# MEV Letter #149

**URL:** https://collective.flashbots.net/t/mev-letter-149/5903
**Category:** The Flashbots Ship
**Tags:** the-mev-letter
**Created:** [August 12, 2026, 12:37pm UTC](https://collective.flashbots.net/t/mev-letter-149/5903 "2026-08-12T12:37:09Z")
**Posts on this page:** 1
**Page:** 1

<div class="post-metadata">

### 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: [August 12, 2026, 12:37pm UTC](https://collective.flashbots.net/t/mev-letter-149/5903/1 "2026-08-12T12:37:09Z")

</div>

_ **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

- [Why Location Choice Matters](https://writings.flashbots.net/why-location-choice-matters) by @boz1, @m1kuwill, @luiscorreia, @syang, @BrunoMr, and [Stefanos Leonardos](https://stefanosleonardos.wordpress.com/) highlights findings from [_The Price of Decentralization in Block Building_](https://arxiv.org/abs/2606.01874), which studies location choice in decentralized block building and shows that uncoordinated builders can over-concentrate near high-value sources, creating duplicate coverage and reducing welfare.
  - [Forum post](https://collective.flashbots.net/t/why-location-choice-matters/5880) by @boz1
  - [Thread](https://x.com/boez95/status/2083682938130993319) by @boz1
  - [Thread](https://x.com/boez95/status/2086775097705058530) by @boz1

- [Collective problem decomposition improves the wisdom of deliberative crowds](https://www.nature.com/articles/s41467-026-76365-y) by [Federico Barrera-Lemarchand](https://www.linkedin.com/in/federico-barrera-lemarchand-b853ba245/), [Victoria Lescano-Charreau](https://www.linkedin.com/in/victorialescano/), [Julieta Ruiz](https://www.nature.com/search?author=Julieta%20Ruiz), [Nuria Cáceres](https://www.linkedin.com/in/nuria-caceres-0179b0219), @facuzeta, [Mariano Sigman](https://www.marianosigman.org/), and [Joaquin Navajas](https://sites.google.com/view/joaquin-navajas) examines reasoning strategies and finds that group-based problem decomposition improves the wisdom of crowds.
  - [Thread](https://x.com/facu_zeta/status/2085731780678599166) by @facuzeta

- [Towards Decentralized Searcher Competition in MEV Markets](http://arxiv.org/abs/2608.05011v1) by [Roozbeh Sarenche](https://www.linkedin.com/in/roozbeh-sarenche-826045187/) and [Yunwen Liu](https://www.linkedin.com/in/yunwen-liu-a631bb122/) studies how first-price auctions can concentrate rewards among dominant searchers, and proposes a Shapley-capped auction to distribute rewards more broadly.
- [Modeling Decisions in Blockchain Analytics: A Leakage-Aware Evaluation of Tree-Based vs. Sequential Models](http://arxiv.org/abs/2607.27350v1) by [Michał Bartnicki](https://www.linkedin.com/in/bartnicki/) and [Jarosław A. Chudziak](https://www.linkedin.com/in/jaros%C5%82aw-chudziak-phd-8478b629/) analyzes how to distinguish organic Ethereum users from Sybils or MEV-bots, and finds that leakage-aware tree-based models outperform sequential models.
- [Pre-FRP: Accountability and Liveness in Batched-Threshold Encrypted Mempools](https://collective.flashbots.net/t/pre-frp-accountability-and-liveness-in-batched-threshold-encrypted-mempools/5894) by [Aditya Kumar](https://github.com/Adityaakr) describes proposed research on whether batched threshold encryption can reduce harmful MEV without introducing new information, censorship, or liveness advantages.
- [How a MEV bot hunts without a mempool](https://collective.flashbots.net/t/how-a-mev-bot-hunts-without-a-mempool/5882) by [hernsten](https://collective.flashbots.net/u/hernsten) analyzes blind arbitrage on [Arbitrum](https://arbitrum.io/) from onchain transaction behavior with short bursts, obfuscated selectors, and offchain timing signals.
- [Hidden in plain calldata](https://collective.flashbots.net/t/hidden-in-plain-calldata/5899)by [hernsten](https://collective.flashbots.net/u/hernsten) reverse-engineers an [Arbitrum](https://arbitrum.io/) arbitrage bot’s custom calldata format to show how it encodes routes, pool types, fees, and more.
- [Demand Model with Elasticities for Ethereum State, Data, and Execution and Glamsterdam Fee Market Analysis](https://ethresear.ch/t/demand-model-with-elasticities-for-ethereum-state-data-and-execution-and-glamsterdam-fee-market-analysis/25644) by [Fei Wu](https://x.com/william33203632) estimates how demand for Ethereum execution, data, and state responds to fees, and models how Glamsterdam’s new gas accounting could shift the fee-market bottleneck toward state creation.
  - [Post](https://x.com/william33203632/status/2085658815542837406) by [Fei Wu](https://x.com/william33203632)

