# The MEV Letter #21 **URL:** https://collective.flashbots.net/t/the-mev-letter-21/2845 **Category:** The Flashbots Ship **Tags:** links, the-mev-letter **Created:** [December 26, 2023, 8:37pm UTC](https://collective.flashbots.net/t/the-mev-letter-21/2845 "2023-12-26T20:37:33Z") **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: [December 26, 2023, 8:37pm UTC](https://collective.flashbots.net/t/the-mev-letter-21/2845/1 "2023-12-26T20:37:33Z")
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 - [Launching the PBS Foundation: Working Together to Keep Ethereum’s Consensus Layer Decentralized](https://pbsfoundation.notion.site/Launching-the-PBS-Foundation-Working-Together-to-Keep-Ethereum-s-Consensus-Layer-Decentralized-4cd7cb83907248b5ae8962d10eef0b70) announces the pilot phase of [PBS Foundation](https://pbs.foundation/) with the mission to spearhead research pertaining to PBS and provide infrastructure support for those committed to PBS. - [Post](https://twitter.com/bbeats1/status/1738211821880758424?s=52) by[Eugene Leventhal](https://twitter.com/bbeats1) - [Post](https://twitter.com/Consensys/status/1738213531768553664) by [Consensys](https://twitter.com/Consensys) - [Post](https://twitter.com/UniswapFND/status/1738243555494408616) by [Uniswap Foundation](https://twitter.com/UniswapFND) - [Post](https://twitter.com/fenbushi/status/1738304512593408077) by [Fenbushi Capital](https://twitter.com/fenbushi) - [Thread](https://twitter.com/CoinbaseCloud/status/1737943336705790334) by [Coinbase Cloud](https://twitter.com/CoinbaseCloud) - [Strategic Bidding Wars in On-chain Auctions](https://arxiv.org/abs/2312.14510) by [Fei Wu](https://twitter.com/William33203632), [Thomas Thiery](https://twitter.com/soispoke), [Stefanos Leonardos](https://twitter.com/StefLeonardos) and [Carmine Ventre](https://arxiv.org/search/cs?searchtype=author&query=Ventre,+C) study how latency, orderflow, and auction design aspects affect bidding performance and strategy effectiveness in MEV-Boost. - [Execution Tickets](https://ethresear.ch/t/execution-tickets/17944) by [Mike Neuder](https://twitter.com/mikeneuder) and [Justin Drake](https://twitter.com/drakefjustin) details a blockspace market for buying and selling _Execution Tickets_ that entitle the owner to propose future blocks. - [Post](https://twitter.com/mikeneuder/status/1738561127053693071?s=52) by [Mike Neuder](https://twitter.com/mikeneuder) - [Thread](https://twitter.com/0x94305/status/1738721869342351514?s=52) by [Alex Nezlobin](https://twitter.com/0x94305) - [P2P.org’s Staking & Infrastructure Report](https://go.p2p.org/download) by [P2P](https://twitter.com/P2Pvalidator) gives an overview of the Ethereum infrastructure, including the current state of MEV, PBS, and L2 sequencing. - [Thread](https://twitter.com/p2pvalidator/status/1738152446084669861?s=52) by [P2P](https://twitter.com/P2Pvalidator) - [Empirical analysis of the impact of block delays on the consensus layer](https://ethresear.ch/t/empirical-analysis-of-the-impact-of-block-delays-on-the-consensus-layer/17888) by [mxs@kiln.fi](mailto:mxs@kiln.fi) presents data on the impact of intentional, and non-intentional, delays by proposers. - [The MEV Book: A Comprehensive Guide To Maximal Extractable Value](https://www.monoceros.com/insights/maximal-extractable-value-book) by[Tuukka Tuomikoski](https://twitter.com/PepegaQuant) and [Carlos Monteiro](https://twitter.com/casuardo) dives into the history and current state of MEV, and explore the potential impact of SUAVE. - [Thread](https://twitter.com/PepegaQuant/status/1737184379909144727) by[Tuukka Tuomikoski](https://twitter.com/PepegaQuant) - [Audio-format](https://soundcloud.com/monocerosventures/the-mev-book-a-comprehensive-guide-to-maximal-extractable-value) by [Monoceros](https://twitter.com/MonocerosVen) - [Auctions: context, types of auctions, what is an auction from the Auction Theory Perspective and from the Mechanism Design Perspective, and EIP-1559 as a specific example](https://taiko.mirror.xyz/jrb2QKnl6zEgcVciqCzSCJvm-LnDZhBi733IlJdemsY) by [Lisa A](https://twitter.com/cryptobuilder_). explore the applications and significance of auctions