# The MEV Letter #106 **URL:** https://collective.flashbots.net/t/the-mev-letter-106/5293 **Category:** The Flashbots Ship **Tags:** the-mev-letter **Created:** [September 23, 2025, 9:34pm UTC](https://collective.flashbots.net/t/the-mev-letter-106/5293 "2025-09-23T21:34:18Z") **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: [September 23, 2025, 9:34pm UTC](https://collective.flashbots.net/t/the-mev-letter-106/5293/1 "2025-09-23T21:34:18Z")
_ **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. -[_Explore all previous editions via The MEV Letter explorer_](https://collective.flashbots.net/t/explorer/100). * * * # Papers & Articles - [How Exclusive are Ethereum Transactions? Evidence from non-winning blocks](https://arxiv.org/abs/2509.16052) by [Vabuk Pahari](https://x.com/vpahari) and [Andrea Canidio](https://andreacanidio.com/) studies blocks submitted to MEV-Boost relays and finds that exclusive transactions, although a minority by count, contribute approximately 80% of fees. - [Thread](https://x.com/AndreaCanidio/status/1970107112538964041) by ​​[Andrea Canidio](https://andreacanidio.com/) - [Reply](https://collective.flashbots.net/t/the-6-99-without-pbs/5283/2) by [Data Always](https://x.com/Data_Always) - [Not All State is Equal](https://ethereum-magicians.org/t/not-all-state-is-equal/25508) by [Ng Wei Han](https://x.com/ngweihan_eth) analyzes Ethereum’s state usage patterns, highlighting how most contracts are single-used clones, and suggests opportunities for state expiry and pricing reforms. - [Thread](https://x.com/ngweihan_eth/status/1968583066391040384) by [Ng Wei Han](https://x.com/ngweihan_eth) - [Reply](https://x.com/VitalikButerin/status/1968933750802190824) by [Vitalik Buterin](https://vitalik.eth.limo/) - [Reply](https://x.com/TimBeiko/status/1968673449703841904) by [Tim Beiko](https://twitter.com/TimBeiko) - [Low-risk defi can be for Ethereum what search was for Google](https://vitalik.eth.limo/general/2025/09/21/low_risk_defi.html) by[Vitalik Buterin](https://vitalik.eth.limo/) makes the case that low-risk DeFi has emerged as a sustainable and culturally aligned core application of Ethereum. - [Thread](https://x.com/vitalikbuterin/status/1969522612750672132) by[Vitalik Buterin](https://vitalik.eth.limo/) - [Reply](https://x.com/malekanoms/status/1969874158315294960) by [Omid Malekan](https://x.com/malekanoms) - [Fusaka-Devnet-5 BPO Analysis](https://ethpandaops.io/posts/fusaka-devnet-5-bpo-analysis/) by[Sam Calder-Mason](https://x.com/samcmau) analyzes data from[fusaka-devnet-5](https://notes.ethereum.org/@ethpandaops/fusaka-devnet-5) to determine initial BPO values, showing that 15 and 21 max blobs are viable, while 32 blobs introduce issues for bandwidth-constrained full nodes. - [Thread](https://x.com/ethPandaOps/status/1968654076712726670) by[ethPandaOps](https://ethpandaops.io/) - [Thread](https://x.com/samcmAU/status/1968657961452015942) by[Sam Calder-Mason](https://x.com/samcmau) - [The 6.99% without PBS](https://collective.flashbots.net/t/the-6-99-without-pbs/5283) by [lab gremlin](https://x.com/oxwizzdom) explores why proposers at times publish locally built blocks despite being connected to MEV-Boost relays, concluding the reason to be [min-bid](https://writings.flashbots.net/the-cost-of-resilience) reversion or proposer misconfiguration, rather than shortcomings of relays or builders. - [Post](https://x.com/oxwizzdom/status/1969420959661572114) by [lab gremlin](https://x.com/oxwizzdom) - [Family Feud: Who Wins Multi-Slot MEV?](https://x.com/oxwizzdom/status/1968282060809699546) by [lab gremlin](https://x.com/oxwizzdom) analyzes blocks over six months to measure multi-slot MEV sequences, finding these to be rare and only marginally profitable. - [Reply](https://x.com/phildaian/status/1968379638583017662) by @phil - [Fee Mechanisms Beyond EIP-1559](https://blog.pol.finance/p/fee-mechanisms-beyond-eip-1559) by [Dipa](https://x.com/SantiDiPaolo) discusses the trade-offs between _burning_ and _redistributing_ base fees in terms of on collusion resistance, volatility, and welfare. - [Thread](https://x.com/PolFinance_/status/1968001876189954367) by [POL Finance](https://pol.finance/) - [Making Sense of a ZK Staking Node](https://paragraph.com/@ethstaker/making-sense-of-a-zk-staking-node) by [ladislaus.eth](https://x.com/ladislaus0x) explores Ethereum’s roadmap towards stateless ZK staking nodes for faster, cheaper, and more decentralized