# The MEV Letter #118 **URL:** https://collective.flashbots.net/t/the-mev-letter-118/5444 **Category:** The Flashbots Ship **Tags:** the-mev-letter **Created:** [December 19, 2025, 9:30pm UTC](https://collective.flashbots.net/t/the-mev-letter-118/5444 "2025-12-19T21:30:32Z") **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: [December 19, 2025, 9:30pm UTC](https://collective.flashbots.net/t/the-mev-letter-118/5444/1 "2025-12-19T21:30:32Z")
_ **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 - [A Consensus Layer Client Diversity Snapshot](https://collective.flashbots.net/t/a-consensus-layer-client-diversity-snapshot/5431) by @dataalways analyzes CL client diversity among proposers connected to the [Flashbots MEV-Boost Relay](https://boost-relay.flashbots.net/), and how market shares has evolved throughout the year. - [Post](https://x.com/dataalways/status/2001038727938748628) by @dataalways - [How the MEV Supply Chain Reacts to Circuit Breakers](https://collective.flashbots.net/t/how-the-mev-supply-chain-reacts-to-circuit-breakers/5439) by @dataalways details the consequences of the [Prysm client failure](https://prysm.offchainlabs.com/docs/misc/mainnet-postmortems/#fusaka-mainnet-prysm-incident) following the Fusaka upgrade which caused missed slots, a fallback to local block production, and transactions being routed to the public mempool. - [Post](https://x.com/dataalways/status/2001849847280996806) by @dataalways - [Prop AMMs on EVM: A Proof of Concept](https://collective.flashbots.net/t/prop-amms-on-evm-a-proof-of-concept/5440) by @optimus outlines an architecture for an EVM-based Prop AMM that introduces a priority lane in the builder logic to execute Top-of-Block price updates before swaps. - [Post](https://x.com/0xoptimus/status/2002054259182084112) by @optimus - [An Observation on Ethereum’s Blockspace Market](https://ethresear.ch/t/an-observation-on-ethereum-s-blockspace-market/23669) by [Kubi Mensah](https://x.com/kubimensah), [Alexander Tesfamichael](https://x.com/alextes), [Kevin Lepsoe](https://x.com/lepsoe), and [Justin Drake](https://x.com/drakefjustin) analyzes how Ethereum’s blockspace market has evolved under PBS, highlights current inefficiencies, and outlines ten principles to evolve the market and address emerging challenges. - [Post](https://x.com/kubimensah/status/2000944532976775463) by [Kubi Mensah](https://x.com/kubimensah) - [Post](https://x.com/gattacahq/status/2000951560558313559) by [Gattaca](https://www.gattaca.com/) - [Thread](https://x.com/DrewVdW/status/2000943900333367800) by [Drew Van der Werff](https://x.com/DrewVdW) - [Post](https://x.com/fede_intern/status/2001138402909974885) by [Fede’s intern](https://x.com/fede_intern) - [Post](https://x.com/mostlyblocks/status/2000944045019766941) by [Michael Moser](https://x.com/mostlyblocks) - [Post](https://x.com/binji_x/status/2001349789997301996) by [binji](https://x.com/binji_x) - [DPaaS: Improving Decentralization by Removing Relays in Ethereum PBS](https://eprint.iacr.org/2025/2126) by[Chenyang Liu](https://x.com/chenyan90815787),[Ittai Abraham](https://x.com/ittaia),[Matthew Lentz](https://x.com/mattlentz_), and[Kartik Nayak](https://x.com/kartik1507) presents a backward-compatible alternative to MEV-Boost that replaces centralized relays with a fault-tolerant network of TEEs. - [Blog post](https://decentralizedthoughts.github.io/2025-12-12-dpaas/) by [Chenyang Liu](https://x.com/chenyan90815787), [Ittai Abraham](https://x.com/ittaia), [Matthew Lentz](https://x.com/mattlentz_), and [Kartik Nayak](https://x.com/kartik1507) - [Post](https://x.com/kartik1507/status/2000247615397711989) by [Kartik Nayak](https://x.com/kartik1507) - [The Future of Ethereum’s State](https://blog.ethereum.org/2025/12/16/future-of-state) by [Wei Han Ng](https://x.com/hwwonx), [Carlos Pérez](https://x.com/CPerezz19), and [Stateless Consensus](https://x.com/StatelessEth) outlines the challenges posed by Ethereum’s expanding state size and explores solutions, including stateless validation and state expiry, to ensure long-term scalability, decentralization, and censorship resistance. - [Thread](https://x.com/StatelessEth/status/2001299477693698242) by [Stateless Consensus](https://x.com/StatelessEth) - [Post](https://x.com/CPerezz19/status/2001299902228205990) by [Carlos Pérez](https://x.com/CPerezz19) - [Aligning incentives with the Sunrise Pact](https://ashiq.co.za/posts/The-Sunrise-Pact/) by [oastedsteaksandwich](https://x.com/AshiqAmien) recounts a searcher’s year-long journey of capturing hourly emissions from [Beanstalk](https://bean.money/), including setting up [cooperative onchain pacts with other searchers](https://arbiscan.io/idm?addresses=0x71d8d9ba24787ce96ed89ad8bcdd2c62d037e4c9%2c0xc1c58895d535475b538d69583529486a409821da&type=1), until the strategy eventually collapsed into a race to 0. - [Thread](https://x.com/ashiqamien/status/1999423147247042578) by [toastedsteaksandwich](https://x.com/AshiqAmien) - [Preconfirmations, Flashblocks, Shreds: How Blockchains Become Faster Than 1 Second](https://gogol.substack.com/p/preconfirmations-flashblocks-shreds) by [Krzysztof Gogol](https://x.com/krzysgogol) explores how chains are reducing their transaction confirmation times through preconfirmations, [Flashblocks](https://github.com/flashbots/rollup-boost/blob/main/specs/flashblocks.md), shreds, and other techniques. - [Introducing the Universal Enshrined Encrypted Mempool EIP](https://blog.shutter.network/introducing-the-universal-enshrined-encrypted-mempool-eip/) by[Shutter](https://shutter.network/) introduces [EIP-8105](https://www.encryptedmempool.org/) as a method to send transactions to an encrypted mempool, designed to eliminate front-running, sandwich attacks, and real-time censorship. - [Forum post](https://ethresear.ch/t/universal-enshrined-encrypted-mempool-eip/23685) by [Jannik Luhn](https://ethresear.ch/u/jannikluhn/summary) - [Thread](https://x.com/ShutterNetwork/status/2001302638357573857?s=20) by [Shutter](https://shutter.network/) - [Post](https://x.com/primev_xyz/status/2001316472170398007) by [Primev](https://www.primev.xyz/) - [Getting Ethereum Ready for GigaGas](https://www.nethermind.io/blog/getting-ethereum-ready-for-gigagas)by [Kamil Chodoła](https://x.com/ChodoKamil), [Ben Adams](https://x.com/ben_a_adams), [Marek Moraczynski](https://x.com/M25Marek), and [Carlos Bermudez](https://x.com/CBermudez97) presents [Execution Payloads Benchmarks](https://github.com/NethermindEth/execution-payloads-benchmarks) by[Nethermind](https://www.nethermind.io/) as a client-agnostic benchmarking framework for stress-testing EL clients using real mainnet data. - [Thread](https://x.com/Nethermind/status/2000949401653502032) by [Nethermind](https://www.nethermind.io/) - [what happened to based