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hi<00:00:10.880><c> I</c><00:00:10.960><c> will</c><00:00:11.120><c> have</c><00:00:11.240><c> to</c><00:00:11.400><c> speedrun</c><00:00:11.960><c> this</c><00:00:12.120><c> talk</c><00:00:12.440><c> so</c>

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hi I will have to speedrun this talk so
 

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hi I will have to speedrun this talk so
if<00:00:12.719><c> you</c><00:00:12.840><c> want</c><00:00:13.160><c> a</c><00:00:13.440><c> more</c><00:00:13.679><c> relaxed</c><00:00:14.200><c> version</c><00:00:14.559><c> of</c><00:00:14.679><c> it</c>

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if you want a more relaxed version of it
 

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if you want a more relaxed version of it
you<00:00:15.000><c> can</c><00:00:15.160><c> scan</c><00:00:15.480><c> the</c><00:00:15.799><c> QR</c><00:00:16.240><c> code</c><00:00:16.520><c> or</c><00:00:16.640><c> go</c><00:00:16.760><c> to</c><00:00:16.960><c> Tiny</c>

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you can scan the QR code or go to Tiny
 

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you can scan the QR code or go to Tiny
url.com

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url.com
 

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url.com
stepcon<00:00:19.520><c> uh</c><00:00:19.640><c> where</c><00:00:19.760><c> I</c><00:00:19.920><c> gave</c><00:00:20.119><c> this</c><00:00:20.320><c> talk</c><00:00:20.560><c> in</c><00:00:20.640><c> a</c>

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stepcon uh where I gave this talk in a
 

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stepcon uh where I gave this talk in a
25<00:00:21.199><c> minute</c>

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25 minute
 

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25 minute
version<00:00:23.400><c> let's</c><00:00:23.640><c> start</c><00:00:24.000><c> with</c><00:00:24.480><c> the</c><00:00:24.760><c> problem</c>

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version let's start with the problem
 

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version let's start with the problem
that<00:00:25.240><c> I</c><00:00:25.439><c> have</c><00:00:25.720><c> with</c><00:00:25.920><c> proposer</c><00:00:26.359><c> Builder</c>

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that I have with proposer Builder
 

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that I have with proposer Builder
separation<00:00:27.279><c> why</c><00:00:27.400><c> I</c><00:00:27.480><c> think</c><00:00:27.599><c> it's</c><00:00:27.760><c> not</c><00:00:27.920><c> a</c><00:00:28.039><c> good</c>

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separation why I think it's not a good
 

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separation why I think it's not a good
idea<00:00:28.800><c> there</c><00:00:28.920><c> are</c><00:00:29.119><c> three</c><00:00:29.320><c> main</c><00:00:29.519><c> arguments</c><00:00:30.039><c> in</c>

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idea there are three main arguments in
 

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idea there are three main arguments in
my<00:00:30.400><c> point</c><00:00:30.560><c> of</c><00:00:30.720><c> view</c><00:00:31.439><c> first</c><00:00:32.000><c> the</c><00:00:32.239><c> trust</c><00:00:32.640><c> and</c>

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my point of view first the trust and
 

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my point of view first the trust and
centralization<00:00:34.200><c> um</c><00:00:34.480><c> problems</c><00:00:34.879><c> that</c><00:00:35.000><c> it</c>

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centralization um problems that it
 

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centralization um problems that it
brings<00:00:35.680><c> onto</c><00:00:36.040><c> the</c><00:00:36.200><c> E</c><00:00:36.320><c> theorum</c><00:00:36.719><c> base</c><00:00:37.000><c> layer</c><00:00:37.360><c> for</c>

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brings onto the E theorum base layer for
 

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brings onto the E theorum base layer for
all<00:00:37.879><c> types</c><00:00:38.160><c> of</c><00:00:38.280><c> transactions</c><00:00:39.160><c> not</c><00:00:39.360><c> even</c><00:00:39.640><c> the</c>

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all types of transactions not even the
 

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all types of transactions not even the
ones<00:00:40.280><c> that</c><00:00:40.800><c> actually</c><00:00:41.160><c> contain</c><00:00:41.920><c> me</c><00:00:42.920><c> ethereum</c>

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ones that actually contain me ethereum
 

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ones that actually contain me ethereum
today<00:00:43.680><c> is</c><00:00:43.840><c> proud</c><00:00:44.079><c> to</c><00:00:44.200><c> have</c><00:00:44.320><c> more</c><00:00:44.480><c> than</c><00:00:44.640><c> 1</c>

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today is proud to have more than 1
 

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today is proud to have more than 1
million<00:00:45.480><c> validators</c><00:00:46.480><c> um</c><00:00:46.719><c> proposing</c><00:00:47.239><c> and</c>

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million validators um proposing and
 

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million validators um proposing and
validating<00:00:47.960><c> the</c><00:00:48.079><c> chain</c><00:00:48.440><c> and</c><00:00:48.640><c> you</c><00:00:48.760><c> know</c><00:00:48.920><c> we</c><00:00:49.039><c> are</c>

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validating the chain and you know we are
 

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validating the chain and you know we are
one<00:00:49.360><c> of</c><00:00:49.480><c> the</c><00:00:49.559><c> most</c><00:00:49.760><c> decentralized</c><00:00:50.360><c> chains</c><00:00:50.600><c> or</c>

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one of the most decentralized chains or
 

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one of the most decentralized chains or
the<00:00:50.960><c> most</c><00:00:51.160><c> decentralized</c><00:00:51.719><c> chains</c><00:00:51.960><c> in</c><00:00:52.079><c> the</c>

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the most decentralized chains in the
 

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the most decentralized chains in the
world<00:00:52.800><c> but</c><00:00:52.960><c> at</c><00:00:53.039><c> the</c><00:00:53.120><c> end</c><00:00:53.280><c> of</c><00:00:53.359><c> the</c><00:00:53.480><c> day</c><00:00:53.640><c> if</c><00:00:53.719><c> you</c>

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world but at the end of the day if you
 

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world but at the end of the day if you
look<00:00:54.000><c> at</c><00:00:54.120><c> it</c><00:00:54.320><c> there's</c><00:00:54.520><c> only</c><00:00:54.800><c> two</c><00:00:55.160><c> very</c>

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look at it there's only two very
 

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look at it there's only two very
well-known<00:00:56.320><c> entities</c><00:00:56.840><c> beaver</c><00:00:57.160><c> and</c><00:00:57.359><c> Titan</c>

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well-known entities beaver and Titan
 

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well-known entities beaver and Titan
that<00:00:58.280><c> propose</c><00:00:58.600><c> more</c><00:00:58.760><c> than</c><00:00:58.879><c> 90%</c><00:00:59.440><c> of</c><00:00:59.519><c> the</c><00:00:59.600><c> block</c>

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that propose more than 90% of the block
 

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that propose more than 90% of the block
contents<00:01:00.920><c> and</c><00:01:01.079><c> how</c><00:01:01.280><c> valuable</c><00:01:01.680><c> is</c><00:01:01.760><c> it</c><00:01:01.920><c> really</c>

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contents and how valuable is it really
 

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contents and how valuable is it really
to<00:01:02.199><c> have</c><00:01:02.320><c> a</c><00:01:02.519><c> vast</c><00:01:02.800><c> validator</c><00:01:03.320><c> Network</c><00:01:03.800><c> when</c>

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to have a vast validator Network when
 

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to have a vast validator Network when
the<00:01:04.119><c> most</c><00:01:04.320><c> important</c><00:01:04.720><c> part</c><00:01:04.960><c> the</c><00:01:05.119><c> content</c><00:01:05.400><c> of</c>

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the most important part the content of
 

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the most important part the content of
the<00:01:05.600><c> block</c><00:01:06.000><c> is</c><00:01:06.159><c> decided</c><00:01:06.560><c> by</c><00:01:06.680><c> two</c><00:01:07.119><c> entities</c>

