Transaction precedence defines the order in which transactions are processed and included in a block on a blockchain. This ordering can be determined by factors such as transaction fees, timestamp, or specific protocol rules. It influences which transactions are confirmed first during periods of network congestion.
Context
News frequently discusses transaction precedence in relation to network congestion, transaction fees, and the potential for miner extractable value (MEV). Users often pay higher fees to secure faster inclusion of their transactions. Debates center on fair ordering mechanisms and mitigating the impact of front-running in decentralized finance.
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