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
- Parallel block building by @bert introduces a parallel block building approach that processes non-conflicting transactions simultaneously to improve efficiency and increase block value.
- ZTEE - Trustless Supply Chains by @Quintus , Sylvain Bellemare, Bunnie, and Michael Gao explores the challenges and potential solutions in establishing a verifiable supply chain for secure hardware.
- Refund rule: wat dis, how to and FAQ by @Quintus details the new gas fee refunds in Flashbots’ builder that help searchers minimize costs by offering refunds through automated bid optimizations.
- Conduit Launching Support for Rollup-Boost with Flashbots: Enhance User Experience and Internalize MEV by Henry Updegrave details the launch of Rollup-Boost via Conduit to enhance rollups with decentralized block building, internalizing MEV, and better user experience.
- Introduction to Rollup Boost Features, Architecture and Design by @Shana outlines the architecture of Rollup-Boost, enabling external block-building for OP Stack rollups as a modular sidecar without altering core OP Stack components.
- Announcing In-Process rbuilder by @liamaharon introduces the reth-rbuilder crate, which allows rbuilder to run in-process with reth, detailing the refactoring and technical adjustments made to enable tighter integration and optimized performance.
- ethereum and the legend of the napkin by @phil reflects on the strengths and weaknesses of Ethereum’s informal research process and suggests steps toward a more scalable and structured research methodology.
- Multilane Sequencing by @Tomasz proposes a multilane sequencing model for L2s to enhance cross-chain interoperability and balance trade-offs between security, composability, and cost.
- Automata <> Flashbots: TEE Validity Proof for OP-Stack by @YeChen proposes a method for integrating the TEE validity proof and the external block builder with the OP Stack.
- Securing Domain Certificates: Ensuring Exclusive Control by TEE by @shelven and @h4x3rotab describes how to ensure that a TLS certificate for a specific domain is solely controlled by a TEE-based root-of-trust system (DeRoT), and mechanisms to protect against unauthorized certificate changes.
- Proposers do play dice: Introducing random Execution Auctions (randEAs) by Thomas Thiery details how auctioning future block proposal rights via random EAs, where proposers learn their exact slot one slot in advance, could help reduce multi-block MEV.
- pm-AMM: A Uniform AMM for Prediction Markets by Ciamac Moallemi and Dan Robinson introduces pm-AMM, an AMM optimized for prediction markets that aim to achieve consistent liquidity provisioning through Gaussian score dynamics.
- Rebalancing-versus-Rebalancing: Improving the fidelity of Loss-versus-Rebalancing by Matthew Willetts and Christian Harrington presents Rebalancing-versus-Rebalancing as a new model to assess AMM efficiency in comparison to CEXes, concluding that AMMs frequently deliver better execution.
- Two Sides of the Same Coin: Large-scale Measurements of Builder and Rollup after EIP-4844 by Yue Huang, Shuzheng Wang, Yuming Huang, Jing Tang examines how EIP-4844 influences the profitability, and fee structures for builders and rollups.
- Economic Implications of a Competitive Blob Market by Evan Kim analyzes how intensified blob market competition leads to increased fees, and rollups adopting new strategies to ensure timely inclusion.
- 3-Slot-Finality Protocol for Ethereum by Francesco D’Amato, Roberto Saltini, Thanh-Hai Tran, and Luca Zanolini discusses Ethereum’s vulnerability to MEV reorgs due to Gasper’s finalization delay and presents a partially synchronous finality gadget that achieves finality within three slots.
- Orbit SSF in Practice by Giulio Rebuffo proposes an approach for implementing the Orbit SSF with minimal adjustments to the base Ethereum protocol.
- Estimating the Revenue from Independent Sub-Slot Auction Preconfirmations by Finn Casey Fierro and @CTra1n examines how preconfirmations via independent sub-slot auctions (ISSAs) affect proposer revenue.
- Espresso Mainnet 0 is Live! announces the Espresso Network’s Mainnet 0, designed to enhance cross-chain composability through fast confirmations.
- Tycho: The open-source liquidity indexer by PropellerHeads introduces Tycho, a protocol-agnostic liquidity indexing service with real-time state updates.
- Enhancing Relay Capabilities with Commitment Filtering by Primev presents commitment filtering improvements for MEV-Boost relays, enabling validators to enforce preferences and policies while minimizing latency impact.
Posts & Threads
- Thomas Thiery published a thread introducing EIP-7805 as an implementation of FOCIL to improve transaction inclusion guarantees and censorship resistance.
- FOCIL tracker by Julian Ma and Thomas Thiery
- Forum post by Thomas Thiery
- Post by Thomas Thiery
- Post by Davide Crapis
- @stephen continued the series of threads exploring successful searcher strategies:
- Alex Nezlobin published a thread detailing how active LPs on L2s are managing their liquidity near CEX prices to improve execution quality.
- Albicodes published a thread highlighting how TEEs enable decentralized, secure, and gamified social platforms where audiences can become co-creators.
Talks & Discussions
- CryptoEcon roast&learn hosted by PBS Foundation invites @phil , Barnabé Monnot, Max Resnick for a conversation on MEV, decentralization, rollup design, and more.
- MEV on L2 with John Church, Denisa Diaconescu, and @tesa explores the current state of MEV on L2s and discusses how things might evolve going forward.
- Recordings from CBER Crafting the Cryptoeconomy Conference hosted by Columbia University’s Center for Digital Finance and Technologies have been uploaded:
- The Gwart Show: Mechanism Design invites Elijah to discuss MCP, decentralizing oracles, AMM designs, and more.
- Bankless: Based Rollups: The Next Frontier of Ethereum Scaling invites Justin Drake to give an update on the rollup-centric roadmap, shared sequencers, and the benefits of based rollups.
- Beyond 4337: Vitalik Buterin’s Vision for the Future of Account Abstraction by Vitalik Buterin reviews the development of AA, and the next steps in improving security, UX, and chain abstraction.
Other
- Flashbots at Devcon SEA by @vanlo provides an overview of Flashbots’ events, talks, and panels at Devcon.
- Surge by Nethermind is a high throughput based Stage 2 rollup built on the Taiko stack for builders, developers & agents.
- Thread by Nethermind
- Post by @Tomasz
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