sequencing? is sync. composability still a thing?](https://x.com/Junger0x/status/2001697431583330307) by [Jünger](https://x.com/Junger0x) reflects on the evolution, challenges, and ongoing developments in the based sequencing ecosystem. - [Stage 1 requirements update: Security Council walkaway test](https://forum.l2beat.com/t/stage-1-requirements-update-security-council-walkaway-test/412) by [donnoh.eth](https://x.com/donnoh_eth) proposes stricter requirements for rollups to reach Stage 1 by disallowing the active use of the security council to provide censorship resistance, liveness and safety guarantees under non-emergency. - [Thread](https://x.com/l2beat/status/2001993801762738250) by [L2BEAT](https://l2beat.com/) - [LIF: The Lean Intent Framework](https://x.com/0xbodu/status/1999159530614091817) by[Bo Du](https://x.com/0xbodu) presents [Lean Intent Framework](https://github.com/polymerdao/lean-intent-framework) by [Polymer Labs](https://polymerlabs.org/) as a solver-centric alternative to the [Open Intents Framework](https://openintents.xyz/). # Posts & Threads - [Akaki Mamageishvili](http://mamageishvili.info/) published a [post](https://x.com/kakia1989/status/2000902696342048983) detailing an update to [On Sybil-proof Mechanisms](https://arxiv.org/abs/2407.14485) by[Minghao Pan](https://scholar.google.com/citations?user=glJ6EesAAAAJ&hl=en),[Bruno Mazorra](https://x.com/0xBrMazoRoig),[Christoph Schlegel](https://christophschlegel.com/), and[Akaki Mamageishvili.](http://mamageishvili.info/). - [Ethereum.org](http://ethereum.org) published a [thread](https://x.com/ethereum/status/1999159324443312260), authored by [Rajeev](https://x.com/0xRajeev), on how the Fusaka upgrade improves scalability without sacrificing security to establish Ethereum as _civilizational trustware_. - [Toni Wahrstätter](https://toniwahrstaetter.com/) published a[post](https://x.com/nero_eth/status/2001646710595240223) announcing that the [first devnet](https://dora.bal-devnet-1.ethpandaops.io/) for [BALs](https://eips.ethereum.org/EIPS/eip-7928) has launched. - [ladislaus.eth](https://x.com/ladislaus0x) published a [thread](https://x.com/ladislaus0x/status/2001976122473685425) providing an update from [Protocol at Ethereum Foundation](https://protocol.ethereum.foundation/) on zkEVMs, gas repricing, post-quantum signature aggregation, and more. # Talks & Discussions - [Recordings](https://youtube.com/playlist?list=PLSsVHWrO8Yh2ZGBLyQRJAZNymvVCOlJJl&si=m4wDLf7EkNXaXD-Q) from [Ethereum Cypherpunk Congress 2](https://congress.web3privacy.info/) hosted by [Web3Privacy](https://web3privacy.info/) has been uploaded: - [Making Silicon Cypherpunk](https://www.youtube.com/watch?v=m0k3IF0cItw) by @ahmed and @Quintus - [Data Liberation & Adversarial Interop with TEE and OAuth3](https://www.youtube.com/watch?v=sxln2WLqvho) by @socrates1024 - [Integrating Tor into Ethereum](https://youtu.be/9KEdd1uR6XE?si=1I6LdVkiHR9BI4ho) with [Vitalik Buterin](https://vitalik.eth.limo/) and [Roger Dingledine](https://x.com/RogerDingledine) - [DeFi Punk](https://www.youtube.com/watch?v=kMDRxFBgAWU) by [Hsiao Wei Wang](https://x.com/hwwonx) - [Panel: From Tornado Cash to future developers protection](https://youtu.be/MEiq_WXfRKc?si=yQq-nbWnpiDxhbhv) with [Fatemeh Fannisadeh](https://www.linkedin.com/in/fatemehfannizadeh), [Marina Markezic](https://x.com/MarinaMarkezic), [Ayanfeoluwa