The market is so boring, it's better to do more research. Today, I had nothing to do and looked at Sei's latest paper, which is quite interesting, especially the introduction of MCP multi concurrent proposers and new MEV gameplay. This may be Sei's killer move in the future and also a technological moat. I have been investing in cryptocurrency for so many years, and I am most afraid of two types of projects: the first is an air project that only talks about storytelling without landing; The second is the "leek chain" that is technologically advanced but lacks defense mechanisms and has been drained by MEVs. But what sets Sei apart this time is that this paper directly addresses a deep water problem that only high-performance chains encounter: how will the maximum extractable value of MEV change in a multi node block architecture? How to prevent it? From the paper, Sei provided a set of standard answers and also designed the protocol layer "immune system". First, let me introduce what is a "multi concurrent proposer" MCP? Traditional blockchain, such as early Ethereum, was based on a "one block, one issuer" system, similar to a scheduling system where one person worked for 12 seconds and completed the next block. But Sei (especially the Giga architecture of Sei V2) is a group of nodes that simultaneously generate blocks, with a "time slot" tick every 300 milliseconds. Multiple blocks are first placed on the "data availability layer" and then executed uniformly. There are naturally many benefits to it, such as explosive throughput, resistance to single point of downtime, and extremely low latency. That's why Sei can run 4 billion transactions and 100 million blocks without getting stuck. But the problem also arises: if multiple blocks exist simultaneously, who comes first and who comes later? Will it be stolen, copied, or auctioned off? Is MEV crazier on Sei? Will users be cut even harder? This paper aims to analyze this core issue. To be honest, I was also worried at first. Because multiple blocks are parallel, it means that transactions are made public as soon as they are on the chain, at the data availability layer, unlike Ethereum which can still rely on private mempools to hide a hand. But after reading the paper, I actually felt relieved because Sei transformed MEV from a "black box game" to a "rule controllable" one, and even "scrapped" the most toxic MEVs directly. Sei has provided countermeasures for the three new MEV risks mentioned in the white paper: one ️⃣ Same tick duplicate steel For example, if you post an arbitrage trade, others will immediately copy it and execute it ahead of you. Sei strategy: As long as multiple nodes submit the same logical transaction, the reward will be split equally! If you copy 100 times, each person can only receive a 1/100 handling fee. No profit, naturally no one will do it. two ️⃣ Proposer to proposer auctions A node receives a high-value transaction and sells it privately to another node that can better arbitrage. Sei countermeasure: Although such private transactions exist, the protocol does not encourage them, and with the advancement of encrypted mempools (which may be launched in the future) and fair sorting mechanisms, this gray space will be compressed. three ️⃣ Timing races Whoever issues PoA (Proof of Availability) quickly will have their transaction executed first. Sei strategy: The final execution order not only depends on timestamps, but also on tips, node weights, and dependencies. Through a mechanism called PDM scheduler, high tip and high priority transactions are ensured not to be squeezed out by fast but low value transactions. One of the most admirable aspects is that Sei did not rely on a "centralized builder" to solve the problem. Currently, many L1 (such as the Ethereum PBS solution) use "builder proposer separation" (PBS) to combat MEV, resulting in MEV being concentrated in the hands of a few builders, making it more centralized. But Sei is using a combination of decentralization, protocol rules, and economic incentives: Not dependent on global mempool, not dependent on centralized sorter. Accurately calculate the optimal boundary of "delay arbitrage" using mathematical models (such as M (τ) delay envelope); Using 'tip splitting+DAG scheduling' directly makes running without profit. What we often refer to as "high-performance+MEV resistant+decentralized" and "impossible triangle" in public chains, Sei is constantly striving to try and break through, and this spirit is admirable. Finally, returning to investment, many people evaluate cryptocurrency projects based solely on TVL and coin price. However, what truly determines long-term value is whether the protocol can capture economic activity without being parasitized. And this paper precisely illustrates Sei's construction of "technology pricing power". What Sei demonstrates in this paper is the ability to internalize the externalities of MEVs, preventing arbitrageurs from profiting for nothing, but rather returning value to the protocol and users through mechanisms. Looking back at Sei's disruptive actions over the past month, such as the entry of RWA assets from BlackRock and Apollo, the integration of 25 million users from Robinhood, and Binance serving as a validator, I believe these institutions are not fools. They should have already seen the technological advantages and feasibility involved. So, don't say Sei is just "fast" anymore. It solves the most dangerous MEV trap of the next generation high-performance chain on the basis of "fast" - this is the real moat.