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.
Help improve The MEV Letter by sharing your feedback!
Papers & Articles
- Mind the Gap - Where TEE Attestations Fall Short and Why Do TEEs Need Proof of Cloud by @jonathan and @rezabfil presents the Data Center Execution Assurance (DCEA) attestation protocol to extend attestation to trusted data center hardware by combining two roots of trust - one from the chip manufacturer and a second from the data center operator.
- Space Fabric: A Satellite-Enhanced Trusted Execution Architecture by @rezabfil, Dahlia Malkhi, and Amir Yahalom introduces a satellite-native TEE architecture with on-orbit key generation to provide cryptographic proof that an attested workload executes on a specific satellite rather than on a terrestrial TEE.
- Onchain markets can beat centralised orderbooks. It’s time Ethereum did too by Bebop introduces bopAMM, built in collaboration with Flashbots, Titan Builder, 1010, Tokenwood, and Quasilabs, to coordinate market makers, takers, and block builders into a unified execution path with permissionless updates.
- Characterizing Path-Independent Fees: A Route to Zero Impermanent Loss in CPMMs by Andrey Voronin, Roman Vlasov, Vladimir Gorgadze, Andrey Seoev, and Yury Yanovich characterizes path-independent fee structures for CPMMs, and argues that no single fee rule can remove impermanent loss for every pool state.
- From Impermanent Loss to Sustainable Gain: Quantifying Profitability Zones for Liquidity Providers on DEX by Ignat Melnikov, Roman Vlasov, Vladimir Gorgadze, Andrey Seoev, and Yury Yanovich models how custom fees can reduce impermanent loss for LPs in AMMs, and quantifies symbiotic profitability zones where both LPs and arbitrageurs can profit.
- The Origins of MEV: Systematic Attribution of Arbitrage Opportunity Creation at Scale by Andrei Seoev, Dmitry Belousov, Anastasiia Smirnova, Ksenia Kurinova, Aleksei Smirnov, Denis Fedyanin, and Yury Yanovich introduces an attribution framework for Polygon that traces the origins of atomic arbitrage opportunities and quantifies their value.
- Soldøgn Interop Recap by Tim Beiko summarizes the Soldøgn interop event in Svalbard, attended by over 100 Ethereum core contributors, with a focus on hardening Glamsterdam.
- Post by Tim Beiko
- Post by Ethereum Foundation
- Post by Thomas Thiery
- Post by Toni Wahrstätter
- Gas overflow for multidimensional fee markets by Anders Elowsson introduces Universal overflow as a minimal EIP-7999-compatible multidimensional fee-market mechanism that preserves legacy gas semantics without overpricing aggregate EVM gas.
- Intents can now do more: Introducing Atomic Bundles by CoW DAO introduces Atomic Bundles as a reusable smart contract template that lets developers bundle atomic, multi-step DeFi actions.
- Honest reorgs in Gloas by Potuz describe new types of honest reorgs and EL rollbacks that can occur after the Gloas upgrade, due to payloads and beacon blocks being synced at different times.
- Rails and Cargo: Why EIP-8141 Is the Transport That Finally Ships ERC-8211 to Every Ethereum User by Biconomy outlines synergies between structured payloads in Smart Batching and universal transport in Frame transactions.
Posts & Threads
- @Hasu published a post highlighting an outcome from the Soldøgn interop event to raise the gas limit from 60M to 200M in Glamsterdam as a result of innovations such as ePBS and BALs.
- The Next Bottleneck for Institutional Crypto is Vendor Risk by Tesa Ho details the importance of SOC 2 and ISO 27001 for institutional adoption of blockchains.
- Kubi Mensah published a thread announcing that propAMM liquidity is now available via Titan Builder.
- Hang Yin published a thread detailing how the Copy Fail attack works, and why dstack is not affected.
Talks & Discussions
- Epicenter: Why Only 3 Builders Control All of Ethereum invites Kubi Mensah for a conversation about the current block-building landscape and the potential impact of protocol upgrades such as ePBS and FOCIL going forward.
- Post by Friederike Ernst
- Post by Kubi Mensah
- Encrypt The Mempool #3, April 29, 2026 hosted by Justin Florentine discussed LUCID, Encrypted Frame Transactions, Same-Slot Decryption, and elusive sandwich attacks.
Other
- Flashbox Incident Report: April 30, 2026 by @Moe shares a summary of the action taken by Flashbots to upgrade Flashbox images impacted by the Copy Fail on April 30th.
- Soldøgn by Protocol Support Team aggregates notes and resources from the interop event in Svalbard where over 100 core developers gathered with the goal of hardening Glamsterdam implementations and scaling Ethereum without compromising on its security.
- EIP-8250: Keyed Nonces for Frame Transactions by Thomas Thiery proposes EIP-8250 for Hegotá to give Frame transactions independent replay domains, unlocking concurrent transactions from trustless privacy protocols.
- Post by Thomas Thiery
- Post by Vitalik Buterin
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