# The MEV Letter #119

**URL:** https://collective.flashbots.net/t/the-mev-letter-119/5455
**Category:** The Flashbots Ship
**Tags:** the-mev-letter
**Created:** [December 30, 2025, 9:52pm UTC](https://collective.flashbots.net/t/the-mev-letter-119/5455 "2025-12-30T21:52:22Z")
**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: [December 30, 2025, 9:52pm UTC](https://collective.flashbots.net/t/the-mev-letter-119/5455/1 "2025-12-30T21:52:22Z")

</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

- [Sandwiched and Silent: Behavioral Adaptation and Private Channel Exploitation in Ethereum MEV](https://arxiv.org/abs/2512.17602) by [Davide Mancino](https://www.linkedin.com/in/davide-mancino-2729b4109) and [Davide Rezzoli](https://x.com/0xseiryu) examines user behavior following sandwich attacks, and how private routing does not guarantee sandwich protection across all DEXes.
  - [Thread](https://x.com/0xseiryu/status/2003124843232018682) by [Davide Rezzoli](https://x.com/0xseiryu)
  - [Post](https://x.com/PBS_Foundation/status/2003125198783181146) by [PBS Foundation](https://pbs.foundation/)

- [SoK: Speedy Secure Finality](https://arxiv.org/abs/2512.20715) by [Yash Saraswat](https://x.com/0xpanicError) and [Abhimanyu Nag](https://x.com/AbhiMan1601) surveys the design space of fast finality protocols in Ethereum, analyzing trade-offs between dynamic availability, finality, and reorg resilience, with emphasis on [RLMD-GHOST](https://arxiv.org/abs/2302.11326), [Goldfish](https://arxiv.org/abs/2209.03255), and the [3-Slot Finality protocol](https://arxiv.org/abs/2411.00558).
  - [Post](https://x.com/0xpanicError/status/2004142823285879253) by [Yash Saraswat](https://x.com/0xpanicError)
  - [Post](https://x.com/AbhiMan1601/status/2004149729907953796) by [Abhimanyu Nag](https://x.com/AbhiMan1601)

- [On In-Protocol Gas Futures](https://ethresear.ch/t/on-in-protocol-gas-futures/23698) by [Julian Ma](https://twitter.com/_julianma) explains why [EIP-1559](https://eips.ethereum.org/EIPS/eip-1559) is incompatible with in-protocol gas futures, and outlines what an in-protocol gas futures market could look like to improve fee predictability.
- [Block & Blob Propagation with PeerDAS](https://research.chainbound.io/blob-propagation-with-peerdas) by [Pierre-Louis Roman](https://www.linkedin.com/in/pierre-louis-roman/) and [mempirate](https://x.com/mempirate) analyzes the impact of blob count, with and without [PeerDAS](https://eips.ethereum.org/EIPS/eip-7594), on block latency, attestation rate, and orphan rate, and proposes a supernode seeding network to improve latency and attestations.
  - [Forum thread](https://ethresear.ch/t/block-blob-propagation-with-peerdas/23801) by [mempirate](https://x.com/mempirate)
  - [Thread](https://x.com/mempirate/status/2003465523619856859) by [mempirate](https://x.com/mempirate)

- [Improving Aztec Block Production](https://forum.aztec.network/t/improving-aztec-block-production/8238) by[Conor McMenamin](https://x.com/ConorMcMenamin9) outlines limitations of the current preconfirmation layer for [Aztec](https://aztec.network/), and presents two potential paths for improvement.
  - [Post](https://x.com/ConorMcMenamin9/status/2001954684958077190) by [Conor McMenamin](https://x.com/ConorMcMenamin9)