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the block is decided by two entities
 

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the block is decided by two entities
moreover<00:01:08.640><c> PBS</c><00:01:09.400><c> adds</c><00:01:09.840><c> this</c><00:01:10.080><c> trusted</c><00:01:10.600><c> component</c>

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moreover PBS adds this trusted component
 

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moreover PBS adds this trusted component
to<00:01:11.240><c> the</c><00:01:11.400><c> supply</c><00:01:11.720><c> chain</c><00:01:12.000><c> the</c><00:01:12.159><c> Mev</c><00:01:12.439><c> relay</c><00:01:12.920><c> that</c>

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to the supply chain the Mev relay that
 

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to the supply chain the Mev relay that
Builders<00:01:13.560><c> have</c><00:01:13.720><c> to</c><00:01:14.119><c> put</c><00:01:14.320><c> their</c><00:01:14.520><c> faith</c><00:01:14.759><c> in</c><00:01:15.360><c> and</c>

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Builders have to put their faith in and
 

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Builders have to put their faith in and
even<00:01:15.720><c> if</c><00:01:15.880><c> we</c><00:01:16.080><c> trust</c><00:01:16.840><c> the</c><00:01:17.200><c> research</c><00:01:17.680><c> that's</c>

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even if we trust the research that's
 

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even if we trust the research that's
ongoing<00:01:18.640><c> that's</c><00:01:18.799><c> trying</c><00:01:19.080><c> to</c><00:01:19.479><c> propose</c><00:01:19.880><c> ways</c><00:01:20.079><c> to</c>

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ongoing that's trying to propose ways to
 

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ongoing that's trying to propose ways to
enshrine<00:01:20.799><c> the</c><00:01:20.960><c> Mev</c><00:01:21.200><c> relay</c><00:01:21.640><c> into</c><00:01:21.960><c> the</c><00:01:22.119><c> base</c>

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enshrine the Mev relay into the base
 

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enshrine the Mev relay into the base
layer<00:01:22.920><c> and</c><00:01:23.079><c> get</c><00:01:23.240><c> rid</c><00:01:23.360><c> of</c><00:01:23.479><c> that</c><00:01:23.640><c> trusted</c>

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layer and get rid of that trusted
 

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layer and get rid of that trusted
component<00:01:24.880><c> I</c><00:01:24.960><c> think</c><00:01:25.119><c> there</c><00:01:25.200><c> is</c><00:01:25.320><c> a</c><00:01:25.439><c> couple</c><00:01:25.680><c> of</c>

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component I think there is a couple of
 

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component I think there is a couple of
issues<00:01:26.119><c> with</c><00:01:26.320><c> that</c><00:01:27.159><c> first</c><00:01:27.439><c> it</c><00:01:27.640><c> adds</c>

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issues with that first it adds
 

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issues with that first it adds
complexity<00:01:28.479><c> to</c><00:01:28.600><c> the</c><00:01:28.720><c> core</c><00:01:29.040><c> protocol</c><00:01:29.560><c> one</c>

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complexity to the core protocol one
 

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complexity to the core protocol one
thing<00:01:29.920><c> thing</c><00:01:30.079><c> that</c><00:01:30.200><c> we're</c><00:01:30.360><c> trying</c><00:01:30.640><c> to</c><00:01:30.840><c> avoid</c>

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thing thing that we're trying to avoid
 

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thing thing that we're trying to avoid
and<00:01:31.840><c> second</c><00:01:32.079><c> of</c><00:01:32.240><c> all</c><00:01:32.479><c> it's</c><00:01:32.640><c> not</c><00:01:32.759><c> even</c><00:01:33.000><c> clear</c>

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and second of all it's not even clear
 

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and second of all it's not even clear
that<00:01:33.399><c> if</c><00:01:33.600><c> implemented</c><00:01:34.240><c> it</c><00:01:34.320><c> will</c><00:01:34.479><c> find</c>

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that if implemented it will find
 

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that if implemented it will find
adoption<00:01:35.640><c> because</c><00:01:36.040><c> me</c><00:01:36.520><c> is</c><00:01:36.600><c> a</c><00:01:36.720><c> very</c><00:01:36.880><c> latency</c>

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adoption because me is a very latency
 

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adoption because me is a very latency
intense<00:01:37.720><c> game</c><00:01:38.360><c> and</c><00:01:38.520><c> any</c><00:01:38.759><c> decentralized</c>

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intense game and any decentralized
 

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intense game and any decentralized
peer-to-peer<00:01:39.799><c> gossip</c><00:01:40.280><c> based</c><00:01:40.600><c> solution</c><00:01:41.119><c> is</c>

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peer-to-peer gossip based solution is
 

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peer-to-peer gossip based solution is
always<00:01:41.560><c> going</c><00:01:41.680><c> to</c><00:01:41.799><c> have</c><00:01:41.960><c> latency</c>

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always going to have latency
 

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always going to have latency
disadvantages<00:01:43.680><c> and</c><00:01:43.960><c> also</c><00:01:44.240><c> feature</c><00:01:44.880><c> disparity</c>

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disadvantages and also feature disparity
 

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disadvantages and also feature disparity
um<00:01:46.040><c> Builders</c><00:01:46.399><c> today</c><00:01:46.680><c> want</c><00:01:46.840><c> to</c><00:01:47.040><c> have</c><00:01:47.320><c> bid</c>

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um Builders today want to have bid
 

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um Builders today want to have bid
cancellation<00:01:48.079><c> as</c><00:01:48.200><c> an</c><00:01:48.360><c> example</c><00:01:48.799><c> they</c><00:01:48.880><c> want</c><00:01:49.000><c> to</c>

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cancellation as an example they want to
 

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cancellation as an example they want to
make<00:01:49.280><c> a</c><00:01:49.680><c> bid</c><00:01:49.960><c> and</c><00:01:50.079><c> then</c><00:01:50.280><c> cancel</c><00:01:50.560><c> it</c><00:01:50.719><c> if</c><00:01:50.880><c> they</c><00:01:51.000><c> if</c>

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make a bid and then cancel it if they if
 

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make a bid and then cancel it if they if
they<00:01:51.200><c> change</c><00:01:51.520><c> their</c><00:01:51.680><c> mind</c><00:01:52.200><c> and</c><00:01:52.320><c> such</c><00:01:52.479><c> a</c>

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they change their mind and such a
 

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they change their mind and such a
feature<00:01:52.880><c> is</c><00:01:53.000><c> simply</c><00:01:53.280><c> not</c><00:01:53.520><c> possible</c><00:01:53.880><c> in</c><00:01:53.960><c> an</c>

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feature is simply not possible in an
 

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feature is simply not possible in an
enshrined<00:01:54.479><c> PBS</c><00:01:54.920><c> version</c><00:01:55.360><c> because</c><00:01:55.560><c> once</c><00:01:55.719><c> you</c>

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enshrined PBS version because once you
 

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enshrined PBS version because once you
gossip<00:01:56.200><c> the</c><00:01:56.320><c> message</c><00:01:56.640><c> you</c><00:01:56.759><c> cannot</c><00:01:57.039><c> take</c><00:01:57.200><c> it</c>

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gossip the message you cannot take it
 

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gossip the message you cannot take it
back<00:01:58.399><c> and</c><00:01:58.560><c> let's</c><00:01:58.719><c> not</c><00:01:58.880><c> forget</c><00:01:59.159><c> that</c><00:01:59.280><c> PBS</c>

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back and let's not forget that PBS
 

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back and let's not forget that PBS
actually<00:02:00.600><c> maximizes</c><00:02:01.600><c> the</c><00:02:01.880><c> harm</c><00:02:02.200><c> that</c><00:02:02.320><c> is</c>

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actually maximizes the harm that is
 

