet we think it's too early<00:26:07.740> in<00:26:07.980> this<00:26:08.100> market<00:26:08.279> and<00:26:08.580> there<00:26:08.760> are<00:26:08.880> too 00:26:08.930 --> 00:26:08.940 align:start position:0% early in this market and there are too 00:26:08.940 --> 00:26:10.430 align:start position:0% early in this market and there are too many<00:26:09.059> kind<00:26:09.299> of<00:26:09.419> variables<00:26:09.840> and<00:26:10.020> competitors 00:26:10.430 --> 00:26:10.440 align:start position:0% many kind of variables and competitors 00:26:10.440 --> 00:26:12.590 align:start position:0% many kind of variables and competitors to<00:26:11.039> make<00:26:11.220> a<00:26:11.400> call<00:26:11.520> without<00:26:11.880> entrenching 00:26:12.590 --> 00:26:12.600 align:start position:0% to make a call without entrenching 00:26:12.600 --> 00:26:13.909 align:start position:0% to make a call without entrenching something<00:26:12.840> that<00:26:13.200> further<00:26:13.500> provides 00:26:13.909 --> 00:26:13.919 align:start position:0% something that further provides 00:26:13.919 --> 00:26:16.070 align:start position:0% something that further provides centralization<00:26:14.520> in<00:26:14.880> the<00:26:14.940> long<00:26:15.059> term<00:26:15.240> so<00:26:15.900> we're 00:26:16.070 --> 00:26:16.080 align:start position:0% centralization in the long term so we're 00:26:16.080 --> 00:26:17.810 align:start position:0% centralization in the long term so we're intentionally<00:26:16.440> avoiding<00:26:16.919> that<00:26:17.039> people<00:26:17.520> ask 00:26:17.810 --> 00:26:17.820 align:start position:0% intentionally avoiding that people ask 00:26:17.820 --> 00:26:19.549 align:start position:0% intentionally avoiding that people ask like<00:26:18.059> what<00:26:18.240> do<00:26:18.419> you<00:26:18.539> pitch<00:26:18.720> the<00:26:18.900> VCS<00:26:19.320> why<00:26:19.440> do 00:26:19.549 --> 00:26:19.559 align:start position:0% like what do you pitch the VCS why do 00:26:19.559 --> 00:26:21.049 align:start position:0% like what do you pitch the VCS why do they<00:26:19.679> invest<00:26:19.919> in<00:26:20.039> you<00:26:20.159> well<00:26:20.520> we<00:26:20.700> pitch<00:26:20.880> them 00:26:21.049 --> 00:26:21.059 align:start position:0% they invest in you well we pitch them 00:26:21.059 --> 00:26:22.730 align:start position:0% they invest in you well we pitch them like<00:26:21.240> look<00:26:21.480> guys<00:26:21.659> you<00:26:21.900> own<00:26:22.020> eth<00:26:22.380> we're<00:26:22.620> going 00:26:22.730 --> 00:26:22.740 align:start position:0% like look guys you own eth we're going 00:26:22.740 --> 00:26:24.110 align:start position:0% like look guys you own eth we're going to<00:26:22.860> solve<00:26:23.039> this<00:26:23.159> problem<00:26:23.340> for<00:26:23.640> you<00:26:23.760> and<00:26:23.940> like 00:26:24.110 --> 00:26:24.120 align:start position:0% to solve this problem for you and like 00:26:24.120 --> 00:26:25.549 align:start position:0% to solve this problem for you and like do<00:26:24.299> you<00:26:24.419> want<00:26:24.539> your<00:26:24.659> eat<00:26:24.840> bags<00:26:25.260> that<00:26:25.380> are<00:26:25.500> worth 00:26:25.549 --> 00:26:25.559 align:start position:0% do you want your eat bags that are worth 00:26:25.559 --> 00:26:27.890 align:start position:0% do you want your eat bags that are worth 100<00:26:25.740> x<00:26:26.039> more<00:26:26.279> than<00:26:26.400> us<00:26:26.580> to<00:26:26.940> go<00:26:27.120> to<00:26:27.240> zero<00:26:27.600> or<00:26:27.720> not 