- [Block Building in RISE: A Proof of Real Parallelism](https://collective.flashbots.net/t/block-building-in-rise-a-proof-of-real-parallelism/5450) by @wisdom details the based sequencing, and deterministic parallel execution architecture of [RISE Chain](https://risechain.com/).
- [I Arbitraged USDC. No One Noticed.](https://armv7l.substack.com/p/i-arbitraged-usdc-no-one-noticed) by [Armv7l](https://x.com/Armv7lFx) recounts a persistent USDC mispricing on [CoinEx](https://www.coinex.com/) that enabled profitable cross-exchange arbitrage via a reverse-engineered [Bitget](https://www.bitget.com/) API until the gap closed.
  - [Post](https://x.com/armv7lfx/status/2003855473641156788) by[Armv7l](https://x.com/Armv7lFx)

- [Ethereum Is No Longer a Dark Forest](https://x.com/lepsoe/status/2001928673084207184) by [Kevin Lepsoe](https://x.com/lepsoe) details how [ETHGas](https://www.ethgas.com/)’s [Realtime Blocks](https://docs.ethgas.com/realtime/) enable fast preconfirmations by subdividing L1 blocks into synthetic 50–100ms sub-blocks.

# Posts & Threads

- [Toni Wahrstätter](https://toniwahrstaetter.com/) published a [post](https://x.com/nero_eth/status/2004972045516292339) describing the [current market shares](https://mevboost.pics/) of relays and builders connected to MEV-Boost.
- [L2BEAT](https://l2beat.com/) published a [thread](https://x.com/l2beat/status/2003106444371972576) detailing how [Ethereum Interoperability Layer](https://ethresear.ch/t/eil-trust-minimized-cross-l2-interop/23437) enables trustless cross-chain execution via [ERC-4337](https://eips.ethereum.org/EIPS/eip-4337) and Cross-chain Liquidity Providers (XLPs).

# Talks & Discussions

- [CBER Forum](http://www.cber-forum.org/): [BuilderNet](https://www.youtube.com/watch?v=-C4JrRV4fGg) by @Quintus provides an overview of [BuilderNet](https://buildernet.org/) and how Ethereum’s block building ecosystem has evolved over time.
- [CBER Forum](http://www.cber-forum.org/): [Becoming Immutable How Ethereum is Made](https://www.youtube.com/watch?v=9ovwu6JSS9g) by [Andrea Canidio](https://andreacanidio.com/) presents [an empirical study](https://arxiv.org/abs/2506.04940) of blocks that did not win the MEV-Boost auction, concluding that exclusive orderflow accounts for around 85% of the winning block value.
- [Hasu on: MEV, Market Structure & the Future of Crypto Finance](https://www.youtube.com/watch?v=86o3E93h1-c) invites @Hasu to discuss the evolving MEV ecosystem, DeFi innovations, and the future of options in crypto.
  - [Post](https://x.com/DeriveXYZ/status/2003792325458416121) by [Derive.xyz](http://derive.xyz)
  - [Post](https://x.com/hasufl/status/2003821114066411972?s=52) by [Hasu](https://x.com/hasufl)

- [ETHPanda Talk](https://ethpanda.org/): [From Nethermind to the Ethereum Foundation: Tomasz’s Journey as an Ethereum Core Developer](https://www.youtube.com/watch?v=aTM37IHyY1Q) invites [Tomasz K. Stańczak](https://twitter.com/tkstanczak) for a conversation on Ethereum core development, coordination at the [Ethereum Foundation](https://ethereum.foundation/), cross-chain interoperability, AI, and more.
  - [Thread](https://x.com/ethpanda_org/status/2005458750719582294) by [ETHpanda](https://ethpanda.org/)

- [The Defiant](https://thedefiant.io/): [Ethereum is committed to growing – without ever relinquishing its values](https://x.com/DefiantNews/status/2002069251709153645) invites [Marissa Posner](https://x.com/ThewizardofPOS) and [Yoav Weiss](https://x.com/yoavw) to present how [Ethereum Interoperability Layer](https://ethresear.ch/t/eil-trust-minimized-cross-l2-interop/23437) is designed to make Ethereum’s rollup ecosystem seamlessly interoperate.
  - [Post](https://x.com/thewizardofpos/status/2002069453824274495) by[Marissa Posner](https://x.com/ThewizardofPOS)

