Proposal: Flashbots Fair Market Principles (FFMP)

[thegostep]

This document aims to define a set of key principles and best practices upon which stakeholders of the Flashbots network can hold block producers (miners in ETH 1.0) accountable for their continued participation in the Flashbots Alpha.

Fair Market Principles for MEV is required in the Flashbots Alpha due to the technical limitations in the early stage of the project which are mitigated on the basis of trust. Flashbots aims to eliminate these trust requirements in future releases of the system.

Block producers connected to the Flashbots Alpha are expected to act in the best interest of the Flashbots network, the Ethereum network, and its various stakeholders. Namely, the Flashbots network aims to uphold the properties of fairness, efficiency, transparency, and permissionlessness. Block producers participating in the Flashbots Alpha are expected to collaborate in the development of an ecosystem for MEV extraction which reinforces the security and stability of the Ethereum network.

In the event of a breach of these principles by one of the block producers, the Flashbots core devs may act on behalf of stakeholders in disabling the access to the Flashbots network until the breach is rectified. The Flashbots core devs aim to provide technical support to block producers on a best effort basis to help resolve any technical issues.

Find the full proposal here: https://hackmd.io/@flashbots/fair-market-principles