First and foremost, this forum post lacks a clear and coherent proposal format. It took effort to even identify that the proposing receiver entity is “Credit Collective“. I once again urge @celogovernance guardians to enforce the established governance standards on forum submissions.
It appears that there is a fundamental misunderstanding of how the Celo L2 tech stack operates. At present, a single sequencer is run by cLabs, who act as custodians of the system. Any MEV extraction, were it to occur, would be executed by them or require explicit approval of the community through a security governance proposal which is subject to the 90% threshold.
In addition to the extremely high funding request, arguably one of the largest outside of the core functioning bodies, this proposal should have been submitted as a competing entry under the “DeFi Flywheel Infrastructure and Incentives“ category for the Season 1 Intent (contributors were invited as seen here Celo Governance Season 1 Intent ). Was any attempt made to engage with that process?
Given these concerns, I believe that while it may have received approval for the next stages, it is premature and the proposer lacks enough technical, governance and general ecosystem context of Celo to successfully execute this.