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actually maximizes the harm that is
inflicted<00:02:02.880><c> on</c><00:02:03.039><c> users</c><00:02:03.759><c> in</c><00:02:03.840><c> order</c><00:02:04.079><c> to</c><00:02:04.200><c> win</c><00:02:04.399><c> the</c>

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inflicted on users in order to win the
 

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inflicted on users in order to win the
PBS<00:02:04.880><c> auction</c><00:02:05.280><c> you</c><00:02:05.399><c> have</c><00:02:05.479><c> to</c><00:02:05.640><c> create</c><00:02:05.920><c> the</c><00:02:06.039><c> block</c>

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PBS auction you have to create the block
 

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PBS auction you have to create the block
that<00:02:06.560><c> is</c><00:02:06.759><c> extracting</c><00:02:07.360><c> the</c><00:02:07.479><c> most</c><00:02:07.799><c> values</c><00:02:08.720><c> value</c>

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that is extracting the most values value
 

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that is extracting the most values value
via<00:02:09.280><c> sandwiching</c><00:02:09.840><c> or</c><00:02:10.000><c> other</c><00:02:10.200><c> types</c><00:02:10.399><c> of</c><00:02:10.520><c> me</c>

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via sandwiching or other types of me
 

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via sandwiching or other types of me
attack<00:02:11.560><c> and</c><00:02:11.680><c> thus</c><00:02:11.840><c> we've</c><00:02:12.000><c> created</c><00:02:12.319><c> a</c><00:02:12.440><c> system</c>

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attack and thus we've created a system
 

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attack and thus we've created a system
that<00:02:13.280><c> really</c><00:02:13.879><c> favors</c><00:02:14.599><c> the</c><00:02:14.760><c> worst</c><00:02:15.120><c> possible</c>

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that really favors the worst possible
 

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that really favors the worst possible
outcome<00:02:15.920><c> for</c><00:02:16.080><c> the</c><00:02:16.519><c> user</c><00:02:17.519><c> okay</c><00:02:17.680><c> enough</c><00:02:17.879><c> of</c><00:02:18.000><c> a</c>

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outcome for the user okay enough of a
 

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outcome for the user okay enough of a
rant<00:02:18.800><c> what</c><00:02:18.879><c> do</c><00:02:19.000><c> we</c><00:02:19.160><c> do</c><00:02:19.319><c> about</c><00:02:19.519><c> it</c><00:02:20.239><c> first</c><00:02:20.519><c> let's</c>

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rant what do we do about it first let's
 

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rant what do we do about it first let's
maybe<00:02:21.000><c> St</c><00:02:21.280><c> take</c><00:02:21.400><c> a</c><00:02:21.560><c> step</c><00:02:21.840><c> back</c><00:02:22.160><c> and</c><00:02:22.560><c> try</c><00:02:22.760><c> to</c>

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maybe St take a step back and try to
 

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maybe St take a step back and try to
find<00:02:23.160><c> out</c><00:02:23.519><c> why</c><00:02:23.720><c> does</c><00:02:23.959><c> me</c><00:02:24.400><c> exist</c><00:02:24.760><c> in</c><00:02:24.879><c> the</c><00:02:25.000><c> first</c>

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find out why does me exist in the first
 

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find out why does me exist in the first
place<00:02:26.200><c> and</c><00:02:26.360><c> here</c><00:02:26.560><c> really</c><00:02:26.800><c> the</c><00:02:26.920><c> fundamental</c>

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place and here really the fundamental
 

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place and here really the fundamental
reason<00:02:27.840><c> is</c><00:02:28.239><c> that</c><00:02:28.519><c> in</c><00:02:28.680><c> today's</c><00:02:29.160><c> system</c><00:02:30.040><c> every</c>

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reason is that in today's system every
 

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reason is that in today's system every
token<00:02:30.640><c> trades</c><00:02:31.280><c> at</c><00:02:31.560><c> many</c><00:02:31.840><c> different</c><00:02:32.239><c> prices</c>

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token trades at many different prices
 

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token trades at many different prices
within<00:02:33.160><c> the</c><00:02:33.280><c> same</c><00:02:33.480><c> block</c><00:02:34.200><c> here</c><00:02:34.360><c> I</c><00:02:34.440><c> brought</c><00:02:34.640><c> you</c>

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within the same block here I brought you
 

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within the same block here I brought you
an<00:02:34.879><c> example</c><00:02:35.200><c> block</c><00:02:35.440><c> from</c><00:02:35.560><c> a</c><00:02:35.680><c> couple</c><00:02:35.879><c> of</c><00:02:36.040><c> days</c>

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an example block from a couple of days
 

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an example block from a couple of days
ago<00:02:36.760><c> in</c><00:02:36.920><c> which</c><00:02:37.319><c> ethusd</c><00:02:38.319><c> trades</c><00:02:38.680><c> at</c><00:02:38.800><c> least</c>

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ago in which ethusd trades at least
 

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ago in which ethusd trades at least
seven<00:02:39.280><c> different</c><00:02:39.640><c> times</c><00:02:40.239><c> with</c><00:02:40.440><c> seven</c>

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seven different times with seven
 

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seven different times with seven
different<00:02:41.120><c> prices</c><00:02:42.080><c> and</c><00:02:42.200><c> so</c><00:02:42.480><c> you'll</c><00:02:42.720><c> see</c><00:02:42.920><c> sexex</c>

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different prices and so you'll see sexex
 

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different prices and so you'll see sexex
arbitragers<00:02:44.239><c> that</c><00:02:44.319><c> are</c><00:02:44.480><c> able</c><00:02:44.760><c> to</c><00:02:45.000><c> access</c><00:02:45.319><c> for</c>

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arbitragers that are able to access for
 

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arbitragers that are able to access for
instance<00:02:45.760><c> the</c><00:02:45.920><c> Unis</c><00:02:46.200><c> swap</c><00:02:46.400><c> pool</c><00:02:46.680><c> at</c><00:02:46.840><c> the</c>

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instance the Unis swap pool at the
 

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instance the Unis swap pool at the
previous<00:02:47.319><c> Block's</c><00:02:47.720><c> outdated</c><00:02:48.280><c> price</c><00:02:49.000><c> and</c><00:02:49.120><c> then</c>

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previous Block's outdated price and then
 

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previous Block's outdated price and then
the<00:02:49.400><c> rest</c><00:02:49.560><c> of</c><00:02:49.680><c> the</c><00:02:49.800><c> block</c><00:02:50.080><c> will</c><00:02:50.239><c> trade</c><00:02:50.680><c> at</c><00:02:50.800><c> the</c>

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the rest of the block will trade at the
 

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the rest of the block will trade at the
new<00:02:51.360><c> kind</c><00:02:51.480><c> of</c><00:02:51.760><c> fair</c><00:02:52.120><c> equilibrium</c><00:02:52.720><c> price</c><00:02:53.319><c> you</c>

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new kind of fair equilibrium price you
 

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new kind of fair equilibrium price you
will<00:02:53.560><c> see</c><00:02:53.879><c> Liquidators</c><00:02:54.480><c> that</c><00:02:54.599><c> are</c><00:02:54.800><c> able</c><00:02:55.120><c> to</c>

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will see Liquidators that are able to
 

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will see Liquidators that are able to
get<00:02:56.120><c> um</c><00:02:56.280><c> bad</c><00:02:56.560><c> collateral</c><00:02:57.080><c> at</c><00:02:57.200><c> a</c><00:02:57.360><c> fixed</c>

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get um bad collateral at a fixed
 

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get um bad collateral at a fixed
liquidation<00:02:58.200><c> penalty</c><00:02:58.680><c> 15</c><00:02:59.040><c> 20%</c><00:02:59.599><c> below</c><00:02:59.840><c> low</c>

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liquidation penalty 15 20% below low
 

