Starting high and decreasing removes the reason to rush
A liquidity bootstrapping style auction flips the fixed-price model on its head. Instead of opening at one price and staying there, the sale opens at a deliberately high starting price and lets that price decrease over time, continuing until buyers are willing to step in at whatever level the price has fallen to. Anyone who buys early pays a premium; anyone willing to wait pays less, at least until enough buying pressure arrives to push the price back up or the sale ends.
The key design insight is what this does to incentives. In a fixed-price sale, being first is strictly better, so everyone rushes and only the fastest win. In a decreasing-price auction, being first is often worse, since the price only gets cheaper the longer you wait. That makes waiting a rational strategy rather than a losing one, which removes much of the incentive for bots and front-runners to race each other to the very first block. The mechanism doesn't need to ban fast transactions, it simply makes speed less valuable, since a bot that buys instantly at the high starting price may end up paying far more than a patient buyer moments later.