Olajide](https://x.com/ShaperofCulture), [Joan Arús](https://x.com/Joan_Arus) and [Beth McCarthy](https://x.com/ontologymachine) - [Ethereum Privacy Roadmap](https://youtu.be/qCBMjokWBRc?si=FUpKAKnmN8X4j97j) by [Andy Guzman](https://x.com/AndyGuzmanEth) - [Kohaku: Wallet privacy on Ethereum](https://www.youtube.com/watch?v=PSEDY2W9d8A) by [Vitalik Buterin](https://vitalik.eth.limo/), [Nicolas Consigny](https://x.com/ncsgy) and [kassandra.eth](https://x.com/kassandraETH) - [Fireside Chat](https://youtu.be/5At5_GiQNEA?si=kF_Tw_aELh4SbhVV) with [Vitalik Buterin](https://vitalik.eth.limo/) and [Naomi Brockwell](https://x.com/naomibrockwell) - [Thread](https://x.com/web3privacy/status/1999545390983483885) by [Web3Privacy](https://web3privacy.info/) - [CBER Forum](http://www.cber-forum.org/):[Quantitative Strategies in Uniswap v3](https://www.youtube.com/watch?v=OjcuDhKMvhw) by[Evgeny Lyandres](https://x.com/lyandresev) details research on quantitative strategies in [Uniswap v3](https://app.uniswap.org/whitepaper-v3.pdf). - [CBER Forum](http://www.cber-forum.org/):[Structural Analysis of MEV Boost Auctions’](https://www.youtube.com/watch?v=sdmuPvvf7RE) by[Mallesh Pai](https://x.com/malleshpai) presents work analyzing how integrated searcher-builders outcompete neutral builders through CEX/DEX arbitrage. - [Structural Advantages for Integrated Builders in MEV-Boost](https://arxiv.org/abs/2311.09083) by[Mallesh Pai](https://x.com/malleshpai) and[Max Resnick](https://x.com/MaxResnick1) - [CBER Forum](http://www.cber-forum.org/):[A Structural Model of AMMs](https://www.youtube.com/watch?v=GN2X4_R31L8) by[David Cao](https://www.linkedin.com/in/david-cao-a3399662/) describes research on structural modelling of AMMs. - [A Structural Model of Automated Market Making](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4591447) by[David Cao](https://www.linkedin.com/in/david-cao-a3399662/),[Leonid Kogan](https://www.linkedin.com/in/leonid-kogan-71179039/),[Gerry Tsoukalas](https://www.linkedin.com/in/gtsoukalas/) and[Brett Hemenway Falk](https://www.cis.upenn.edu/~fbrett/people.html) - [All Core Devs - Consensus (ACDC) #171](https://www.youtube.com/watch?v=LcDW43G82bA) hosted by [Alex Stokes](https://stokes.io/) covered updates from the BPO1-fork, Glamsterdam testing, FOCIL, headliners for Hegotá, and more. - [Agenda](https://github.com/ethereum/pm/issues/1825) by [nixo.eth](https://x.com/nixorokish/) - [Notes](https://etherworld.co/2025/12/11/highlights-from-the-all-core-developers-consensus-acdc-call-171/) by [Yash Kamal Chaturvedi](https://twitter.com/YashKamalChatu1) - [Notes](https://christinedkim.substack.com/p/acdc-171) by [Christine D. Kim](https://x.com/christine_dkim) - [All Core Devs - Testing (ACDT) #64](https://www.youtube.com/watch?v=JbHnZnkl2Mc) hosted by [Barnabas Busa](https://x.com/BarnabasBusa) discussed BPO-forks, devnets for [BALs](https://eips.ethereum.org/EIPS/eip-7928) and [ePBS](https://eips.ethereum.org/EIPS/eip-7732), and more. - [Agenda](https://github.com/ethereum/pm/issues/1842) by [Barnabas Busa](https://x.com/BarnabasBusa) - [FOCIL Breakout #25](https://www.youtube.com/watch?v=PuKL4OHQRD0) 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/1845) by [Jihoon Song](https://x.com/jih2nn) - [Thread](https://x.com/jih2nn/status/2001570217013711057?s=20) by [Jihoon Song](https://x.com/jih2nn) - [EIP-7928 Breakout #9](https://www.youtube.com/watch?v=pODiyjqC30c) hosted