00:26:27.890 --> 00:26:27.900 align:start position:0% 100 x more than us to go to zero or not 00:26:27.900 --> 00:26:29.630 align:start position:0% 100 x more than us to go to zero or not and<00:26:28.320> yes<00:26:28.500> we<00:26:28.679> also<00:26:28.860> pitch<00:26:29.100> them<00:26:29.279> that<00:26:29.400> we<00:26:29.520> do 00:26:29.630 --> 00:26:29.640 align:start position:0% and yes we also pitch them that we do 00:26:29.640 --> 00:26:31.130 align:start position:0% and yes we also pitch them that we do want<00:26:29.760> to<00:26:29.880> be<00:26:30.000> sustainable<00:26:30.480> because<00:26:30.720> as<00:26:30.960> a 00:26:31.130 --> 00:26:31.140 align:start position:0% want to be sustainable because as a 00:26:31.140 --> 00:26:33.110 align:start position:0% want to be sustainable because as a mission-driven<00:26:31.679> organization<00:26:32.159> if<00:26:32.820> we're<00:26:32.940> not 00:26:33.110 --> 00:26:33.120 align:start position:0% mission-driven organization if we're not 00:26:33.120 --> 00:26:34.549 align:start position:0% mission-driven organization if we're not reasonable<00:26:33.480> and<00:26:33.720> sustainable<00:26:34.080> we<00:26:34.320> won't<00:26:34.440> be 00:26:34.549 --> 00:26:34.559 align:start position:0% reasonable and sustainable we won't be 00:26:34.559 --> 00:26:37.130 align:start position:0% reasonable and sustainable we won't be able<00:26:34.679> to<00:26:34.799> to<00:26:35.100> continue<00:26:35.400> operating<00:26:36.059> so<00:26:37.020> that 00:26:37.130 --> 00:26:37.140 align:start position:0% able to to continue operating so that 00:26:37.140 --> 00:26:38.570 align:start position:0% able to to continue operating so that the<00:26:37.440> more<00:26:37.559> specific<00:26:37.860> answers<00:26:38.220> I<00:26:38.460> think 00:26:38.570 --> 00:26:38.580 align:start position:0% the more specific answers I think 00:26:38.580 --> 00:26:40.010 align:start position:0% the more specific answers I think there's<00:26:38.700> three<00:26:38.940> things<00:26:39.179> we<00:26:39.480> still<00:26:39.600> need<00:26:39.779> to<00:26:39.900> do 00:26:40.010 --> 00:26:40.020 align:start position:0% there's three things we still need to do 00:26:40.020 --> 00:26:42.590 align:start position:0% there's three things we still need to do at<00:26:40.320> flashbots<00:26:40.919> and<00:26:41.760> they<00:26:41.940> were<00:26:42.059> all<00:26:42.179> on<00:26:42.419> that 00:26:42.590 --> 00:26:42.600 align:start position:0% at flashbots and they were all on that 00:26:42.600 --> 00:26:44.210 align:start position:0% at flashbots and they were all on that slide<00:26:42.840> so<00:26:43.080> one<00:26:43.260> of<00:26:43.320> them<00:26:43.440> is<00:26:43.559> to<00:26:43.679> decentralize 00:26:44.210 --> 00:26:44.220 align:start position:0% slide so one of them is to decentralize 00:26:44.220 --> 00:26:45.950 align:start position:0% slide so one of them is to decentralize ourselves<00:26:44.580> completely<00:26:45.240> and<00:26:45.539> meaningfully 00:26:45.950 --> 00:26:45.960 align:start position:0% ourselves completely and meaningfully 00:26:45.960 --> 00:26:48.350 align:start position:0% ourselves completely and meaningfully and<00:26:46.080> economically<00:26:46.820> one<00:26:47.820> of<00:26:47.880> them<00:26:48.000> is<00:26:48.179> to 00:26:48.350 --> 00:26:48.360 align:start position:0% and economically one of them is to 00:26:48.360 --> 00:26:50.090 