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liquidation penalty 15 20% below low
fair<00:03:00.159><c> market</c><00:03:00.480><c> Price</c><00:03:00.920><c> and</c><00:03:01.040><c> the</c><00:03:01.200><c> rest</c><00:03:01.319><c> of</c><00:03:01.440><c> the</c>

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fair market Price and the rest of the
 

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fair market Price and the rest of the
block<00:03:01.800><c> trading</c><00:03:02.120><c> at</c><00:03:02.239><c> a</c><00:03:02.360><c> different</c><00:03:02.640><c> price</c><00:03:03.280><c> and</c>

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block trading at a different price and
 

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block trading at a different price and
last<00:03:03.680><c> but</c><00:03:03.799><c> not</c><00:03:03.920><c> least</c><00:03:04.120><c> you</c><00:03:04.239><c> have</c><00:03:04.400><c> sandwiches</c>

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last but not least you have sandwiches
 

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last but not least you have sandwiches
that<00:03:05.120><c> front</c><00:03:05.400><c> runner</c><00:03:05.680><c> user</c><00:03:06.000><c> to</c><00:03:06.159><c> buy</c><00:03:06.360><c> a</c><00:03:06.480><c> token</c><00:03:06.760><c> at</c>

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that front runner user to buy a token at
 

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that front runner user to buy a token at
Price<00:03:07.200><c> a</c><00:03:07.799><c> the</c><00:03:07.920><c> user</c><00:03:08.200><c> then</c><00:03:08.360><c> prize</c><00:03:08.599><c> it</c><00:03:08.720><c> at</c><00:03:09.000><c> Price</c>

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Price a the user then prize it at Price
 

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Price a the user then prize it at Price
B<00:03:09.799><c> and</c><00:03:09.920><c> the</c>

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B and the
 

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B and the
sandwichera<00:03:11.680><c> C</c><00:03:12.680><c> all</c><00:03:12.799><c> of</c><00:03:12.959><c> these</c><00:03:13.120><c> strategies</c>

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sandwichera C all of these strategies
 

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sandwichera C all of these strategies
have<00:03:13.760><c> one</c><00:03:13.920><c> thing</c><00:03:14.080><c> in</c><00:03:14.239><c> common</c><00:03:14.879><c> the</c><00:03:15.000><c> same</c><00:03:15.319><c> asset</c>

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have one thing in common the same asset
 

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have one thing in common the same asset
trades<00:03:16.080><c> in</c><00:03:16.239><c> the</c><00:03:16.360><c> same</c><00:03:16.560><c> block</c><00:03:17.080><c> at</c><00:03:17.280><c> different</c>

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trades in the same block at different
 

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trades in the same block at different
prices<00:03:19.480><c> and</c><00:03:19.599><c> the</c><00:03:19.760><c> reason</c><00:03:20.200><c> for</c><00:03:20.440><c> this</c><00:03:20.599><c> is</c><00:03:20.760><c> that</c>

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prices and the reason for this is that
 

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prices and the reason for this is that
we<00:03:21.040><c> basically</c><00:03:21.440><c> took</c><00:03:21.640><c> our</c><00:03:22.000><c> well</c><00:03:22.440><c> very</c><00:03:22.680><c> well</c>

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we basically took our well very well
 

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we basically took our well very well
best<00:03:23.200><c> known</c><00:03:23.440><c> standard</c><00:03:23.920><c> first</c><00:03:24.280><c> come</c><00:03:24.480><c> first</c>

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best known standard first come first
 

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best known standard first come first
served<00:03:25.480><c> mechanisms</c><00:03:26.360><c> that</c><00:03:26.519><c> work</c><00:03:26.720><c> in</c>

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served mechanisms that work in
 

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served mechanisms that work in
traditional<00:03:27.760><c> continuous</c><00:03:28.280><c> time</c><00:03:28.560><c> markets</c><00:03:29.200><c> and</c>

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traditional continuous time markets and
 

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traditional continuous time markets and
deployed<00:03:29.920><c> on</c><00:03:30.120><c> blockchain</c><00:03:31.120><c> and</c><00:03:31.319><c> this</c><00:03:31.439><c> was</c><00:03:31.599><c> the</c>

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deployed on blockchain and this was the
 

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deployed on blockchain and this was the
key<00:03:32.040><c> mistake</c><00:03:33.040><c> ethereum</c><00:03:33.640><c> doesn't</c><00:03:33.959><c> have</c>

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key mistake ethereum doesn't have
 

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key mistake ethereum doesn't have
continuous<00:03:34.720><c> time</c><00:03:35.400><c> there's</c><00:03:35.760><c> only</c><00:03:36.120><c> new</c>

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continuous time there's only new
 

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continuous time there's only new
information<00:03:36.879><c> being</c><00:03:37.080><c> released</c><00:03:37.519><c> every</c><00:03:37.760><c> 12</c>

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information being released every 12
 

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information being released every 12
seconds<00:03:38.799><c> and</c><00:03:38.920><c> then</c><00:03:39.080><c> it's</c><00:03:39.200><c> released</c><00:03:39.560><c> in</c><00:03:39.680><c> one</c><00:03:39.959><c> go</c>

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seconds and then it's released in one go
 

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seconds and then it's released in one go
and<00:03:40.599><c> The</c><00:03:40.680><c> Ordering</c><00:03:41.080><c> of</c><00:03:41.200><c> the</c><00:03:41.360><c> information</c>

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and The Ordering of the information
 

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and The Ordering of the information
within<00:03:42.080><c> the</c><00:03:42.200><c> block</c><00:03:42.640><c> is</c><00:03:42.840><c> up</c><00:03:43.120><c> to</c><00:03:43.480><c> a</c><00:03:43.640><c> unilateral</c>

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within the block is up to a unilateral
 

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within the block is up to a unilateral
party<00:03:44.760><c> the</c><00:03:44.920><c> proposer</c><00:03:45.760><c> to</c><00:03:46.000><c> decide</c><00:03:46.519><c> how</c><00:03:46.640><c> to</c>

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party the proposer to decide how to
 

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party the proposer to decide how to
order<00:03:47.120><c> things</c><00:03:47.480><c> there</c><00:03:47.959><c> and</c><00:03:48.040><c> so</c><00:03:48.200><c> it's</c><00:03:48.400><c> unsafe</c><00:03:48.920><c> to</c>

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order things there and so it's unsafe to
 

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order things there and so it's unsafe to
deploy<00:03:49.519><c> any</c><00:03:49.680><c> kind</c><00:03:49.840><c> of</c><00:03:50.000><c> mechanism</c><00:03:50.840><c> that</c><00:03:51.319><c> works</c>

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deploy any kind of mechanism that works
 

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deploy any kind of mechanism that works
on<00:03:52.079><c> continuous</c><00:03:52.640><c> time</c><00:03:53.120><c> on</c><00:03:53.280><c> a</c><00:03:53.400><c> discret</c><00:03:53.799><c> time</c>

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on continuous time on a discret time
 

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on continuous time on a discret time
blockchain<00:03:55.319><c> so</c><00:03:55.560><c> what</c><00:03:55.799><c> what's</c><00:03:56.040><c> next</c><00:03:56.400><c> what</c><00:03:56.599><c> what</c>

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blockchain so what what's next what what
 

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blockchain so what what's next what what
how<00:03:56.879><c> can</c><00:03:56.959><c> we</c><00:03:57.079><c> do</c><00:03:57.200><c> to</c><00:03:57.319><c> fix</c><00:03:57.599><c> this</c><00:03:58.120><c> well</c><00:03:58.280><c> as</c><00:03:58.400><c> you</c>

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how can we do to fix this well as you
 

