Thread
SUAVE is the Single Unified Auction for Value Expression.
It is our vision for the future of MEV, and what we think needs to be built to make sure crypto and finance are decentralized.
An answer to the four hoursemen of MEV that I tweeted about last week
It is our vision for the future of MEV, and what we think needs to be built to make sure crypto and finance are decentralized.
An answer to the four hoursemen of MEV that I tweeted about last week
.@hasufl has a great thread breaking down SUAVE coming, check that out :)
What is SUAVE?
SUAVE has 3 parts:
1. A preference environment for surfacing and aggregating preferences across crypto
2. An execution market that compete on providing best execution for preferences
3. A decentralized block building network take 1/2 and turn them into blocks
SUAVE has 3 parts:
1. A preference environment for surfacing and aggregating preferences across crypto
2. An execution market that compete on providing best execution for preferences
3. A decentralized block building network take 1/2 and turn them into blocks
What are preferences?
They are what users want to happen in the world, e.g. "I have X asset and I want Y and am willing to pay Z" or tx ordering preferences.
Concretely they are messages the user signs to express their goals and which unlock payments if their goals are met.
They are what users want to happen in the world, e.g. "I have X asset and I want Y and am willing to pay Z" or tx ordering preferences.
Concretely they are messages the user signs to express their goals and which unlock payments if their goals are met.
What is the preference environment?
It is a single environment optimized for preference expression and settlement in a decentralized fashion.
It is a single environment optimized for preference expression and settlement in a decentralized fashion.
The preference env. is meant to surface & aggregate as many preferences as possible - that means many chains & many types of preferences.
Crucially it also means being able to express cross-domain MEV preferences, which enables builders to recognize and capture cross-domain MEV.
Crucially it also means being able to express cross-domain MEV preferences, which enables builders to recognize and capture cross-domain MEV.
What is the execution market?
These preferences are passed via the SUAVE mempool to a network of specialized actors called executors.
Executors compete on providing best execution for users' preferences.
These preferences are passed via the SUAVE mempool to a network of specialized actors called executors.
Executors compete on providing best execution for users' preferences.
Orderflow auctions, builders, RPC providers, and solvers are all examples of executors today.
We think allowing users to express and settle new types of preferences will unlock new types of executors. This will be important for democratizing MEV in many domains.
We think allowing users to express and settle new types of preferences will unlock new types of executors. This will be important for democratizing MEV in many domains.
The execution market is an open and neutral home for orderflow. Anyone can permisisonlessly get best execution (e.g. capture the MEV their tx creates) and anyone can be an executor.
This mitigates exclusive orderflow.
This mitigates exclusive orderflow.
What is the decentralized block building network?
A network of builders that takes the output of the execution market and preference environment and collaboratively build a full block together.
It's how we decentralize the Flashbots Builder.
A network of builders that takes the output of the execution market and preference environment and collaboratively build a full block together.
It's how we decentralize the Flashbots Builder.
Today we have monolithic builders but we want to decentralize this role into many, many builders each contributing a piece of a block.
Critically, this needs to be both private and permissionless, allowing anyone to participate and access encrypted preferences.
Critically, this needs to be both private and permissionless, allowing anyone to participate and access encrypted preferences.
The decentralized building network is most applicable to Ethereum today, where we have a split of the proposer and builder.
On domains where this isn't relevant executors are responsible for ensuring preferences and transactions are included. Suave supports both models.
On domains where this isn't relevant executors are responsible for ensuring preferences and transactions are included. Suave supports both models.
Lastly, the preference environment, execution market, and decentralized building network is enabled by a specialized SUAVE Chain.
SUAVE Chain is EVM compatible, ETH-native, and provides scaffolding for these three to interact and progressively decentralize.
SUAVE Chain is EVM compatible, ETH-native, and provides scaffolding for these three to interact and progressively decentralize.
One thing to note is that privacy is super important here and is embedded across all components in different ways.
Short term we intend to use secure enclaves and are actively investing in and researching cryptographic privacy solutions.
Short term we intend to use secure enclaves and are actively investing in and researching cryptographic privacy solutions.
How are we getting there?
This is a super ambitious vision to build. We're taking an iterative, progressively decentralizing approach.
These are our planned releases: 💫 🌌 ☀️
This is a super ambitious vision to build. We're taking an iterative, progressively decentralizing approach.
These are our planned releases: 💫 🌌 ☀️
Along the way you can expect Flashbots to be building all of this in the open, alongside you.
Expect more blog posts and initial specs in the coming weeks, with permissionless networks and open source code every step of the way.
Expect more blog posts and initial specs in the coming weeks, with permissionless networks and open source code every step of the way.
SUAVE is intended to reach and provide solutions for many domains, but we're still figuring out what the right way to scale and work with other projects is. If you're a wallet, transaction originator otherwise, or a rollup feel free to reach out to talk about how we can collab :)
MEV is existential to the core security guarantees of crypto, but it is also an opportunity: a currency for trustless collaboration and the expression of preferences.
This duality of risk and opportunity makes us equally fearful and excited.
This duality of risk and opportunity makes us equally fearful and excited.
We feel that way because of the agency we have in charting a course through an uncertain future. So what do we do?
We come together and exercise that agency, as a community, to build a future where MEV is harnessed for good and where we address the risks it bears.
We come together and exercise that agency, as a community, to build a future where MEV is harnessed for good and where we address the risks it bears.
Join us in building SUAVE 💫 🌌 ☀️
