# The MEV Letter #54 **URL:** https://collective.flashbots.net/t/the-mev-letter-54/3824 **Category:** The Flashbots Ship **Tags:** links, the-mev-letter **Created:** [September 6, 2024, 7:28am UTC](https://collective.flashbots.net/t/the-mev-letter-54/3824 "2024-09-06T07:28:02Z") **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: [September 6, 2024, 7:28am UTC](https://collective.flashbots.net/t/the-mev-letter-54/3824/1 "2024-09-06T07:28:02Z")
_ **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 - [Inelastic vs. Elastic Supply: Why Proof of Stake Could Be Less Centralizing Than Execution Tickets](https://collective.flashbots.net/t/inelastic-vs-elastic-supply-why-proof-of-stake-could-be-less-centralizing-than-execution-tickets/3816) by @Christoph explores how a variable supply of execution rights could prevent proposer monopolization. - [Thread](https://twitter.com/0xQuintus/status/1831317637063750064) by @Quintus - [Post](https://x.com/_JonahB_/status/1831769752139952350) by [Jonah Burian](https://x.com/_jonahb_) - [Exploring Verifiable Continuous Sequencing with Delay Functions](https://ethresear.ch/t/exploring-verifiable-continuous-sequencing-with-delay-functions/20362) by[Lorenzo](https://ethresear.ch/u/thedevbirb/summary) presents a rotating leader mechanism to enforce the timeliness, safety, and non-extractive ordering of sequencers. - [The Hand-off Problem](https://blog.init4.technology/p/the-hand-off-problem) by [init4](https://twitter.com/init4tech) examines the limitations of forced inclusion to prevent censorship on L2s. - [Thread](https://twitter.com/init4tech/status/1831030650314559689) by [init4](https://twitter.com/init4tech) - [Post](https://twitter.com/_weidai/status/1831207012954526108) by [Wei Dai](https://twitter.com/_weidai) - [Timestamp Ordering in MCP for Timing Games](https://ethresear.ch/t/timestamp-ordering-in-mcp-for-timing-games/20372) by [Oriol Saguillo](https://www.linkedin.com/in/oriol-saguillo/) describes how ordering transactions based on their timestamps can mitigate frontrunning in MCP. - [Embedded fee markets and ERC-4337 (part 2)](https://ethresear.ch/t/embedded-fee-markets-and-erc-4337-part-2/20384) by [Davide Rezzoli](https://www.linkedin.com/in/davide-rezzoli/?originalSubdomain=jp) and [Barnabé Monnot](https://barnabemonnot.com/) discusses [ERC-4337](https://www.erc4337.io/)’s fee structure for bundlers, the impact on L2s, and methods for improving efficiency through signature aggregation. - [Understanding “An Analysis of Intent-Based Markets”](https://crypto.mirror.xyz/yfBzBTJg5VTZXlpAZ9SpvVFbbkADiT34tS3xJ3Luo98) by [Emperor](https://x.com/0x_emperor) examines intent-based markets and the emergence of solver oligopolies. - [Optimization Problem: Block Proposal in ePBS Block Auction](https://hackmd.io/@ttsao/epbs-block-proposal) by[Terence Tsao](https://terencecha.in/) discusses the optimization problem of reducing latency in ePBS block auctions. - [Thoughts on Order Flow](https://www.antonydenyer.co.uk/2024-09-04-thoughts-on-order-flow/) by [Antony Denyer](http://www.antonydenyer.co.uk/) highlights how the majority of builder revenue comes from exclusive access to private order flow, not public transactions. - [An introduction to oracle extractable value (OEV)](https://chorus.one/articles/an-introduction-to-oracle-extractable-value-oev) by[Chorus One](https://chorus.one/) and[Superscrypt](https://www.superscrypt.xyz/) outlines the concept of OEV and describes how[Oval](https://uma.xyz/oval),[OEV Network](https://api3.org/oev/), and[Warlock](https://x.com/warlock_xyz) are designed to capture OEV. - [Thread](https://x.com/ChorusOne/status/1829501054674727015) by[Chorus One](https://chorus.one/) - [Searcher-Builder Integration Revealed: Builder “I can haz block?” , a.k.a. Frontrunner Yoink, snagged $3.8M Miner Tips in August](https://eigenphi.substack.com/p/i-can-haz-block-searcher-builder-integration-revealed) by [EigenPhi](https://eigenphi.io/) explores the profitable strategies used by the searcher-builder “I can haz block?”