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foreign

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[Music]

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welcome<00:00:16.859><c> to</c><00:00:17.039><c> my</c><00:00:17.220><c> talk</c><00:00:17.880><c> today</c><00:00:18.119><c> I'm</c><00:00:18.420><c> going</c><00:00:18.539><c> to</c>

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welcome to my talk today I'm going to
 

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welcome to my talk today I'm going to
talk<00:00:18.900><c> about</c><00:00:19.140><c> a</c><00:00:19.440><c> different</c><00:00:19.560><c> way</c><00:00:19.800><c> to</c><00:00:20.039><c> design</c>

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talk about a different way to design
 

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talk about a different way to design
automated<00:00:21.359><c> market</c><00:00:21.600><c> makers</c><00:00:22.020><c> in</c><00:00:22.199><c> a</c><00:00:22.380><c> way</c><00:00:22.560><c> that</c>

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automated market makers in a way that
 

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automated market makers in a way that
hopefully<00:00:24.119><c> is</c><00:00:24.359><c> going</c><00:00:24.660><c> to</c><00:00:25.080><c> capture</c><00:00:25.560><c> the</c><00:00:26.220><c> Mev</c>

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hopefully is going to capture the Mev
 

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hopefully is going to capture the Mev
that<00:00:27.420><c> currently</c><00:00:27.840><c> is</c><00:00:27.960><c> being</c><00:00:28.140><c> lost</c><00:00:28.439><c> to</c><00:00:28.740><c> Miners</c>

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that currently is being lost to Miners
 

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that currently is being lost to Miners
and<00:00:29.400><c> other</c><00:00:29.580><c> parties</c>

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by<00:00:35.820><c> the</c><00:00:35.940><c> way</c><00:00:36.000><c> is</c><00:00:36.480><c> a</c><00:00:37.079><c> an</c><00:00:37.500><c> online</c><00:00:37.800><c> chain</c><00:00:38.340><c> exchange</c>

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by the way is a an online chain exchange
 

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by the way is a an online chain exchange
that<00:00:39.600><c> protects</c><00:00:40.020><c> you</c><00:00:40.079><c> against</c><00:00:40.320><c> Meb</c><00:00:41.340><c> so</c><00:00:41.760><c> what</c><00:00:41.879><c> is</c>

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that protects you against Meb so what is
 

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that protects you against Meb so what is
Mev<00:00:42.600><c> or</c><00:00:43.079><c> maximum</c><00:00:43.500><c> effect</c><00:00:43.739><c> of</c><00:00:44.040><c> value</c>

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Mev or maximum effect of value
 

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Mev or maximum effect of value
currently<00:00:45.540><c> block</c><00:00:45.719><c> Builders</c><00:00:46.140><c> have</c><00:00:46.440><c> the</c>

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currently block Builders have the
 

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currently block Builders have the
responsibility<00:00:47.160><c> of</c><00:00:47.700><c> updating</c><00:00:48.180><c> the</c><00:00:48.480><c> state</c><00:00:48.660><c> of</c>

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responsibility of updating the state of
 

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responsibility of updating the state of
the<00:00:49.079><c> blockchain</c><00:00:49.440><c> so</c><00:00:50.100><c> how</c><00:00:50.280><c> is</c><00:00:50.460><c> this</c><00:00:50.640><c> done</c><00:00:50.820><c> by</c>

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the blockchain so how is this done by
 

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the blockchain so how is this done by
including<00:00:51.719><c> excluding</c><00:00:52.320><c> ordering</c>

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including excluding ordering
 

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including excluding ordering
transactions<00:00:53.700><c> in</c><00:00:53.879><c> a</c><00:00:54.059><c> block</c><00:00:54.180><c> and</c><00:00:54.719><c> for</c><00:00:54.960><c> this</c>

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transactions in a block and for this
 

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transactions in a block and for this
they<00:00:55.320><c> get</c><00:00:55.500><c> paid</c><00:00:55.680><c> fees</c><00:00:56.520><c> transaction</c><00:00:57.239><c> fees</c><00:00:57.600><c> and</c>

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they get paid fees transaction fees and
 

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they get paid fees transaction fees and
Rewards<00:00:58.559><c> whoever</c><00:00:59.100><c> there</c><00:00:59.340><c> are</c><00:00:59.460><c> other</c><00:00:59.640><c> ways</c>

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Rewards whoever there are other ways
 

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Rewards whoever there are other ways
where<00:01:00.300><c> that</c><00:01:00.600><c> that</c><00:01:01.260><c> you</c><00:01:01.440><c> can</c><00:01:01.559><c> use</c><00:01:01.739><c> to</c><00:01:02.280><c> get</c><00:01:03.180><c> money</c>

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where that that you can use to get money
 

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where that that you can use to get money
out<00:01:04.320><c> of</c><00:01:04.680><c> the</c><00:01:05.280><c> block</c><00:01:05.939><c> building</c><00:01:06.180><c> process</c><00:01:06.659><c> so</c><00:01:07.619><c> one</c>

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out of the block building process so one
 

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out of the block building process so one
very<00:01:08.640><c> common</c><00:01:09.540><c> attack</c><00:01:10.200><c> is</c><00:01:10.740><c> called</c><00:01:10.920><c> the</c>

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very common attack is called the
 

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very common attack is called the
sandwich<00:01:11.340><c> attack</c><00:01:11.700><c> in</c><00:01:12.420><c> which</c>

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sandwich attack in which
 

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sandwich attack in which
uh<00:01:13.979><c> use</c><00:01:14.280><c> a</c><00:01:14.460><c> transaction</c><00:01:14.820><c> is</c><00:01:15.060><c> exploited</c><00:01:15.720><c> to</c>

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uh use a transaction is exploited to
 

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uh use a transaction is exploited to
extract<00:01:16.680><c> Mev</c><00:01:17.220><c> so</c><00:01:17.760><c> let's</c><00:01:17.939><c> say</c><00:01:18.119><c> that</c><00:01:18.360><c> a</c><00:01:18.720><c> user</c><00:01:19.080><c> is</c>

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extract Mev so let's say that a user is
 

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extract Mev so let's say that a user is
creating<00:01:19.979><c> a</c><00:01:20.159><c> transaction</c><00:01:20.460><c> once</c><00:01:21.240><c> included</c><00:01:21.600><c> in</c>

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creating a transaction once included in
 

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creating a transaction once included in
a<00:01:21.840><c> block</c><00:01:21.960><c> to</c><00:01:22.200><c> sell</c><00:01:22.439><c> on</c><00:01:22.740><c> an</c><00:01:22.860><c> automated</c><00:01:23.280><c> Market</c>