by [Toni Wahrstätter](https://toniwahrstaetter.com/) covered specification changes and client implementations related to [BALs](https://eips.ethereum.org/EIPS/eip-7928). - [Agenda](https://github.com/ethereum/pm/issues/1841) by [Toni Wahrstätter](https://toniwahrstaetter.com/) - [Deeply Intents: Ethereum Has a Censorship Problem. Here is the Fix](https://www.youtube.com/watch?v=CtfuovC64Zs) invites [Thomas Thiery](https://twitter.com/soispoke) for a deep dive into [FOCIL](https://eips.ethereum.org/EIPS/eip-7805), censorship resistance, and the EIP process. - [Thread](https://x.com/apriori0x/status/1999509288444637627) by [apriori](https://x.com/apriori0x) - [Post](https://x.com/soispoke/status/1999510246188802304) by [Thomas Thiery](https://twitter.com/soispoke) - [0age on The Compact: Reusable Resource Locks for Cross-Chain Intents](https://www.youtube.com/watch?v=skyuoLVN1H0) invites [0age](https://x.com/z0age) to discuss how [The Compact](https://github.com/Uniswap/the-compact) by [Uniswap Labs](https://app.uniswap.org/) enables reusable resource locks for tokens to be credibly committed in exchange for performing actions across chains. - [Thread](https://x.com/lifiprotocol/status/1999477543758627071) by [LI.FI](http://li.fi) # Other - [Fusaka Mainnet Prysm Incident](https://prysm.offchainlabs.com/docs/misc/mainnet-postmortems/#fusaka-mainnet-prysm-incident) by [Prysm](https://prysm.offchainlabs.com/) details the Prysm incident following the Fusaka upgrade on mainnet where nearly all Prysm nodes experienced a resource exhaustion event, resulting in missed blocks and attestations. - [Post](https://x.com/terencechain/status/1999921882905379042) by[Terence Tsao](https://twitter.com/terencechain) - [History of a buggy bug](https://www.potuz.net/posts/fulu-bug/) by [Potuz](https://x.com/potuz_eth) analyzes the bug in [Prysm](https://prysm.offchainlabs.com/) that caused attestation validation errors and DoS vulnerabilities after the Fusaka upgrade. - [Post](https://x.com/potuz_eth/status/1999884995247395262) by[Potuz](https://x.com/potuz_eth) - [Ethproofs 2025 Review & 2026 Roadmap](https://ethproofs.org/blog/ethproofs-2025-review-2026-roadmap) by [Fara Woolf](https://x.com/fbwoolf) and [Will Corcoran](https://x.com/corcoranwill) outlines [Ethproofs](https://ethproofs.org/) role in coordinating and benchmarking zkVM and prover performance for Ethereum L1 block proving. - [Post](https://x.com/eth_proofs/status/2001109594676908276) by [Ethproofs](https://ethproofs.org/) - [Thread](https://x.com/tcoratger/status/2001286456749240687) by [tcoratger](https://x.com/tcoratger) - [Africa on the MEV Map](https://collective.flashbots.net/t/africa-on-the-mev-map/5432) by @wisdom examines why Africa remains underrepresented in Ethereum block production and proposes steps to increase activity and make geographical disparities easier to track. - [Post](https://x.com/oxwizzdom/status/2000945087811854392?s=46) by @wisdom - [FRP for Busy Nerds](https://owizdom.github.io/frp-for-busy-nerds/) by @wisdom is an alternative interface for exploring [Flashbots Research Proposals (FRPs)](https://github.com/flashbots/mev-research/tree/main/FRPs). - [Forum post](https://collective.flashbots.net/t/frp-for-busy-nerds/5427) by @wisdom * * * ✉ [**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) ⚡ [Join Flashbots](https://www.flashbots.net/jobs)