Understanding Building In A Continuous Time Setting


Some domains/chains, like Arbitrum, have expressed a preference for continuous-time sequencing. This is easy to implement with something like a shared sequencers. There is a large design space for interfaces with searcher/builder markets in such settings, which has remained largely unexplored. Any exploration of this design space would be valuable

Guiding Examples and Questions.

  • The most extreme case is first-come-first-serve continuous-time ordering implemented with something like Themis
  • Arbitrum’s Timeboost design represents a hybrid design between auctions and time-based ordering. Additional research on the design would be valuable, especially in understanding what kinds of games searchers will play to access opportunities.
    • Another question is if more complex, but efficient designs are tenable (e.g. dynamic pricing curves, using more than simply a function of bid and time to order)
  • A continuous-time sequencer can still accept objects which resemble bundles that are the combination of multiple users’ interaction (e.g. limit orders being cleared by a market maker). What are important differences between such settings where users can choose to submit to a coordination device that waits and aggregates user information or submit directly to a sequencer and block-based settings? Coming up with a good concrete example is part of the exercise

Relevant links