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
- From PBS to ePBS: the Microstructure of Block Building by Jingyu Liu, Bolin Zhang, Lin William Cong, Siguang Li, and Xuechao Wang describes how proposers under ePBS can use early bids to intensify later competition, leading builders to hide or lower those bids, and proposes a TEE sidecar that lets proposers commit in advance to stopping and disclosure rules.
- How ePBS Resolves Payload Ambiguity by Terence Tsao details how ePBS resolves payload ambiguity with a sampled committee vote to distinguish timely from late payloads.
- Post by Terence Tsao
- What Institutions Should Know About Blockspace by Kubi Mensah discusses institutional concerns around MEV, and argues that private mempools, encrypted flow, and TEE-based routing already address them.
- Time Is Money: Incentivized Causal Transaction Ordering by Hongyin Chen, Xu Zheng, Jichen Li, and Ittay Eyal evaluates when a power-weighted randomized transaction-ordering rule can deter front-running without incentivizing spam.
- Settlement Manipulation in Prediction Markets by David Dai, Ruizhe Jia, and Shihao Yu examines incentives to manipulate ultra-short, oracle-settled prediction markets, where traders may move the underlying price to influence the outcome.
- Thread by Ruizhe Jia
- Crypto on the Clock by Ally Zach and Danning Sui studies the microstructure of short-duration crypto prediction markets, including venue differences, bot-like trading concentration, market economics, and wallet retention.
- Thread by Ally Zach
- Thread by Danning Su
- Crossroads: A Smart Contract Layer for Chain-Abstracted Assets by James Austgen, Dani Vilardell, and Ari Juels introduces a permissionless chain abstraction layer for cross-chain assets via ERC-20 representations on a unified backend.
- Upgrading Finality 2: What the Ecosystem Told Us by Ben Edgington evaluates the benefits and trade-offs of sub-minute Ethereum finality for bridges, L2s, solvers, and other finality-dependent systems.
- Sybil Attacks on Auction Based Inclusion Lists (AUCIL) by Abhimanyu Nag examines Sybil vulnerabilities in AUCIL’s transaction-allocation mechanism, and outlines possible stake-based mitigations.
- How $1.94M turned into $14k but didn’t need to. A story of routing on Ethereum. by Markus Schmitt reconstructs an oversized swap routed through shallow pools and compares it with simulated single- and split-route alternatives that produced better results.
Posts & Threads
- Thomas Coratger published a thread summarizing Native UTXOs on Ethereum by Toni Wahrstätter, which proposes a UTXO-based transfer scheme using Frame Transactions to reduce permanent state by roughly 99.8%.
- Terence Tsao published a post announcing that Glamsterdam devnet-7 is now live with EIP-7688 progressive containers, updated payload deadlines and builder lifecycle parameters, and more.
Talks & Discussions
- All Core Devs - Consensus (ACDC) #182, July 9 2026 hosted by parithosh discussed Glamsterdam devnets, ePBS circuit breakers, Hegotá non-headliners, and more.
- All Core Devs - Testing (ACDT) #87, July 13, 2026 hosted by Mario Vega covered updates on Glamsterdam devnets, and EIP-8037 spec changes.
Other
- PropAMMRouter by LambdaClass is a single-hop router that executes swaps against PropAMMs on Ethereum and falls back to Uniswap V3 when the chosen proprietary venue is not able to fill the swap.
- Post by LambdaClass
- Thread by LambdaClass
- Ethlabs is online. Week 3. by Barnabé Monnot details Ethlabs’ third week, focused on hiring, interop, making Ethereum faster, and closing its fundraise.
- The triage is the product: running AI agents against Ethereum’s protocol code by Nikos Baxevanis presents a coordinated workflow for AI agents to find and triage bugs in Ethereum clients.
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