Cosmos is growing at an accelerated pace as more ecosystems are integrated via IBC. The number of chains is expanding rapidly and the ecosystem is capturing significant market share. Established projects are buying into the App Chain Thesis and migrating to Cosmos, bringing with them both users and new use cases.
But sovereignty comes with its own problems. When liquidity is spread thin and blockspace is fractured, it becomes increasingly difficult to align incentives between different actors such as users, liquidity providers, validators and relayers - both within zones and between zones. Getting that balance of incentives wrong has dire consequences. Inefficient markets with no options to set preferences will drive profit maximizing actors to look for solutions off chain, making backroom deals to get ahead of the curve. This leads directly to centralization of power which then threatens the openness and permissionlessness of these systems. To avoid this development and create parity in the market, we need the tools for all participants to express their preferences transparently by internalizing these markets.
Mekatek is building an open blockspace market for the interchain future, that enables expression of a rich set of preferences and to guarantee fee distribution to all parties in the value chain.
Mekatek subscribes to the theory of MEV conservation, where MEV can neither be created or destroyed but instead exist at the intersection of varying security models. The best solution is to make it transparent and allow users to set their preferences as to how that value gets distributed.
We want our market to serve as a hub for all stakeholders, both on the supply side and demand side. All validators can offer blockspace to increase the revenue for securing the infrastructure and profit sharing for delegators, while users can buy blockspace and express a rich set of preferences for how their transaction should be executed. Our market will extend the core protocol of cosmos to provide native support for interchain bundle execution, providing trust minimization in the process - leaving both sides confident they are getting the best conditions and outcomes possible.
With Zenith up and running we offer the first Cosmos block space market and are looking for both validators and searchers who want to help us make it as robust as possible.