# MEV Letter #148 **URL:** https://collective.flashbots.net/t/mev-letter-148/5872 **Category:** The Flashbots Ship **Tags:** the-mev-letter **Created:** [July 28, 2026, 5:05pm UTC](https://collective.flashbots.net/t/mev-letter-148/5872 "2026-07-28T17:05:07Z") **Posts on this page:** 1 **Page:** 1
### Author: ![Fred](https://collective.flashbots.net/user_avatar/collective.flashbots.net/fred/32/1288_2.png) [@Fred](https://collective.flashbots.net/u/Fred) #### Post date: [July 28, 2026, 5:05pm UTC](https://collective.flashbots.net/t/mev-letter-148/5872/1 "2026-07-28T17:05:07Z")
_ **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](http://arxiv.org/abs/2607.21406v1) by [Shoeb Siddiqui](https://www.linkedin.com/in/shoeb-siddiqui-8ba27baa/), [Mateusz Nowakowski](https://www.linkedin.com/in/mateusz-nowakowski-35b45133a), [Stanislav Vozarik](https://www.linkedin.com/in/stanislav-vozarik/), [Gleb Urvanov](https://www.linkedin.com/in/gleb-urvanov/), and [Peter Kris](https://x.com/uPeterKris) 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](http://arxiv.org/abs/2607.20762v1) by [Weiye Xi](https://x.com/Weiye_Xi) and [Ciamac C. Moallemi](https://moallemi.com/ciamac) 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](http://arxiv.org/abs/2607.22040v1) by [Patrick Spiesberger](https://www.linkedin.com/in/patrick-spiesberger/) and [Hannes Hartenstein](https://arxiv.org/search/cs?searchtype=author&query=Hartenstein,+H) 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](https://arxiv.org/abs/2607.08199) by [Weiye Xi](https://x.com/Weiye_Xi), [Ciamac C. Moallemi](https://moallemi.com/ciamac), [Mallesh Pai](https://www.malleshmpai.com/), and [Shouqiao Wang](https://arxiv.org/search/q-fin?searchtype=author&query=Wang,+S) presents a model for forecasting prediction-market price volatility using resolution deadlines, price levels, spreads, and trading volume. - [PM Volatility Explorer](https://pm-vol.pages.dev/) by [Weiye Xi](https://x.com/Weiye_Xi) - [Post](https://x.com/Weiye_Xi/status/2077082378476868072) by [Weiye Xi](https://x.com/Weiye_Xi) - [Thread](https://x.com/malleshpai/status/2077045372380119060) by [Mallesh Pai](https://www.malleshmpai.com/) - [Uniform-Loss Automated Market Making for Prediction Markets](http://arxiv.org/abs/2607.17428v2) by [Ciamac C. Moallemi](https://moallemi.com/ciamac), [Dan Robinson](https://x.com/danrobinson), and [Brian Zhu](https://sites.google.com/view/brianzhu) 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](http://arxiv.org/abs/2607.24172v1) by [Vabuk Pahari](https://vpahari.github.io/), [Johnnatan Messias](https://johnnatan-messias.github.io/), and [Christof Ferreira Torres](https://www.christoftorres.com/) 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](https://optimism.io/) and 37% on [Base](https://www.base.org/). - [Who should write the rules of block building? BuilderNet as a policy test case](https://goodcrypto.net/buildernet-as-a-policy-test-case/) by [Mikołaj Barczentewicz](https://barczentewicz.com/) examines how [BuilderNet](https://buildernet.org/) uses TEEs to enforce disclosed block-building rules, including attestation, refunds, priority updates, and regulatory implications. - [Proprietary AMMs and Ethereum](https://ethresear.ch/t/proprietary-amms-and-ethereum/25543) by [Mike Neuder](https://x.com/mikeneuder) and [Maryam Bahrani](https://x.com/bahrani_maryam) 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 - [Thread](https://x.com/mikeneuder/status/2081452201101455398) by [Mike Neuder](https://x.com/mikeneuder) - [Reveal, Correct, Then Pay: Encrypted Mempools and Perpetual Funding Security](http://arxiv.org/abs/2607.13832v1) by [Benjamin Marsh](https://x.com/muurshb) 