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
- Searcher Competition in Block Building by Akaki Mamageishvili, Christoph Schlegel, Benny Sudakov, and Danning Sui study the amount of MEV captured by validators as a function of searcher competition in blockchains with competitive block-building markets, such as Ethereum.
- Flashbots report: System requirements, existing and new solutions, and their efficiency. by Orestis Alpos, Bernardo David, Nikolas Kamarinakis and Dionysis Zindros reviews the limitations of existing consensus and consensus-less protocols and presents new constructions to improve censorship-resistance and efficiency.
- Introducing Gas Fee Refunds on Flashbots Protect and builder by @Fred announces that Gas Fee Refunds is live for all transactions sent through Flashbots Protect and Flashbots builder, with an open source refund rule executed securely in TEEs.
- Account Abstraction Leveraging TEE by Marcos Carlomagno outlines an MVP for implementing account abstraction using email and password credentials via SUAVE.
- EVIntent - Darkmatter in MEV by PropellerHeads details how searchers can extract MEV from intents, and possible ways to mitigate these risks.
- Publicly Broadcasting Min-Bid by Julian Ma examines how the
min-bidparameter in MEV-Boost affects block building and suggests that making the parameter public could enhance both revenue and efficiency. - Supplementing Censorship Resistance Today by Data Always analyzes the strengths and weaknesses of
min-bidandlocalBlockValueBoostto improve censorship resistance. - Sealed execution auction by Anders Elowsson outlines a mechanism that uses a Vickrey slot auction in two rounds to select the next execution proposer.
- Unbundling the Current State of Proposer-Builder Separation by Teck Yuan Lee describes how approximately 90% of Ethereum blocks are built by 4 builders and the implications on censorship resistance and network security.
- Staking Rights Auctions by Pedro Argento details a mechanism aimed to limit issuance, allow proposers to express economic preferences, and achieve targeted participation rates.
- mev-commit release! by Primev announces the release of mev-commit, enabling actors in the MEV supply chain to issue real-time credible commitments, such as preconfirmations.
- Introducing 0x’s next-gen pricing engine presents 0x v2 as their new pricing engine with improved routing, better trade execution, and new monetization controls.
- Express Relay: Priority Auctions for Efficient DeFi Markets by Pyth Network introduces Express Relay as a way for searchers to bid on lucrative operations, like liquidations, directly with DeFi protocols.
- The First Beta Release of the Shutterized Gnosis Chain Is Now Live! by Shutter announces that their threshold encrypted mempool is live on Gnosis Chain.
- Staking: Risks & Rewards by Christine Kim provides an overview of risks, rewards, and future trends related to staking on Ethereum.
Posts & Threads
- Justin Drake published a post to announce that based preconfirmations are live on the Helder testnet.
- Terence Tsao published a thread that explores Ed Felten’s presentation at Sequencing x CAKE day on Timeboost and decentralized sequencing.
- Four Pillars published a post describing how the capture of OEV through Oval is transforming the way dapps are able to generate revenue.
Talks & Discussions
- EthCC by Ethereum France:
- Decentralized Block Building by @shea
- Mitigating MEV with FHE - Blind Arbitrage on Ethereum by @jonathan
- Ethereum: Reducing Trust Between Proposers and Builders by Terence Tsao
- Splitting the block by Philipp Zahn and Daniele Palombi
- Don’t let your friends do MEV by Marius van der Wijden
- Cashing in on MEV: the secret edge of oracle-based AMMs by Shigami
- The cost of artificial latency in PBS context by Michael Moser
- Execution auctions by Justin Drake
- Cross roll-up arbitrage and impact of Decun on swap fees by Krzysztof Gogol
- MEV capturing AMM, from theory (FM-AMM) to practice (CoWAMM) by Andrea Canidio
- Is Ethereum’s Issuance Policy Sustainable? by Caspar Schwarz-Schilling and Ansgar Dietrichs
- What’s the issue with issuance? by Caspar Schwarz-Schilling, Ansgar Dietrichs and Christine Kim
- The Espresso Shared Sequencing Marketplace by Benedikt BĂĽnz
- Aggregation + sequencer marketplace = L2 interoperability by Ben Fisch
- Anoma: Ethereum’s Intent Machine by Adrian Brink
- The ARM: bringing intents to Ethereum by Yulia Khalniyazova
- How to decentralize Intents by Mounir Benchemled
- Solving Interoperability with Intents by Hart Lambur
- Bridges are Shared Sequencers by Nicholas Pai
- How to price your Preconfirmation by Murat Akdeniz
- The Sequencer of Tomorrow by Jan Gorzny
- Developing Secure Multi-Provers with SGX by Porter Adams
- Modular Summit 3.0 by Celestia Labs and Maven11
- Day 1:
- Livestream recording (Chisel stage) curated by L2BEAT explored data availability, execution environments, and applications in the modular ecosystem.
- Livestream recording (Canvas stage)
- Day 2:
- Livestream recording (Chisel stage): Metagame.day curated by Flashbots with talks on application design, protocol research, MEV, TEEs, and more.
- Livestream recording (Canvas stage)
- Day 3:
- Livestream recording (Chisel stage) curated by Blockworks and ZKV with a focus on modular expansion.
- Livestream recording (Canvas stage)
- Day 1:
- Recordings from Intents Discussions by Anoma have been uploaded with discussions on topics related to intents and solvers.
- The Defiant: Now You See Me, Now You Don’t: Onchain Privacy invites Andrew Miller, Joe Andrews, and Harjasleen Malvai for a discussion related to on-chain privacy, ZK, and TEEs.
Other
- EIP-7727: EVM Transaction Bundles by Lily presents a design to enable meta transactions to order other transactions without revert protections.
- Blockspace and Execution Commitments Aggregated Links by Ryan Chern is a collection of resources related to blockspace and execution commitments.
- Distributed, persistent storage for suave apps by @mateusz seeks input on solutions for medium-volume distributed and persistent storage.
Upcoming events
- July 24-30: EDCON 2024 by De University of Ethereum
- July 28: Tané Summit #1 by Tané
- Aug 6: The MEV Workshop at the Science of Blockchain Conference 2024 (MEV SBC ’24) by Flashbots
- Aug 7-9: The Science of Blockchain Conference 2024 (SBC’24) by IC3, Stanford Center for Blockchain Research and UC Berkeley RDI.
- Aug 16-17: Frontiers by Paradigm
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