- [The State of Ethereum Block Building since 2024, Part I: The Demand Side – Orderflow and the Priority Fee Landscape](https://greenfieldcapital.com/2026/08/06/the-state-of-ethereum-block-building-since-2024-part-i-the-demand-side-orderflow-and-the-priority-fee-landscape-2/) by [Christoph Rosenmayr](https://greenfieldcapital.com/people/christoph-rosenmayr/) and [Jascha Samadi](https://www.linkedin.com/in/jaschasamadi/) examines how Ethereum’s priority fee market has changed since 2024, finding a shift from retail-facing Telegram-bots to searchers.
  - [Dashboard](https://dune.com/gcm/ethereum-block-building) by [Greenfield Capital](https://greenfieldcapital.com/)
  - [Thread](https://x.com/greenfield_cap/status/2085308836978532766) by [Greenfield Capital](https://greenfieldcapital.com/)

- [The State of Ethereum Block Building since 2024, Part II: The Supply Side – Builder Economics and Orderflow Relationships](https://greenfieldcapital.com/2026/08/10/the-state-of-ethereum-block-building-since-2024-part-ii-the-supply-side-builder-economics-and-orderflow-relationships/) by [Christoph Rosenmayr](https://greenfieldcapital.com/people/christoph-rosenmayr/) and [Jascha Samadi](https://www.linkedin.com/in/jaschasamadi/) analyzes the Ethereum block builders market and how access to valuable orderflow, execution services, and subsidies shape builder surplus and market share.
  - [Dashboard](https://dune.com/gcm/ethereum-block-building) by [Greenfield Capital](https://greenfieldcapital.com/)
  - [Thread](https://x.com/greenfield_cap/status/2086830451218317374) by [Greenfield Capital](https://greenfieldcapital.com/)

# Posts & Threads

- @syang published a [thread](https://x.com/syang2ng/status/2084320445592178790) summarizing findings from [_Boost+: Equitable, Incentive-Compatible Block Building_](https://arxiv.org/abs/2602.04007), which presents a two-staged block-building architecture that decouples the process of collecting and ordering transactions, with builder algorithms running in TEEs.
- [IC3](https://ic3research.org/) published a [post](https://x.com/initc3org/status/2082531312808726918) showcasing some of the presentations from [Shape Rotator](https://shaperotator.xyz/) Demo Night 1 on topics including private agent infrastructure, self-improving workflows, and sovereign data.
  - [Post](https://x.com/shawmakesmagic/status/2082558843180274143) by [Shaw](https://x.com/shawmakesmagic)

- [IC3](https://ic3research.org/) published a [post](https://x.com/initc3org/status/2084295217058877708) highlighting presentations and demos from the [Shape Rotator](https://shaperotator.xyz/) Demo Night 2 on privacy, TEEs, agent orchestration, and more.
- [IC3](https://ic3research.org/) published a [post](https://x.com/initc3org/status/2083197956346241235) presenting coordinationOS by [Shashank](https://x.com/sh1sh1nk), @Tina, @dmarz, and @socrates1024 as an agent coordination system that helps distributed teams and agents coordinate across information and permission boundaries.
- [Vitalik Buterin](https://vitalik.eth.limo) published a [post](https://x.com/VitalikButerin/status/2086824673556467938) comparing [Ethereum’s 2023 roadmap](https://x.com/VitalikButerin/status/1741190491578810445) against the current [L1 Strawmap](https://strawmap.org/), highlighting how priorities have shifted toward privacy, quantum safety, scaling, and formal verification.
  - [Post](https://x.com/binji_x/status/2086879287039115579) by [binji](https://x.com/binji_x)

