The market is so boring; it’s better to do more research. Today, with nothing to do, I looked at the latest paper released by #Sei, and it’s quite interesting, especially the introduction of MCP (Multi-Concurrent Proposers) and new MEV (Miner Extractable Value) strategies. This could be #Sei's killer feature in the future and a technical moat.

After years of crypto investing, I fear two types of projects: the first is air projects that only talk about narratives without grounding; the second is technically strong but lacks defensive mechanisms, becoming a "leek chain" drained by MEV.

However, #Sei is different this time. This paper directly addresses a deep-water issue that only high-performance chains encounter: how does the maximum extractable value of MEV change under a multi-node block production architecture? How can it be defended?

From the paper, #Sei provides a standard answer and has designed a protocol layer "immune system."

🧐 First, let’s introduce what "Multi-Concurrent Proposers" (MCP) is.

Traditional blockchains, like early Ethereum, operate on a "one block, one proposer" basis, similar to a shift system where one person works for 12 seconds before handing off to the next.

But #Sei (especially with the Giga architecture of Sei V2) allows multiple nodes to produce blocks simultaneously, with a "time slot" tick every 300 milliseconds. Multiple blocks first go to the "data availability layer" and then are executed together. The benefits are numerous: explosive throughput, resistance to single points of failure, and extremely low latency. This is why #Sei can handle 4 billion transactions and 100 million blocks without lag.

But problems arise: with multiple blocks existing simultaneously, who goes first? Will there be race conditions, duplications, or auctions? Is MEV crazier on #Sei? Will users be exploited more severely? This paper aims to analyze this core issue.

To be honest, I was worried at first. Because with multiple blocks in parallel, it means transactions are public as soon as they are on-chain, in the data availability layer, unlike Ethereum, where private mempools can hide some transactions. However, after reading the paper, I felt reassured because #Sei has transformed MEV from a "black box game" into a "controllable rule," even directly "eliminating" some of the most toxic types of MEV.

📝 The white paper mentions three new MEV risks, and #Sei has provided countermeasures:

1️⃣ "Same-tick duplicate steals"

For example, if you initiate an arbitrage transaction, someone else sees it and immediately duplicates it, executing before you.

Sei's countermeasure: As long as multiple nodes submit the same logical transaction, the rewards are split! If you duplicate it 100 times, each person can only take 1/100 of the fees. With no profit to be made, naturally, no one will do it.

2️⃣ "Proposer-to-proposer auctions"

A node obtains a high-value transaction and privately sells it to another node that can arbitrage better.

Sei's countermeasure: While such private transactions exist, the protocol does not encourage them, and with the advancement of a crypto mempool (which may launch in the future) and fair ordering mechanisms, this gray area will be compressed.

3️⃣ "Timing races"

Whoever produces the PoA (Proof of Availability) faster gets their transaction executed first.

Sei's countermeasure: The final execution order considers not only timestamps but also tips, node weights, and dependencies. Through a mechanism called the PDM scheduler, it ensures that high-tip, high-priority transactions are not pushed out by faster but lower-value transactions.

One aspect I admire the most: #Sei does not rely on a "centralized builder" to solve the problem. Currently, many L1s (like Ethereum's PBS solution) use "builder-proposer separation" (PBS) to combat MEV, resulting in MEV being concentrated in the hands of a few builders, leading to more centralization.

But #Sei employs a combination of decentralization, protocol rules, and economic incentives:

It does not rely on a global mempool or a centralized sorter. It uses mathematical models (like M(τ) delay envelopes) to precisely calculate the optimal boundary for "delay arbitrage"; and employs "tip splitting + DAG scheduling" to make racing unprofitable. The commonly discussed "high performance + anti-MEV + decentralization" "impossible triangle" in public chains is something #Sei is continuously striving to break, and this spirit is commendable.

Finally, returning to investment, many people evaluate crypto projects mostly by looking at TVL (Total Value Locked) and coin prices, but what truly determines long-term value is whether the protocol can capture economic activity without being parasitic. This paper illustrates that #Sei is building "technical pricing power."

In this paper, #Sei demonstrates the ability to internalize the externality of MEV, ensuring that arbitrageurs do not profit without contributing, but rather through mechanisms that return value to the protocol and users. Looking back at the actions #Sei has taken over the past month, with BlackRock and Apollo's #RWA assets coming in, Robinhood integrating 25 million users, and Binance as a validator, I believe these institutions are not foolish; they must have already recognized the technical advantages and feasibility. So, let’s stop saying #Sei is just "fast." It is solving the most dangerous MEV traps for the next generation of high-performance chains on the basis of being "fast"—that is the real moat. 🧐

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