Concave Pro-rata Games

Existing blockchain systems come to consensus on transactions in batches, called blocks. Yet the economic mechanisms those transactions interact with are generally designed to process each individual transaction sequentially, making their behavior reliant on the ordering of transactions within the batch. This abstraction mismatch is the primary source of miner extractible value (MEV), defined as economic value that can be captured by the block proposer (originally the miner) who selects and sequences the transactions to be included in the batch [6]. However, rather than trying to blind the block proposer, or choose a "fair" ordering (which is difficult, if not impossible, to construct in any direct sense on current systems) within a batch, we could alternatively attempt to design economic mechanisms which do not depend on the order of transactions within a block, and instead, process each batch of transactions'all at once'.