Lei Yang

And again, as I mentioned, it's just to kind of, we're kind of designing it to be very coherent with USDM so that some value is captured regardless of, say, the macro, whether the interest rate is high or low.

Yes.

Well, it is very similar to MEV, but we're taking a very different approach.

I think MEV is trying to do microscopic options in the sense that they try to do an individual round of auction to determine the individual transaction ordering of every individual block.

And if you have a block every, say, 12 seconds, this is

somewhat doable but i do know that i think even ethereum layer one is trying to reduce the block slot length so i think having an option per block as you decrease the block time it will be problematic because how can you say gather information gather bits from all parts of the world

say every few hundred milliseconds, if not every tens of milliseconds to determine the transaction ordering within the block.

So our approach is to not do microscopic auctions or to determine the transaction ordering for every single block, but rather

We consider this kind of predetermined amount of time, for example, several weeks where we host an auction or we rotate the participants in the proximity protocol.

And once determined, they hold the seat for several weeks so that we do not have to run so many auctions per block.

And then they compete on, say, physical conditions.

They compete on physical time, for example, time to finish an order, time to kind of to compute and response to a market event.

And of course, competition between the different tiers of the proximity market.

So this is kind of a slightly different approach we're taking.

But overall, yes, this is competitive.

kind of taking, it's kind of making profit from the same pool of money as MEV, but we are just, I would say, distributing it or allocating it differently.

I think for MEVs, I think it's very easy for individual searchers to get semi-monopoly.

But in our case, we have built in mechanisms to make sure that within each tier, the profit is distributed more evenly and more fairly.

For example, by adding random jitters.

I would say we're a very focused team.