- [EthCoordinate](https://ethcoordinate.org/) published a [post](https://x.com/EthCoordinate/status/2087163391282708641) announcing themselves as an evolution of [EthStaker](https://ethstaker.org/) with a focus on governance coordination, facilitating stakeholder engagement and providing software, tooling, and support for home stakers.
  - [Post](https://x.com/nixorokish/status/2087164297306595557) by [nixo.eth](https://x.com/nixorokish)
  - [Post](https://x.com/wolovim/status/2087173693151588496) by [Marc Garreau](https://x.com/wolovim)
  - [Announcing the ACD Fund and Nixo support](https://www.protocolguild.org/blog/20260810-announcing-ACD-Fund-and-Nixo-Support) by [Protocol Guild](https://www.protocolguild.org/)

- [Trenton Van Epps](https://x.com/trent_vanepps) published a [post](https://x.com/trent_vanepps/status/2083300509239087145) summarizing the [EIPs scheduled for Glamsterdam](https://eips.ethereum.org/EIPS/eip-7773), including [ePBS](https://eips.ethereum.org/EIPS/eip-7732), [BALs](https://blockaccesslist.xyz/), gas repricings, and more.
- [Titan Builder](https://www.titanbuilder.xyz/) published a [thread](https://x.com/titanbuilderxyz/status/2086844946292908113) detailing the adoption of propAMMs on Ethereum with $1B in total volume [across six venues](https://pamm.wtf/).
- [Sourcify.eth](https://sourcify.dev/) published a [thread](https://x.com/SourcifyEth/status/2086740760008012030) sharing results from a preliminary scan of Ethereum contracts for [Quick Slots](https://quickslots.info/) compatibility, finding that 20.6K of 7.7M contracts may require attention.
  - [Post](https://x.com/barnabemonnot/status/2086832579265642915) by [Barnabé Monnot](https://x.com/barnabemonnot)

# Talks & Discussions

- [Livestream recording](https://vimeo.com/event/6044800) of [The MEV Workshop at the Science of Blockchain Conference 2026 (MEV-SBC ’26)](https://collective.flashbots.net/t/the-mev-workshop-at-the-science-of-blockchain-conference-2026-mev-sbc-26/5636) hosted by [Flashbots](https://www.flashbots.net/) has been uploaded with talks highlighting the past year of MEV research and problems worth exploring next in cryptography, mechanism design, data, P2P, consensus, incentives, and their intersections.
  - [Thread](https://x.com/sarahalle_/status/2082619878733942971) by @sarah.allen

- [Livestream recording](https://www.youtube.com/watch?v=WRpf1hY963s) from [BASS Stanford | SBC 2026](https://bass.blockchainbuilders.fund/) hosted by [Stanford Blockchain Club](https://blockchain.stanford.edu/) and [Blockchain Builders Fund](https://blockchainbuilders.fund/) has been uploaded with talks and panels on DeFi, agentic trading, sovereign AI, and more.
- [Credible Commitments: Navigating the Dark Forest on Ethereum](https://youtu.be/1HucNTHrBuk?si=2BM1PCbuOSE_YFD_) invites Michael for a conversation on [Quasar Builder](https://quasar.win/), orderflow dynamics, propAMMs, ACE, and the evolution toward [ePBS](https://eips.ethereum.org/EIPS/eip-7732).
  - [Thread](https://x.com/apriori0x/status/2083294574026592504) by [apriori](https://x.com/apriori0x)

- [All Core Devs - Execution (ACDE) #242, July 30, 2026](https://www.youtube.com/watch?v=5VlahzMFQ3M) hosted by [Ansgar Dietrichs](https://x.com/adietrichs) announced Platåberget as the first public testnet for Glamsterdam, and discussed Hegotá non-headliner proposals.
  - [Agenda](https://github.com/ethereum/pm/issues/2166) by [nixo.eth](https://x.com/nixorokish)
  - [Notes](https://etherworld.co/ethereum-protocol-update-acde-242/) by [Yash Kamal Chaturvedi](https://x.com/YashKamalChatu1)
  - [Post](https://x.com/wolovim/status/2082859601637052474) by [Marc Garreau](https://github.com/wolovim)

- [All Core Devs - Testing (ACDT) #90, August 3, 2026](https://www.youtube.com/watch?v=Cy4NEJnbCPA) hosted by [Justin Traglia](https://x.com/JustinTraglia) covered Glamsterdam devnet updates and gas repricings.
  - [Agenda](https://github.com/ethereum/pm/issues/2174) by [Justin Traglia](https://x.com/JustinTraglia)
  - [ACDT #90 (CL Breakout)](https://www.youtube.com/watch?v=5BteciU7Tcs)