in blockchains. - [Thread](https://twitter.com/taikoxyz/status/1737562820156199375) by [Taiko](https://twitter.com/taikoxyz) - [Reflections #4: Research Recap](https://chorus.one/articles/reflections-4-research-recap) by [Chorus One](https://twitter.com/ChorusOne) gives a recap of their research published in 2023, covering topics such as cross-chain MEV, shared security, PBS and latency. - [Timing Games and Implications on MEV extraction](https://chorus.one/articles/timing-games-and-implications-on-mev-extraction) by [Chorus One](https://twitter.com/ChorusOne) provides a summary of _[The cost of artificial latency in the PBS context](https://ethresear.ch/t/the-cost-of-artificial-latency-in-the-pbs-context/17847)_ by [Umberto Natale](https://twitter.com/umb_nat) that highlight observations and key results. - [Analyzing BFT & Proposer-Promised Preconfirmations](https://hackmd.io/@EspressoSystems/bft-and-proposer-promised-preconfirmations) by [Espresso Systems](https://twitter.com/EspressoSys) analyze BFT preconfirmations and Proposer-Promised preconfirmations, both external and opt-in protocols run by L1 validators. - [Thread](https://twitter.com/EspressoSys/status/1738269328926216349?t=eJpL_yBswpPd8gGE07Fxjw&s=31) by [Espresso Systems](https://twitter.com/EspressoSys) - [Unlocking PBS with CL Verification of “block.coinbase” (E.G. Multi Tx Flashloans)](https://ethresear.ch/t/unlocking-pbs-with-cl-verification-of-block-coinbase-e-g-multi-tx-flashloans/17955) by [Alex Watts](https://twitter.com/ThogardPvP) presents novel primitives that could be unlocked if builders would sign and prove the ownership of their block’s coinbase address. - [Post](https://twitter.com/ThogardPvP/status/1738840594573820314) by [Alex Watts](https://twitter.com/ThogardPvP) - [Espresso Systems and Offchain Labs release R&D roadmap for Decentralized Timeboost](https://medium.com/@espressosys/espresso-systems-and-offchain-labs-release-r-d-roadmap-for-decentralized-timeboost-5d0007dff66d) by [Espresso Systems](https://twitter.com/EspressoSys) presents a roadmap for the development of a decentralized version of Timeboost compatible with the Espresso Sequencer. - [Thread](https://twitter.com/EspressoSys/status/1737509556178035024) by[Espresso Systems](https://twitter.com/EspressoSys) - [Thread](https://twitter.com/offchainlabs/status/1737512845917462728?s=52) by[Offchain Labs](https://twitter.com/OffchainLabs) - [Space](https://twitter.com/espressosys/status/1737837560632913983?s=52) with [Ed Felten](https://twitter.com/EdFelten) and [Ben Fisch](https://twitter.com/benafisch) - [Introducing the Validator Gateway: Boost Your Ethereum Validator Rewards](https://bloxroute.com/pulse/introducing-the-validator-gateway-boost-your-ethereum-validator-rewards/) by [bloXroute Labs](https://twitter.com/bloXrouteLabs) announce a new feature for proposers connected to bloXroute relays that adds an artificial delay in proposal duties to increase rewards. - [Thread](https://twitter.com/bloXrouteLabs/status/1737839446245130701) by [bloXroute Labs](https://twitter.com/bloXrouteLabs) - [What Does It Take To Be a Block Builder](https://crypticwoods.com/blog/what-does-it-take-to-be-a-block-builder/) by [Cryptic Woods](https://twitter.com/crypticwoods_) introduces [penguinbuild.org](https://penguinbuild.org/) and its vision to become the largest neutral block builder on Ethereum. - [Loss versus Rebalancing 101](https://medium.com/@titania-research/loss-versus-rebalancing-101-bc9651ec6e43) by [Alphaist](https://twitter.com/0xAlphaist) details the mechanisms of LVR, underlying causes and potential countermeasures. - [Back-Testing Transaction Policies with Cryo & Analysis of Preventable DEX Slippage](https://hackmd.io/@shield3/CryoPolicyValidation) by [Shield3](https://twitter.com/0xshield3) present a library for decoding transaction payloads to detect max slippage and calculate preventable slippage for swaps on Uniswap. - [Thread](https://twitter.com/isaacpatka/status/1738596971173011593) by [Isaac Patka](https://twitter.com/isaacpatka) - [Thread](https://twitter.com/notnotstorm/status/1738600228000010620?s=52) by [storm](https://twitter.com/notnotstorm) - [Timing