The faster we all move away from priority fees to FCFS – the faster we have a chance to compete with TradFi. It was a band-aid to deal with spam and limited blockspace that has caused a domino effect of issues.
And zooming out – when you go to send a wire from your bank – should your request first go to an auction and have to pay more because of random congestion? That bank would be out of business in a week.
And yeah, there’s always going to be complaints by the academic purists about a universally accepted clock or level of precision etc. – but they’re tiny tradeoffs that are already accepted by pro traders. CEX’s work pretty damn well for execution for the biggest traders in the world. Best to mimic that model and compete where we can win on pre and post trade.
So after launch we’ll be studying alternative solutions.
Lucky to have @PythNetwork as a partner on this one. ⏰
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