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](https://terencechain.com/writing/how-epbs-changes-builder-selection/) by [Terence Tsao](https://x.com/terencechain) details how [ePBS](https://eips.ethereum.org/EIPS/eip-7732) moves builder selection into the protocol with protocol-native bids, per-builder preferences, and authenticated requests. - [Post](https://x.com/terencechain/status/2079622726101397867) by [Terence Tsao](https://x.com/terencechain) - [Lean Ethereum: the biggest overhaul of Ethereum since The Merge](https://x.com/OAK_Res/status/2080206016675742148) by [OAK Research](https://oakresearch.io/) summarizes [Lean Ethereum](https://leanroadmap.org/) and [L1 Strawmap](https://strawmap.org/) 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](https://ethresear.ch/t/structural-oev-elimination-through-state-synchronization/25555) by [Jay Kim](https://ethresear.ch/u/jay-oraclizer/summary) 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](https://www.potuz.net/posts/gloas-circuit-breaker/) by [Potuz](https://x.com/potuz_eth) 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](https://x.com/sarahalle_/status/2077864885401104481) announcing the agenda for [MEV-SBC '26](https://collective.flashbots.net/t/the-mev-workshop-at-the-science-of-blockchain-conference-2026-mev-sbc-26/5636), 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](https://x.com/0xQuintus/status/2078231513598976073) on reducing block builder chokepoints through TEE-based verifiable execution, clearer governance, and greater competition. - [Post](https://x.com/barnabemonnot/status/2078547763327807827) by [Barnabé Monnot](https://x.com/barnabemonnot) - [IC3](https://ic3research.org/) published a [thread](https://x.com/initc3org/status/2079703676994699461) highlighting 3 projects from the [Shape Rotator](https://shaperotator.xyz/) program drawing inspiration from [IC3](https://ic3research.org/) research: [Pramaana](https://pramaana.lovable.app/), [Dealproof](https://github.com/kkoci/Dealproof), and [BitRouter](https://bitrouter.ai/). - [Thomas Thiery](https://x.com/soispoke) published a [post](https://x.com/soispoke/status/2078074275458691246) detailing how Hegotá could enable cheap, trustless, and private transactions via [Frame Transactions](https://eips.ethereum.org/EIPS/eip-8141), [FOCIL](https://eips.ethereum.org/EIPS/eip-7805), [Keyed Nonces](https://eips.ethereum.org/EIPS/eip-8250), and [Recent Roots](https://eips.ethereum.org/EIPS/eip-8272). - [Francesco D’Amato](https://x.com/francescoswiss) published a [thread](https://x.com/fradamt/status/2077760553062170768) highlighting that [Fast Confirmation Rule](https://fastconfirm.it/) is live on Glamsterdam devnets to deliver strong one-slot confirmation. - [0xRahul](https://x.com/omw_to_the_moon) published a [post](https://x.com/omw_to_the_moon/status/2078151374999531869) describing how [EIP-8037](https://eips.ethereum.org/EIPS/eip-8037) separates state gas and regular gas to curb state growth and enable state-heavy transactions at higher costs. # Talks & Discussions - [Indexed Podcast](https://www.indexedpod.com/): [The Manipulation of 5min BTC Price on Polymarket](https://www.youtube.com/watch?v=zjBZZkFEVLQ) invites [Ruizhe Jia](https://x.com/RuizheJia) to discuss [_Settlement Manipulation in Prediction Markets_](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=7028398), which examines potential manipulation of ultra-short oracle-settled prediction markets, where traders may move the underlying price to influence the outcome. - [Thread](https://x.com/indexed_pod/status/2077708165919932829) by [Indexed Podcast](https://www.indexedpod.com/) - [The Milk Road Show](https://milkroad.com/): [Can Ethlabs Make Ethereum The Root Of Global Finance?](https://www.youtube.com/watch?v=0PIWr1v0N7Q) invites [Ansgar