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a block to sell on an automated Market
 

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a block to sell on an automated Market
maker<00:01:23.880><c> 100it</c><00:01:24.420><c> or</c><00:01:25.380><c> 100</c><00:01:26.100><c> 000</c><00:01:26.159><c> usdc</c><00:01:26.820><c> so</c><00:01:27.360><c> as</c><00:01:27.540><c> it's</c>

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maker 100it or 100 000 usdc so as it's
 

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maker 100it or 100 000 usdc so as it's
usually<00:01:28.020><c> customary</c><00:01:28.500><c> there</c><00:01:29.400><c> is</c><00:01:29.700><c> an</c><00:01:30.060><c> extra</c>

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usually customary there is an extra
 

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usually customary there is an extra
slippage<00:01:30.780><c> added</c><00:01:31.380><c> in</c><00:01:31.799><c> case</c><00:01:31.920><c> the</c><00:01:32.220><c> price</c><00:01:32.340><c> moves</c>

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slippage added in case the price moves
 

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slippage added in case the price moves
between<00:01:33.000><c> when</c><00:01:33.540><c> the</c><00:01:33.780><c> when</c><00:01:34.320><c> the</c><00:01:34.500><c> transaction</c><00:01:34.860><c> is</c>

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between when the when the transaction is
 

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between when the when the transaction is
created<00:01:35.520><c> and</c><00:01:35.700><c> executed</c><00:01:36.180><c> and</c><00:01:36.900><c> normally</c><00:01:37.259><c> it</c>

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created and executed and normally it
 

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created and executed and normally it
shouldn't<00:01:37.920><c> really</c><00:01:38.280><c> matter</c><00:01:38.520><c> the</c><00:01:38.820><c> user</c><00:01:39.180><c> should</c>

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shouldn't really matter the user should
 

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shouldn't really matter the user should
take<00:01:39.600><c> the</c><00:01:39.780><c> expected</c><00:01:40.619><c> price</c><00:01:40.820><c> however</c><00:01:41.820><c> the</c>

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take the expected price however the
 

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take the expected price however the
point<00:01:42.900><c> of</c><00:01:43.040><c> sandwiching</c><00:01:44.040><c> is</c><00:01:44.340><c> actually</c><00:01:44.579><c> using</c>

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point of sandwiching is actually using
 

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point of sandwiching is actually using
the<00:01:45.119><c> slippage</c><00:01:45.540><c> against</c><00:01:45.780><c> the</c><00:01:46.079><c> user</c><00:01:46.680><c> so</c><00:01:47.159><c> how</c>

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the slippage against the user so how
 

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the slippage against the user so how
does<00:01:47.460><c> it</c><00:01:47.640><c> work</c><00:01:47.820><c> the</c><00:01:48.360><c> block</c><00:01:48.540><c> Builder</c><00:01:48.960><c> creates</c>

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does it work the block Builder creates
 

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does it work the block Builder creates
two<00:01:49.380><c> transactions</c><00:01:49.860><c> one</c><00:01:50.159><c> before</c><00:01:50.399><c> and</c><00:01:50.759><c> one</c>

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two transactions one before and one
 

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two transactions one before and one
after<00:01:51.180><c> the</c><00:01:51.960><c> first</c><00:01:52.079><c> transactions</c><00:01:52.799><c> this</c><00:01:53.220><c> first</c>

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after the first transactions this first
 

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after the first transactions this first
transaction<00:01:53.820><c> buys</c><00:01:54.540><c> usdc</c><00:01:55.079><c> and</c><00:01:55.259><c> moves</c><00:01:55.500><c> the</c>

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transaction buys usdc and moves the
 

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transaction buys usdc and moves the
price<00:01:55.799><c> of</c><00:01:56.579><c> the</c><00:01:56.759><c> amm</c><00:01:57.240><c> to</c><00:01:57.780><c> the</c><00:01:58.320><c> minimum</c><00:01:58.740><c> that</c>

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price of the amm to the minimum that
 

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price of the amm to the minimum that
would<00:01:59.640><c> be</c><00:01:59.820><c> accepted</c><00:02:00.360><c> by</c><00:02:00.600><c> the</c><00:02:00.720><c> user</c><00:02:01.500><c> the</c><00:02:01.920><c> user</c>

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would be accepted by the user the user
 

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would be accepted by the user the user
trades<00:02:02.520><c> anyway</c><00:02:02.700><c> because</c><00:02:03.180><c> this</c><00:02:03.600><c> is</c><00:02:03.780><c> according</c>

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trades anyway because this is according
 

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trades anyway because this is according
to<00:02:04.500><c> the</c><00:02:04.619><c> slippage</c><00:02:04.979><c> still</c><00:02:05.219><c> valid</c><00:02:05.579><c> and</c><00:02:06.479><c> then</c>

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to the slippage still valid and then
 

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to the slippage still valid and then
finally<00:02:07.020><c> the</c><00:02:07.259><c> block</c><00:02:07.380><c> Builder</c><00:02:07.740><c> can</c><00:02:07.920><c> sell</c><00:02:08.099><c> back</c>

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finally the block Builder can sell back
 

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finally the block Builder can sell back
the<00:02:08.520><c> usdc</c><00:02:09.060><c> at</c><00:02:09.239><c> the</c><00:02:09.360><c> new</c><00:02:09.479><c> price</c>

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the usdc at the new price
 

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the usdc at the new price
basically<00:02:10.800><c> this</c><00:02:11.039><c> is</c><00:02:11.160><c> a</c><00:02:11.280><c> safe</c><00:02:11.400><c> bet</c><00:02:11.580><c> for</c><00:02:11.819><c> the</c>

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basically this is a safe bet for the
 

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basically this is a safe bet for the
block<00:02:12.060><c> Builder</c><00:02:12.480><c> because</c><00:02:12.660><c> the</c><00:02:13.140><c> state</c><00:02:13.620><c> update</c>

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block Builder because the state update
 

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block Builder because the state update
is<00:02:14.280><c> controlled</c><00:02:14.700><c> by</c><00:02:15.000><c> the</c><00:02:15.180><c> by</c><00:02:15.540><c> them</c><00:02:15.959><c> but</c><00:02:16.920><c> that's</c>

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is controlled by the by them but that's
 

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is controlled by the by them but that's
not<00:02:17.459><c> everything</c><00:02:17.700><c> there</c><00:02:18.000><c> is</c><00:02:18.180><c> to</c><00:02:18.300><c> it</c><00:02:18.480><c> so</c><00:02:19.319><c> now</c>

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not everything there is to it so now
 