- [All Core Devs - Consensus (ACDC) #184, August 6 2026](https://www.youtube.com/watch?v=DuDyoinoEEQ) hosted by [parithosh](https://x.com/parithosh_j) discussed updates from Glamsterdam devnets, faster slots in Hegotá, and more.
  - [Agenda](https://github.com/ethereum/pm/issues/2177) by [nixo.eth](https://x.com/nixorokish)
  - [Notes](https://etherworld.co/ethereum-protocol-update-acdc-184/) by [Yash Kamal Chaturvedi](https://x.com/YashKamalChatu1)
  - [Post](https://x.com/barnabemonnot/status/2085263518425661447) by [Barnabé Monnot](https://x.com/barnabemonnot)
  - [Post](https://x.com/barnabemonnot/status/2085634797083165179) by [Barnabé Monnot](https://x.com/barnabemonnot)

- [All Core Devs - Testing (ACDT) #91, August 10, 2026](https://www.youtube.com/watch?v=N-uknwz4klA) hosted by [Mario Vega](https://x.com/elbuenmayini) covered updates from Glamsterdam testnets and gas limit increases.
  - [Agenda](https://github.com/ethereum/pm/issues/2181) by [Mario Vega](https://x.com/elbuenmayini)

- [Encrypt The Mempool #7, July 22, 2026](https://www.youtube.com/watch?v=6Z87-SdoCy0) hosted by [Justin Florentine](https://x.com/robocopsgonemad) discussed the latest updates related to [LUCID encrypted mempool](https://ethereum-magicians.org/t/eip-8184-lucid-encrypted-mempool/28017), including how to eliminate [key-reveal optionality](https://ethresear.ch/t/a-criticism-of-lucid-and-encryption-scheme-agnostic-encrypted-mempool-designs/25210#p-60726-reveal-optionality-by-the-transaction-sender-6), and [Silent, One-Shot threshold encryption](https://eprint.iacr.org/2025/1384.pdf).
  - [Agenda](https://github.com/ethereum/pm/issues/2165) by [Justin Florentine](https://x.com/robocopsgonemad)

- [FOCIL Breakout #39, August 4, 2026](https://www.youtube.com/watch?v=vPaMS9Yix3g) 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/2179) by [Jihoon Song](https://x.com/jih2nn)
  - [Thread](https://x.com/jih2nn/status/2084930522145591804) by [Jihoon Song](https://x.com/jih2nn)

- [Fast Confirmation Rule (FCR) #12, August 4, 2026](https://www.youtube.com/watch?v=U-6Vw9b6zS4) hosted by [Mikhail Kalinin](https://x.com/mkalinin2) covered specification updates, client implementations, and testing of [Fast Confirmation Rule](https://fastconfirm.it/).
  - [Agenda](https://github.com/ethereum/pm/issues/2167) by [Mikhail Kalinin](https://x.com/mkalinin2)

# Other

- [TDX Security Update 2026.08.11](https://collective.flashbots.net/t/tdx-security-update-2026-08-11/5900) by @mateusz addresses 4 recent Intel TDX disclosures, noting that 2 are not relevant to [BuilderNet](https://buildernet.org/), and the other 2 were already mitigated before disclosure.
- [ePBS.Space](https://epbs.space/) by [PBS Foundation](https://pbs.foundation/) tracks the in-protocol bid lifecycle under [ePBS](https://eips.ethereum.org/EIPS/eip-7732) on Gloas devnets, including builder market share, bid history, missed reveals, and more.
  - [Thread](https://x.com/PBS_Foundation/status/2086021839608803351) by [PBS Foundation](https://pbs.foundation/)