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how can we do to fix this well as you
might<00:03:58.760><c> guess</c><00:03:59.200><c> we</c><00:03:59.319><c> need</c><00:03:59.480><c> to</c><00:03:59.840><c> come</c><00:04:00.120><c> to</c><00:04:00.319><c> a</c><00:04:00.560><c> point</c>

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might guess we need to come to a point
 

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might guess we need to come to a point
where<00:04:01.200><c> trading</c><00:04:01.599><c> the</c><00:04:01.720><c> same</c><00:04:02.000><c> asset</c><00:04:02.360><c> in</c><00:04:02.519><c> the</c><00:04:02.680><c> same</c>

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where trading the same asset in the same
 

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where trading the same asset in the same
block<00:04:03.560><c> should</c><00:04:03.799><c> lead</c><00:04:04.079><c> to</c><00:04:04.280><c> the</c><00:04:04.400><c> same</c><00:04:04.720><c> execution</c>

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block should lead to the same execution
 

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block should lead to the same execution
regardless<00:04:05.959><c> of</c><00:04:06.120><c> trade</c><00:04:06.400><c> ordering</c><00:04:07.200><c> or</c><00:04:07.439><c> put</c>

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regardless of trade ordering or put
 

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regardless of trade ordering or put
differently<00:04:08.439><c> we</c><00:04:08.560><c> need</c><00:04:08.720><c> to</c><00:04:08.879><c> get</c><00:04:09.040><c> to</c><00:04:09.400><c> one</c><00:04:09.760><c> price</c>

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differently we need to get to one price
 

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differently we need to get to one price
per<00:04:10.439><c> token</c><00:04:11.159><c> per</c><00:04:11.720><c> block</c><00:04:12.720><c> this</c><00:04:12.920><c> design</c><00:04:13.400><c> requires</c>

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per token per block this design requires
 

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per token per block this design requires
to<00:04:14.000><c> be</c><00:04:14.159><c> able</c><00:04:14.560><c> to</c><00:04:15.000><c> batch</c><00:04:15.360><c> trades</c><00:04:15.920><c> together</c><00:04:16.239><c> so</c>

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to be able to batch trades together so
 

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to be able to batch trades together so
it<00:04:16.519><c> doesn't</c><00:04:16.799><c> work</c><00:04:17.040><c> on</c><00:04:17.199><c> Raw</c><00:04:17.440><c> ethereum</c>

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it doesn't work on Raw ethereum
 

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it doesn't work on Raw ethereum
transactions<00:04:19.000><c> instead</c><00:04:19.280><c> we</c><00:04:19.400><c> need</c><00:04:19.600><c> trade</c>

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transactions instead we need trade
 

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transactions instead we need trade
intents<00:04:20.440><c> or</c><00:04:20.720><c> just</c><00:04:20.880><c> signed</c><00:04:21.239><c> limit</c><00:04:21.519><c> orders</c><00:04:22.280><c> and</c>

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intents or just signed limit orders and
 

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intents or just signed limit orders and
batch<00:04:22.919><c> those</c><00:04:23.240><c> together</c><00:04:23.400><c> in</c><00:04:23.520><c> a</c>

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batch those together in a
 

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batch those together in a
multi-dimensional<00:04:24.440><c> auction</c><00:04:24.919><c> which</c><00:04:25.080><c> can</c>

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multi-dimensional auction which can
 

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multi-dimensional auction which can
later<00:04:25.560><c> be</c><00:04:25.759><c> cleared</c><00:04:26.160><c> at</c><00:04:26.240><c> a</c><00:04:26.400><c> single</c><00:04:26.800><c> price</c><00:04:27.800><c> for</c>

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later be cleared at a single price for
 

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later be cleared at a single price for
details<00:04:28.360><c> on</c><00:04:28.520><c> how</c><00:04:28.680><c> this</c><00:04:28.800><c> looks</c><00:04:29.000><c> I</c><00:04:29.120><c> encourage</c>

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details on how this looks I encourage
 

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details on how this looks I encourage
you<00:04:29.479><c> to</c><00:04:29.560><c> look</c><00:04:29.759><c> look</c><00:04:29.880><c> at</c><00:04:30.000><c> cow</c><00:04:30.320><c> protocol</c><00:04:31.120><c> the</c>

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you to look look at cow protocol the
 

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you to look look at cow protocol the
trading<00:04:31.600><c> mechanism</c><00:04:32.000><c> that</c><00:04:32.120><c> powers</c><00:04:32.400><c> cow</c><00:04:32.680><c> swap</c>

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trading mechanism that powers cow swap
 

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trading mechanism that powers cow swap
which<00:04:33.400><c> pioneered</c><00:04:33.840><c> and</c><00:04:33.960><c> implements</c><00:04:34.440><c> this</c>

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which pioneered and implements this
 

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which pioneered and implements this
mechanism<00:04:35.600><c> it's</c><00:04:35.800><c> processing</c><00:04:36.240><c> many</c><00:04:36.560><c> billions</c>

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mechanism it's processing many billions
 

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mechanism it's processing many billions
of<00:04:37.160><c> dollars</c><00:04:37.479><c> in</c><00:04:37.759><c> transaction</c><00:04:38.240><c> volume</c><00:04:38.840><c> every</c>

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of dollars in transaction volume every
 

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of dollars in transaction volume every
month<00:04:40.039><c> and</c><00:04:40.360><c> is</c><00:04:40.600><c> basically</c><00:04:41.479><c> proof</c><00:04:41.960><c> that</c><00:04:42.120><c> this</c>

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month and is basically proof that this
 

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month and is basically proof that this
mechanism<00:04:42.680><c> can</c><00:04:42.800><c> work</c><00:04:42.960><c> on</c>

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mechanism can work on
 

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mechanism can work on
chain<00:04:46.000><c> cow</c><00:04:46.240><c> protocol</c><00:04:46.600><c> provides</c><00:04:46.880><c> meev</c>

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chain cow protocol provides meev
 

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chain cow protocol provides meev
protection<00:04:47.560><c> for</c><00:04:47.759><c> all</c><00:04:47.919><c> the</c><00:04:48.080><c> cases</c><00:04:48.360><c> that</c><00:04:48.520><c> I</c>

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protection for all the cases that I
 

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protection for all the cases that I
mentioned<00:04:49.160><c> on</c><00:04:49.440><c> two</c><00:04:49.639><c> slides</c><00:04:50.000><c> ago</c><00:04:50.720><c> um</c><00:04:50.960><c> we</c>

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mentioned on two slides ago um we
 

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mentioned on two slides ago um we
protect<00:04:51.560><c> swappers</c><00:04:52.280><c> by</c><00:04:52.520><c> having</c><00:04:52.759><c> buyers</c><00:04:53.080><c> and</c>

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protect swappers by having buyers and
 

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protect swappers by having buyers and
sellers<00:04:54.039><c> um</c><00:04:54.240><c> that</c><00:04:54.360><c> trade</c><00:04:54.639><c> the</c><00:04:54.759><c> same</c><00:04:54.960><c> asset</c>

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sellers um that trade the same asset
 

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sellers um that trade the same asset
receive<00:04:55.639><c> the</c><00:04:55.800><c> same</c><00:04:56.320><c> price</c><00:04:56.639><c> regardless</c><00:04:57.039><c> of</c>

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receive the same price regardless of
 

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receive the same price regardless of
their<00:04:57.320><c> ordering</c><00:04:57.919><c> and</c><00:04:58.039><c> we</c><00:04:58.120><c> can</c><00:04:58.320><c> even</c><00:04:58.520><c> match</c>

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their ordering and we can even match
 

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their ordering and we can even match
them<00:04:59.039><c> together</c><00:04:59.199><c> in</c><00:04:59.320><c> what</c><00:04:59.400><c> is</c><00:04:59.720><c> known</c><00:04:59.880><c> as</c>

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them together in what is known as
 