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not everything there is to it so now
we'll<00:02:19.980><c> talk</c><00:02:20.220><c> about</c><00:02:20.400><c> an</c><00:02:21.000><c> issue</c><00:02:21.360><c> for</c><00:02:21.660><c> the</c><00:02:21.900><c> use</c>

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we'll talk about an issue for the use
 

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we'll talk about an issue for the use
for<00:02:22.620><c> a</c><00:02:22.800><c> user</c><00:02:23.099><c> transaction</c><00:02:23.400><c> but</c><00:02:23.940><c> also</c><00:02:24.599><c> we</c><00:02:24.840><c> don't</c>

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for a user transaction but also we don't
 

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for a user transaction but also we don't
need<00:02:25.080><c> to</c><00:02:25.200><c> have</c><00:02:25.319><c> a</c><00:02:25.379><c> transaction</c><00:02:25.680><c> to</c><00:02:25.980><c> have</c><00:02:26.099><c> Mev</c>

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need to have a transaction to have Mev
 

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need to have a transaction to have Mev
one<00:02:28.200><c> new</c><00:02:28.980><c> mechanism</c><00:02:29.459><c> of</c><00:02:29.640><c> tracking</c><00:02:30.000><c> value</c><00:02:30.180><c> is</c>

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one new mechanism of tracking value is
 

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one new mechanism of tracking value is
called<00:02:31.020><c> loss</c><00:02:31.500><c> versus</c><00:02:31.680><c> versus</c><00:02:32.040><c> rebalancing</c>

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called loss versus versus rebalancing
 

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called loss versus versus rebalancing
and<00:02:33.780><c> it</c><00:02:33.959><c> works</c><00:02:34.260><c> more</c><00:02:34.379><c> or</c><00:02:34.500><c> less</c><00:02:34.620><c> as</c><00:02:34.739><c> follows</c><00:02:35.040><c> so</c>

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and it works more or less as follows so
 

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and it works more or less as follows so
let's<00:02:35.819><c> say</c><00:02:36.000><c> that</c><00:02:36.360><c> we</c><00:02:36.599><c> have</c><00:02:36.660><c> an</c><00:02:36.780><c> amm</c><00:02:37.260><c> on</c><00:02:37.500><c> chain</c>

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let's say that we have an amm on chain
 

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let's say that we have an amm on chain
and<00:02:38.160><c> its</c><00:02:38.580><c> state</c><00:02:38.640><c> is</c><00:02:39.060><c> currently</c><00:02:39.739><c> well</c><00:02:40.739><c> we</c><00:02:41.160><c> have</c>

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and its state is currently well we have
 

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and its state is currently well we have
a<00:02:41.580><c> market</c><00:02:41.700><c> price</c><00:02:42.000><c> what</c><00:02:42.660><c> we</c><00:02:42.840><c> need</c><00:02:43.019><c> is</c><00:02:43.560><c> more</c><00:02:43.800><c> or</c>

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a market price what we need is more or
 

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a market price what we need is more or
less<00:02:43.920><c> equivalent</c><00:02:44.340><c> to</c><00:02:44.459><c> 1400</c><00:02:45.300><c> die</c><00:02:45.540><c> this</c><00:02:46.200><c> could</c>

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less equivalent to 1400 die this could
 

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less equivalent to 1400 die this could
be<00:02:46.440><c> any</c><00:02:46.680><c> market</c><00:02:46.920><c> price</c><00:02:47.220><c> not</c><00:02:47.519><c> necessarily</c><00:02:47.940><c> on</c>

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be any market price not necessarily on
 

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be any market price not necessarily on
chain<00:02:48.360><c> so</c><00:02:48.959><c> it</c><00:02:49.140><c> could</c><00:02:49.319><c> be</c><00:02:49.440><c> for</c><00:02:49.680><c> example</c><00:02:49.920><c> a</c>

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chain so it could be for example a
 

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chain so it could be for example a
centralized<00:02:50.640><c> exchange</c><00:02:51.000><c> anywhere</c><00:02:51.480><c> and</c><00:02:52.319><c> let's</c>

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centralized exchange anywhere and let's
 

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centralized exchange anywhere and let's
say<00:02:52.620><c> that</c><00:02:52.739><c> at</c><00:02:52.920><c> the</c><00:02:53.040><c> same</c><00:02:53.160><c> time</c><00:02:53.340><c> an</c><00:02:53.580><c> amm</c><00:02:54.060><c> is</c>

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say that at the same time an amm is
 

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say that at the same time an amm is
willing<00:02:54.599><c> to</c><00:02:54.720><c> give</c><00:02:54.959><c> a</c><00:02:55.319><c> 1400</c><00:02:56.220><c> die</c><00:02:56.519><c> for</c><00:02:56.879><c> one</c><00:02:57.120><c> eat</c>

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willing to give a 1400 die for one eat
 

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willing to give a 1400 die for one eat
the<00:02:57.720><c> same</c><00:02:57.840><c> price</c><00:02:58.019><c> some</c><00:02:58.739><c> time</c><00:02:58.920><c> passes</c><00:02:59.340><c> no</c>

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the same price some time passes no
 

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the same price some time passes no
transactions<00:03:00.420><c> occur</c><00:03:01.080><c> on</c><00:03:01.260><c> chain</c><00:03:01.500><c> however</c><00:03:02.220><c> the</c>

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transactions occur on chain however the
 

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transactions occur on chain however the
market<00:03:02.580><c> price</c><00:03:02.879><c> change</c><00:03:03.739><c> unclear</c><00:03:04.739><c> why</c><00:03:04.860><c> could</c><00:03:05.400><c> be</c>

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market price change unclear why could be
 

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market price change unclear why could be
some<00:03:05.819><c> centralized</c><00:03:06.300><c> Marketplace</c><00:03:06.840><c> to</c><00:03:07.140><c> change</c>

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some centralized Marketplace to change
 

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some centralized Marketplace to change
the<00:03:07.560><c> price</c><00:03:07.680><c> so</c><00:03:08.400><c> suddenly</c><00:03:08.760><c> there</c><00:03:09.120><c> is</c>

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the price so suddenly there is
 

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the price so suddenly there is
an<00:03:11.220><c> Arbitrage</c><00:03:11.640><c> opportunity</c><00:03:12.120><c> that</c><00:03:12.360><c> can</c><00:03:12.480><c> be</c>

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an Arbitrage opportunity that can be
 

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an Arbitrage opportunity that can be
exploited<00:03:13.620><c> so</c><00:03:14.220><c> the</c><00:03:14.459><c> amm</c><00:03:14.879><c> doesn't</c><00:03:15.060><c> know</c>

