# The MEV Letter #39

**URL:** https://collective.flashbots.net/t/the-mev-letter-39/3433
**Category:** The Flashbots Ship
**Tags:** links, the-mev-letter
**Created:** [May 20, 2024, 9:58pm UTC](https://collective.flashbots.net/t/the-mev-letter-39/3433 "2024-05-20T21:58:11Z")
**Posts on this page:** 1
**Page:** 1

<div class="post-metadata">

### 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: [May 20, 2024, 9:58pm UTC](https://collective.flashbots.net/t/the-mev-letter-39/3433/1 "2024-05-20T21:58:11Z")

</div>

_ **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.

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# Papers & Articles

- [The Economic Limits of Permissionless Consensus](https://arxiv.org/abs/2405.09173) by [Eric Budish](https://www.linkedin.com/in/ebudish/), [Andrew Lewis-Pye](https://x.com/AndrewLewisPye), and [Tim Roughgarden](https://x.com/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.
  - [Thread](https://x.com/tim_roughgarden/status/1791084409585541138) by [Tim Roughgarden](https://x.com/Tim_Roughgarden)

- [Where the execution ticket discussion actually should start](https://collective.flashbots.net/t/where-the-execution-ticket-discussion-actually-should-start/3425) by [Quintus Kilbourn](https://twitter.com/0xQuintus) 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.
  - [Thread](https://x.com/0xquintus/status/1791543465400053820?s=52) by [Quintus Kilbourn](https://twitter.com/0xQuintus)

- [Cross chain Batch DEX](https://collective.flashbots.net/t/cross-chain-batch-dex/3417) by [Alphaist](https://x.com/0xAlphaist) and [Tomoki Adachi](https://twitter.com/adachi_tomoki3) presents a DEX design that aggregates orders across multiple domains using SUAVE.
- [Implementing Frequent Batch Auction on SUAVE](https://collective.flashbots.net/t/implementing-frequent-batch-auction-on-suave/3415) by [Banri Yanahama](https://x.com/banri_yanahama) and [Alphaist](https://x.com/0xAlphaist) describes the implementation of a [FBA on SUAVE](https://collective.flashbots.net/t/frequent-batch-auction-on-suave/3104).
- [The near and mid-term future of improving the Ethereum network’s permissionlessness and decentralization](https://vitalik.eth.limo/general/2024/05/17/decentralization.html) by [Vitalik Buterin](https://twitter.com/VitalikButerin) replies to the [concerns](https://x.com/peter_szilagyi/status/1791088531164570012) raised by [Péter Szilágyi](https://x.com/peter_szilagyi) related to MEV, builder dependence, liquid staking and hardware requirements.
- [Introducing OneBalance](https://ethresear.ch/t/introducing-onebalance/19557) by[Stephane Gosselin](https://twitter.com/thegostep) and [Ankit Chiplunkar](https://twitter.com/ankitchiplunkar) introduces a framework for creating and managing accounts on credible commitment machines.
- [Derivatives Market for Implementing Based Sequencing](https://ethresear.ch/t/derivatives-market-for-implementing-based-sequencing/19593) by [Tariz](https://x.com/Hyunxukee) presents a derivatives market designed to implement based sequencing for fast finality in rollups.
  - [Thread](https://x.com/Hyunxukee/status/1792407446054646234) by [Tariz](https://x.com/Hyunxukee)
  - [Blog post](https://mirror.xyz/tariz.eth/-TZxI3AplP-O11i-yTnyfPjwiaPOUvaWOZ32xqbpnQE) by [Tariz](https://x.com/Hyunxukee)

- [An interface for cross chain trade execution systems](https://www.erc7683.org/) by [Uniswap Labs](https://blog.uniswap.org/uniswap-labs-and-across-propose-standard-for-cross-chain-intents) and [Across](https://medium.com/across-protocol/across-and-uniswap-labs-propose-standard-for-cross-chain-intents-to-accelerate-cross-chain-0423f2242f7c) propose a new standard for cross-chain intents designed to mitigate fragmentation through a universal filler network.
  - [Thread](https://x.com/Uniswap/status/1792551031701717355) by [Uniswap Labs](https://x.com/Uniswap)

