How Priority is Decided
Every half-second, the matching engine looks at all submitted bundles and ranks them using a simple set of rules:Truthful Bidding (Vickrey Model)
To ensure the auction is fair and predictable, Likely employs a Vickrey (Second-Price) Auction. The bundle with the highest declared tip executes first but only pays the amount of the second-highest declared tip. This “Second-Price” logic makes it strategically optimal for you to bid exactly what the priority is worth to you. You don’t have to guess what others are bidding; you just state your value, knowing you’ll only pay the marginal cost of being first.Strategic Competition: Bribes & Amends
The 500ms window creates a unique strategic dynamic. If a major news event happens at the 100ms mark, you have 400ms to react.- Amend: You can change your orders to match the new info.
- Bribe: You can increase your tip to “jump” the queue before the window closes.
[!WARNING] Bribing or Amending your bundle gives it a new timestamp. While you might move up because of a higher tip, you lose your tie-breaker advantage (the original timestamp).
Comparison: Speed vs. Value
This system ensures that the market’s “prime” opportunities go to the traders who provide the most value to the network, not those with the most expensive hardware.