Games - MEV CC 7](https://dataalways.mirror.xyz/-m0-bp3aZpcqa15_QbMX3MD1v9xg7VCcfGtZBR7I9Bg) by [Data Always](https://twitter.com/Data_Always) provides a summary, transcript, and thoughts on the latest [MEV-Boost community call](https://www.youtube.com/watch?v=xUFcgzytQXY) with a focus on timing games. # Posts & Threads - [bloXroute Labs](https://twitter.com/bloXrouteLabs) published an [announcement](https://twitter.com/bloxroutelabs/status/1736819783520092357?s=52) to inform that their relays will no longer accept blocks that interact with addresses appearing on the OFAC SDN list. - [Decentralizing Power & The Great Community](https://collective.flashbots.net/t/decentralizing-power-the-great-community/2829) by [Andy](https://twitter.com/cryptowanderer) shares excerpts from _The Public and Its Problems_ by John Dewey and explore how these relate to the stories surrounding MEV and SUAVE. - [aori ⑁](https://twitter.com/aori_io) published a [thread](https://twitter.com/aori_io/status/1736751946420396317) to announce the launch of their protocol on Arbitrum to connect CEX-DEX arbitrageurs, searchers, solvers, and market makers through a high-frequency order book. - [Uniswap Foundation](https://twitter.com/UniswapFND) published a [thread](https://twitter.com/UniswapFND/status/1739410975156326507) that highlights supported research in 2023 on topics such as cross-chain MEV, pricing orderflow, and MEV estimation. - [CoW DAO](https://twitter.com/CoWSwap) published a [thread](https://twitter.com/CoWSwap/status/1737130917272187119) that provides links and summaries of their talks at Devconnect Istanbul on topics such as LVR, MEV, and AMM design. - [Alex Watts](https://twitter.com/ThogardPvP) published a[thread](https://twitter.com/ThogardPvP/status/1737741518990172625) on how SUAVE can improve smart wallets by enabling composable and programmable operation bundling. - [Tarun Chitra](https://twitter.com/tarunchitra) published a [thread](https://twitter.com/tarunchitra/status/1739108939319685175) on the type of MEV that appears from a protocol that favors safety over liveness, and vice versa. - [Chorus One](https://twitter.com/ChorusOne) published a [thread](https://twitter.com/ChorusOne/status/1736707286884594151) on [The cost of artificial latency in the PBS context](https://ethresear.ch/t/the-cost-of-artificial-latency-in-the-pbs-context/17847) by [Umberto Natale](https://twitter.com/umb_nat) that details the implications of artificial latency in the MEV-Boost auction. - [Titan Builder](https://twitter.com/titanbuilderxyz) published a [post](https://twitter.com/titanbuilderxyz/status/1737039709849751809?s=20) to notify searchers of a new feature being tested that allows searchers to specify the target position of their bundles within a block. - [Spicypunk.eth](https://twitter.com/bethgenewang) published a [thread](https://twitter.com/bethgenewang/status/1738290169307087324?s=52) summarizing [their research](https://spicypunk.substack.com/p/tipping-the-iceberg-of-cex-dex-mev) on the challenges with tracking historical CEX-DEX arbitrage, and findings from a two week case study between Osmosis and Binance. - [Jünger](https://twitter.com/Junger0x) published a [post](https://twitter.com/junger0x/status/1738991852122992694?s=52) on how SGX can be used in multi-proof systems alongside cryptographic proofs, as a way to diversify and minimize potential errors and vulnerabilities. - [Blocknative](https://twitter.com/blocknative/) published a [thread](https://twitter.com/blocknative/status/1737494286734610665) to highlight new features of [Ethernow](https://www.ethernow.xyz/), including a filter for private transactions and enhancements to their historical mempool archive. - [API3](https://twitter.com/API3DAO) published a [thread](https://twitter.com/API3DAO/status/1737918439136854410) that details a large liquidation that followed an oracle price update to highlight the lack of a mechanisms that can redistribute this value. # Talks & Discussions - [Recordings](http://censorship.wtf/) from [censorship.wtf](http://censorship.wtf/) by [T](https://twitter.com/TimBeiko)&[T](https://twitter.com/tzhen) have