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them together in what is known as
Coincidence<00:05:00.560><c> of</c><00:05:00.720><c> Once</c><00:05:01.720><c> by</c><00:05:01.880><c> making</c><00:05:02.160><c> amm</c><00:05:02.680><c> part</c>

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Coincidence of Once by making amm part
 

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Coincidence of Once by making amm part
of<00:05:02.919><c> the</c><00:05:03.039><c> batch</c><00:05:03.280><c> and</c><00:05:03.360><c> treating</c><00:05:03.639><c> them</c><00:05:03.800><c> like</c>

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of the batch and treating them like
 

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of the batch and treating them like
swappers<00:05:04.600><c> LPS</c><00:05:05.400><c> no</c><00:05:05.560><c> longer</c><00:05:05.800><c> trade</c><00:05:06.080><c> at</c><00:05:06.199><c> outdated</c>

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swappers LPS no longer trade at outdated
 

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swappers LPS no longer trade at outdated
prices<00:05:07.160><c> but</c><00:05:07.320><c> instead</c><00:05:07.759><c> get</c><00:05:07.919><c> the</c><00:05:08.080><c> fair</c><00:05:08.600><c> new</c>

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prices but instead get the fair new
 

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prices but instead get the fair new
equilibrium<00:05:09.440><c> clearing</c><00:05:09.880><c> price</c><00:05:10.800><c> and</c>

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equilibrium clearing price and
 

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equilibrium clearing price and
liquidations<00:05:11.560><c> are</c><00:05:11.720><c> just</c><00:05:11.880><c> stop</c><00:05:12.199><c> loss</c><00:05:12.440><c> orders</c>

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liquidations are just stop loss orders
 

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liquidations are just stop loss orders
which<00:05:13.000><c> you</c><00:05:13.080><c> can</c><00:05:13.280><c> also</c><00:05:13.680><c> add</c><00:05:13.960><c> to</c><00:05:14.160><c> the</c><00:05:14.320><c> total</c><00:05:14.919><c> um</c>

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which you can also add to the total um
 

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which you can also add to the total um
liquidity<00:05:15.560><c> pool</c><00:05:16.120><c> and</c><00:05:16.320><c> make</c><00:05:16.479><c> sure</c><00:05:16.800><c> that</c>

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liquidity pool and make sure that
 

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liquidity pool and make sure that
collateral<00:05:17.720><c> recovery</c><00:05:18.240><c> happens</c><00:05:18.600><c> at</c><00:05:18.720><c> the</c><00:05:18.840><c> most</c>

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collateral recovery happens at the most
 

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collateral recovery happens at the most
efficient<00:05:19.600><c> and</c><00:05:19.800><c> fair</c><00:05:20.319><c> price</c><00:05:21.319><c> I</c><00:05:21.400><c> want</c><00:05:21.520><c> to</c><00:05:21.639><c> leave</c>

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efficient and fair price I want to leave
 

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efficient and fair price I want to leave
you<00:05:22.000><c> with</c><00:05:22.199><c> this</c><00:05:22.600><c> number</c><00:05:23.240><c> which</c><00:05:23.360><c> is</c><00:05:23.440><c> a</c><00:05:23.560><c> dune</c>

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you with this number which is a dune
 

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you with this number which is a dune
query<00:05:24.080><c> that</c><00:05:24.160><c> you</c><00:05:24.240><c> can</c><00:05:24.400><c> check</c><00:05:24.960><c> for</c><00:05:25.199><c> yourself</c>

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query that you can check for yourself
 

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query that you can check for yourself
that<00:05:25.880><c> shows</c><00:05:26.240><c> that</c><00:05:26.360><c> more</c><00:05:26.520><c> than</c><00:05:26.680><c> 97%</c><00:05:27.639><c> of</c><00:05:27.800><c> me</c>

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that shows that more than 97% of me
 

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that shows that more than 97% of me
today<00:05:28.919><c> is</c><00:05:29.039><c> trading</c><00:05:29.360><c> related</c><00:05:30.120><c> and</c><00:05:30.240><c> that</c><00:05:30.319><c> is</c>

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today is trading related and that is
 

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today is trading related and that is
sandwiches<00:05:31.160><c> sex</c><00:05:31.400><c> sex</c><00:05:31.639><c> Arbitrage</c><00:05:32.280><c> back</c>

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sandwiches sex sex Arbitrage back
 

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sandwiches sex sex Arbitrage back
running<00:05:33.440><c> liquidations</c><00:05:34.440><c> and</c><00:05:34.680><c> those</c><00:05:34.880><c> can</c><00:05:35.039><c> be</c>

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running liquidations and those can be
 

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running liquidations and those can be
vastly<00:05:35.600><c> reduced</c><00:05:36.000><c> if</c><00:05:36.160><c> not</c><00:05:36.319><c> completely</c>

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vastly reduced if not completely
 

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vastly reduced if not completely
eliminated<00:05:37.240><c> at</c><00:05:37.360><c> the</c><00:05:37.520><c> application</c><00:05:38.000><c> layer</c><00:05:38.400><c> by</c>

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eliminated at the application layer by
 

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eliminated at the application layer by
not<00:05:38.720><c> using</c><00:05:39.080><c> pseudo</c><00:05:39.520><c> continuous</c><00:05:39.919><c> time</c>

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not using pseudo continuous time
 

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not using pseudo continuous time
mechanisms<00:05:41.639><c> so</c><00:05:42.479><c> I'd</c><00:05:42.680><c> like</c><00:05:42.840><c> you</c><00:05:42.960><c> to</c><00:05:43.160><c> join</c><00:05:43.360><c> me</c><00:05:43.520><c> on</c>

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mechanisms so I'd like you to join me on
 

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mechanisms so I'd like you to join me on
my<00:05:43.759><c> mission</c><00:05:44.039><c> to</c><00:05:44.240><c> convince</c><00:05:44.680><c> this</c><00:05:44.919><c> space</c><00:05:45.840><c> that</c>

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my mission to convince this space that
 

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my mission to convince this space that
we<00:05:46.039><c> should</c><00:05:46.319><c> fix</c><00:05:46.600><c> the</c><00:05:46.759><c> mechanism</c><00:05:47.720><c> rather</c><00:05:48.000><c> than</c>

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we should fix the mechanism rather than
 

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we should fix the mechanism rather than
making<00:05:48.360><c> the</c><00:05:48.479><c> chain</c><00:05:48.720><c> more</c><00:05:48.919><c> complex</c><00:05:49.800><c> and</c><00:05:49.919><c> with</c>

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making the chain more complex and with
 

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making the chain more complex and with
that<00:05:50.280><c> thank</c><00:05:50.440><c> you</c><00:05:50.600><c> very</c>

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that thank you very
 

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that thank you very
[Applause]

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[Applause]
 

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[Applause]
much<00:05:57.080><c> thanks</c><00:05:57.319><c> for</c><00:05:57.520><c> that</c><00:05:57.720><c> great</c><00:05:57.960><c> talk</c><00:05:58.639><c> um</c><00:05:59.199><c> if</c>

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much thanks for that great talk um if
 

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much thanks for that great talk um if
any<00:05:59.440><c> of</c><00:05:59.639><c> if</c><00:05:59.720><c> you</c><00:05:59.840><c> have</c><00:06:00.039><c> questions</c><00:06:00.400><c> you</c><00:06:00.520><c> need</c><00:06:00.639><c> to</c>

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any of if you have questions you need to
 

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any of if you have questions you need to
scan<00:06:01.080><c> the</c><00:06:01.240><c> QR</c><00:06:01.639><c> code</c><00:06:02.280><c> and</c><00:06:02.800><c> uh</c><00:06:02.919><c> ask</c><00:06:03.160><c> the</c>

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scan the QR code and uh ask the
 

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scan the QR code and uh ask the
questions