align:start position:0% and economically one of them is to enable<00:26:48.600> benefit<00:26:48.900> to<00:26:49.260> be<00:26:49.380> redistributed<00:26:49.919> to 00:26:50.090 --> 00:26:50.100 align:start position:0% enable benefit to be redistributed to 00:26:50.100 --> 00:26:51.710 align:start position:0% enable benefit to be redistributed to users<00:26:50.400> much<00:26:50.700> more<00:26:50.880> efficiently<00:26:51.299> than<00:26:51.480> it<00:26:51.600> is 00:26:51.710 --> 00:26:51.720 align:start position:0% users much more efficiently than it is 00:26:51.720 --> 00:26:54.230 align:start position:0% users much more efficiently than it is today<00:26:51.900> and<00:26:52.679> the<00:26:52.919> third<00:26:53.039> one<00:26:53.279> is<00:26:53.640> to<00:26:53.940> enable 00:26:54.230 --> 00:26:54.240 align:start position:0% today and the third one is to enable 00:26:54.240 --> 00:26:56.810 align:start position:0% today and the third one is to enable support<00:26:54.659> for<00:26:55.140> any<00:26:55.440> zone<00:26:55.919> or<00:26:56.039> trust<00:26:56.279> domain<00:26:56.640> in 00:26:56.810 --> 00:26:56.820 align:start position:0% support for any zone or trust domain in 00:26:56.820 --> 00:26:58.510 align:start position:0% support for any zone or trust domain in the<00:26:56.940> world<00:26:57.059> that<00:26:57.360> wants<00:26:57.539> to<00:26:57.600> use<00:26:57.720> flashbots 00:26:58.510 --> 00:26:58.520 align:start position:0% the world that wants to use flashbots 00:26:58.520 --> 00:27:00.890 align:start position:0% the world that wants to use flashbots without<00:26:59.520> harming<00:27:00.000> the<00:27:00.179> centralization<00:27:00.720> of 00:27:00.890 --> 00:27:00.900 align:start position:0% without harming the centralization of 00:27:00.900 --> 00:27:03.110 align:start position:0% without harming the centralization of ethereum<00:27:01.320> those<00:27:01.679> goal<00:27:01.919> are<00:27:02.580> still<00:27:02.940> open 00:27:03.110 --> 00:27:03.120 align:start position:0% ethereum those goal are still open 00:27:03.120 --> 00:27:05.149 align:start position:0% ethereum those goal are still open research<00:27:03.539> questions<00:27:03.840> and<00:27:04.740> once<00:27:04.980> we've 00:27:05.149 --> 00:27:05.159 align:start position:0% research questions and once we've 00:27:05.159 --> 00:27:06.830 align:start position:0% research questions and once we've answered<00:27:05.460> that<00:27:05.580> we'll<00:27:05.820> look<00:27:06.000> into<00:27:06.120> to<00:27:06.480> being 00:27:06.830 --> 00:27:06.840 align:start position:0% answered that we'll look into to being 00:27:06.840 --> 00:27:08.029 align:start position:0% answered that we'll look into to being sustainable<00:27:07.320> and<00:27:07.500> reasonable<00:27:07.799> and 00:27:08.029 --> 00:27:08.039 align:start position:0% sustainable and reasonable and 00:27:08.039 --> 00:27:09.830 align:start position:0% sustainable and reasonable and monetizing<00:27:08.580> I<00:27:09.120> realize<00:27:09.360> it's<00:27:09.539> not<00:27:09.659> a 00:27:09.830 --> 00:27:09.840 align:start position:0% monetizing I realize it's not a 00:27:09.840 --> 00:27:11.450 align:start position:0% monetizing I realize it's not a satisfying<00:27:10.260> answer<00:27:10.440> but<00:27:10.799> personally<00:27:11.100> I<00:27:11.340> would 00:27:11.450 --> 00:27:11.460 align:start position:0% satisfying answer but personally I would 00:27:11.460 --> 00:27:12.890 align:start position:0% satisfying