validation. - [Post](https://x.com/ethStaker/status/1968696268504396113) by [EthStaker](https://ethstaker.org/) - [Proofs of Invalidity](https://mirror.xyz/julianma.eth/6ImJzQtQ-JvvH9F1YkL6FJ7G6oxrIOZveU-Z0du598s) by [Julian Ma](https://twitter.com/_julianma) explains why proof of invalidity would be required for block builders to prove the previous block’s validity if the [Prover Killers Killer](https://ethresear.ch/t/prover-killers-killer-you-build-it-you-prove-it/22308) design is not implemented. - [MEVless protocol, the way to anti-MEV](https://ethresear.ch/t/mevless-protocol-the-way-to-anti-mev/23084) by[Lawliet Chan](https://x.com/ChenXinran1994) describes a protocol designed to prevent front-running and sandwich attacks by constraining builders from seeing transaction content. # Posts & Threads - [ladislaus.eth](https://x.com/ladislaus0x) published a[thread](https://x.com/ladislaus0x/status/1968970640670470440) sharing publications and collaborations by[EF Research](http://research.ethereum.foundation/) from the previous week. - [mteam.eth](https://x.com/mteamisloading) published a [thread](https://x.com/mteamisloading/status/1968299422779146493) exploring the evolution of the EVM via zkVMs, leanVM, RISC-V, and more. - [Titan Relay](https://titanrelay.xyz/) published a[thread](https://x.com/titanrelayxyz/status/1968596813323084070) announcing support for builders to send hashes instead of payloads for already sent transactions and blobs within the same slot, as well as optimistic V3 submissions. - [Sachin](https://x.com/ciberexplosion) published a [post](https://x.com/ciberexplosion/status/1967691443146764582) outlining how [Facet](https://facet.org/)’s sequencing design allows users to force-include batches of transactions directly into the next L1 block. # Talks & Discussions - [Blackbox Podcast](https://x.com/runwiththebox): [Your Al is Weak, Until You Add Zero Trust](https://www.youtube.com/watch?v=aLoSnDa-dvo) invites @socrates1024 for a conversation on TEEs, the future of private AI, and how confidential compute enables rivals to collaborate securely through projects like [BuilderNet](https://buildernet.org/). - [Thread](https://x.com/runwiththebox/status/1970173374275166683) by [Blackbox Podcast](https://x.com/runwiththebox) - [From Whiteboard to Mainnet](https://godigital.engineering.columbia.edu/content/podcasts): [Macro-finance Model for Proof-of-Stake Ethereum](https://www.youtube.com/live/ptuMwti_2h4?si=utzkwamfn7mrYG-j) invites [Caspar Schwarz-Schilling](https://twitter.com/casparschwa), [Ansgar Dietrichs](https://twitter.com/adietrichs), and [Urban Jermann](https://finance.wharton.upenn.edu/~jermann/index.html) to present [A Macro Finance Model for Proof-of-Stake Ethereum](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4335835), and discuss the economics of PoS Ethereum. - [Post](https://x.com/cryptoeconprof/status/1969023676361142617?s=52) by [Fahad Saleh](https://x.com/cryptoeconprof) - [Post](https://x.com/ethereumfndn/status/1969090474037199296) by [Ethereum Foundation](https://ethereum.foundation/) - [Arbitrage Profits at Decentralized Exchanges](https://www.youtube.com/watch?v=Kr2BPd2aqq8) invites [Ciamac C. Moallemi](https://moallemi.com/ciamac/), and [Alex Nezlobin](https://x.com/0x94305) to present research on the economics of liquidity provision in AMMs, and [LVR under deterministic and generalized block-times](https://arxiv.org/abs/2505.05113), respectively. - [The Rollup](https://therollup.co/): [State of The Nation](https://www.youtube.com/watch?v=-M8DP3_BymA) invites [Tim Beiko](https://x.com/timbeiko), [Joshua Rudolf](https://x.com/rudolf6_), and [Dankrad Feist](https://dankradfeist.de/) for a conversation on the strategic initiatives of [Protocol at Ethereum Foundation](https://protocol.ethereum.foundation/) to: _Scale L1_, _Scale blobs_, and _Improve UX_. - [composability spaces](https://x.com/mteamisloading/status/1969065893482180895) hosted by[mteam.eth](https://x.com/mteamisloading) invites[donnoh.eth](https://x.com/donnoh_eth),[Justin Drake](https://twitter.com/drakefjustin), and[Joshua Rudolf](https://x.com/rudolf6_) to discuss based rollups, interoperability, and cross-chain composability. - [All Core Devs - Consensus (ACDC) #165](https://www.youtube.com/watch?v=CTfwQ4kOhE4) hosted by [Barnabas Busa](https://x.com/BarnabasBusa) discussed [timelines for Fusaka activation](https://notes.ethereum.org/@bbusa/fusaka-bpo-timeline), and next steps for Glamsterdam