We analyze multi-market interactions between firms which must invest limited budgets in value (surplus) creation as well as in competitive rent-seeking activities. Firms are differentiated on a line segment and compete for multiple markets/prizes which differ in the relative effectiveness of each firm’s competitive rent-seeking spending. Each firm faces a dual trade-off: First they must choose ...

Automated Market Makers (AMMs) are decentralized applications that allow users to exchange crypto-tokens without the need for a matching order. AMMs one of most successful DeFi use cases: indeed, major AMM platforms process daily volume transactions worth USD billions. Despite their popularity, well-known suffer from transaction-ordering issues: adversaries can influence ordering user transacti...