How Much Must a Private Mempool Hide? Exact Leakage Thresholds for Sandwich Attacks

Private and encrypted mempools hide pending transactions to stop sandwich attacks and other forms of maximal extractable value MEV, but what they hide is rarely everything: a transaction's pair, direction, and a coarse range for its size can still leak. How much leakage makes sandwiching pay? We...

Transaction Fee Mechanism Design for Leaderless Blockchain Protocols

We initiate the study of transaction fee mechanism design for blockchain protocols in which multiple block producers contribute to the production of each block. Our contributions include: - We propose an extensive-form multi-stage game model to reason about the game theory of multi-proposer...