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Time is Money: Strategic Timing Games in Proof-of-Stake Protocols. (arXiv:2305.09032v1 [cs.GT])
cs.CR updates on arXiv.org arxiv.org
We propose a model suggesting that honest-but-rational consensus participants
may play timing games, and strategically delay their block proposal to optimize
MEV capture, while still ensuring the proposal's timely inclusion in the
canonical chain. In this context, ensuring economic fairness among consensus
participants is critical to preserving decentralization. We contend that a
model grounded in honest-but-rational consensus participation provides a more
accurate portrayal of behavior in economically incentivized systems such as
blockchain protocols. We empirically investigate timing games on the …
block canonical capture context critical decentralization economic fairness games inclusion may mev money play protocols strategic