- [Better blockchains lead to more profitable liquidity providers](https://twitter.com/TheiaResearch/status/1790717593440952757) by [Felipe Montealegre](https://twitter.com/TheiaResearch) details how faster block times reduce LVR and leads to better returns for LPs.
- [An alternative to trailing state root](https://hackmd.io/@potuz/SJ1BztmQA) by [Potuz](https://x.com/potuz_eth) suggests implementing ePBS with a PTC that only attests to the _existence_ of the payload, instead of validating it.

# Posts & Threads

- [Péter Szilágyi](https://x.com/peter_szilagyi) published a [thread](https://x.com/peter_szilagyi/status/1791088531164570012) arguing that Ethereum is centralizing into a system similar to traditional finance as a result of design decisions related to MEV, PBS and restaking.
  - [Reply](https://x.com/dankrad/status/1791379755922498027?s=52) by [Dankrad Feist](https://x.com/dankrad)
  - [Reply](https://x.com/hudsonjameson/status/1791139895010111586) by [Hudson Jameson](https://x.com/hudsonjameson)

- [Data Always](https://twitter.com/Data_Always) published a series of posts to highlight recent data from the MEV-Boost landscape.
  - [Thread](https://twitter.com/Data_Always/status/1790877983135142172) with data of how builders exclude low-fee transactions in their blocks to optimize their bids.
  - [Thread](https://twitter.com/data_always/status/1790130377622687909?s=52) that shows the impact of _relays_ delaying the `getHeader` response to allow higher bids to come in during request time.
  - [Post](https://x.com/data_always/status/1791976433884991787?s=52) that highlights how the majority of block value comes from private orderflow, inaccessible to local block builders.
  - [Post](https://x.com/data_always/status/1791575144361525269?s=52) that show blocks sourced from MEV-Boost are roughly 5 times more valuable than locally built blocks.
  - [Post](https://twitter.com/Data_Always/status/1792650204107219303) displaying an increase in locally built blocks as a result of execution layer rewards dropping below the `min-bid` parameter set by proposers.

- [brock](https://twitter.com/zeroXbrock) published a [thread](https://x.com/zeroXbrock/status/1790418317959913759) showcasing a prototype of the [ChatNFT SUAPP](https://collective.flashbots.net/t/request-for-suapp-call-chatgpt-and-mint-an-nft-with-the-response/3197/3) that mints NFTs on Ethereum using ChatGPT to generate the NFT’s data.
- [dmarz](https://twitter.com/DistributedMarz) published a [thread](https://x.com/DistributedMarz/status/1790759481254531076) with live commentary during the presentations held at [Research Day](https://www.youtube.com/@Research_Day/streams) hosted by [Celestia](https://x.com/CelestiaOrg), [DBA](https://x.com/dba_crypto) and [iqlusion](https://x.com/iqlusioninc).
- [Kartik Nayak](https://twitter.com/kartik1507) published a [thread](https://twitter.com/kartik1507/status/1791485547589857753) with findings from [their recent paper](https://arxiv.org/abs/2405.01329) that explores the increasing centralization of the builder market and possible directions to improve decentralization.