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exploited so the amm doesn't know
 

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exploited so the amm doesn't know
anything<00:03:15.420><c> about</c><00:03:15.659><c> the</c><00:03:15.840><c> market</c><00:03:15.959><c> price</c><00:03:16.319><c> but</c><00:03:16.739><c> if</c>

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anything about the market price but if
 

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anything about the market price but if
you<00:03:17.040><c> can</c><00:03:17.159><c> execute</c><00:03:17.519><c> the</c><00:03:17.640><c> transaction</c><00:03:18.060><c> and</c><00:03:18.300><c> you</c>

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you can execute the transaction and you
 

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you can execute the transaction and you
are<00:03:18.540><c> guaranteed</c><00:03:18.900><c> that</c><00:03:19.140><c> is</c><00:03:19.260><c> going</c><00:03:19.440><c> to</c><00:03:19.500><c> be</c>

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are guaranteed that is going to be
 

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are guaranteed that is going to be
finalized<00:03:20.220><c> you</c><00:03:20.459><c> can</c><00:03:20.580><c> take</c><00:03:20.700><c> this</c><00:03:20.879><c> Arbitrage</c>

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finalized you can take this Arbitrage
 

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finalized you can take this Arbitrage
opportunity<00:03:21.840><c> and</c><00:03:22.739><c> this</c><00:03:23.340><c> is</c><00:03:23.459><c> more</c><00:03:23.640><c> or</c><00:03:23.760><c> less</c><00:03:23.760><c> the</c>

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opportunity and this is more or less the
 

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opportunity and this is more or less the
essence<00:03:24.300><c> of</c><00:03:24.599><c> loss</c><00:03:24.959><c> versus</c><00:03:25.080><c> rebalancing</c><00:03:25.860><c> the</c>

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essence of loss versus rebalancing the
 

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essence of loss versus rebalancing the
difference<00:03:26.879><c> in</c><00:03:27.180><c> from</c><00:03:27.360><c> different</c><00:03:27.659><c> information</c>

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difference in from different information
 

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difference in from different information
that<00:03:28.379><c> the</c><00:03:28.560><c> amm</c><00:03:28.980><c> and</c><00:03:29.220><c> the</c><00:03:29.340><c> market</c><00:03:29.459><c> has</c><00:03:29.760><c> so</c><00:03:30.420><c> if</c>

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that the amm and the market has so if
 

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that the amm and the market has so if
the<00:03:30.720><c> IMM</c><00:03:30.900><c> had</c><00:03:31.440><c> perfect</c><00:03:31.620><c> information</c><00:03:31.980><c> the</c><00:03:32.760><c> IMM</c>

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the IMM had perfect information the IMM
 

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the IMM had perfect information the IMM
would<00:03:33.420><c> be</c><00:03:33.480><c> very</c><00:03:33.659><c> happy</c><00:03:33.900><c> to</c><00:03:34.319><c> use</c><00:03:34.739><c> the</c><00:03:35.040><c> current</c>

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would be very happy to use the current
 

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would be very happy to use the current
market<00:03:35.459><c> price</c><00:03:35.819><c> however</c><00:03:36.480><c> this</c><00:03:36.720><c> is</c><00:03:36.840><c> not</c><00:03:36.959><c> the</c>

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market price however this is not the
 

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market price however this is not the
case<00:03:37.340><c> and</c><00:03:38.340><c> this</c><00:03:38.879><c> money</c><00:03:39.780><c> loss</c><00:03:40.260><c> is</c><00:03:40.799><c> basically</c>

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case and this money loss is basically
 

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case and this money loss is basically
the<00:03:41.400><c> cost</c><00:03:41.519><c> of</c><00:03:41.819><c> providing</c><00:03:42.299><c> liquidity</c><00:03:42.720><c> on</c><00:03:42.959><c> an</c>

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the cost of providing liquidity on an
 

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the cost of providing liquidity on an
amm<00:03:43.500><c> currently</c><00:03:43.920><c> so</c><00:03:44.879><c> important</c><00:03:45.239><c> to</c><00:03:45.420><c> notice</c><00:03:45.659><c> is</c>

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amm currently so important to notice is
 

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amm currently so important to notice is
that<00:03:45.900><c> also</c><00:03:46.140><c> that</c><00:03:46.260><c> this</c><00:03:46.440><c> is</c><00:03:46.560><c> not</c><00:03:46.739><c> impermanent</c>

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that also that this is not impermanent
 

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that also that this is not impermanent
loss<00:03:47.580><c> so</c><00:03:47.819><c> it</c><00:03:47.940><c> doesn't</c><00:03:48.120><c> really</c><00:03:48.360><c> depend</c><00:03:48.720><c> on</c><00:03:49.260><c> how</c>

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loss so it doesn't really depend on how
 

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loss so it doesn't really depend on how
on<00:03:49.920><c> the</c><00:03:50.159><c> relative</c><00:03:50.580><c> change</c><00:03:50.879><c> in</c><00:03:51.239><c> value</c><00:03:51.480><c> of</c><00:03:51.900><c> the</c>

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on the relative change in value of the
 

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on the relative change in value of the
two<00:03:52.260><c> of</c><00:03:52.440><c> assets</c><00:03:52.860><c> in</c><00:03:53.159><c> the</c><00:03:53.280><c> amm</c><00:03:53.819><c> this</c><00:03:54.540><c> was</c><00:03:54.720><c> by</c><00:03:54.959><c> the</c>

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two of assets in the amm this was by the
 

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two of assets in the amm this was by the
way<00:03:55.200><c> part</c><00:03:55.620><c> of</c><00:03:55.739><c> recent</c><00:03:56.159><c> research</c><00:03:56.519><c> while</c><00:03:56.819><c> it's</c>

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way part of recent research while it's
 

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way part of recent research while it's
in<00:03:57.180><c> rough</c><00:03:57.480><c> Garden</c><00:03:57.659><c> so</c><00:03:58.140><c> there</c><00:03:58.440><c> are</c><00:03:58.620><c> related</c>

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in rough Garden so there are related
 

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in rough Garden so there are related
papers<00:03:59.340><c> eventually</c><00:03:59.819><c> I'm</c><00:04:00.120><c> going</c><00:04:00.360><c> to</c><00:04:00.540><c> give</c><00:04:00.900><c> you</c>

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papers eventually I'm going to give you
 

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papers eventually I'm going to give you
more<00:04:01.440><c> information</c>

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more information
 

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more information
but<00:04:03.299><c> that's</c><00:04:03.599><c> it</c><00:04:03.840><c> how</c><00:04:04.200><c> can</c><00:04:04.379><c> we</c><00:04:04.500><c> avoid</c><00:04:04.739><c> this</c>

