# The MEV Letter #108

**URL:** https://collective.flashbots.net/t/the-mev-letter-108/5310
**Category:** The Flashbots Ship
**Tags:** the-mev-letter
**Created:** [October 7, 2025, 7:10pm UTC](https://collective.flashbots.net/t/the-mev-letter-108/5310 "2025-10-07T19:10:04Z")
**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: [October 7, 2025, 7:10pm UTC](https://collective.flashbots.net/t/the-mev-letter-108/5310/1 "2025-10-07T19:10:04Z")

</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.  
-[_Explore all previous editions via The MEV Letter explorer_](https://collective.flashbots.net/t/explorer/100).

* * *

# Papers & Articles

- [The Free Option Problem of ePBS](https://arxiv.org/abs/2509.24849) by @BrunoMr, @boz1, @Christoph, and [Fei Wu](https://x.com/William33203632) presents a theoretical and empirical analysis of the free option problem in [ePBS](https://eips.ethereum.org/EIPS/eip-7732), where builders can withhold payloads and blobs after commitment, degrading liveness without incurring an additional penalty.
  - [Forum post](https://collective.flashbots.net/t/the-free-option-problem-of-epbs-the-paper/5300) by @0xSybil
  - [Thread](https://x.com/William33203632/status/1973729952551047208) by [Fei Wu](https://x.com/William33203632)
  - [Post](https://x.com/0xBrMazoRoig/status/1973667245432918163) by @BrunoMr

- [Decoupling ExecutionPayload validity from Data Availability](https://hackmd.io/@mikeneuder/decouple-payload-and-da) by [Mike Neuder](https://twitter.com/mikeneuder) details how decoupling ExecutionPayload validity from blob availability, as described in [dual-deadline PTC vote in ePBS](https://notes.ethereum.org/@anderselowsson/Dual-deadlinePTCvote) by [Anders Elowsson](https://x.com/weboftrees), would mitigate the long free opinion problem in [ePBS](https://eips.ethereum.org/EIPS/eip-7732).
  - [Thread](https://x.com/mikeneuder/status/1973765087484858398) by [Mike Neuder](https://twitter.com/mikeneuder)

- [TEEs Are The Worst They’ll Ever Be](https://collective.flashbots.net/t/tees-are-the-worst-theyll-ever-be/5303) by @Quintus presents a forward-looking case for TEEs, citing advancements in hardware security research, open-source secure hardware, and synergistic use with FHE.
  - [Forum post](https://forum.teekettle.org/t/tees-are-the-worst-theyll-ever-be/77) by @Quintus
  - [Thread](https://x.com/0xQuintus/status/1974141669177266318) by @Quintus

- [Rethinking Ethereum’s Geography: How Protocol Shapes Where Validators Run](https://collective.flashbots.net/t/rethinking-ethereums-geography-how-protocol-shapes-where-validators-run/5308) by @syang shares results from [Designing Ethereum’s Geographical (De)Centralization Beyond the Atlantic](https://arxiv.org/abs/2509.21475) by @syang, @boz1,[Fei Wu](https://x.com/William33203632), and [Fan Zhang](https://www.fanzhang.me/), analyzing the impact of protocol design on geographical decentralization.
  - [Thread](https://x.com/syang2ng/status/1974650794462028117) by @syang
  - [Thread](https://x.com/johnx25bd/status/1974082103651545281) by [John X](https://www.x25bd.com/)

- [SoK: Preconfirmations](https://github.com/NethermindEth/sok-preconfirmations/blob/main/SoK__Preconfirmations.pdf) by [Aikaterini-Panagiota Stouka](https://x.com/AikPStouka), [Conor McMenamin](https://x.com/ConorMcMenamin9), [Demetris Kyriacou](https://www.linkedin.com/in/demetris-kyriacou-047a021b5/), and [Quentin Botha](https://x.com/bothaquentin1) details the terms and definitions related to preconfirmations, outlines a general framework for preconfirmation protocols, and explores the economics and risks associated.
  - [Thread](https://x.com/ConorMcMenamin9/status/1974095740579557718) by [Conor McMenamin](https://x.com/ConorMcMenamin9)

- [Peer Exchanges](https://www.propellerheads.xyz/blog/peer-exchanges) by [PropellerHeads](https://www.propellerheads.xyz/) makes the case for TEE-based, intent-driven _peer exchanges_ to mitigate the risk of censorship, rent-seeking, and MEV extracted by intermediaries.

