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
- ERC: Priority Update Registry (PUR) by @Quintus, @vitaliy, and @Tymur presents a draft contract standard for propAMMs using a shared EVM registry, making propAMM updates easier to prioritize, verify, and analyze across builders.
- Ordering by Unanimity: Giving Applications Sequencing Rights Without Breaking Composability by Andrea Canidio introduces application unanimity override, a transaction ordering rule that lets applications express ordering preferences while preserving safe orders for single-opinion and gated transactions.
- Dynamic Interest Rate Discovery in Decentralized Finance: A Reverse Kelly Automated Market Maker for Risk-Adjusted Lending by Sai Srikanth Madugula, Peplluis Esteva de la Rosa and Daya Shankar analyzes lending protocols on Ethereum and introduces Reverse Kelly Automated Market Maker (rkAMM) for risk-adjusted DeFi lending with dynamic credit-risk pricing.
- Native UTXOs on Ethereum by Toni Wahrstätter introduces a native UTXO scheme for payment-only transactions using Frame Transactions to cut permanent state by roughly 99.8%.
- The Extremely Lean Chain by Vitalik Buterin outlines a vision for how the Ethereum consensus chain can be redesigned to aggressively minimize state requirements, and may allow consensus to scale to millions of validators with strong validator privacy.
- Lean Execution: a holistic approach to secure, efficient, adaptive, and resourceful execution throughput to scale the world-computer by Conall O’Reilly analyzes Lean Ethereum’s execution layer and formalizes Lean Execution as execution sharding with virtual mempools, execution trees, and SNARK-proven parallel sub-blocks.
- Builders’ Defection and Incentive Compatibility by nuconstruct studies whether reputation can enforce builder commitment in repeated PBS auctions, and finds that TEEs, commitment-based settlement, or cryptographic order protection are needed to remove ex-post bid and payload reuse.
Posts & Threads
- @Hasu published a post outlining why falling Ethereum priority fees should be expected as apps upstream MEV through better transaction ordering and execution.
- djosiris.eth published a thread detailing World Chain v2.4.0 with Full Block Access Lists; an out-of-protocol sidecar to Flashblocks that enables parallel pre-processing of full blocks, lowering hardware requirements for validators, and improving decentralization.
- IC3 published a post describing Router by @socrates1024, as one of the projects in Shape Rotator, building on a shared memory layer for teams working with Claude and other MCP-enabled agents
- Vitalik Buterin published a post sharing takeaways from the updated L1 Strawmap by EF protocol, which details a multi-year protocol redesign centered on recursive STARKs, quantum-safe primitives, decoupled finality, and multidimensional gas.
Talks & Discussions
- Recordings from ETHConf hosted by ETHGlobal have been uploaded:
- Zero Knowledge Podcast: Sergey Gorbunov on TEEs and the Arc Privacy Sector invites Sergey Gorbunov for a conversation on Arc and its approach to a TEE-based on-chain privacy.
- All Core Devs - Testing (ACDT) #86, July 6, 2026 hosted by Justin Traglia covered Glamsterdam devnet updates, specification changes, and client implementations.
- Fast Confirmation Rule (FCR) #10, July 7, 2026 hosted by Will Corcoran covered specification updates, client implementations, and testing of Fast Confirmation Rule.
Other
- Ethlabs is online. Week 2. by Barnabé Monnot details Ethlabs’ second week, focused on async interop, propAMMs, ENS, hiring, and closing its fundraise.
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