. # Posts & Threads - @sui414 published a [thread](https://twitter.com/sui414/status/1831579323704521042) analyzing the market dynamics of UniswapX and compares them to DEX aggregators and other RFQ systems. - [Reply](https://x.com/xin__wan/status/1831769750386729171?s=52) by [Xin Wan](https://x.com/xin__wan) - [Jonah Burian](https://x.com/_jonahb_) published a [thread](https://x.com/_jonahb_/status/1829549967272468869) highlighting concerns related to Multiblock MEV and the risk of centralization if it becomes more widely exploited. - [Alex Nezlobin](https://x.com/0x94305) published a [post](https://x.com/0x94305/status/1829286671373967545) questioning whether sandwich attacks where the arbitrageur doesn’t profit at the user’s expense could be considered morally benign. - [Reply](https://x.com/phildaian/status/1829869468727533629) by [Phil Daian](https://x.com/phildaian) - [Andy](https://twitter.com/ayyyeandy) published a [post](https://twitter.com/ayyyeandy/status/1831338052435791963) exploring how chain abstraction can unify modular blockchains and improve user experience. - [Toni Wahrstätter](https://x.com/nero_eth) published a [post](https://x.com/nero_eth/status/1831242245237821524) to highlight that [beaverbuild](https://beaverbuild.org/) and [Titan Builder](https://www.titanbuilder.xyz/) submit about 1000 bids per slot, while smaller builders typically submit less than 100. - [Renegade](https://renegade.fi/) published a[thread](https://x.com/renegade_fi/status/1831384473524703311) to announce that their on-chain dark pool is live on Arbitrum One. - [Thread](https://x.com/chrisliambender/status/1831386454557389240) by[Chris Bender](https://x.com/chrisliambender) # Talks & Discussions - [Bankless](https://www.bankless.com/): [The MEV Trilemma](https://x.com/BanklessHQ/status/1831687078276366552) invites @shea to discuss how the MEV landscape is set to evolve with TEEs enabling decentralized auctions that maintain privacy and integrity without a trusted third party. - [Post](https://x.com/BanklessHQ/status/1831687078276366552) by[Bankless](https://www.bankless.com/) - [Flashwares VII: Reusable Enclaves](https://youtu.be/hw2tEBoS2lg) invites [Shixuan Zhao](https://nskernel.org/) to present their work on [Reusable Enclaves for Confidential Serverless Computing](https://bpb-us-w2.wpmucdn.com/u.osu.edu/dist/0/113190/files/2023/07/Reusable-Enclave.pdf). - [Forum post](https://collective.flashbots.net/t/flashwares-vii-reusable-enclaves-with-shixuan-zhao/3815) by @mateusz - [Bankless](https://www.bankless.com/): [Is the Ethereum Roadmap Off Track?](https://www.youtube.com/watch?v=FLUJ0uLye0U) invites [Max Resnick](https://x.com/MaxResnick1) for a conversation on the state of Ethereum’s rollup-centric roadmap and why scaling the L1 should be prioritized. - [Post](https://www.reddit.com/r/ethereum/comments/1f81ntr/comment/llmiebd/) by[Justin Drake](https://twitter.com/drakefjustin) - [Reply](https://twitter.com/MaxResnick1/status/1831764059664085461) by [Max Resnick](https://x.com/MaxResnick1) - [Reply](https://x.com/bertcmiller/status/1831797928756687292) by @bert - [Post](https://x.com/BanklessHQ/status/1831319419739361321) by [Bankless](https://www.bankless.com/) - [Post](https://twitter.com/0xBreadguy/status/1831419606143267218) by [BREAD](https://twitter.com/0xBreadguy) - [Expansion](https://x.com/ExpansionPod_): [Are L1s and L2s Converging? Eclipse & Astria on Crypto’s Scaling Future](https://www.youtube.com/watch?v=J7JFsVs6kf8) invites [taetaehoho](https://x.com/0xtaetaehoho) and [Josh Bowen](https://x.com/Jskybowen) to discuss L2 scaling, shared sequencers, DA, MEV, [Eclipse](https://x.com/EclipseFND), and [Astria](https://x.com/AstriaOrg). - [Post](https://x.com/ExpansionPod_/status/1831351556379185560) by [Expansion](https://x.com/ExpansionPod_) - [0xResearch](https://x.com/0xresearch): [Intents Trading: Why AMMs Are Going Out of Style](https://www.youtube.com/watch?v=iVKOHzEUqIM) invites [Joshua](https://x.com/joshuagunnn) and [Roee](https://x.com/Roeelir) to discuss DEX