An honest conversation we’ve been thinking about is whether REV is the correct metric for valuing L1s. In the past, I would have unequivocally said yes, but now I’m not so sure

Block auctions, and by extension priority fees and tips, increase randomness in access to valuable state, reducing market makers’ ability to quote tighter spreads

If block auctions widen spreads by design and push us further from replacing NASDAQ, what is the point of optimizing for this metric if the result is a worse product?

I dont have the answers here but food for thought