answer but personally I would rather<00:27:11.580> die<00:27:11.880> right<00:27:12.120> now<00:27:12.240> than<00:27:12.419> entrench 00:27:12.890 --> 00:27:12.900 align:start position:0% rather die right now than entrench 00:27:12.900 --> 00:27:14.810 align:start position:0% rather die right now than entrench something<00:27:13.020> shitty<00:27:13.500> so<00:27:13.799> it's<00:27:14.400> kind<00:27:14.640> of<00:27:14.700> what 00:27:14.810 --> 00:27:14.820 align:start position:0% something shitty so it's kind of what 00:27:14.820 --> 00:27:16.430 align:start position:0% something shitty so it's kind of what we're<00:27:14.940> going<00:27:15.059> to<00:27:15.120> be<00:27:15.240> doing<00:27:15.360> we're<00:27:16.080> also<00:27:16.320> going 00:27:16.430 --> 00:27:16.440 align:start position:0% we're going to be doing we're also going 00:27:16.440 --> 00:27:18.409 align:start position:0% we're going to be doing we're also going to<00:27:16.500> announce<00:27:16.740> much<00:27:17.039> more<00:27:17.220> about<00:27:17.460> this<00:27:17.760> in<00:27:18.299> the 00:27:18.409 --> 00:27:18.419 align:start position:0% to announce much more about this in the 00:27:18.419 --> 00:27:19.549 align:start position:0% to announce much more about this in the next<00:27:18.539> month<00:27:18.659> or<00:27:18.779> two<00:27:18.960> because<00:27:19.080> I<00:27:19.260> understand 00:27:19.549 --> 00:27:19.559 align:start position:0% next month or two because I understand 00:27:19.559 --> 00:27:21.950 align:start position:0% next month or two because I understand this<00:27:20.100> is<00:27:20.279> a<00:27:20.460> question<00:27:20.640> people<00:27:20.940> have<00:27:21.179> it's<00:27:21.779> a 00:27:21.950 --> 00:27:21.960 align:start position:0% this is a question people have it's a 00:27:21.960 --> 00:27:23.210 align:start position:0% this is a question people have it's a question<00:27:22.080> people<00:27:22.260> have<00:27:22.500> internally<00:27:22.860> as<00:27:23.039> well 00:27:23.210 --> 00:27:23.220 align:start position:0% question people have internally as well 00:27:23.220 --> 00:27:24.950 align:start position:0% question people have internally as well so<00:27:23.520> totally<00:27:24.120> reasonable<00:27:24.539> and<00:27:24.720> totally 00:27:24.950 --> 00:27:24.960 align:start position:0% so totally reasonable and totally 00:27:24.960 --> 00:27:27.289 align:start position:0% so totally reasonable and totally understood 00:27:27.289 --> 00:27:27.299 align:start position:0% understood 00:27:27.299 --> 00:27:29.090 align:start position:0% understood hi 00:27:29.090 --> 00:27:29.100 align:start position:0% hi 00:27:29.100 --> 00:27:32.169 align:start position:0% hi um<00:27:29.159> so<00:27:29.400> I<00:27:29.580> was<00:27:29.700> wondering<00:27:30.320> how<00:27:31.320> do<00:27:31.440> you<00:27:31.620> think 00:27:32.169 --> 00:27:32.179 align:start position:0% um so I was wondering how do you think 00:27:32.179 --> 00:27:34.970 align:start position:0% um so I was wondering how do you think can<00:27:33.179> small<00:27:33.480> Builders<00:27:33.960> become<00:27:34.500> competitive 00:27:34.970 --> 00:27:34.980 align:start position:0% can small Builders become competitive 00:27:34.980 --> 00:27:36.409 align:start position:0% can small Builders become competitive with<00:27:35.279> the<00:27:35.400> big<00:27:35.580> ones 00:27:36.409 --> 00:27:36.419 align:start position:0% with the big ones 00:27:36.419 --> 00:27:38.510 align:start position:0% with