Compare
Watch what happens to the supply when the fastest buyer goes first, and when it does not matter who is first.
Illustration, same eleven bids on both sides. The first-come side uses a simple rising price curve with the fastest buyers served first. The sealed side is the real auction rule, run on those bids.
Try it
Add bot wallets, or let them pay more, and see who ends up with the tokens on each side.
Illustration with the same buyers on both sides. First-come uses a simple rising price curve with the fastest buyers served first. The sealed side is the real auction rule. A bot that bids high enough does win sealed tokens, but it pays the same price as everyone and gains nothing from being fast.