Thanks to Akaki Mamageishvili and participants at the “Make MEV, not (latency) wars” event for helpful feedback. A related presentation of the main idea and more “pictorial” view is available here. There is a justified attention on designing the market for blockspace in a way that it does not replicate traditional financial markets distortions. In particular, the now well-known latency arms race in which hundred millions of dollars have already been spent on network infrastructure to gain small...