We study shared sequencing for different chains from an economic angle. We introduce a minimal non-trivial model that captures cross-domain arbitrageurs' behavior and compare the performance of shared sequencing to that of separate sequencing. While shared sequencing dominates separate sequencing trivially in the sense that it makes it more likely that cross-chain arbitrage opportunities are realized, the investment and revenue comparison is more subtle: In the simple latency competition induced by First Come First Serve ordering, shared sequencing creates more wasteful latency competition compared to separate sequencing. For bidding-based sequencing, the most surprising insight is that the revenue of shared sequencing is not always higher than that of separate sequencing and depends on the transaction ordering rule applied and the arbitrage value potentially realized.

翻译：我们从经济学的角度研究不同链之间的共享排序。我们引入一个最小非平凡模型，该模型捕捉了跨域套利者的行为，并比较了共享排序与独立排序的性能。尽管共享排序在使跨链套利机会更易实现这一意义上显然优于独立排序，但投资与收入的比较更为微妙：在由先到先服务排序引发的简单延迟竞争中，与独立排序相比，共享排序会导致更多浪费性的延迟竞争。对于基于竞价的排序，最令人意外的见解是，共享排序的收入并不总是高于独立排序，而是取决于所应用的交易排序规则以及可能实现的套利价值。