# Talks & Discussions

- [Intro to TEEs and SGX](https://www.youtube.com/watch?v=Wg0MCW_3fPY) by [Moe Mahhouk](https://www.linkedin.com/in/moe-mahhouk-12b005140) introduces Intel SGX and explores a set of use cases and features in a hands-on live session.
  - [Forum post](https://collective.flashbots.net/t/tees-feat-intel-sgx/3405) by [Moe Mahhouk](https://www.linkedin.com/in/moe-mahhouk-12b005140)

- [Ethereum Sequencing and Preconfirmations Call #8](https://www.youtube.com/watch?v=CKLSpa4xJ50) invites [George Spasov](https://x.com/GSpasov) to presents work by [LimeChain](https://x.com/limechainhq) on [vanilla based rollups](https://hackmd.io/@Perseverance/rkhnAbi06) and [vanilla based preconfirmations](https://hackmd.io/@Perseverance/rJ0nun5yR).
  - [Agenda](https://github.com/ethereum/pm/issues/1044) by [Josh Rudolf](https://x.com/rudolf6_)
  - [Notes](https://docs.google.com/document/d/1FG3nKQdUNb_YHCp_IzSDkC_r7A6HOT11O2YNUjCX-6s/edit?usp=sharing) from [Drew Van der Werff](https://twitter.com/DrewVdW) and [Sam Jernigan](https://twitter.com/sjerniganIV)

- [EthStaker](http://tter.com/ethStaker): [Community Call #39: ePBS - enshrined Proposer Builder Separation](https://www.youtube.com/live/TiPSO8IKkxE) invites [Terence Tsao](https://twitter.com/terencechain) and [Barnabé Monnot](https://twitter.com/barnabemonnot) to discuss the latest research and implementation details related to ePBS.
- [Was PBS a mistake?](https://x.com/llamaonthebrink/status/1792560280175571288) with [ℳiLLiΞ X](https://x.com/llamaonthebrink), [Uri Klarman](https://x.com/uriklarman), [Alex Watts](https://x.com/ThogardPvP), [Doug Colkitt](https://x.com/0xdoug) and [Gwart](https://x.com/GwartyGwart) discusses PBS and the evolution of the landscape since the merge.
  - [Part II](https://x.com/llamaonthebrink/status/1792638530218250696)

# Other

- [CHANGELOG #5 - SUAVE Development Updates (May 16, 2024)](https://collective.flashbots.net/t/changelog-5-suave-development-updates-may-16-2024/3421) by [Andy](https://x.com/cryptowanderer) provides details of the latest developments related to SUAVE, including updates to [suave-geth](https://github.com/flashbots/suave-execution-geth), [suave-std](https://github.com/flashbots/suave-std), and[suapp-examples](https://github.com/flashbots/suapp-examples).
- [Request For Proposals](https://uniswap-0097a1-598da02eea48ef7a2498c4e1.webflow.io/fellowships#Request-For-Papers) by [tldresear.ch](https://x.com/thelatestindefi) presents the TLDR problem spaces for 2024-2025 with RFPs related to MEV-resistant L2 sequencers, blockspace futures, collusion resistance, and more.
  - [Post](https://x.com/thelatestindefi/status/1791202067886874650?s=52) by [tldresear.ch](https://x.com/thelatestindefi)

- [Censorship eviction](https://gist.github.com/karalabe/4313ece67b528113ea72388ac2df25d8) by [Péter Szilágyi](https://x.com/peter_szilagyi) outlines a proposal to improve censorship-resistant by making the contents of the public transaction pool influence the fork choice.
  - [Post](https://x.com/peter_szilagyi/status/1791589527452336341?s=52) by [Péter Szilágyi](https://x.com/peter_szilagyi)

- [MEV Boost ETL](https://github.com/eden-network/mev-boost-etl) by [Eden Network](https://x.com/EdenNetwork) 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](https://collective.flashbots.net/t/flashwares-ii-end-to-end-useful-enclave-in-gramine-python-into-to-controlled-channel-attacks/3432) by [Andrew Miller](https://twitter.com/socrates1024) will be a live session that goes through an end-to-end application in Gramine, and introduce _Controlled Channel attacks_.
  - [Slides](https://docs.google.com/presentation/d/14kYPs_NMNZgc_90xF5HeYrFjgh0GdMZid4ANoHAm0_U/edit#slide=id.p) by [Andrew Miller](https://twitter.com/socrates1024)

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