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remotely<00:06:19.960><c> uh</c><00:06:20.039><c> I'm</c><00:06:20.120><c> going</c><00:06:20.240><c> to</c><00:06:20.360><c> read</c><00:06:20.520><c> out</c><00:06:20.720><c> the</c>

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remotely uh I'm going to read out the
 

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remotely uh I'm going to read out the
question<00:06:21.199><c> for</c><00:06:21.479><c> those</c><00:06:21.960><c> joining</c><00:06:22.360><c> virtually</c><00:06:22.919><c> do</c>

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question for those joining virtually do
 

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question for those joining virtually do
you<00:06:23.160><c> have</c><00:06:23.280><c> an</c><00:06:23.520><c> estimation</c><00:06:24.080><c> of</c><00:06:24.319><c> reduction</c><00:06:24.759><c> in</c>

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you have an estimation of reduction in
 

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you have an estimation of reduction in
me<00:06:25.560><c> if</c><00:06:25.759><c> only</c><00:06:26.080><c> Dex</c><00:06:26.440><c> used</c><00:06:26.800><c> is</c><00:06:27.080><c> cow</c><00:06:28.039><c> yeah</c><00:06:28.199><c> so</c><00:06:28.400><c> right</c>

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me if only Dex used is cow yeah so right
 

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me if only Dex used is cow yeah so right
now<00:06:28.680><c> cow</c><00:06:28.919><c> SW</c><00:06:29.160><c> focuses</c><00:06:29.440><c> on</c><00:06:29.599><c> on</c><00:06:29.960><c> Swap</c><00:06:30.319><c> me</c>

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now cow SW focuses on on Swap me
 

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now cow SW focuses on on Swap me
protection<00:06:31.400><c> um</c><00:06:31.520><c> I</c><00:06:31.639><c> didn't</c><00:06:31.840><c> break</c><00:06:32.080><c> the</c><00:06:32.160><c> number</c>

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protection um I didn't break the number
 

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protection um I didn't break the number
97%<00:06:33.199><c> into</c><00:06:33.479><c> swap</c><00:06:34.080><c> amm</c><00:06:34.560><c> resistance</c><00:06:34.919><c> and</c>

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97% into swap amm resistance and
 

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97% into swap amm resistance and
liquidations<00:06:36.160><c> um</c><00:06:36.319><c> so</c><00:06:36.599><c> right</c><00:06:36.759><c> now</c><00:06:36.960><c> it</c><00:06:37.080><c> would</c>

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liquidations um so right now it would
 

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liquidations um so right now it would
probably<00:06:37.720><c> be</c><00:06:38.039><c> you</c><00:06:38.120><c> know</c><00:06:38.280><c> less</c><00:06:38.440><c> than</c><00:06:38.599><c> 97%</c><00:06:39.560><c> but</c>

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probably be you know less than 97% but
 

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probably be you know less than 97% but
the<00:06:39.840><c> mechanism</c><00:06:40.360><c> itself</c><00:06:41.240><c> not</c><00:06:41.440><c> the</c><00:06:41.599><c> product</c><00:06:41.840><c> as</c>

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the mechanism itself not the product as
 

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the mechanism itself not the product as
it<00:06:42.120><c> exists</c><00:06:42.440><c> today</c><00:06:42.759><c> but</c><00:06:42.880><c> the</c><00:06:43.000><c> mechanism</c><00:06:43.440><c> itself</c>

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it exists today but the mechanism itself
 

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it exists today but the mechanism itself
would<00:06:44.199><c> be</c><00:06:44.360><c> able</c><00:06:44.560><c> to</c><00:06:44.720><c> reduce</c><00:06:45.039><c> meev</c><00:06:45.639><c> by</c><00:06:46.280><c> that</c>

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would be able to reduce meev by that
 

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would be able to reduce meev by that
number<00:06:46.800><c> that</c><00:06:46.960><c> I</c><00:06:47.160><c> that</c><00:06:47.240><c> I</c>

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number that I that I
 

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number that I that I
showed<00:06:49.000><c> um</c><00:06:49.960><c> the</c><00:06:50.120><c> second</c><00:06:50.639><c> the</c><00:06:50.800><c> other</c><00:06:51.039><c> question</c>

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showed um the second the other question
 

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showed um the second the other question
is<00:06:51.479><c> do</c><00:06:51.639><c> you</c><00:06:51.759><c> think</c><00:06:52.000><c> PBS</c><00:06:52.479><c> causes</c>

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is do you think PBS causes
 

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is do you think PBS causes
centralization<00:06:53.680><c> or</c><00:06:53.840><c> is</c><00:06:53.960><c> it</c><00:06:54.599><c> correlation</c><00:06:55.599><c> I</c>

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centralization or is it correlation I
 

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centralization or is it correlation I
think<00:06:55.919><c> PBS</c><00:06:56.800><c> uh</c><00:06:56.960><c> causes</c><00:06:58.280><c> centralization</c><00:06:59.280><c> um</c>

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think PBS uh causes centralization um
 

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think PBS uh causes centralization um
mainly<00:07:00.000><c> because</c><00:07:00.400><c> it's</c><00:07:00.840><c> a</c><00:07:01.120><c> winner</c><00:07:01.440><c> takes</c><00:07:01.680><c> all</c>

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mainly because it's a winner takes all
 

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mainly because it's a winner takes all
latency<00:07:02.440><c> game</c><00:07:03.199><c> um</c><00:07:03.720><c> I</c><00:07:03.840><c> wouldn't</c><00:07:04.160><c> say</c><00:07:04.400><c> it's</c>

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latency game um I wouldn't say it's
 

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latency game um I wouldn't say it's
correlation<00:07:05.720><c> there's</c><00:07:05.960><c> also</c><00:07:06.120><c> a</c><00:07:06.240><c> reason</c><00:07:06.520><c> I</c>

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correlation there's also a reason I
 

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correlation there's also a reason I
couldn't<00:07:06.879><c> get</c><00:07:06.960><c> to</c><00:07:07.120><c> that</c><00:07:07.240><c> slide</c><00:07:07.599><c> because</c><00:07:07.720><c> I</c>

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couldn't get to that slide because I
 

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couldn't get to that slide because I
didn't<00:07:07.960><c> have</c><00:07:08.120><c> enough</c><00:07:08.360><c> time</c><00:07:08.800><c> for</c><00:07:09.000><c> why</c><00:07:09.120><c> I</c><00:07:09.240><c> think</c>

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didn't have enough time for why I think
 

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didn't have enough time for why I think
cow<00:07:09.879><c> protocol</c><00:07:10.360><c> or</c><00:07:10.599><c> an</c><00:07:10.919><c> application</c><00:07:11.960><c> specific</c>

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cow protocol or an application specific
 

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cow protocol or an application specific
um<00:07:13.840><c> auction</c><00:07:14.400><c> is</c><00:07:14.520><c> not</c><00:07:14.720><c> going</c><00:07:14.919><c> to</c><00:07:15.080><c> cause</c><00:07:15.360><c> the</c>

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um auction is not going to cause the
 

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um auction is not going to cause the
same<00:07:15.680><c> centralization</c><00:07:16.319><c> or</c><00:07:16.560><c> even</c><00:07:16.840><c> if</c><00:07:17.120><c> it</c><00:07:17.199><c> would</c>

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same centralization or even if it would
 

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same centralization or even if it would
not<00:07:17.720><c> affect</c><00:07:18.080><c> kind</c><00:07:18.199><c> of</c><00:07:18.400><c> all</c><00:07:18.599><c> types</c><00:07:18.840><c> of</c>

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not affect kind of all types of
 

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not affect kind of all types of
transaction<00:07:19.440><c> so</c><00:07:19.560><c> if</c><00:07:19.639><c> I</c><00:07:19.720><c> want</c><00:07:19.800><c> to</c><00:07:19.879><c> make</c><00:07:20.000><c> a</c>