the big ones uh<00:27:36.960> because<00:27:37.140> it<00:27:37.380> does<00:27:37.559> seem<00:27:37.799> that<00:27:38.039> order<00:27:38.279> flow 00:27:38.510 --> 00:27:38.520 align:start position:0% uh because it does seem that order flow 00:27:38.520 --> 00:27:40.310 align:start position:0% uh because it does seem that order flow is<00:27:38.820> a<00:27:39.000> very<00:27:39.120> strong<00:27:39.299> centralizing<00:27:39.960> force 00:27:40.310 --> 00:27:40.320 align:start position:0% is a very strong centralizing force 00:27:40.320 --> 00:27:42.169 align:start position:0% is a very strong centralizing force right<00:27:40.860> and<00:27:41.159> if<00:27:41.279> you<00:27:41.400> just<00:27:41.580> have<00:27:41.700> more<00:27:41.880> orders 00:27:42.169 --> 00:27:42.179 align:start position:0% right and if you just have more orders 00:27:42.179 --> 00:27:44.390 align:start position:0% right and if you just have more orders you<00:27:42.419> can<00:27:42.480> build<00:27:42.600> more<00:27:42.840> profitable<00:27:43.200> blocks<00:27:43.740> so 00:27:44.390 --> 00:27:44.400 align:start position:0% you can build more profitable blocks so 00:27:44.400 --> 00:27:45.950 align:start position:0% you can build more profitable blocks so this<00:27:44.580> is<00:27:44.640> what<00:27:44.820> decentralizing<00:27:45.539> the<00:27:45.659> Builder 00:27:45.950 --> 00:27:45.960 align:start position:0% this is what decentralizing the Builder 00:27:45.960 --> 00:27:47.750 align:start position:0% this is what decentralizing the Builder role<00:27:46.200> is<00:27:46.320> about<00:27:46.440> in<00:27:47.159> the<00:27:47.279> future<00:27:47.340> I<00:27:47.580> don't 00:27:47.750 --> 00:27:47.760 align:start position:0% role is about in the future I don't 00:27:47.760 --> 00:27:49.010 align:start position:0% role is about in the future I don't think<00:27:47.940> there<00:27:48.120> will<00:27:48.240> be<00:27:48.360> such<00:27:48.419> a<00:27:48.600> thing<00:27:48.720> as<00:27:48.840> a 00:27:49.010 --> 00:27:49.020 align:start position:0% think there will be such a thing as a 00:27:49.020 --> 00:27:50.510 align:start position:0% think there will be such a thing as a monolithic<00:27:49.500> Builder<00:27:49.860> that<00:27:50.039> builds<00:27:50.279> a<00:27:50.400> whole 00:27:50.510 --> 00:27:50.520 align:start position:0% monolithic Builder that builds a whole 00:27:50.520 --> 00:27:52.010 align:start position:0% monolithic Builder that builds a whole block<00:27:50.700> that's<00:27:51.120> kind<00:27:51.360> of<00:27:51.419> the<00:27:51.539> future<00:27:51.720> we're 00:27:52.010 --> 00:27:52.020 align:start position:0% block that's kind of the future we're 00:27:52.020 --> 00:27:54.350 align:start position:0% block that's kind of the future we're working<00:27:52.260> away<00:27:52.620> from<00:27:52.919> what<00:27:53.880> we<00:27:54.000> want<00:27:54.120> to<00:27:54.240> build 00:27:54.350 --> 00:27:54.360 align:start position:0% working away from what we want to build 00:27:54.360 --> 00:27:55.970 align:start position:0% working away from what we want to build in<00:27:54.539> the<00:27:54.659> future<00:27:54.779> is<00:27:55.080> much<00:27:55.260> closer<00:27:55.620> to<00:27:55.799> a 00:27:55.970 --> 00:27:55.980 align:start position:0% in the future is much closer to a 00:27:55.980 --> 00:27:58.070 align:start position:0% in the future is much closer to a network<00:27:56.159> of<00:27:56.520> Searchers<00:27:56.940> that<00:27:57.720> eventually 