Dietrichs](https://twitter.com/adietrichs), [Barnabé Monnot](https://barnabemonnot.com/), and [Julian Ma](https://twitter.com/_julianma) for a conversation on the mission of [Ethlabs](https://ethlabs.org/) to accelerate the next wave of Ethereum adoption by contributing to critical core R&D, and building new infrastructure and products. - [Post](https://x.com/milkroaddaily/status/2080464123389739413) by [The Milk Road Show](https://milkroad.com/) - [All Core Devs - Consensus (ACDC) #183, July 23 2026](https://www.youtube.com/watch?v=k6--unLxsuo) hosted by [parithosh](https://x.com/parithosh_j) discussed updates and next steps for Glamsterdam devnets, Hegotá non-headliner EIPs, and more. - [Agenda](https://github.com/ethereum/pm/issues/2158) by [nixo.eth](https://x.com/nixorokish) - [Notes](https://etherworld.co/ethereum-protocol-update-acdc-183/) by [Yash Kamal Chaturvedi](https://x.com/YashKamalChatu1) - [All Core Devs - Testing (ACDT) #88, July 20, 2026](https://www.youtube.com/watch?v=LIi4RY-TrdU) hosted by [Justin Traglia](https://x.com/JustinTraglia) covered Glamsterdam devnets updates, client implementations, and [EIP-7997](https://eips.ethereum.org/EIPS/eip-7997) discussion. - [Agenda](https://github.com/ethereum/pm/issues/2162) by [Justin Traglia](https://x.com/JustinTraglia) - [ACDT #88 (CL Breakout)](https://www.youtube.com/watch?v=fe0Q3AbHwd8) - [All Core Devs - Testing (ACDT) #89, July 27, 2026](https://www.youtube.com/watch?v=Xh2_yW-P1Mw) hosted by [Mario Vega](https://x.com/elbuenmayini) discussed updates on [glamsterdam-devnet-7](https://notes.ethereum.org/@ethpandaops/glamsterdam-devnet-7), preparations for [glamsterdam-devnet-8](https://notes.ethereum.org/@ethpandaops/glamsterdam-devnet-8), and more. - [Agenda](https://github.com/ethereum/pm/issues/2170) by [Mario Vega](https://x.com/elbuenmayini) - [ACDT #89 (CL Breakout)](https://www.youtube.com/watch?v=0Bh3K9iXhnc) - [FOCIL Breakout #38, July 21, 2026](https://www.youtube.com/watch?v=YnOeffvTkPs) hosted by [Jihoon Song](https://x.com/jih2nn) covered [FOCIL](https://eips.ethereum.org/EIPS/eip-7805) testing and implementation updates. - [Agenda](https://github.com/ethereum/pm/issues/2146) by [Jihoon Song](https://x.com/jih2nn) - [Fast Confirmation Rule (FCR) #11, July 21, 2026](https://www.youtube.com/watch?v=xROg726R6FM) hosted by [Mikhail Kalinin](https://x.com/mkalinin2) discussed specification, client implementations, and testing of [Fast Confirmation Rule](https://fastconfirm.it/) (FCR). - [Agenda](https://github.com/ethereum/pm/issues/2149) by [Mikhail Kalinin](https://x.com/mkalinin2) # Other - [Can a CEX microstructure signal survive Ethereum execution latency and MEV?](https://collective.flashbots.net/t/can-a-cex-microstructure-signal-survive-ethereum-execution-latency-and-mev/5866) 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.](https://x.com/_julianma/status/2078869651967070710) by [Julian Ma](https://x.com/_julianma) recaps [Ethlabs](https://ethlabs.org/)’ 4th week with [Francesco D’Amato](https://twitter.com/fradamt) joining to work on shorter slots and faster inclusion and finality, and outlines [Ethlabs](https://ethlabs.org/)’ broader strategy to grow Ethereum’s user base. - [Ethlabs is online. Week 5.](https://x.com/casparschwa/status/2081360670151385328) by [Caspar Schwarz-Schilling](https://twitter.com/casparschwa) details [Ethlabs](https://ethlabs.org/)’ Hegotá sprint on resource pricing, faster slots and issuance, alongside continued work on hiring, fundraising, and growth. * * * ✉ [**Sign up here**](https://flashbots.net/the-mev-letter) if you’d like to get The MEV Letter straight to your inbox! 🔮 [Explore previous editions via The MEV Letter explorer](https://collective.flashbots.net/t/explorer/100)