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but that's it how can we avoid this
 

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but that's it how can we avoid this
so<00:04:06.120><c> let's</c><00:04:06.420><c> actually</c><00:04:06.659><c> try</c><00:04:06.900><c> to</c><00:04:07.019><c> build</c><00:04:07.260><c> an</c><00:04:07.500><c> amm</c>

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so let's actually try to build an amm
 

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so let's actually try to build an amm
that<00:04:08.220><c> avoid</c><00:04:08.640><c> that</c><00:04:08.940><c> captures</c><00:04:09.239><c> Mev</c><00:04:09.840><c> so</c><00:04:10.439><c> we</c><00:04:10.620><c> start</c>

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that avoid that captures Mev so we start
 

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that avoid that captures Mev so we start
from<00:04:10.980><c> any</c><00:04:11.220><c> amm</c><00:04:11.760><c> let's</c><00:04:12.060><c> say</c><00:04:12.239><c> uh</c><00:04:12.780><c> uh</c><00:04:13.680><c> constant</c>

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from any amm let's say uh uh constant
 

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from any amm let's say uh uh constant
product<00:04:14.280><c> amm</c><00:04:14.819><c> like</c><00:04:15.000><c> uniswap</c><00:04:15.599><c> and</c><00:04:16.079><c> on</c><00:04:16.260><c> top</c><00:04:16.380><c> of</c>

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product amm like uniswap and on top of
 

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product amm like uniswap and on top of
it<00:04:16.680><c> we</c><00:04:17.100><c> create</c><00:04:17.280><c> a</c><00:04:17.459><c> mechanism</c><00:04:17.880><c> where</c><00:04:18.239><c> we</c><00:04:18.419><c> can</c>

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it we create a mechanism where we can
 

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it we create a mechanism where we can
auction<00:04:18.900><c> the</c><00:04:19.320><c> the</c><00:04:19.680><c> right</c><00:04:19.919><c> of</c><00:04:20.340><c> executing</c><00:04:20.880><c> the</c>

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auction the the right of executing the
 

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auction the the right of executing the
first<00:04:21.239><c> trade</c><00:04:21.540><c> on</c><00:04:22.079><c> the</c><00:04:22.380><c> on</c><00:04:23.220><c> the</c><00:04:23.460><c> exchange</c>

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first trade on the on the exchange
 

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first trade on the on the exchange
so<00:04:25.380><c> there</c><00:04:26.040><c> is</c><00:04:26.220><c> going</c><00:04:26.280><c> to</c><00:04:26.400><c> be</c><00:04:26.460><c> a</c><00:04:26.639><c> lead</c><00:04:26.759><c> also</c>

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so there is going to be a lead also
 

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so there is going to be a lead also
called<00:04:27.360><c> lead</c><00:04:27.540><c> Searcher</c><00:04:28.020><c> which</c><00:04:28.199><c> is</c><00:04:28.320><c> the</c>

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called lead Searcher which is the
 

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called lead Searcher which is the
highest<00:04:28.759><c> bidder</c><00:04:29.759><c> that</c><00:04:30.060><c> is</c><00:04:30.240><c> going</c><00:04:30.419><c> to</c><00:04:30.540><c> take</c><00:04:30.900><c> the</c>

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highest bidder that is going to take the
 

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highest bidder that is going to take the
right<00:04:32.639><c> to</c><00:04:33.000><c> execute</c><00:04:33.360><c> the</c><00:04:33.419><c> first</c><00:04:33.540><c> transaction</c>

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right to execute the first transaction
 

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right to execute the first transaction
as<00:04:34.320><c> we</c><00:04:34.500><c> see</c><00:04:34.620><c> this</c><00:04:35.280><c> is</c><00:04:35.520><c> a</c><00:04:35.639><c> good</c><00:04:35.699><c> way</c><00:04:35.880><c> to</c><00:04:36.120><c> capture</c>

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as we see this is a good way to capture
 

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as we see this is a good way to capture
this<00:04:37.199><c> lvr</c><00:04:38.540><c> and</c><00:04:39.540><c> the</c><00:04:40.139><c> important</c><00:04:40.440><c> thing</c><00:04:40.620><c> here</c><00:04:40.860><c> is</c>

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this lvr and the important thing here is
 

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this lvr and the important thing here is
that<00:04:41.580><c> the</c><00:04:41.880><c> proceeds</c><00:04:42.360><c> don't</c><00:04:42.900><c> go</c><00:04:43.380><c> too</c><00:04:44.280><c> well</c><00:04:44.580><c> go</c>

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that the proceeds don't go too well go
 

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that the proceeds don't go too well go
to<00:04:45.180><c> the</c><00:04:45.360><c> liquidity</c><00:04:45.720><c> providers</c><00:04:46.199><c> and</c><00:04:47.160><c> this</c><00:04:47.580><c> is</c>

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to the liquidity providers and this is
 

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to the liquidity providers and this is
the<00:04:49.020><c> Mev</c><00:04:49.560><c> that</c><00:04:49.740><c> otherwise</c><00:04:50.220><c> would</c><00:04:50.460><c> be</c>

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the Mev that otherwise would be
 

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the Mev that otherwise would be
extracted<00:04:51.000><c> by</c><00:04:51.180><c> miners</c><00:04:51.660><c> so</c><00:04:52.259><c> how</c><00:04:52.500><c> can</c><00:04:52.620><c> this</c>

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extracted by miners so how can this
 

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extracted by miners so how can this
actually<00:04:53.040><c> work</c>

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actually work
 

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actually work
so<00:04:54.960><c> to</c><00:04:55.560><c> do</c><00:04:55.800><c> this</c><00:04:55.979><c> we</c><00:04:56.400><c> simply</c><00:04:56.759><c> we</c><00:04:57.180><c> simply</c><00:04:57.600><c> say</c>

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so to do this we simply we simply say
 

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so to do this we simply we simply say
that<00:04:58.380><c> no</c><00:04:58.979><c> user</c><00:04:59.340><c> can</c><00:04:59.520><c> trade</c><00:04:59.820><c> until</c><00:05:00.300><c> their</c><00:05:00.720><c> lead</c>

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that no user can trade until their lead
 

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that no user can trade until their lead
Searcher<00:05:01.500><c> has</c><00:05:01.800><c> actually</c><00:05:02.040><c> traded</c><00:05:02.460><c> first</c>

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Searcher has actually traded first
 

