The MEV Letter is a weekly collection of papers, articles and resources related to MEV. The intention of this letter is to provide a comprehensive summary of the latest research, discussions, and developments in the space, with links for further reading.
Papers & Articles
- Themis Consensus Extension v1: MEV Mitigation by Randomized Delayed Execution and Intent-Hiding Transactions in Application-Specific Blockchains by Shoeb Siddiqui, Mateusz Nowakowski, Stanislav Vozarik, Gleb Urvanov, and Peter Kris studies delayed randomized execution and encrypted transactions to reduce MEV extracted from transaction ordering and selective censorship.
- Quantifying Sub-Optimality in Routing for Automated Market Makers by Weiye Xi and Ciamac C. Moallemi benchmarks empirical DEX routes against optimal allocations and finds that limited pool activation, stale state, and sandwich attacks contribute to considerable routing losses.
- Accountable Transaction Inclusion Lists: Enhancing Ethereum’s Censorship Resistance by Patrick Spiesberger and Hannes Hartenstein presents FairFIL as an accountable inclusion-list mechanism that forces block builders to disclose excluded transactions and forfeit the full block reward on omission.
- Volatility in Prediction Markets: A Structural Approach by Weiye Xi, Ciamac C. Moallemi, Mallesh Pai, and Shouqiao Wang presents a model for forecasting prediction-market price volatility using resolution deadlines, price levels, spreads, and trading volume.
- Uniform-Loss Automated Market Making for Prediction Markets by Ciamac C. Moallemi, Dan Robinson, and Brian Zhu analyzes uniform-LVR AMM design for binary prediction markets and develops mechanisms that equalize liquidity-provider losses across prices and control their distribution over time.
- There Will Be Spam: Characterizing State-Invariant Transactions and Speculative MEV by Vabuk Pahari, Johnnatan Messias, and Christof Ferreira Torres examines transactions that consume resources without changing state, most of which are attributed to speculative on-chain MEV, and finds they account for approximately 24% of transactions on OP Mainnet and 37% on Base.
- Who should write the rules of block building? BuilderNet as a policy test case by Mikołaj Barczentewicz examines how BuilderNet uses TEEs to enforce disclosed block-building rules, including attestation, refunds, priority updates, and regulatory implications.
- Proprietary AMMs and Ethereum by Mike Neuder and Maryam Bahrani explains how PropAMMs let market makers use low-cost oracle updates to keep their prices fresh, and identifies the risk of builders censoring these updates as the main obstacle on Ethereum
- Reveal, Correct, Then Pay: Encrypted Mempools and Perpetual Funding Security by Benjamin Marsh analyzes how encrypted mempools can worsen perpetual-funding manipulation by delaying arbitrage and price adjustment, and proposes a decryption-aware funding rule.
- How ePBS Changes Builder Selection by Terence Tsao details how ePBS moves builder selection into the protocol with protocol-native bids, per-builder preferences, and authenticated requests.
- Post by Terence Tsao
- Lean Ethereum: the biggest overhaul of Ethereum since The Merge by OAK Research summarizes Lean Ethereum and L1 Strawmap as a three-layer protocol overhaul aimed at replacing BLS, KZG, and re-execution with hash-based proofs across consensus, data, and execution.
- Structural OEV Elimination through State Synchronization by Jay Kim analyzes how discrete oracle updates create a window for OEV and how atomic state binding closes it for bound actions by committing the update and its bound consequence in one transition.
- Gloas circuit breaker by Potuz describes a Gloas circuit breaker that isolates failing builders or relays and progressively falls back from open-market bids to trusted builders or, if necessary, locally built blocks.
Posts & Threads
- @sarah.allen published a thread announcing the agenda for MEV-SBC '26, with talks highlighting the past year of MEV research and surfacing the problems worth exploring next in cryptography, mechanism design, data, P2P, consensus, incentives, and where they intersect.
- @Quintus published a post on reducing block builder chokepoints through TEE-based verifiable execution, clearer governance, and greater competition.
- IC3 published a thread highlighting 3 projects from the Shape Rotator program drawing inspiration from IC3 research: Pramaana, Dealproof, and BitRouter.
- Thomas Thiery published a post detailing how Hegotá could enable cheap, trustless, and private transactions via Frame Transactions, FOCIL, Keyed Nonces, and Recent Roots.
- Francesco D’Amato published a thread highlighting that Fast Confirmation Rule is live on Glamsterdam devnets to deliver strong one-slot confirmation.
- 0xRahul published a post describing how EIP-8037 separates state gas and regular gas to curb state growth and enable state-heavy transactions at higher costs.
Talks & Discussions
- Indexed Podcast: The Manipulation of 5min BTC Price on Polymarket invites Ruizhe Jia to discuss Settlement Manipulation in Prediction Markets, which examines potential manipulation of ultra-short oracle-settled prediction markets, where traders may move the underlying price to influence the outcome.
- The Milk Road Show: Can Ethlabs Make Ethereum The Root Of Global Finance? invites Ansgar Dietrichs, Barnabé Monnot, and Julian Ma for a conversation on the mission of Ethlabs to accelerate the next wave of Ethereum adoption by contributing to critical core R&D, and building new infrastructure and products.
- All Core Devs - Consensus (ACDC) #183, July 23 2026 hosted by parithosh discussed updates and next steps for Glamsterdam devnets, Hegotá non-headliner EIPs, and more.
- All Core Devs - Testing (ACDT) #88, July 20, 2026 hosted by Justin Traglia covered Glamsterdam devnets updates, client implementations, and EIP-7997 discussion.
- All Core Devs - Testing (ACDT) #89, July 27, 2026 hosted by Mario Vega discussed updates on glamsterdam-devnet-7, preparations for glamsterdam-devnet-8, and more.
- FOCIL Breakout #38, July 21, 2026 hosted by Jihoon Song covered FOCIL testing and implementation updates.
- Fast Confirmation Rule (FCR) #11, July 21, 2026 hosted by Mikhail Kalinin discussed specification, client implementations, and testing of Fast Confirmation Rule (FCR).
Other
- Can a CEX microstructure signal survive Ethereum execution latency and MEV? by @amlsl proposes a cross-venue experiment to test whether CEX-derived signals can reduce adverse selection for liquidity providers on DEXes despite latency, execution, and MEV constraints.
- Growing the team. Week 4. by Julian Ma recaps Ethlabs’ 4th week with Francesco D’Amato joining to work on shorter slots and faster inclusion and finality, and outlines Ethlabs’ broader strategy to grow Ethereum’s user base.
- Ethlabs is online. Week 5. by Caspar Schwarz-Schilling details Ethlabs’ Hegotá sprint on resource pricing, faster slots and issuance, alongside continued work on hiring, fundraising, and growth.
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