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.
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Papers & Articles
- FlowProxy: Approaching Optimality by Lorenzo and mempirate presents a quantitative analysis of order losses and latencies across BuilderNet, and outlines a series of optimizations to FloxProxy that reduce both latencies and resource consumption.
- Forum post by mempirate
- Thread by mempirate
- The CoinAlg Bind: Profitability-Fairness Tradeoffs in Collective Investment Algorithms by Andrés Fábrega, James Austgen, Samuel Breckenridge, Jay Yu, Amy Zhao, @sarah.allen, Aditya Saraf, and Ari Juels presents a theoretical and empirical analysis of Collective Investment Algorithms (CoinAlgs), showing that any such system necessarily incurs a tradeoff between protecting investor fairness, and maximizing trading profitability.
- Second Thoughts: How 1-second subslots transform CEX-DEX Arbitrage on Ethereum by Aleksei Adadurov, Sergey Barseghyan, Anton Chtepine, Antero Eloranta, Andrei Sebyakin, and Arsenii Valitov examines the effects on CEX-DEX arbitrage activity if Ethereum slot times were reduced to 1-second subslots, showing a 535% increase in transaction count and 203% increase in volume due to reduced execution risk.
- Architecting Ethereum’s Future by Nethermind highlights their contributions to the Fusaka upgrade with EIPs to improve data availability, execution efficiency, fee predictability, and more.
- Thread by Nethermind
- Non-Reactive Finance (NoRFi) - A Deterministic Foundation for DeFi by Matt Hooft outlines an alternative DeFi design that replaces oracle-triggered liquidations and reactive auctions with explicit commitments and time-based state transitions.
- Post by Matt Hooft
- The State of Interop for 2026 by Arjun Chand details the evolution, and current landscape of cross-chain interoperability infrastructure.
Posts & Threads
- @dataalways published a thread sharing data on CL client diversity by proposers connected to the Flashbots Relay, with Lighthouse being the most prevalent.
- Vitalik Buterin published a post reflecting on Ethereum’s technical advances in 2025, and outlines remaining challenges for the network to serve as censorship-resistant, civilizational infrastructure.
- Vitalik Buterin published a post describing the 10-year journey culminating in PeerDAS and zkEVMs, evolving Ethereum into a fundamentally new network and solving the blockchain trilemma.
- Toni Wahrstätter published a post revisiting Is it worth using MEV-Boost? with new data, finding that blocks from MEV-Boost still have 3-4 times higher rewards compared to locally built blocks.
- Ethereum Foundation published a thread highlighting the successful BPO2 upgrade on mainnet, increasing the number of blobs per block to target 14 and max at 21.
- Post by Alex Stokes
Talks & Discussions
- Defi Today: Enhancing Liquidity through RFQs and AMMs with Danning Sui, Nicolas Baum, Nikita Ovchinnik, and Kenneth Ng discussed how RFQ systems and AMMs interact to improve liquidity for users.
- Post by Defi Today
- All Core Devs - Execution (ACDE) #227 hosted by Ansgar Dietrichs covered ACD process updates and discussed Glamsterdam scoping.
Other
- Contender v0.7.0 by Flashbots introduces async cache processing, campaigns to run multiple scenarios in parallel, manual gas price override, and more.
- bids.pics by Toni Wahrstätter is a live view of block builders bidding in the MEV-Boost auction.
- xof.pics by Toni Wahrstätter is a block explorer that categorizes transactions based on whether they were broadcast to the public mempool, or sent as private orderflow.
- ePBS Fork Choice Payload Extension and Reorgs by Terence Tsao outlines how the ePBS fork choice rule is influenced by execution payload status, proposer boost behavior, and reorg interactions.
- Post by Terence Tsao
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