00:27:58.070 --> 00:27:58.080 align:start position:0% network of Searchers that eventually 00:27:58.080 --> 00:27:59.930 align:start position:0% network of Searchers that eventually chaotically<00:27:58.799> kind<00:27:59.039> of<00:27:59.159> produce<00:27:59.520> this<00:27:59.760> block 00:27:59.930 --> 00:27:59.940 align:start position:0% chaotically kind of produce this block 00:27:59.940 --> 00:28:02.330 align:start position:0% chaotically kind of produce this block hash<00:28:00.299> output<00:28:00.720> and<00:28:01.620> in<00:28:01.740> that<00:28:01.860> case<00:28:01.980> any 00:28:02.330 --> 00:28:02.340 align:start position:0% hash output and in that case any 00:28:02.340 --> 00:28:04.130 align:start position:0% hash output and in that case any economically<00:28:02.940> meaningful<00:28:03.419> information<00:28:03.659> that 00:28:04.130 --> 00:28:04.140 align:start position:0% economically meaningful information that 00:28:04.140 --> 00:28:06.529 align:start position:0% economically meaningful information that you<00:28:04.260> have<00:28:04.500> in<00:28:05.159> any<00:28:05.340> possible<00:28:05.700> strategy<00:28:06.179> in<00:28:06.419> any 00:28:06.529 --> 00:28:06.539 align:start position:0% you have in any possible strategy in any 00:28:06.539 --> 00:28:08.450 align:start position:0% you have in any possible strategy in any way<00:28:06.779> can<00:28:07.260> be<00:28:07.440> expressed<00:28:07.799> into<00:28:07.980> the<00:28:08.220> system 00:28:08.450 --> 00:28:08.460 align:start position:0% way can be expressed into the system 00:28:08.460 --> 00:28:09.890 align:start position:0% way can be expressed into the system without<00:28:08.820> kind<00:28:09.179> of<00:28:09.299> ruining<00:28:09.600> its 00:28:09.890 --> 00:28:09.900 align:start position:0% without kind of ruining its 00:28:09.900 --> 00:28:12.350 align:start position:0% without kind of ruining its decentralization<00:28:10.440> properties<00:28:11.000> so<00:28:12.000> I<00:28:12.120> agree 00:28:12.350 --> 00:28:12.360 align:start position:0% decentralization properties so I agree 00:28:12.360 --> 00:28:14.870 align:start position:0% decentralization properties so I agree with<00:28:12.480> you<00:28:12.659> open<00:28:13.320> order<00:28:13.620> flow<00:28:13.980> oh<00:28:14.220> sorry<00:28:14.400> closed 00:28:14.870 --> 00:28:14.880 align:start position:0% with you open order flow oh sorry closed 00:28:14.880 --> 00:28:16.850 align:start position:0% with you open order flow oh sorry closed order<00:28:15.059> flow<00:28:15.419> does<00:28:16.080> make<00:28:16.260> this<00:28:16.559> whole<00:28:16.679> thing 00:28:16.850 --> 00:28:16.860 align:start position:0% order flow does make this whole thing 00:28:16.860 --> 00:28:18.830 align:start position:0% order flow does make this whole thing like<00:28:17.159> much<00:28:17.340> more<00:28:17.520> centralizing<00:28:18.179> that's<00:28:18.659> why 00:28:18.830 --> 00:28:18.840 align:start position:0% like much more centralizing that's why 00:28:18.840 --> 00:28:20.090 align:start position:0% like much more centralizing that's why we<00:28:19.020> want<00:28:19.080> to<00:28:19.200> get<00:28:19.320> rid<00:28:19.440> of<00:28:19.559> it<00:28:19.620> and<00:28:19.799> that's<00:28:19.919> why 00:28:20.090 --> 00:28:20.100 align:start position:0% we want to get rid of it and that's why 00:28:20.100 --> 00:28:21.470 align:start position:0% we want to get rid of it and that's why