# Posts & Threads

- @Quintus published a [post](https://x.com/0xQuintus/status/1973464999994728477) highlighting that TEEs are not static but an evolving technology, and details ongoing efforts to advance open source secure hardware.
  - [Reply](https://x.com/nvrlcl/status/1973824962197872947) by [NeverLocal](https://neverlocal.com/)

- [ethPandaOps](https://ethpandaops.io/) published a[thread](https://x.com/ethPandaOps/status/1973325647020957804) highlighting the successful launch of Fusaka on the Holešky testnet, and upcoming steps towards mainnet.
- [Will Corcoran](https://x.com/corcoranwill) published a [thread](https://x.com/corcoranwill/status/1974417509773353230) sharing recordings, slides, and other resources from the PQ workshop in Cambridge hosted by the [Ethereum Foundation](https://ethereum.foundation/).
  - [lean ethereum | PQ workshop | day 2 - debrief](https://www.youtube.com/watch?v=_QQLksEHFpg) hosted by [Justin Drake](https://twitter.com/drakefjustin)
    - [Post](https://x.com/corcoranwill/status/1974879288286707857) by [Will Corcoran](https://x.com/corcoranwill)

  - [lean ethereum | PQ workshop | day 1 - debrief](https://www.youtube.com/watch?v=UgoC1aaEHWY) hosted by [Justin Drake](https://twitter.com/drakefjustin)
    - [Post](https://x.com/corcoranwill/status/1974879380322308591) by [Will Corcoran](https://x.com/corcoranwill)

- [smstack.eth](https://x.com/StackDigest) published a[thread](https://x.com/StackDigest/status/1975191663976075535) investigating the relatively high revert rate on [Arbitrum](https://arbitrum.io/), and why [Timeboost](https://github.com/OffchainLabs/timeboost-design) fails to disincentivize spam from searchers.
- [ladislaus.eth](https://x.com/ladislaus0x) published a[thread](https://x.com/ladislaus0x/status/1973795118508613956) sharing publications and collaborations by [EF Research](http://research.ethereum.foundation/) from the previous week.
- @metachris published a [post](https://x.com/metachris/status/1975111649926459429) announcing that [Relayscan](https://t.co/waZvmBPivM) now supports JSON output for various time intervals.

# Talks & Discussions

- [L2 Demo Day September 25, 2023](https://collective.flashbots.net/t/l2-demo-day-september-25-2023/5299) by @dmarz highlights a series of new demos that showcase recent developments in [Rollup-Boost](https://github.com/flashbots/rollup-boost),[op-rbuilder](https://github.com/flashbots/op-rbuilder),[Contender](https://github.com/flashbots/contender), and more.
  - [WebSocket support in Rollup-Boost](https://www.youtube.com/watch?v=I1W3hEH1r4A) by @solarmithril
  - [Flashblock number contract](https://www.youtube.com/watch?v=hULZKEzVfgo) by @Shana
  - [Block replay in Contender](https://www.youtube.com/watch?v=kRCOQlXsxVw) by @brock
  - [DOS protection with gas limiter](https://www.youtube.com/watch?v=zjbYPN4a4Nk) by @ash
  - [The Credible Layer](https://www.youtube.com/watch?v=uFujcKwGDHk) by @odyslam
  - [op-rbuilder P2P](https://www.youtube.com/watch?v=jzFlDGuRPIg) by @noot
  - [Scaling Flashblocks with BALs](https://www.youtube.com/watch?v=lr7IrrbLL7k) by [Haardik](https://www.haardik.dev/)
  - [Thread](https://x.com/DistributedMarz/status/1974115227630514534) by @dmarz

- [Deeply Intents: DeFi is the Future of Ethereum](https://www.youtube.com/watch?v=isuvwRz559w) invites [Nikita](https://x.com/NovaOvchinnik) for a conversation on DEX design, solvers, and [Barter](https://barterswap.xyz/).
  - [Thread](https://x.com/apriori0x/status/1973380739145019842) by [apriori](https://x.com/apriori0x)

- [Deeply Intents - Episode 25: Respect the Graph](https://www.youtube.com/watch?v=kyIYAKRrYxI) invites [Shoaib Ahmed](https://x.com/sufialhussaini) to discuss intents, TEEs, one-shot signatures, [Cycles](https://cycles.money/), and more.
  - [Thread](https://x.com/apriori0x/status/1974598576954040629) by[apriori](https://x.com/apriori0x)

- [The Ethereum Foundation on its Mission to Solve Interop](https://www.youtube.com/watch?v=CKNtXPPOjVM) invites [Joshua Rudolf](https://x.com/rudolf6_) and [Barnabé Monnot](https://barnabemonnot.com/) for a conversation on [Ethereum Foundation](https://ethereum.foundation/)’s [strategic initiatives](https://protocol.ethereum.foundation/), cross-chain interoperability, and the [Open Intents Framework](https://www.openintents.xyz/The-Open-Intents-Framework-Intents-As-A-Public-Good-1976d35200d680fb8215f28775e067ec).
  - [Post](https://x.com/lifiprotocol/status/1974098877004591608) by [LI.FI](http://li.fi)
  - [Post](https://x.com/arjunnchand/status/1974410227492765931) by [Arjun Chand](https://x.com/arjunnchand)