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transaction so if I want to make a
 

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transaction so if I want to make a
transfer<00:07:20.560><c> I'm</c><00:07:20.639><c> not</c><00:07:20.840><c> kind</c><00:07:20.960><c> of</c><00:07:21.360><c> subject</c><00:07:21.720><c> to</c><00:07:21.840><c> the</c>

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transfer I'm not kind of subject to the
 

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transfer I'm not kind of subject to the
censoring<00:07:22.360><c> that</c><00:07:22.479><c> happens</c><00:07:22.759><c> today</c><00:07:23.039><c> in</c><00:07:23.199><c> the</c><00:07:23.360><c> in</c>

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censoring that happens today in the in
 

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censoring that happens today in the in
the<00:07:23.560><c> Builder</c><00:07:23.960><c> Market</c><00:07:24.960><c> um</c><00:07:25.240><c> but</c><00:07:25.360><c> yeah</c><00:07:25.479><c> for</c><00:07:25.680><c> this</c>

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the Builder Market um but yeah for this
 

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the Builder Market um but yeah for this
I<00:07:25.919><c> would</c><00:07:26.199><c> refer</c><00:07:26.479><c> to</c><00:07:26.599><c> the</c><00:07:26.720><c> longer</c><00:07:27.000><c> talk</c><00:07:27.960><c> yeah</c><00:07:28.440><c> um</c>

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I would refer to the longer talk yeah um
 

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I would refer to the longer talk yeah um
How<00:07:29.360><c> would</c><00:07:29.560><c> do</c><00:07:29.639><c> you</c><00:07:29.759><c> compare</c><00:07:30.120><c> cow</c><00:07:30.400><c> with</c><00:07:30.560><c> what</c>

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How would do you compare cow with what
 

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How would do you compare cow with what
sella<00:07:31.240><c> is</c><00:07:31.360><c> doing</c><00:07:31.639><c> to</c><00:07:31.800><c> fix</c><00:07:32.080><c> meev</c><00:07:32.479><c> on</c><00:07:32.639><c> the</c>

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sella is doing to fix meev on the
 

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sella is doing to fix meev on the
application<00:07:33.319><c> layer</c><00:07:33.800><c> via</c><00:07:34.720><c> Unis</c><00:07:35.039><c> swap</c><00:07:35.360><c> hooks</c>

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application layer via Unis swap hooks
 

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application layer via Unis swap hooks
yeah<00:07:36.400><c> I</c><00:07:36.520><c> would</c><00:07:36.720><c> I</c><00:07:36.800><c> mean</c><00:07:37.000><c> cow</c><00:07:37.280><c> is</c><00:07:37.560><c> working</c><00:07:38.000><c> and</c>

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yeah I would I mean cow is working and
 

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yeah I would I mean cow is working and
out<00:07:38.440><c> there</c><00:07:38.560><c> and</c><00:07:38.800><c> live</c><00:07:39.280><c> um</c><00:07:39.400><c> I</c><00:07:39.479><c> think</c><00:07:39.599><c> the</c>

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out there and live um I think the
 

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out there and live um I think the
mechanism<00:07:40.080><c> is</c><00:07:40.240><c> relatively</c><00:07:40.759><c> similar</c><00:07:41.680><c> um</c><00:07:42.319><c> and</c>

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mechanism is relatively similar um and
 

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mechanism is relatively similar um and
uh<00:07:44.039><c> yeah</c><00:07:44.280><c> I</c><00:07:44.360><c> think</c><00:07:44.560><c> that's</c><00:07:45.080><c> the</c><00:07:45.319><c> the</c><00:07:45.400><c> just</c><00:07:45.720><c> you</c>

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uh yeah I think that's the the just you
 

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uh yeah I think that's the the just you
can<00:07:45.879><c> deal</c><00:07:46.039><c> with</c><00:07:46.159><c> the</c><00:07:46.319><c> last</c><00:07:46.599><c> question</c><00:07:46.919><c> how</c><00:07:47.080><c> does</c>

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can deal with the last question how does
 

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can deal with the last question how does
cow<00:07:47.599><c> deal</c><00:07:47.800><c> with</c><00:07:47.960><c> multiblock</c><00:07:48.720><c> me</c><00:07:49.720><c> um</c><00:07:49.960><c> it</c><00:07:50.199><c> it</c>

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cow deal with multiblock me um it it
 

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cow deal with multiblock me um it it
doesn't<00:07:50.960><c> uh</c><00:07:51.120><c> because</c><00:07:51.560><c> basically</c><00:07:52.000><c> the</c><00:07:52.159><c> batch</c>

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doesn't uh because basically the batch
 

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doesn't uh because basically the batch
itself<00:07:52.919><c> has</c><00:07:53.080><c> its</c><00:07:53.199><c> own</c><00:07:54.000><c> um</c><00:07:54.440><c> has</c><00:07:54.560><c> its</c><00:07:54.720><c> own</c><00:07:54.960><c> kind</c>

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itself has its own um has its own kind
 

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itself has its own um has its own kind
of<00:07:55.280><c> heartbeat</c><00:07:55.720><c> its</c><00:07:55.879><c> own</c><00:07:56.120><c> time</c><00:07:56.479><c> and</c><00:07:56.599><c> so</c><00:07:56.759><c> if</c><00:07:56.840><c> you</c>

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of heartbeat its own time and so if you
 

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of heartbeat its own time and so if you
were<00:07:57.199><c> to</c><00:07:57.400><c> try</c><00:07:57.599><c> to</c><00:07:57.720><c> do</c><00:07:58.120><c> multi</c><00:07:58.800><c> batch</c><00:07:59.080><c> m</c><00:07:59.680><c> I</c><00:07:59.800><c> think</c>

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were to try to do multi batch m I think
 

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were to try to do multi batch m I think
you're<00:08:00.520><c> running</c><00:08:00.960><c> the</c><00:08:01.400><c> risk</c><00:08:01.840><c> that</c><00:08:02.479><c> the</c><00:08:02.759><c> whoever</c>

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you're running the risk that the whoever
 

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you're running the risk that the whoever
solver<00:08:03.759><c> will</c><00:08:03.960><c> win</c><00:08:04.360><c> the</c><00:08:04.520><c> batch</c><00:08:04.919><c> is</c><00:08:05.159><c> going</c><00:08:05.680><c> to</c><00:08:06.680><c> um</c>

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solver will win the batch is going to um
 

00:08:06.919 --> 00:08:09.110 align:start position:0%
solver will win the batch is going to um
execute<00:08:07.319><c> the</c><00:08:07.479><c> trade</c><00:08:08.199><c> before</c><00:08:08.479><c> you</c><00:08:08.680><c> so</c><00:08:08.960><c> so</c>

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execute the trade before you so so
 

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execute the trade before you so so
there's<00:08:09.280><c> no</c><00:08:09.400><c> real</c><00:08:09.599><c> incentive</c><00:08:09.960><c> for</c><00:08:10.080><c> you</c><00:08:10.199><c> to</c><00:08:10.479><c> to</c>

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there's no real incentive for you to to
 

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there's no real incentive for you to to
to<00:08:10.919><c> censor</c><00:08:11.360><c> or</c><00:08:11.560><c> try</c><00:08:11.759><c> to</c><00:08:12.000><c> delay</c><00:08:12.479><c> execution</c><00:08:13.280><c> to</c>

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to censor or try to delay execution to
 

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to censor or try to delay execution to
another

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another
 

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another
batch<00:08:15.520><c> thank</c><00:08:15.680><c> you</c><00:08:15.759><c> so</c><00:08:15.879><c> much</c><00:08:16.120><c> thank</c><00:08:16.240><c> you</c><00:08:16.319><c> very</c>

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batch thank you so much thank you very
 

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batch thank you so much thank you very
much

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much
 

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much
[Applause]