- [EIP-8363: Tapered Issuance Burn](https://ethereum-magicians.org/t/eip-8363-tapered-issuance-burn/29263) by [pintail](https://x.com/pintail_xyz), [Jerome de Tychey](https://x.com/jdetychey), [dapplion](https://x.com/dapplion), [pa7x1](https://github.com/pa7x1), [ladislaus.eth](https://x.com/ladislaus0x) and [Justin Drake](https://x.com/drakefjustin) proposes a modification to the ETH issuance curve by way of a partial burn of validator rewards.
  - [Thread](https://x.com/jdetychey/status/2084638778677751889) by [Jerome de Tychey](https://x.com/jdetychey)
  - [Reply](https://x.com/adietrichs/status/2086540292153540986) by [Ansgar Dietrichs](https://x.com/adietrichs)
  - [Reply](https://x.com/StaniKulechov/status/2084667208668467574) by [Stani Kulechov](https://x.com/StaniKulechov)
  - [Reply](https://x.com/MikeSilagadze/status/2084703078909907000) by [Mike Silagadze](https://x.com/MikeSilagadze)
  - [Reply](https://x.com/julianzawist/status/2085397954265825377) by [Julian Zawistowski](https://x.com/julianzawist)
  - [Reply](https://x.com/IsdrsP/status/2084720737907310646) by [Izzy](https://x.com/IsdrsP)

- [Ethereum Foundation Board Update](https://blog.ethereum.org/2026/07/29/ef-board-update) by [Ethereum Foundation Board](https://ethereum.foundation/ef) announces that [pcaversaccio](https://x.com/pcaversaccio) has joined the [Ethereum Foundation Board](https://ethereum.foundation/ef) for an initial one-year voluntary term, alongside [Aya Miyaguchi](https://x.com/AyaMiyagotchi), [Vitalik Buterin](https://vitalik.eth.limo/), and [Patrick Storchenegger](https://www.linkedin.com/in/patrick-storchenegger-161b34254/).
  - [Post](https://x.com/ethereumfndn/status/2082437165233951223) by [Ethereum Foundation](https://ethereum.foundation/)

- [all-Protocol Update — July 2026](https://x.com/corcoranwill/status/2083313409744130449) by [Will Corcoran](https://x.com/corcoranwill) summarizes recent progress and upcoming work from the [EF Protocol teams](https://protocol.ethereum.foundation/), across Glamsterdam, Hegotá, security, and ongoing protocol research.
- [Blockspace: Connecting the World to Ethereum](https://x.com/Blockspace_ETH/status/2084614592139813298) by [Blockspace](https://x.com/Blockspace_ETH) announces its launch as a for-profit Ethereum infrastructure company to commercially develop out-of-protocol Ethereum solutions alongside the open-source [Blockspace Forum](https://blockspace.forum/).
  - [Post](https://x.com/DrewVdW/status/2084618534638715250) by [Drew Van der Werff](https://x.com/drewvdw)
  - [Post](https://x.com/mostlyblocks/status/2084617481910407639) by [Michael Moser](https://x.com/mostlyblocks)
  - [Post](https://x.com/kubimensah/status/2084623923014951088) by [Kubi Mensah](https://x.com/kubimensah)

- [Gasworks](https://www.gasworks.tools/) by [StackDigest](https://x.com/StackDigest) is a tool for estimating how past Ethereum transactions would be repriced under [Glamsterdam’s new gas rules](https://eips.ethereum.org/EIPS/eip-8007).
  - [Introducing Gasworks](https://x.com/StackDigest/status/2085699831478071645) by [StackDigest](https://x.com/StackDigest)
  - [Thread](https://x.com/StackDigest/status/2085754496026607810) by [StackDigest](https://x.com/StackDigest)

- [Ethlabs is online. Week 6.](https://x.com/barnabemonnot/status/2083974773168566766) by [Barnabé Monnot](https://x.com/barnabemonnot) outlines [Ethlabs](https://ethlabs.org/)’ work toward 10-second slots for Hegotá, updates to the [Fast Confirmation Rule](https://fastconfirm.it/), and more.
- [Week 7. Proposal deadline for Hegota upgrade.](https://x.com/_julianma/status/2086546004912857468) by [Julian Ma](https://x.com/_julianma) highlights [Ethlabs](https://ethlabs.org/)’ push towards [faster slots in Hegotá](https://x.com/barnabemonnot/status/2085634797083165179), and [their views](https://x.com/adietrichs/status/2086540292153540986) on the recent [ETH issuance proposal](https://ethereum-magicians.org/t/eip-8363-tapered-issuance-burn/29263).
- [EIPs & Network Upgrades | July 2026](https://x.com/poojaranjan19/status/2086791575888171327) by [Pooja Ranjan](https://x.com/poojaranjan19) summarizes recent work to support Ethereum’s protocol process across Glamsterdam testing, Hegotá non-headliner planning, standards, and community tooling.

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