- [The Defiant](https://thedefiant.io/): [Uniswap is about to “turn on the switch.”](https://www.youtube.com/watch?v=YmrFn5HQK-g) invites [Hayden Adams](https://x.com/haydenzadams) to discuss the [UNIfication Proposal](https://gov.uniswap.org/t/unification-proposal/25881) to enable protocol fees, consolidate [Uniswap Foundation](https://www.uniswapfoundation.org/) functions into [Uniswap Labs](https://uniswap.org/), and implement a UNI burn mechanism.
  - [Post](https://x.com/DefiantNews/status/2003571745500897633) by [The Defiant](https://thedefiant.io/)

- [Deeply Intents: Cross-chain Money Legos](https://www.youtube.com/watch?v=yK0fYXvWEaE) invites [Orest Tarasiuk](https://x.com/OrestTa) to discuss interoperability, real-time proofs, encrypted mempools, and [t1](https://www.t1protocol.com/).
  - [Thread](https://x.com/apriori0x/status/2002021677559873932) by [apriori](https://x.com/apriori0x)

- [Deeply Intents: Application Controlled Execution (ACE) allows apps to capture value](https://youtu.be/e55oiLOliDw?si=djB5VZOBQj2cuD9C) invites [Ludwig Thouvenin](https://x.com/0xvanbeethoven) for a conversation on MEV mitigation, [Angstrom](https://app.angstrom.xyz/trade), [Brontes](https://sorellalabs.xyz/dashboard), and more.
  - [Thread](https://x.com/apriori0x/status/2004218380094410755) by[apriori](https://x.com/apriori0x)

- [All Core Devs - Execution (ACDE) #226](https://www.youtube.com/watch?v=_KGsKUeH77g) hosted by [Ansgar Dietrichs](https://twitter.com/adietrichs) covered [zkEVM roadmap updates](https://github.com/eth-act/planning/pull/1), Hegotá preparations, testing of Glamsterdam EIPs, and more.
  - [Agenda](https://github.com/ethereum/pm/issues/1837) by [nixo.eth](https://x.com/nixorokish/)
  - [Notes](https://christinedkim.substack.com/p/acde-226) by [Christine D. Kim](https://x.com/christine_dkim)
  - [Notes](https://etherworld.co/highlights-from-the-all-core-developers-execution-acde-call-226/) by [Yash Kamal Chaturvedi](https://twitter.com/YashKamalChatu1)

- [L2 Interop Working Group Call #18](https://www.youtube.com/watch?v=GLSvSyAh54w) hosted by [Joshua Rudolf](https://x.com/rudolf6_) invites [Noah Pravecek](https://x.com/noah_pravecek) to present [ZKsync L1 Interop: A Path To Scaling Ethereum’s Liquidity](https://www.zksync.io/blog/l1-interop-a-path-to-scaling-ethereums-liquidity), followed by a discussion on the [Open Intents Framework](https://openintents.xyz/).
- [Agenda](https://github.com/ethereum/pm/issues/1838) by [Joshua Rudolf](https://x.com/rudolf6_)
- [EIP-7732 Breakout Room Call #29](https://www.youtube.com/watch?v=Fj24f6VsxVg) hosted by [Justin Traglia](https://x.com/JustinTraglia) discussed progress on [ePBS](https://eips.ethereum.org/EIPS/eip-7732) client implementations and testing.
  - [Agenda](https://github.com/ethereum/pm/issues/1835) by [Justin Traglia](https://x.com/JustinTraglia)

# Other

- [Hegota Upgrade EIP Proposal Timelines](https://blog.ethereum.org/2025/12/22/hegota-timeline) by [Ethereum Foundation](https://ethereum.foundation/) announces the initiation of the [Hegotá](https://eips.ethereum.org/EIPS/eip-8081) upgrade process, and the headline EIP proposals and selection.

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