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.
Papers & Articles
- Just-in-Time Resale in an Ahead-of-Time Auction: An Event Study by @boz1, @Christoph, and Akaki Mamageishvili studies Arbitrum’s Timeboost mechanism following the adoption of Kairos by its main users to understand how the emergence of a just-in-time secondary market affects the dynamics of an ahead-of-time primary auction.
- Proof-of-Time: Completing the Timing Game by OpenTTT Research Team responds to Timing Games: Probabilistic backrunning and spam by @0xSybil, @Christoph and Akaki Mamageishvili with thoughts on how Proof-of-Time could move the Nash equilibrium so spam becomes irrational for most MEV opportunities.
- Optimal Hedge Ratio for Delta-Neutral Liquidity Provision under Liquidation Constraints by Atsushi Hane studies the problem of optimally hedging the price exposure of liquidity positions in constant-product AMMs when the hedge is implemented through collateralized borrowing.
- How L1 and L2s can build the strongest possible Ethereum by Joshua Rudolf, Julian Ma, and Josh Stark proposes a vision for the L1-L2 relationship that scales Ethereum as a cohesive system and leverages the strengths of each layer to deliver the most compelling platform for users.
- Why a Variable Payload Deadline Only Helps by ~6% by Toni Wahrstätter describes why a variable payload deadline under ePBS has minimal gains and fundamental problems in practice
- Outcome Preconfs: Verifying Block Commitments Without the Block by Jason Vranek details a way to leverage BALs to enable trustless verification of proposer commitments without revealing the full block body.
- Post by Jason Vranek
- Post by Michael Moser
- Open vs. Sealed: Auction Format Choice for Maximal Extractable Value by NuConstruct summarizes findings from their paper on optimal auction design for MEV markets on Ethereum, comparing first-price sealed-bid, second-price sealed-bid, English, Dutch, and all-pay.
- Thread by 0xprincess
- Deep Dive on Permissioned Blockchains - Jovay by @tesa examines Jovay Networkʻs technical architecture and what it reveals about the tradeoffs necessary to comply with Asia regulators.
- Introducing Eureka Labs: A New Execution Environment for Ethereum by Eureka Labs presents their vision to combine Intra-Block Loans, Builder Execution Extension, Builder Execution Oracle, and Deterministic Block Placement into a new type of block builder on Ethereum.
- Part 1 - The Missing Signal: Why Wallet Priority Fees Fail to Reflect Network Conditions by Davide Rezzoli studies the default priority fee suggestions in different wallets and finds them to be highly wallet-dependent and largely decoupled from congestion.
- Ethereum’s Geographic Blind Spot, Lessons from Running 25K+ Validators in Asia by Rejamong describes how Ethereum’s P2P architecture creates structural disadvantages for validators in Asia, South America, and Africa, and outlines why geographic distribution is necessary for censorship resistance and network resilience.
- Wait by Blockspace Forum explains how proposers are incentivized to delay their header requests to capture higher-value bids, and details the negative impact this has on users and the network.
- Ethereum Preserves the Right to Quit by Jason Chaskin argues that Ethereum must preserve a credible path across the stack so users can always walk away from intermediaries to keep the system honest despite centralization pressures.
Posts & Threads
- Shutter published a thread sharing 9 upcoming talks related to MEV at EthCC[9].
- Thomas Thiery published a thread describing a path for how native AA, 2D nonces, encrypted Frame Transactions, and FOCIL can enable self-submitted private L1 swaps with guaranteed inclusion.
- Ethereum.org published a thread explaining Ethereum’s next upgrade, Glamsterdam, which will include ePBS and BALs as headliners, along with additional EIPs under consideration to improve UX and network sustainability.
Talks & Discussions
- WTF is an Encrypted Mempool? invites Julian Ma and Luis Bezzenberger to discuss encrypted mempools and their impact on users and developers.
- Bankless: Ethereum’s Quantum Plan Before Q-Day invites Justin Drake for a conversation on the quantum vulnerabilities facing blockchains today, and Ethereum’s post-quantum roadmap.
- All Core Devs - Consensus (ACDC) #176, Mar 19, 2026 hosted by Alex Stokes discussed updates related to Glamsterdam devnet-0, devnet-1, Hegotá scoping, and more.
- All Core Devs - Testing (ACDT) #75, March 23, 2026 hosted by Mario Vega covered blob-devnet-0, bal-devnet-3, bal-devnet-4, and epbs-devnet-1.
- FOCIL Breakout #31, March 24, 2026 hosted by Jihoon Song covered implementation and testing updates related to FOCIL.
Other
- Contender v0.9.0 by Flashbots introduces a new RPC spammer, support for Flashblocks, JSON reports for automated analysis, and more.
- How Informative Are MEV-Share Hints? Searcher Route Choice, Blind Bidding, and Retained Surplus on Flashbots Surfaces by @vishalsubbu1 shares a draft FRP proposal to examine which opportunity classes searchers should route through MEV-Share versus private builder paths, and how bid and refund parameters should be set to maximize retained surplus under each route.
- Post-Quantum Ethereum by Ethereum Foundation aggregates resources related to Ethereum’s post-quantum research and security efforts.
- EIP Champion’s Handbook by EF Protocol Support provides an overview of how EIPs move through the Ethereum governance process, from proposal to mainnet.
Sign up here if you’d like to get The MEV Letter straight to your inbox!
Explore previous editions via The MEV Letter explorer
Join Flashbots