been uploaded, the event explored censorship resistance across the Ethereum stack and beyond, with speakers presenting from both Istanbul and Prague. - [Recordings](https://www.youtube.com/@goodintentions-community/videos) from [Good INTENT-ions](https://twitter.com/GoodINTENT_ions) by [Brink](https://twitter.com/BrinkTrade) have been uploaded with talks on intent-based architectures, MEV, cross-chain intents, and more. - [Cow Swap: Gasless Transactions, MEV Protection, The Best Priced Swaps](https://www.youtube.com/watch?v=MiB2J6da2CE) by [blocmates](https://twitter.com/blocmatesdotcom) invites [Anna George](https://twitter.com/AnnaMSGeorge) to discuss MEV protection, meta-aggregation, intents, and RFQ-systems. - [Bell Curve](https://twitter.com/thebellcurvepod): [DEXs: Minimizing MEV, Fee Market Developments, and Superior DEX Designs](https://www.youtube.com/watch?v=R_fX8aORu4Q) with [Michael Ippolito](https://twitter.com/MikeIppolito_) and [Dan Robinson](https://twitter.com/danrobinson) recap their latest season and discuss key themes such as MEV mitigation in DEX design, fee market structures, and Uniswap v4. - [Scraping Bits](https://twitter.com/ScrapingBits): - [MEV Searcher Commericalization; Competing With UniswapX’s Orderbook](https://rss.com/podcasts/scrapingbits/1272462/) invites [Joshua Baker](https://twitter.com/joshuagunnn) to dive into CEX-DEX arbitrage, searcher commercialization, UniswapX, and [Aori](https://twitter.com/aori_io). - [MEV Chokepoint: Relaying 42% Of All Blocks On Ethereum To Validators](https://rss.com/podcasts/scrapingbits/1274756/) invites [Uri Klarman](https://x.com/uriklarman) to discuss MEV, the current state of PBS, operating MEV-Boost relays, and the broader implications for Ethereum users and validators. - [Protect Yourself Against MEV Sandwich Attacks](https://twitter.com/i/spaces/1yNGaZEEbXXJj) hosted by [Jen](https://twitter.com/Here2DeFi) invites [Sophie Liu](https://twitter.com/Sophie_EigenPhi) and [Mark Richardson](https://twitter.com/MBRichardson87) to provide an overview of sandwich attacks and what users can do to protect themselves. - [StarknetCC](https://twitter.com/StarknetCC): [Encrypted mempool and shared sequencers](https://youtu.be/K3PFbwItpQI?si=uKl4kwO-SJOT6xAD) by [AJ Park](https://twitter.com/ZeroKnight_eth) explore how developers can build L3s on Starknet using encrypted mempools and shared sequencers. # Other - [MEV-Share Atomic Arbooors](https://dune.com/flashbots/mev-share-atomic-arbooors) by [Flashbots](https://www.flashbots.net/) provides insights into the activity and profitability of searchers performing atomic arbitrage via [MEV-Share](https://docs.flashbots.net/flashbots-protect/mev-share). - [Atomic Arbitrages](https://dune.com/hildobby/atomic-mev) by [hildobby](https://twitter.com/hildobby_) presents data on atomic arbitrage performed on Ethereum and 9 other EVMs. - [Thread](https://twitter.com/hildobby_/status/1737493607257391224) by [hildobby](https://twitter.com/hildobby_) - [Thread](https://twitter.com/notnotstorm/status/1737500130130174090?s=52) by[storm](https://twitter.com/notnotstorm) - [libMEV](https://libmev.com) by [Cryptic Woods](https://twitter.com/crypticwoods_) now includes data on [block builders’](https://libmev.com/builders) market share and profits. - [Primo Data](https://www.primodata.org/blockchain-data) is a directory of blockchain data resources. - [Post](https://twitter.com/primo_data/status/1733860334492930358?s=52) by[Primo Data](https://twitter.com/primo_data) - [Thread](https://twitter.com/notnotstorm/status/1733880406150390113?s=52) by[storm](https://twitter.com/notnotstorm) - [Sandwich Detector](http://t.me/TXGuruBot/Sandwich_Detector) by [EigenPhi](https://twitter.com/eigenphi) is a Telegram mini-app that allows users to search and determine if an address has been sandwiched on Ethereum and BSC in the past 30 days. - [Post](https://eigenphi.substack.com/p/sandwich-detector) by [EigenPhi ](https://twitter.com/eigenphi) * * * ✉ [**Sign up here**](https://flashbots.net/the-mev-letter) if you’d like to get The MEV Letter straight to your inbox! 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