design, intents, solvers, and [Aori](https://x.com/aori_io/). - [More slides on Ethereum block-space markets](https://www.youtube.com/watch?v=QK5DRazNHnA) by [Mike Neuder](https://twitter.com/mikeneuder) provide an overview of the blockspace market design space, including PTC, EA, FOCIL, and [Mechan-stein](https://ethresear.ch/t/mechan-stein-alt-franken-ism/20321). - [Thread](https://x.com/domothy/status/1828943183037997300) by [Dom](https://x.com/domothy) - [CBER Forum](https://www.cber-forum.org/): [Ethereum Mechanism Design: MEV, MEV Burn, Execution Auctions etc…](https://www.youtube.com/watch?v=4O8jRVT2Vqc) by [Mike Neuder](https://twitter.com/mikeneuder) outlines validator rewards and the research focused on separating issuance from MEV. - [Post](https://x.com/mikeneuder/status/1831787079380168832) by [Mike Neuder](https://twitter.com/mikeneuder) - [I Pledge Allegiance: Kubi Mensah - Gattaca and the MEV Supply Chain](https://www.reverie.ooo/podcast-episode/kubi-mensah---gattaca-and-the-mev-supply-chain) invites[Kubi Mensah](https://x.com/kubimensah) to discuss the rise of[Titan builder](https://www.titanbuilder.xyz/), the current state of the MEV landscape, and private orderflow. - [ePBS (EIP-7732) breakout room #8](https://www.youtube.com/watch?v=BZhYP-JRS7U) hosted by [Terence Tsao](https://terencecha.in/) summarizes the latest research, client updates, and testing of [EIP-7732](https://eips.ethereum.org/EIPS/eip-7732). - [Agenda](https://github.com/ethereum/pm/issues/1135) by [Potuz](https://x.com/potuz_eth) - [Notes](https://hackmd.io/@ttsao/epbs-breakout-8) by [Terence Tsao](https://terencecha.in/) - [PEEPanEIP#136: EIP-7732: Enshrined Proposer-Builder Separation](https://www.youtube.com/watch?v=Wo7IEUCGRxU) invites [Potuz](https://x.com/potuz_eth) and [Terence Tsao](https://terencecha.in/) to detail [EIP-7732](https://eips.ethereum.org/EIPS/eip-7732) within the context of consensus specs and client implementations. - [Thread](https://x.com/poojaranjan19/status/1828055959702212744) by [Pooja Ranjan](https://x.com/poojaranjan19) - [Slides](https://docs.google.com/presentation/d/1-NMq36QRiCzBYK5inDiV6HQI9z2BQlGuDgUjSMwtwn4/edit#slide=id.p) by [Terence Tsao](https://terencecha.in/) - [The Rollup](https://twitter.com/therollupco): [Are Based Rollups The Solution To Ethereum’s Long-Term Value Capture?](https://www.youtube.com/watch?v=NA7MZwym3tw) Invites [Brecht Devos](https://x.com/brechtpd) and [Ceciliaz\_](https://x.com/ceciliaz030) for a conversation on based rollups, sequencing, and [Taiko Gwyneth](https://x.com/gwyneth_taiko). - [Thread](https://x.com/ceciliaz030/status/1830547397354914014) by [Ceciliaz\_](https://x.com/ceciliaz030) - [Post](https://twitter.com/therollupco/status/1829566988387332189) by [The Rollup](https://x.com/therollupco) # Other - [Intel SGX Key Disclosure Claim](https://www.intel.com/content/www/us/en/security-center/announcement/intel-security-announcement-2024-08-29-001.html) by [Intel](https://www.intel.com/) provides an official statement regarding the [vulnerable](https://x.com/_markel___/status/1828112469010596347) SGX Root Provisioning Key disclosed by [Mark Ermolov](https://x.com/_markel___). - [Sandwich-Mitigating Uniswap V2](https://github.com/0xfuturistic/sandwich-mitigating-uniswap-v2) by [diego](https://twitter.com/0xfuturistic) is a modification of Uniswap V2 which enforces the [Greedy Sequencing Rule](https://arxiv.org/abs/2209.15569) in order to make sandwich attacks unprofitable while preserving atomic composability. - [Thread](https://x.com/0xfuturistic/status/1830939307705803039) by [diego](https://twitter.com/0xfuturistic) - [[AMA] We are EF Research (Pt. 12: 05 September, 2024](https://www.reddit.com/r/ethereum/comments/1f81ntr/ama_we_are_ef_research_pt_12_05_september_2024/) by the[Ethereum Foundation’s Research teams](https://ethereum.org/en/community/research/) answer questions related to current and future Ethereum research. * * * ✉ [**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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