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Searcher has actually traded first
so<00:05:03.900><c> you</c><00:05:04.199><c> can</c><00:05:04.259><c> see</c><00:05:04.919><c> if</c><00:05:05.460><c> the</c><00:05:05.580><c> leads</c><00:05:05.880><c> if</c><00:05:06.300><c> the</c>

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so you can see if the leads if the
 

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so you can see if the leads if the
researcher<00:05:07.080><c> actual</c><00:05:07.440><c> trades</c><00:05:07.800><c> then</c><00:05:07.979><c> all</c><00:05:08.160><c> the</c>

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researcher actual trades then all the
 

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researcher actual trades then all the
transactions<00:05:08.820><c> go</c><00:05:08.940><c> through</c><00:05:09.120><c> otherwise</c><00:05:09.660><c> if</c><00:05:09.900><c> the</c>

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transactions go through otherwise if the
 

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transactions go through otherwise if the
block<00:05:10.199><c> is</c><00:05:10.440><c> organized</c><00:05:11.220><c> differently</c><00:05:11.580><c> then</c><00:05:12.180><c> the</c>

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block is organized differently then the
 

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block is organized differently then the
trade<00:05:12.840><c> reverts</c><00:05:13.740><c> not</c><00:05:14.280><c> really</c><00:05:14.460><c> this</c><00:05:14.699><c> requires</c>

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trade reverts not really this requires
 

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trade reverts not really this requires
cooperation<00:05:15.660><c> with</c><00:05:15.840><c> the</c><00:05:15.960><c> block</c><00:05:16.080><c> Builder</c><00:05:16.560><c> so</c>

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cooperation with the block Builder so
 

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cooperation with the block Builder so
the<00:05:17.580><c> idea</c><00:05:17.880><c> is</c><00:05:18.120><c> that</c><00:05:18.360><c> the</c><00:05:18.479><c> block</c><00:05:18.600><c> Builder</c><00:05:19.080><c> is</c>

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the idea is that the block Builder is
 

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the idea is that the block Builder is
aware<00:05:19.860><c> of</c><00:05:20.460><c> the</c><00:05:20.580><c> structure</c><00:05:20.820><c> of</c><00:05:21.180><c> the</c><00:05:21.419><c> of</c><00:05:21.660><c> the</c>

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aware of the structure of the of the
 

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aware of the structure of the of the
cons<00:05:22.080><c> of</c><00:05:22.380><c> the</c><00:05:22.500><c> concept</c><00:05:22.740><c> of</c><00:05:22.860><c> the</c><00:05:22.979><c> amm</c><00:05:23.400><c> and</c>

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cons of the concept of the amm and
 

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cons of the concept of the amm and
orders<00:05:24.000><c> everything</c><00:05:24.240><c> accordingly</c>

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orders everything accordingly
 

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orders everything accordingly
however

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however
 

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however
uh<00:05:27.419><c> there</c><00:05:27.660><c> is</c><00:05:28.020><c> an</c><00:05:28.199><c> incentive</c><00:05:28.620><c> that</c><00:05:28.740><c> is</c><00:05:28.860><c> needed</c>

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uh there is an incentive that is needed
 

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uh there is an incentive that is needed
and<00:05:29.639><c> the</c><00:05:29.820><c> incentive</c><00:05:30.479><c> would</c><00:05:30.780><c> be</c><00:05:30.900><c> the</c><00:05:31.259><c> gas</c><00:05:31.500><c> used</c>

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and the incentive would be the gas used
 

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and the incentive would be the gas used
by<00:05:32.100><c> the</c><00:05:32.220><c> transaction</c><00:05:32.520><c> if</c><00:05:32.880><c> the</c><00:05:33.000><c> transaction</c>

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by the transaction if the transaction
 

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by the transaction if the transaction
reverts<00:05:33.960><c> immediately</c><00:05:34.320><c> is</c><00:05:34.620><c> going</c><00:05:34.860><c> to</c><00:05:34.979><c> use</c><00:05:35.100><c> less</c>

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reverts immediately is going to use less
 

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reverts immediately is going to use less
gas

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gas
 

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gas
and<00:05:36.360><c> in</c><00:05:36.600><c> particular</c><00:05:36.900><c> this</c><00:05:37.199><c> would</c><00:05:37.320><c> help</c><00:05:37.500><c> the</c>

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and in particular this would help the
 

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and in particular this would help the
miner<00:05:38.220><c> having</c><00:05:38.520><c> an</c><00:05:38.940><c> advantage</c><00:05:39.360><c> the</c><00:05:40.259><c> the</c><00:05:40.560><c> block</c>

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miner having an advantage the the block
 

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miner having an advantage the the block
Builder<00:05:41.220><c> having</c><00:05:41.400><c> an</c><00:05:41.639><c> advantage</c><00:05:42.060><c> on</c><00:05:42.979><c> Mev</c><00:05:44.300><c> only</c>

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Builder having an advantage on Mev only
 

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Builder having an advantage on Mev only
Mev<00:05:45.780><c> auction</c><00:05:46.139><c> so</c><00:05:46.919><c> let's</c><00:05:47.220><c> analyze</c><00:05:47.820><c> some</c><00:05:47.940><c> costs</c>

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Mev auction so let's analyze some costs
 

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Mev auction so let's analyze some costs
so<00:05:49.860><c> first</c><00:05:50.220><c> prophets</c><00:05:50.820><c> the</c><00:05:51.300><c> prophets</c><00:05:51.720><c> are</c>

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so first prophets the prophets are
 

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so first prophets the prophets are
estimated<00:05:52.560><c> to</c><00:05:52.740><c> be</c><00:05:52.860><c> nine</c><00:05:53.100><c> dollars</c><00:05:53.400><c> per</c><00:05:53.520><c> block</c>

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estimated to be nine dollars per block
 

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estimated to be nine dollars per block
how<00:05:54.000><c> are</c><00:05:54.180><c> they</c><00:05:54.300><c> estimated</c><00:05:54.919><c> so</c><00:05:55.919><c> they're</c><00:05:56.520><c> the</c>

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how are they estimated so they're the
 

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how are they estimated so they're the
Eden<00:05:57.479><c> network</c><00:05:57.660><c> is</c><00:05:58.139><c> a</c><00:05:58.259><c> network</c><00:05:58.440><c> that</c><00:05:58.919><c> works</c><00:05:59.520><c> in</c>

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Eden network is a network that works in
 

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Eden network is a network that works in
a<00:06:00.000><c> fairly</c><00:06:00.419><c> similar</c><00:06:00.780><c> way</c><00:06:00.900><c> so</c><00:06:01.440><c> it</c><00:06:01.759><c> also</c><00:06:02.759><c> auctions</c>