testing. - [Agenda](https://github.com/ethereum/pm/issues/1716) by [nixo.eth](https://x.com/nixorokish/) - [Notes](https://etherworld.co/2025/09/19/highlights-from-the-all-core-developers-consensus-acdc-call-165/) by [Yash Kamal Chaturvedi](https://x.com/YashKamalChatu1) - [Thread](https://x.com/christine_dkim/status/1968764433439596728) by [Christine D. Kim](https://x.com/christine_dkim) - [All Core Devs - Testing (ACDT) #54](https://www.youtube.com/watch?v=xJe3erOIb4k) hosted by [Barnabas Busa](https://x.com/BarnabasBusa) covered Fusaka devnets, 60M gas limit testing, and Glamsterdam headliners. - [Agenda](https://github.com/ethereum/pm/issues/1731) by [Barnabas Busa](https://x.com/BarnabasBusa) - [L2 Interop Working Group Call #14](https://www.youtube.com/watch?v=IuCnTL5aWpw) hosted by[Joshua Rudolf](https://x.com/rudolf6_) discussed ENS-based chain registry, L2 multiproving, and [Permit3](https://eco.com/blog/introducing-permit3-seamless-multichain-ux-without-compromise/). - [Agenda](https://github.com/ethereum/pm/issues/1725) by[Joshua Rudolf](https://x.com/rudolf6_) - [FOCIL Breakout #20](https://www.youtube.com/watch?v=zRbJyjpRDQw) 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/1737) by [Jihoon Song](https://x.com/jih2nn) # Other - [Engineering Update - 2025-09-19](https://collective.flashbots.net/t/engineering-update-2025-09-19/5280) by @metachris summarizes recent [BuilderNet](https://buildernet.org/) updates including migration to Gen6 TDX instances, performance benchmarking, and upcoming engineering priorities. - [TLS Certificate Cheat Sheet - OpenSSL & Curl](https://collective.flashbots.net/t/tls-certificates-know-how-quick-reference/5292) by [Chris Hager](https://www.metachris.com/) is a practical TLS quick-reference document covering keys, certs, CSRs, CA chains, validation, and curl testing. - [Post](https://x.com/metachris/status/1970424118076915970) by @metachris - [Interview Study Eth Consensus Layer (call for interviewees)](https://collective.flashbots.net/t/interview-study-eth-consensus-layer-call-for-interviewees/5279) by [Stefanie Boss](https://www.linkedin.com/in/stefanie-boss-554897198/overlay/about-this-profile/) seeks participants for anonymous interviews to better understand the decision-making processes of builders, relays, validators, and other actors in the MEV ecosystem. - [Columbia Engineering and Ethereum Foundation Launch Research Center to Advance Blockchain Infrastructure](https://www.engineering.columbia.edu/about/news/columbia-engineering-and-ethereum-foundation-launch-research-center-advance-blockchain) by [Columbia-Ethereum Research Center](https://www.engineering.columbia.edu/research-innovation/institutes-centers-initiatives/computational-sciences-ai/blockchain-protocol-design) announces an interdisciplinary hub in partnership with the [Ethereum Foundation](https://ethereum.foundation/) to support research and education to advance the development and understanding of blockchain protocols and their applications. - [Thread](https://x.com/CUSEAS/status/1968694949743853658) by[Columbia Engineering](https://www.engineering.columbia.edu/) - [Thread](https://x.com/ethereumfndn/status/1968703132747108393) by [Ethereum Foundation](https://ethereum.foundation/) - [Thread](https://x.com/cu_eth_research/status/1968695573529100294) by [Columbia-Ethereum Research Center](https://www.engineering.columbia.edu/research-innovation/institutes-centers-initiatives/computational-sciences-ai/blockchain-protocol-design) - [Post](https://x.com/Tim_Roughgarden/status/1968700304850833608) by [Tim Roughgarden](https://www.timroughgarden.org/) - [Video](https://www.youtube.com/watch?v=OnhFzSSc6V4) by[Tim Roughgarden](https://www.timroughgarden.org/) - [Post](https://x.com/barnabemonnot/status/1968714171945533725) by [Barnabé Monnot](https://barnabemonnot.com/) - [Post](https://x.com/casparschwa/status/1970226290591445310) by [Caspar Schwarz-Schilling](https://twitter.com/casparschwa) - [Phala Announces dstack as a Linux Foundation Project](https://phala.com/posts/dstack-linux-foundation) announces that [dstack](https://github.com/dstack-TEE/dstack) is becoming an open source project hosted by the [Linux Foundation](https://www.linuxfoundation.org/), adopting their governance, licensing, and IP policies to ensure long-term stability and neutrality. - [Post](https://x.com/phalanetwork/status/1968679858210508990?s=52) by [Phala](https://phala.com/) * * * ✉ [**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)