- [All Core Devs - Consensus (ACDC) #166](https://www.youtube.com/watch?v=d-uG-anQWA0) hosted by[Alex Stokes](https://stokes.io/) discussed Fusaka testnet activations, and progress on Glamsterdam devnets.
  - [Agenda](https://github.com/ethereum/pm/issues/1740) by[nixo.eth](https://x.com/nixorokish)
  - [Notes](https://etherworld.co/2025/10/02/highlights-from-the-all-core-developers-consensus-acdc-call-166/) by[Yash Kamal Chaturvedi](https://x.com/YashKamalChatu1)

- [All Core Devs - Testing (ACDT) #56](https://www.youtube.com/watch?v=dfngSRH8r4E) hosted by [parithosh](https://x.com/parithosh_j) covered updates from the Fusaka activation on Holešky, 60M gas limit testing, and Glamsterdam headliners.
  - [Agenda](https://github.com/ethereum/pm/issues/1750) by [parithosh](https://x.com/parithosh_j)

- [L2 Interop Working Group Call #15](https://www.youtube.com/watch?v=ySiKDAdyVMw) hosted by[Joshua Rudolf](https://x.com/rudolf6_) discussed [Fast Synchronous Finality](https://docs.google.com/presentation/d/1kbl-yvLNaplca_PUecfUOO_KAI-SRyeVEMpx8JsHemw/edit?slide=id.p#slide=id.p), ENS-based chain registry, synchronous cross‑rollup composability, and more.
  - [Notes](https://notes.ethereum.org/@rudolf/interop-15) by [Joshua Rudolf](https://x.com/rudolf6_)
  - [Post](https://x.com/rudolf6_/status/1973650907633164539) by [Joshua Rudolf](https://x.com/rudolf6_)

- [ZK Podcast](https://zeroknowledge.fm/): [Verifiable Key Management and TEEs with Turnkey](https://zeroknowledge.fm/podcast/379/) invites [Arnaud Brousseau](http://x.com/arnaudbrousseau) and [Jack Kearney](http://x.com/whojackjones) for a conversation on remote attestations, reproducible builds, and verifiable key management using TEEs.

# Other

- [WireTap: Breaking Server SGX via DRAM Bus Interposition](https://wiretap.fail/) by Alex Seto, [Oytun Kuday Duran](https://www.linkedin.com/in/oytunkuday/), [Samy Amer](https://www.linkedin.com/in/samy-amer-859697171/), [Jalen Chuang](https://gt.rsp.rip/), [Stephan van Schaik](https://codentium.com/about), [Daniel Genkin](https://genkin.io/), and [Christina Garman](https://www.cs.purdue.edu/homes/clg) demonstrates how Intel SGX’s security can be compromised by a low-cost device that physically monitors memory traffic to extract the secret attestation key.
  - [Post](https://x.com/DanielGenkin/status/1973070988519559205) by [Daniel Genkin](https://genkin.io/)
  - [More Information on Encrypted Memory Frameworks for Intel Confidential Computing](https://www.intel.com/content/www/us/en/developer/articles/news/more-information-encrypted-memory-frameworks.html) by [Intel](https://www.intel.com/)
  - [SEV-SNP Physical Memory Aliasing](https://www.amd.com/en/resources/product-security/bulletin/amd-sb-3024.html) by [AMD](https://www.amd.com/)
  - [Thread](https://x.com/_weidai/status/1973538453112627224) by [Wei Dai](https://wdai.us/)
  - [Post](https://x.com/0xQuintus/status/1973764575976882332) by @Quintus
  - [Post](https://x.com/DistributedMarz/status/1973662307642384436) by @dmarz
  - [Post](https://x.com/0xkydo/status/1973538391850623294) by [Kydo](https://x.com/0xkydo)

- [Searcher Competition in Block Building](https://arxiv.org/abs/2407.07474) by [Akaki Mamageishvili](https://mamageishvili.info/), @Christoph, [Benny Sudakov](https://people.math.ethz.ch/~sudakovb/), and @sui414 has been updated with an extension of the baseline model with one proposer to multiple concurrent proposers.
  - [Post](https://x.com/kakia1989/status/1973434206878351807) by [Akaki Mamageishvili](https://mamageishvili.info/)

- [Fusaka bandwidth estimation](https://ethpandaops.io/posts/fusaka-bandwidth-estimation/) by [parithosh](https://x.com/parithosh_j) and [Sam Calder-Mason](https://x.com/samcmAU) shares observations from Fusaka activation on the Holešky testnet, with a focus on PeerDAS and blob propagation.
  - [Thread](https://x.com/ethPandaOps/status/1975500762697638168) by [ethPandaOps](https://ethpandaops.io/)

- [Checkpoint #6: Oct 2025](https://blog.ethereum.org/2025/10/01/checkpoint-6) by [nixo.eth](https://x.com/nixorokish) gives a high-level summary from recent All Core Developer calls, focusing on Fusaka testnets, gas limit increases, and Glamsterdam planning.
  - [Post](https://x.com/nixorokish/status/1973246009028538540) by[nixo.eth](https://x.com/nixorokish)

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