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a fairly similar way so it also auctions
 

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a fairly similar way so it also auctions
off<00:06:03.360><c> the</c><00:06:03.660><c> right</c><00:06:03.840><c> to</c><00:06:04.020><c> the</c><00:06:04.440><c> first</c><00:06:04.680><c> lot</c><00:06:05.100><c> in</c><00:06:05.699><c> a</c>

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off the right to the first lot in a
 

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off the right to the first lot in a
block

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block
 

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block
and<00:06:07.259><c> this</c><00:06:07.500><c> is</c><00:06:07.800><c> more</c><00:06:08.100><c> or</c><00:06:08.280><c> less</c><00:06:08.400><c> the</c><00:06:08.639><c> the</c><00:06:09.060><c> uh</c><00:06:09.600><c> more</c>

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and this is more or less the the uh more
 

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and this is more or less the the uh more
or<00:06:10.199><c> less</c><00:06:10.320><c> the</c><00:06:10.440><c> blue</c><00:06:10.919><c> The</c><00:06:11.100><c> Profit</c><00:06:11.460><c> that</c><00:06:11.699><c> comes</c>

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or less the blue The Profit that comes
 

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or less the blue The Profit that comes
from<00:06:12.000><c> the</c><00:06:12.180><c> hidden</c><00:06:12.539><c> network</c><00:06:12.720><c> which</c><00:06:13.259><c> is</c>

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from the hidden network which is
 

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from the hidden network which is
comparable<00:06:13.919><c> to</c><00:06:14.220><c> our</c><00:06:14.400><c> structure</c><00:06:15.419><c> the</c><00:06:16.020><c> costs</c>

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comparable to our structure the costs
 

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comparable to our structure the costs
are<00:06:16.740><c> estimated</c><00:06:17.160><c> to</c><00:06:17.280><c> be</c><00:06:17.400><c> three</c><00:06:17.580><c> dollars</c><00:06:17.880><c> per</c>

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are estimated to be three dollars per
 

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are estimated to be three dollars per
block<00:06:18.240><c> which</c><00:06:19.139><c> is</c><00:06:19.500><c> basically</c><00:06:19.800><c> the</c><00:06:20.100><c> extra</c><00:06:20.220><c> gas</c>

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block which is basically the extra gas
 

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block which is basically the extra gas
cost<00:06:20.820><c> to</c><00:06:21.120><c> enforce</c><00:06:21.720><c> the</c><00:06:22.380><c> rules</c><00:06:22.919><c> that</c><00:06:23.160><c> we</c><00:06:23.280><c> just</c>

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cost to enforce the rules that we just
 

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cost to enforce the rules that we just
decided<00:06:23.819><c> and</c><00:06:24.600><c> not</c><00:06:24.780><c> that</c><00:06:25.080><c> obvious</c><00:06:25.500><c> this</c><00:06:25.800><c> is</c>

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decided and not that obvious this is
 

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decided and not that obvious this is
based<00:06:26.220><c> on</c><00:06:26.280><c> 40G</c><00:06:26.819><c> way</c>

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based on 40G way
 

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based on 40G way
Gus<00:06:28.380><c> price</c><00:06:28.620><c> however</c><00:06:29.160><c> it</c><00:06:29.400><c> would</c><00:06:29.639><c> be</c><00:06:29.819><c> much</c><00:06:29.880><c> lower</c>

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Gus price however it would be much lower
 

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Gus price however it would be much lower
so<00:06:31.020><c> already</c><00:06:31.259><c> like</c><00:06:32.100><c> with</c><00:06:32.520><c> this</c><00:06:32.880><c> simple</c><00:06:33.060><c> scheme</c>

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so already like with this simple scheme
 

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so already like with this simple scheme
we<00:06:33.720><c> would</c><00:06:33.900><c> have</c><00:06:34.139><c> uh</c><00:06:34.800><c> theoretical</c><00:06:35.280><c> captured</c>

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we would have uh theoretical captured
 

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we would have uh theoretical captured
Mev<00:06:36.300><c> of</c><00:06:36.539><c> six</c><00:06:36.840><c> uh</c><00:06:37.620><c> dollars</c><00:06:37.979><c> per</c><00:06:38.100><c> block</c><00:06:38.280><c> so</c><00:06:39.120><c> I</c>

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Mev of six uh dollars per block so I
 

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Mev of six uh dollars per block so I
also<00:06:39.600><c> want</c><00:06:39.720><c> to</c><00:06:39.840><c> point</c><00:06:39.960><c> out</c><00:06:40.199><c> that</c><00:06:40.800><c> even</c><00:06:41.220><c> if</c><00:06:41.639><c> the</c>

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also want to point out that even if the
 

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also want to point out that even if the
extracted<00:06:42.660><c> profit</c><00:06:43.020><c> now</c><00:06:43.259><c> for</c><00:06:43.860><c> the</c><00:06:44.100><c> amm</c><00:06:44.699><c> is</c><00:06:45.120><c> six</c>

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extracted profit now for the amm is six
 

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extracted profit now for the amm is six
dollars<00:06:46.020><c> in</c><00:06:46.740><c> principle</c><00:06:47.039><c> it</c><00:06:47.280><c> could</c><00:06:47.400><c> be</c><00:06:47.520><c> much</c>

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dollars in principle it could be much
 

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dollars in principle it could be much
higher<00:06:48.060><c> so</c><00:06:48.300><c> in</c><00:06:48.479><c> this</c><00:06:48.600><c> graph</c><00:06:48.840><c> I</c><00:06:49.199><c> wanted</c><00:06:49.380><c> to</c><00:06:49.620><c> show</c>

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higher so in this graph I wanted to show
 

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higher so in this graph I wanted to show
the<00:06:51.240><c> average</c><00:06:51.780><c> block</c><00:06:52.080><c> reward</c><00:06:52.620><c> comparing</c>

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the average block reward comparing
 

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the average block reward comparing
flashbots<00:06:53.819><c> which</c><00:06:54.300><c> extracts</c><00:06:55.139><c> Mev</c><00:06:55.620><c> and</c><00:06:56.220><c> other</c>

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flashbots which extracts Mev and other
 

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flashbots which extracts Mev and other
parties<00:06:57.240><c> which</c><00:06:57.419><c> don't</c><00:06:57.720><c> so</c><00:06:58.380><c> you</c><00:06:58.560><c> can</c><00:06:58.680><c> see</c><00:06:58.800><c> in</c>

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parties which don't so you can see in
 

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parties which don't so you can see in
the<00:06:59.100><c> last</c><00:06:59.220><c> two</c><00:06:59.400><c> months</c><00:06:59.699><c> it's</c><00:07:00.539><c> actually</c><00:07:00.900><c> fairly</c>

