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Zero Knowledge
Episode 291: MEV, Mechanism Design & the Censorship Problem with Mallesh M Pai
Sep 6, 2023
01:04:12
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Associate Professor of Economics at Rice University, Mallesh M Pai, discusses mechanism design in an economic context, focusing on censorship in MEV systems. They explore the impact of proposer builder separation on efficiency and censorship resistance. The conversation also touches on the connection between censorship and MEV, MEV blocking techniques, the role of finance in cryptocurrency, and using mechanism design to address censorship in blockchain systems.
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Quick takeaways
- MEV introduces efficiency and censorship resistance challenges in blockchain systems.
- MEV blocking techniques expand possibilities but require careful consideration of incentives.
Deep dives
MEV and Censorship Resistance
The podcast episode features a discussion with Malesh Pai, Associate Professor of Economics at Rice University, who specializes in mechanism design. The focus of the conversation is on maximal extractable value (MEV) and censorship resistance in blockchain systems. MEV refers to the ability of a proposer to determine the order in which transactions are included in a block, allowing them to extract value from the system. The conversation highlights the potential efficiency and censorship resistance challenges associated with MEV, and explores the concept of Proposer-Builder Separation (PBS) as a way to address these issues. The discussion also touches on the need for diverse solutions and competition within the MEV space to promote decentralization and protect users from censorship.
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