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.
Papers & Articles
- Imperfect Commitment in Maximal Extractable Value Auctions by Aleksei Adadurov, Sergey Barseghyan, Anton Chtepine, Antero Eloranta, Andrei Sebyakin, and Arsenii Valitov studies the commitment problem in MEV auctions in which builders may defect after observing bids and replicate searcher strategies.
- Herring: Parallel Batch-Order-Fairness on DAG-based Blockchain Consensus by Marko Putnik and Jérémie Decouchant introduces a DAG-based BFT protocol to reduce front-running and sandwich attacks by incorporating parallel batch-order fairness.
- Physical integrity, attestation, and the state of permissionless TEEs by Frieder Erdmann examines how recent physical attacks on TEEs undermine bare DCAP-based trust models and argues for adding verifiable operator custody endorsements to permissionless TEE networks.
- Building towards Multi-Party Block Construction by Michael Moser, Kubi Mensah, Alexander Tesfamichael, and Drew Van der Werff introduces Multi-Party Block Construction (MPBC) as a way for multiple builders to contribute to a single block, reducing dependence on a single builder’s transaction inclusion.
- The Origins of MEV: Attribution of Arbitrage Opportunity Creation by Aya Seoeva presents findings from 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, which introduces a framework for attributing atomic arbitrage opportunities on Polygon.
- Extraction Is Conserved: From MEV to GEV by William Glynn frames MEV as one channel within a wider system of value extraction, in which mechanisms that reduce order-based extraction can shift value capture toward governance, tokens, or oracles.
- Formalizing FOCIL in Lean 4 by Rahul Barman formalizes FOCIL’s censorship-resistance logic in Lean and identifies open questions around equivocation, transaction validity, and fork-choice state.
- ePBS Changes How Ethereum Scales by Terence Tsao explains how ePBS supports higher gas and blob limits by separating beacon blocks, execution payloads, and blobs into different slot deadlines.
- Post by Terence Tsao
- Smart Batching SDK: Building on ERC-8211 Without Touching Solidity by Mislav Javor introduces Smart Batching SDK for building composable ERC-8211 transactions on EVM smart accounts.
- Thread by Biconomy
- Post by Barnabé Monnot
- The latency cost of censorship resistance by a16z crypto outlines why any censorship-resistant BFT protocol requires at least 2 extra rounds beyond the standard BFT baseline, for a minimum of 5 rounds.
- Announcing the Private Transfers Dashboard by Privacy Stewards of Ethereum introduces Private Transfers Dashboard, which benchmarks and compares private transfer protocols on Ethereum across cost, security, compliance, composability, and more.
- Replaying a year of mainnet with the Fast Confirmation Rule by Sam Calder-Mason and
Andrew Davis introduces FCR Simulator by EthPandaOps as a multi-client simulation system for benchmarking each CL client’s implementation of Fast Confirmation Rule (FCR). - Validator Report: Investigate Validator Performance by Andrew Davis demonstrates how to use Validator Report by EthPandaOps to analyze validator performance, including attestation correctness, sync committee participation, and balance history.
- Post by EthPandaOps
Posts & Threads
- Vitalik Buterin published a post sharing thoughts on Ethereum Foundation’s focus toward CROPS-aligned work that would not reliably happen elsewhere in the ecosystem.
- Theo Beutel published a thread framing CROPS as a way to turn Ethereum’s values into secure infrastructure that protects openness, privacy, and permissionless access.
- mrs kzg.eth published a thread describing the Kohaku initiative to make end-to-end private transactions the Ethereum norm via the wallet layer.
- A More Intentional Ethereum: LI.FI Intents and the Open Intents Framework by LI.FI introduces LI.FI Intents as a production implementation of the Open Intents Framework, giving apps access to modular intent execution and a competitive solver network.
- fricoben published a thread sharing methodology and results from formally verifying smart contract invariants across Ethereum protocols using AI and Lean.
- nixo.eth published a thread explaining the new SFI status definition, and how it’s used for planning and coordinating Ethereum hard forks
Talks & Discussions
- All Core Devs - Execution (ACDE) #237, May 21, 2026 hosted by nixo.eth discussed Glamsterdam devnet updates, and non-headliner proposals for Hegotá.
- Fast Confirmation Rule (FCR) #8, May 26, 2026 hosted by Will Corcoran covered specification updates, client implementations, and testing of Fast Confirmation Rule.
Other
- EIP-8272: Recent Roots for Frame Transactions by Thomas Thiery, Toni Wahrstätter, and Vitalik Buterin introduces a way for Frame Transactions to carry recent commitment tree roots, enabling private transactions to get FOCIL inclusion guarantees.
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