We propose an optional, non-consensus breaking transaction ordering protocol which allows participants to guarantee placement within blocks and protection from arbitrary reordering (e.g “frontrunning”, “sandwiching”). The system offers a transparent and fair set of rules to order transactions within each block. An accompanying token reward system realizes MEV profits to block producers to maximize network security.
- Participants (block producers, users, bots) are paid in EDEN token which is a migration of ARCH token.
- There is a new class of transactions that get priority above all other transactions
- Flashbot bundles can also be accepted (lower priority than slots, but more than regular eth transactions), total gasLimit of 4M
- Finally, even regular users can have their txs get priority amongst the mempool tx group (/ sent directly) by staking 100+ EDEN
- This gives their tx front-running protection
- There are 3 "slots" per block, at any given time each slot is owned by a "slot tenant" account who can set the "delegate address" (an EOA or SC)
- Published transactions that set their
to address to to be the delegate address are included in the slot
- Each slot can use up to 1.5M gas
- Users reserve slots via a continuous auction mechanism known as a Harberger tax
- Slot tenants are taxed at 3.3% per day on the principle of their stake, the taxed amount is burned and the tenant loses their claim once their entire balance is depleted (30 days)
- A user can become a slot tenant by staking 10% more than the current slot tenant's initial bid. If outbid, the current slot tenant gets his remaining staked balance back
- Block producers receive rewards daily triggered via an "admin address" (an NFT is sent to the block producer, than the block producer uses that NFT to claim their rewards from a distributor contract)
- There are max 250M EDEN tokens, the Harberger tax burns tokens, and there's a planned network change to mint new tokens to counteract the burning?
- The rewards are a portion of the monthly issuance (based on their contribution of mined blocks?) of new EDEN tokens
- 60% goes to block producers, 30% to liquidity providers, 10% to EDEN treasury
- The full issuance of the 250M will be done by the end of 48 months
- Afterwards it appears they'll mint again at an equal amount to burning