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Glossary

Validators​

πstake (0):\pi_{\text {stake }}(0): Initial asset distribution RtR_t : Staking block reward at block height tt S(i,πstake ):S\left(i, \pi_{\text {stake }}\right): Slash that validator ii receives if the staking distribution is πstake \pi_{\text {stake }}

C, Maximum Block Size​

let C denote the maximum size of a block (C is for “capacity”)

Gas Price​

The gas price is usually measured in Gwei and 1 Gwei =10−9 ETH.

Documentation Overview​

The document is a thorough and technical exploration of auction design and implementation in the context of Ethereum, focusing on a block proposer call market auction. It provides a detailed specification for this auction type, a glossary of terms, accounting procedures, market design considerations, and an analysis of different auction formats. The document is structured into distinct sections, each covering a critical aspect of the auction system.

Block Proposer Call Market Auction Specification​

This section serves as a technical blueprint for the proposed auction contract, detailing its properties, functions, events, storage, invariants, and testing procedures.

Glossary​

A comprehensive glossary provides formal definitions of key terms used throughout the documentation, essential for understanding the technical language in the context of Ethereum and auction design.

Accounting​

Discusses the financial aspects of the auction system, including various proposals for managing remunerations for validators and builders. It also introduces a bid adjustment feature for the auction system.

Discussion Market Designs​

This extensive section delves into the design considerations, updates, and trade-offs in the auction market. It covers the structure of both the primary and beta markets, along with the initial version of the MEV Protocol and auction accounting details.

Static Sealed Bid Auctions​

An analytical discussion on different auction formats, particularly focusing on uniform price and discriminatory price auctions. It proposes an augmented uniform price auction to mitigate underpricing and details the discriminatory price auction format.

MEV Searchers​

MEV searchers can also use SecureRPC for bundle / transaction submission. The endpoint above supports the following MEV methods:

  • eth_sendRawTransaction
  • manifold_sendBundle
  • eth_sendBundle
  • manifold_sendMegabundle
  • eth_sendMegabundle
  • manifold_sendPrivateRawTransaction
  • eth_sendPrivateRawTransaction

Terms​

blockhash(uint **blockNumber**) returns (bytes32): **hash** of the given block when blocknumber` is one of the 256 most recent blocks; otherwise returns zero

block.basefee (uint): current block’s base fee (EIP-3198 and EIP-1559)

block.chainid (uint): current chain id

block.coinbase (address payable): current block miner’s address

block.difficulty (uint): current block difficulty

block.gaslimit (uint): current block gaslimit

block.number(uint): current blockNumber

block.timestamp (uint): current block timestamp as seconds since unix epoch

gasleft() returns (uint256): remaining gas

msg.data (bytes calldata): complete calldata

msg.sender (address): sender of the message (current call)

msg.sig (bytes4): first four bytes of the calldata (i.e. function identifier)

msg.value (uint): number of wei sent with the message

tx.gasprice (uint): gas price of the transaction

tx.origin (address): sender of the transaction (full call chain)