*Thanks to Yuki Yuminaga, Alex Nezlobin, Eugene Chen, Anthony Lee Zhang, Atis, Ludwig@Sorella Lab, and Max Resnick for great discussions and feedback.*Key Takeaways:LVR is important because 1) it disincentivizes AMM LPs from providing liquidity to the pool, and 2) it leads to the centralization of block building because searcher-builders who are performing CEX-DEX arbitrages can generate far more valuable blocks than neutral builders due to their exclusive orderflow.There are broadly two desi...