we<00:28:20.220> want<00:28:20.340> to<00:28:20.460> move<00:28:20.520> into<00:28:20.700> systems<00:28:21.120> where<00:28:21.299> any 00:28:21.470 --> 00:28:21.480 align:start position:0% we want to move into systems where any 00:28:21.480 --> 00:28:23.570 align:start position:0% we want to move into systems where any Builder<00:28:21.840> no<00:28:22.020> matter<00:28:22.140> how<00:28:22.380> big<00:28:22.559> or<00:28:22.679> small<00:28:22.919> can 00:28:23.570 --> 00:28:23.580 align:start position:0% Builder no matter how big or small can 00:28:23.580 --> 00:28:25.370 align:start position:0% Builder no matter how big or small can access<00:28:23.760> the<00:28:24.120> order<00:28:24.240> flow<00:28:24.659> of<00:28:25.020> the<00:28:25.260> biggest 00:28:25.370 --> 00:28:25.380 align:start position:0% access the order flow of the biggest 00:28:25.380 --> 00:28:28.090 align:start position:0% access the order flow of the biggest parties<00:28:25.919> in<00:28:26.100> the<00:28:26.220> space<00:28:26.340> you<00:28:26.700> know<00:28:26.779> metamask 00:28:28.090 --> 00:28:28.100 align:start position:0% parties in the space you know metamask 00:28:28.100 --> 00:28:30.289 align:start position:0% parties in the space you know metamask coinbase<00:28:29.100> whatever<00:28:29.400> else<00:28:29.640> like<00:28:29.940> that<00:28:30.120> would 00:28:30.289 --> 00:28:30.299 align:start position:0% coinbase whatever else like that would 00:28:30.299 --> 00:28:31.850 align:start position:0% coinbase whatever else like that would be<00:28:30.419> how<00:28:30.659> you<00:28:30.779> get<00:28:30.900> out<00:28:31.080> of<00:28:31.200> that<00:28:31.320> equilibrium 00:28:31.850 --> 00:28:31.860 align:start position:0% be how you get out of that equilibrium 00:28:31.860 --> 00:28:34.130 align:start position:0% be how you get out of that equilibrium you<00:28:32.400> make<00:28:32.520> the<00:28:32.700> order<00:28:32.820> flow<00:28:33.179> Democratic<00:28:33.779> as 00:28:34.130 --> 00:28:34.140 align:start position:0% you make the order flow Democratic as 00:28:34.140 --> 00:28:38.029 align:start position:0% you make the order flow Democratic as well<00:28:34.260> as<00:28:34.620> the<00:28:35.159> Mev<00:28:35.580> extraction<00:28:35.880> API 00:28:38.029 --> 00:28:38.039 align:start position:0% well as the Mev extraction API 00:28:38.039 --> 00:28:39.710 align:start position:0% well as the Mev extraction API and<00:28:38.580> that<00:28:38.700> that<00:28:38.820> is<00:28:39.000> what<00:28:39.240> we're<00:28:39.360> working<00:28:39.539> on 00:28:39.710 --> 00:28:39.720 align:start position:0% and that that is what we're working on 00:28:39.720 --> 00:28:40.909 align:start position:0% and that that is what we're working on so 00:28:40.909 --> 00:28:40.919 align:start position:0% so 00:28:40.919 --> 00:28:43.430 align:start position:0% so okay<00:28:41.460> thank<00:28:42.059> you<00:28:42.179> very<00:28:42.299> much<00:28:42.419> Philip<00:28:42.960> was<00:28:43.260> an 00:28:43.430 --> 00:28:43.440 align:start position:0% okay thank you very much Philip was an 00:28:43.440 --> 00:28:45.649 align:start position:0% okay thank you very much Philip was an amazing<00:28:43.919> and<00:28:44.220> awesome<00:28:44.520> thank<00:28:45.299> you<00:28:45.360> so<00:28:45.539> much 00:28:45.649 --> 00:28:45.659 align:start position:0% amazing and awesome thank you so much 00:28:45.659 --> 00:28:48.140 align:start position:0% amazing and awesome thank you so much for<00:28:45.840> having<00:28:45.960> me