# The MEV Letter #131 **URL:** https://collective.flashbots.net/t/the-mev-letter-131/5634 **Category:** The Flashbots Ship **Tags:** the-mev-letter **Created:** [March 25, 2026, 10:57pm UTC](https://collective.flashbots.net/t/the-mev-letter-131/5634 "2026-03-25T22:57:06Z") **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: [March 25, 2026, 10:57pm UTC](https://collective.flashbots.net/t/the-mev-letter-131/5634/1 "2026-03-25T22:57:06Z")
_ **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 - [Just-in-Time Resale in an Ahead-of-Time Auction: An Event Study](http://arxiv.org/abs/2603.20175v1) by @boz1, @Christoph, and [Akaki Mamageishvili](https://mamageishvili.info) studies [Arbitrum](https://arbitrum.io/)’s [Timeboost](https://docs.arbitrum.io/how-arbitrum-works/timeboost/gentle-introduction) mechanism following the adoption of [Kairos](https://kairos-timeboost.xyz/) 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. - [Post](https://x.com/boez95/status/2036080415165776224) by @boz1 - [Proof-of-Time: Completing the Timing Game](https://collective.flashbots.net/t/proof-of-time-completing-the-timing-game/5633) by [OpenTTT Research Team](https://github.com/Helm-Protocol/OpenTTT) responds to [Timing Games: Probabilistic backrunning and spam](https://arxiv.org/abs/2602.22032) by @0xSybil, @Christoph and[Akaki Mamageishvili](http://mamageishvili.info/) with thoughts on how [Proof-of-Time](https://collective.flashbots.net/t/proof-of-time-from-trust-based-to-physics-based-transaction-ordering/5618) could move the Nash equilibrium so spam becomes irrational for most MEV opportunities. - [Optimal Hedge Ratio for Delta-Neutral Liquidity Provision under Liquidation Constraints](http://arxiv.org/abs/2603.19716v1) by [Atsushi Hane](https://arxiv.org/search/q-fin?searchtype=author&query=Hane,+A) 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](https://blog.ethereum.org/en/2026/03/23/l1-l2-ethereum) by [Joshua Rudolf](https://x.com/rudolf6_), [Julian Ma](https://x.com/_julianma), and [Josh Stark](https://x.com/0xstark) 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. - [Post](https://x.com/rudolf6_/status/2036139486846091745) by [Joshua Rudolf](https://x.com/rudolf6_) - [Why a Variable Payload Deadline Only Helps by ~6%](https://ethresear.ch/t/why-a-variable-payload-deadline-only-helps-by-6/24488) by [Toni Wahrstätter](https://toniwahrstaetter.com) describes why [a variable payload deadline](https://github.com/ethereum/consensus-specs/pull/4843) under [ePBS](https://eips.ethereum.org/EIPS/eip-7732) has minimal gains and fundamental problems in practice - [Post](https://x.com/nero_eth/status/2036027958406566066) by [Toni Wahrstätter](https://toniwahrstaetter.com) - [Outcome Preconfs: Verifying Block Commitments Without the Block](https://ethresear.ch/t/outcome-preconfs-verifying-block-commitments-without-the-block/24466) by [Jason Vranek](https://x.com/jasnoodle) details a way to leverage [BALs](https://eips.ethereum.org/EIPS/eip-7928) to enable trustless verification of proposer commitments without revealing the full block body. - [Post](https://x.com/jasnoodle/status/2035026120421384235) by [Jason Vranek](https://x.com/jasnoodle) - [Post](https://x.com/mostlyblocks/status/2035028258333323438) by [Michael Moser](https://x.com/mostlyblocks) - [Open vs. Sealed: Auction Format Choice for Maximal Extractable Value](https://ethresear.ch/t/open-vs-sealed-auction-format-choice-for-maximal-extractable-value/24454) by[NuConstruct](https://nuconstruct.xyz/) summarizes findings from [their paper](https://arxiv.org/abs/2603.16333) on optimal auction design for MEV markets on Ethereum, comparing first-price sealed-bid, second-price sealed-bid, English, Dutch, and all-pay. - [Thread](https://x.com/0x9212ce55/status/2034675700158927211) by[0xprincess](https://x.com/0x9212ce55) - [Deep Dive on Permissioned Blockchains - Jovay](https://collective.flashbots.net/t/deep-dive-on-permissioned-blockchains-jovay/5623) by @tesa examines [Jovay Network](https://jovay.io/)ʻs technical architecture and what it reveals about the tradeoffs necessary to comply with Asia regulators. - [Introducing Eureka Labs: A New Execution Environment for Ethereum](https://eurekabuilder.substack.com/p/introducing-eureka-labs-a-new-execution) by [Eureka Labs](https://eurekalabs.xyz/) 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](https://substack.com/home/post/p-191489973) by [Davide Rezzoli](https://x.com/0xseiryu) studies the default priority fee suggestions in different wallets and finds them to be highly wallet-dependent and largely decoupled from congestion. - [Thread](https://x.com/0xseiryu/status/2036128189731197103) by [Davide Rezzoli](https://x.com/0xseiryu) - [Ethereum’s Geographic Blind Spot, Lessons from Running 25K+ Validators in Asia](https://x.com/FourPillarsFP/status/2034539877082292322)by [Rejamong](https://x.com/r2Jamong) 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](https://x.com/blockspaceforum/status/2034999394555003080) by [Blockspace Forum](https://x.com/blockspaceforum) 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. - [Post](https://x.com/mostlyblocks/status/2035004949910655161) by [Michael Moser](https://x.com/mostlyblocks) - [Post](https://x.com/drewvdw/status/2035001166229041161) by[Drew Van der Werff](https://x.com/drewvdw) - [Ethereum Preserves the Right to Quit](https://x.com/jchaskin22/status/2034274666269823376) by [Jason Chaskin](https://x.com/jchaskin22) 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](https://www.shutter.network/) published a [thread](https://x.com/shutternetwork/status/2036758503386407080) sharing 9 upcoming talks related to MEV at [EthCC[9]](https://ethcc.io/). - [Thomas Thiery](https://x.com/soispoke) published a[thread](https://x.com/soispoke/status/2034587465382514773) describing a path for how native AA, 2D nonces, encrypted[Frame Transactions](https://eips.ethereum.org/EIPS/eip-8141), and[FOCIL](https://eips.ethereum.org/EIPS/eip-7805) can enable self-submitted private L1 swaps with guaranteed inclusion. - [Ethereum.org](http://ethereum.org/) published a [thread](https://x.com/ethdotorg/status/2036126042067206172) explaining Ethereum’s next upgrade, [Glamsterdam](https://forkcast.org/upgrade/glamsterdam), which will include [ePBS](https://eips.ethereum.org/EIPS/eip-7732) and [BALs](https://eips.ethereum.org/EIPS/eip-7928) as headliners, along with [additional EIPs](https://eips.ethereum.org/EIPS/eip-7773) under consideration to improve UX and network sustainability. # Talks & Discussions - [WTF is an Encrypted Mempool?](https://x.com/i/spaces/1vKpPrgOmPgKE?s=20) invites [Julian Ma](https://x.com/_julianma) and [Luis Bezzenberger](https://x.com/bezzenberger) to discuss encrypted mempools and their impact on users and developers. - [Bankless](https://www.bankless.com/): [Ethereum’s Quantum Plan Before Q-Day](https://www.youtube.com/watch?v=wURmzLKhJco) invites [Justin Drake](https://x.com/drakefjustin) for a conversation on the quantum vulnerabilities facing blockchains today, and Ethereum’s post-quantum roadmap. - [Post](https://x.com/Bankless/status/2036050330509529222) by [Bankless](https://x.com/Bankless) - [All Core Devs - Consensus (ACDC) #176, Mar 19, 2026](https://www.youtube.com/watch?v=UGyK9VOxFgU) hosted by [Alex Stokes](https://stokes.io) discussed updates related to Glamsterdam devnet-0, devnet-1, Hegotá scoping, and more. - [Agenda](https://github.com/ethereum/pm/issues/1941) by [nixo.eth](https://x.com/nixorokish) - [Notes](https://etherworld.co/highlights-from-the-all-core-developers-consensus-acdc-call-176/) by [Yash Kamal Chaturvedi](https://x.com/YashKamalChatu1) - [All Core Devs - Testing (ACDT) #75, March 23, 2026](https://www.youtube.com/watch?v=Eq5S2q_fUGI) hosted by [Mario Vega](https://x.com/elbuenmayini) covered [blob-devnet-0](https://notes.ethereum.org/@ethpandaops/blob-devnet-0), [bal-devnet-3](https://notes.ethereum.org/@ethpandaops/bal-devnet-3), [bal-devnet-4](https://notes.ethereum.org/@ethpandaops/bal-devnet-4), and [epbs-devnet-1](https://notes.ethereum.org/@ethpandaops/epbs-devnet-1). - [Agenda](https://github.com/ethereum/pm/issues/1976) by [danceratopz](https://x.com/danceratopz) - [FOCIL Breakout #31, March 24, 2026](https://www.youtube.com/watch?v=eM1LKIUJbEc) hosted by [Jihoon Song](https://x.com/jih2nn) covered implementation and testing updates related to [FOCIL](http://eip-7805/). - [Agenda](https://github.com/ethereum/pm/issues/1978) by [Jihoon Song](https://x.com/jih2nn) # Other - [Contender v0.9.0](https://github.com/flashbots/contender/releases/tag/v0.9.0) by [Flashbots](https://www.flashbots.net/) introduces a new RPC spammer, support for [Flashblocks](https://github.com/flashbots/rollup-boost/blob/main/specs/flashblocks.md), JSON reports for automated analysis, and more. - [Post](https://x.com/zeroXbrock/status/2036439641050460448) by @brock - [How Informative Are MEV-Share Hints? Searcher Route Choice, Blind Bidding, and Retained Surplus on Flashbots Surfaces](https://collective.flashbots.net/t/how-informative-are-mev-share-hints-searcher-route-choice-blind-bidding-and-retained-surplus-on-flashbots-surfaces/5632) by @vishalsubbu1 shares a draft [FRP](https://github.com/flashbots/mev-research/tree/main?tab=readme-ov-file#flashbots-research-proposals) proposal to examine which opportunity classes searchers should route through [MEV-Share](https://github.com/flashbots/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](https://pq.ethereum.org/) by [Ethereum Foundation](https://ethereum.foundation/) aggregates resources related to Ethereum’s post-quantum research and security efforts. - [Post](https://x.com/ethereumfndn/status/2036464704235692454) by [Ethereum Foundation](https://ethereum.foundation/) - [Post](https://x.com/corcoranwill/status/2036225236798959737) by [Will Corcoran](https://x.com/corcoranwill) - [EIP Champion’s Handbook](https://ps.ethereum.foundation/guides/champion) by [EF Protocol Support](https://ps.ethereum.foundation/) provides an overview of how EIPs move through the Ethereum governance process, from proposal to mainnet. - [Post](https://x.com/nixorokish/status/2036890179781177746) by [nixo.eth](https://x.com/nixorokish) * * * ✉ [**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)