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the last two months it's actually fairly
 

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the last two months it's actually fairly
consistently<00:07:02.220><c> 0.1</c><00:07:03.120><c> each</c><00:07:03.419><c> reward</c><00:07:03.840><c> more</c><00:07:04.139><c> which</c>

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consistently 0.1 each reward more which
 

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consistently 0.1 each reward more which
is<00:07:05.100><c> actually</c><00:07:05.340><c> about</c>

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is actually about
 

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is actually about
more<00:07:07.380><c> than</c><00:07:07.500><c> one</c><00:07:07.800><c> hundred</c><00:07:08.039><c> dollars</c><00:07:08.340><c> per</c><00:07:09.120><c> block</c>

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more than one hundred dollars per block
 

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more than one hundred dollars per block
so<00:07:10.680><c> this</c><00:07:11.100><c> is</c><00:07:11.280><c> actually</c><00:07:11.460><c> a</c><00:07:11.759><c> fairly</c><00:07:12.060><c> large</c>

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so this is actually a fairly large
 

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so this is actually a fairly large
amount<00:07:12.860><c> and</c><00:07:13.860><c> it</c><00:07:14.160><c> could</c><00:07:14.280><c> also</c><00:07:14.520><c> be</c><00:07:14.580><c> extracted</c>

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amount and it could also be extracted
 

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amount and it could also be extracted
with<00:07:15.180><c> different</c><00:07:15.360><c> mechanisms</c><00:07:16.139><c> or</c><00:07:16.319><c> the</c>

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with different mechanisms or the
 

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with different mechanisms or the
mechanisms<00:07:17.280><c> of</c><00:07:17.460><c> amms</c><00:07:18.240><c> okay</c><00:07:18.720><c> so</c><00:07:18.960><c> in</c><00:07:19.139><c> conclusion</c>

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mechanisms of amms okay so in conclusion
 

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mechanisms of amms okay so in conclusion
we<00:07:20.039><c> have</c><00:07:20.160><c> that</c><00:07:20.340><c> amms</c><00:07:20.880><c> have</c><00:07:21.060><c> hidden</c><00:07:21.419><c> fees</c>

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we have that amms have hidden fees
 

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we have that amms have hidden fees
because<00:07:22.080><c> of</c><00:07:22.620><c> Mev</c><00:07:23.280><c> both</c><00:07:24.060><c> for</c><00:07:24.300><c> users</c><00:07:24.599><c> and</c><00:07:24.780><c> for</c>

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because of Mev both for users and for
 

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because of Mev both for users and for
liquidity<00:07:25.319><c> providers</c><00:07:25.740><c> in</c><00:07:26.340><c> currently</c><00:07:26.699><c> in</c>

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liquidity providers in currently in
 

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liquidity providers in currently in
Current<00:07:27.000><c> Designs</c><00:07:27.599><c> well</c><00:07:28.080><c> the</c><00:07:28.620><c> these</c><00:07:29.039><c> fees</c><00:07:29.220><c> go</c>

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Current Designs well the these fees go
 

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Current Designs well the these fees go
to<00:07:29.520><c> arbitrary</c><00:07:30.060><c> and</c><00:07:30.300><c> block</c><00:07:30.479><c> builders</c><00:07:31.380><c> however</c>

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to arbitrary and block builders however
 

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to arbitrary and block builders however
we<00:07:32.639><c> can</c><00:07:32.759><c> do</c><00:07:32.880><c> better</c><00:07:33.120><c> and</c><00:07:33.660><c> we</c><00:07:33.960><c> can</c><00:07:34.080><c> try</c><00:07:34.500><c> to</c>

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we can do better and we can try to
 

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we can do better and we can try to
design<00:07:34.860><c> our</c><00:07:35.340><c> amms</c><00:07:36.000><c> in</c><00:07:36.479><c> a</c><00:07:36.599><c> way</c><00:07:36.720><c> that</c>

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design our amms in a way that
 

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design our amms in a way that
distributes<00:07:37.500><c> fees</c><00:07:37.860><c> differently</c><00:07:38.300><c> and</c><00:07:39.300><c> this</c><00:07:39.660><c> is</c>

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distributes fees differently and this is
 

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distributes fees differently and this is
what<00:07:40.500><c> I</c><00:07:40.740><c> hope</c><00:07:40.860><c> to</c><00:07:41.039><c> transmit</c><00:07:41.460><c> with</c><00:07:41.759><c> this</c><00:07:41.940><c> stock</c>

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what I hope to transmit with this stock
 

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what I hope to transmit with this stock
so<00:07:43.259><c> all</c><00:07:43.500><c> of</c><00:07:43.620><c> this</c><00:07:43.800><c> is</c><00:07:44.039><c> work</c><00:07:44.280><c> in</c><00:07:44.460><c> progress</c><00:07:44.759><c> is</c>

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so all of this is work in progress is
 

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so all of this is work in progress is
being<00:07:45.599><c> worked</c><00:07:46.020><c> on</c><00:07:46.139><c> I</c><00:07:46.740><c> would</c><00:07:46.919><c> invite</c><00:07:47.280><c> you</c><00:07:47.639><c> if</c>

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being worked on I would invite you if
 

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being worked on I would invite you if
you're<00:07:48.060><c> interested</c><00:07:48.479><c> to</c><00:07:49.080><c> join</c><00:07:49.560><c> the</c><00:07:49.680><c> discussion</c>

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you're interested to join the discussion
 

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you're interested to join the discussion
and<00:07:51.180><c> please</c><00:07:51.660><c> any</c><00:07:52.560><c> opinion</c><00:07:53.039><c> is</c><00:07:53.220><c> welcome</c><00:07:53.400><c> if</c><00:07:54.120><c> you</c>

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and please any opinion is welcome if you
 

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and please any opinion is welcome if you
are<00:07:54.360><c> building</c><00:07:54.479><c> an</c><00:07:54.720><c> amm</c><00:07:55.199><c> please</c><00:07:56.400><c> extract</c><00:07:57.060><c> all</c>

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are building an amm please extract all
 

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are building an amm please extract all
the<00:07:57.419><c> med</c>

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the med
 

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the med
and

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and
 

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and
after<00:08:00.539><c> this</c><00:08:00.840><c> thank</c><00:08:01.259><c> you</c><00:08:01.440><c> and</c>

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after this thank you and
 

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after this thank you and
thank<00:08:03.960><c> you</c><00:08:04.080><c> again</c>

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thank you again
 

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thank you again
[Applause]