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
- The Economic Limits of Permissionless Consensus by Eric Budish, Andrew Lewis-Pye, and Tim Roughgarden explores the difficulties of maintaining security in permissionless consensus protocols, and introduce EAAC (expensive to attack in the absence of collapse) as a property to describe protocols where these attacks are prohibitively expensive.
- Where the execution ticket discussion actually should start by Quintus Kilbourn suggests generalizing ETs further by replacing the proposing key with a proposing check to enable an easier implementation of PEPC, distributed block-builders, and more.
- Cross chain Batch DEX by Alphaist and Tomoki Adachi presents a DEX design that aggregates orders across multiple domains using SUAVE.
- Implementing Frequent Batch Auction on SUAVE by Banri Yanahama and Alphaist describes the implementation of a FBA on SUAVE.
- The near and mid-term future of improving the Ethereum network’s permissionlessness and decentralization by Vitalik Buterin replies to the concerns raised by Péter Szilágyi related to MEV, builder dependence, liquid staking and hardware requirements.
- Introducing OneBalance by Stephane Gosselin and Ankit Chiplunkar introduces a framework for creating and managing accounts on credible commitment machines.
- Derivatives Market for Implementing Based Sequencing by Tariz presents a derivatives market designed to implement based sequencing for fast finality in rollups.
- An interface for cross chain trade execution systems by Uniswap Labs and Across propose a new standard for cross-chain intents designed to mitigate fragmentation through a universal filler network.
- Better blockchains lead to more profitable liquidity providers by Felipe Montealegre details how faster block times reduce LVR and leads to better returns for LPs.
- An alternative to trailing state root by Potuz suggests implementing ePBS with a PTC that only attests to the existence of the payload, instead of validating it.
Posts & Threads
- Péter Szilágyi published a thread arguing that Ethereum is centralizing into a system similar to traditional finance as a result of design decisions related to MEV, PBS and restaking.
- Data Always published a series of posts to highlight recent data from the MEV-Boost landscape.
- Thread with data of how builders exclude low-fee transactions in their blocks to optimize their bids.
- Thread that shows the impact of relays delaying the
getHeaderresponse to allow higher bids to come in during request time. - Post that highlights how the majority of block value comes from private orderflow, inaccessible to local block builders.
- Post that show blocks sourced from MEV-Boost are roughly 5 times more valuable than locally built blocks.
- Post displaying an increase in locally built blocks as a result of execution layer rewards dropping below the
min-bidparameter set by proposers.
- brock published a thread showcasing a prototype of the ChatNFT SUAPP that mints NFTs on Ethereum using ChatGPT to generate the NFT’s data.
- dmarz published a thread with live commentary during the presentations held at Research Day hosted by Celestia, DBA and iqlusion.
- Kartik Nayak published a thread with findings from their recent paper that explores the increasing centralization of the builder market and possible directions to improve decentralization.
Talks & Discussions
- Intro to TEEs and SGX by Moe Mahhouk introduces Intel SGX and explores a set of use cases and features in a hands-on live session.
- Ethereum Sequencing and Preconfirmations Call #8 invites George Spasov to presents work by LimeChain on vanilla based rollups and vanilla based preconfirmations.
- Agenda by Josh Rudolf
- Notes from Drew Van der Werff and Sam Jernigan
- EthStaker: Community Call #39: ePBS - enshrined Proposer Builder Separation invites Terence Tsao and Barnabé Monnot to discuss the latest research and implementation details related to ePBS.
- Was PBS a mistake? with ℳiLLiΞ X, Uri Klarman, Alex Watts, Doug Colkitt and Gwart discusses PBS and the evolution of the landscape since the merge.
Other
- CHANGELOG #5 - SUAVE Development Updates (May 16, 2024) by Andy provides details of the latest developments related to SUAVE, including updates to suave-geth, suave-std, and suapp-examples.
- Request For Proposals by tldresear.ch presents the TLDR problem spaces for 2024-2025 with RFPs related to MEV-resistant L2 sequencers, blockspace futures, collusion resistance, and more.
- Post by tldresear.ch
- Censorship eviction by Péter Szilágyi outlines a proposal to improve censorship-resistant by making the contents of the public transaction pool influence the fork choice.
- MEV Boost ETL by Eden Network contains the code and infrastructure for managing the extraction, transformation, and loading (ETL) processes for MEV-Boost data, including both bids and payloads.
Upcoming Events
- May 21: Flashwares ii: end-to-end useful enclave in Gramine/Python; into to Controlled Channel attacks by Andrew Miller will be a live session that goes through an end-to-end application in Gramine, and introduce Controlled Channel attacks.
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