# The MEV Letter #75

**URL:** https://collective.flashbots.net/t/the-mev-letter-75/4698
**Category:** The Flashbots Ship
**Tags:** the-mev-letter
**Created:** [February 18, 2025, 2:25pm UTC](https://collective.flashbots.net/t/the-mev-letter-75/4698 "2025-02-18T14:25:24Z")
**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: [February 18, 2025, 2:25pm UTC](https://collective.flashbots.net/t/the-mev-letter-75/4698/1 "2025-02-18T14:25:24Z")

</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.

# Papers & Articles

- [Reasons to have higher L1 gas limits even in an L2-heavy Ethereum](https://vitalik.eth.limo/general/2025/02/14/l1scaling.html)by [Vitalik Buterin](https://vitalik.eth.limo/) describes how even in a rollup-centric ecosystem, scaling of L1 gas limit provides long-term benefits for censorship resistance, L2 interoperability, asset transfers, and security.
  - [Post](https://x.com/VitalikButerin/status/1890381369806561789) by [Vitalik Buterin](https://vitalik.eth.limo/)
  - [Thread](https://x.com/adietrichs/status/1890385294723092906) by [Ansgar Dietrichs](https://twitter.com/adietrichs)

- [Slot a la carte: Centralization Issues in Ethereum’s Proof-of-Stake Protocol](https://eprint.iacr.org/2025/219) by [János Tapolcai](http://lendulet.tmit.bme.hu/lendulet_website/?page_id=291), [Bence Ladóczki](https://mlvl36667.github.io/), and [Ábel Nagy](https://www.linkedin.com/in/abel-nagy-911235144/) analyzes vulnerabilities in Ethereum’s RANDAO implementation and demonstrates how colluding stakers can influence leader selection.
  - [Forum post](https://ethresear.ch/t/randao-target-slot-attack-analysis/21740) by [János Tapolcai](http://lendulet.tmit.bme.hu/lendulet_website/?page_id=291)

- [Perpetual Demand Lending Pools](https://arxiv.org/abs/2502.06028) by [Tarun Chitra](https://x.com/tarunchitra), [Theo Diamandis](https://x.com/theo_diamandis), [Nathan Sheng](https://x.com/ns_gauntlet), [Luke Sterle](https://x.com/perpsjesus), and [Kamil Yusubov](https://x.com/RiskRinger) formalize a model of _Perpetual Demand Lending Pools_ (PDLPs) as a novel liquidity mechanism for decentralized perpetual futures exchanges.
  - [Thread](https://x.com/tarunchitra/status/1889751346934587417) by [Tarun Chitra](https://x.com/tarunchitra)

- [[draft] Why The World Needs Flashbots (and Crypto): A Researcher’s Take](https://collective.flashbots.net/t/draft-why-the-world-needs-flashbots-and-crypto-a-researchers-take/4696) by @Quintus explores the potential impact of AI on ad auctions, the risks of monopolistic control, and how blockchain and cryptographic privacy can create more equitable market structures.
- [Evolution of AI Systems: From Web2 to Web3](https://collective.flashbots.net/t/evolution-of-ai-systems-from-web2-to-web3/4695) by @tesa details the transition of AI agents from centralized Web2 architectures to decentralized Web3 frameworks.
- [Init Systems in Confidential VMs: An Ongoing Investigation](https://collective.flashbots.net/t/init-systems-in-confidential-vms-an-ongoing-investigation/4697) by @fnerdman outlines the challenges of selecting an init system for confidential VMs running in TEEs.
  - [Post](https://x.com/fnerdman/status/1891778341612527638) by [Frieder Erdmann](https://twitter.com/fnerdman)

- [Becoming Based: A Path towards Decentralised Sequencing](https://ethresear.ch/t/becoming-based-a-path-towards-decentralised-sequencing/21733) by Lorenzo and [Kubi Mensah](https://x.com/kubimensah) presents a roadmap for rollups with centralized sequencers to transition into being based by delegating their sequencing to gateways.
  - [Thread](https://x.com/gattacahq/status/1889776351097266410) by [Gattaca](https://gattaca.com/)
    - [Post](https://x.com/kubimensah/status/1889776914685948108) by [Kubi Mensah](https://x.com/kubimensah)

- [Beyond Based: Sequencing, Governance, and the Future of Ethereum Rollups](https://facet.org/beyond-based-sequencing-governance-and-the-future-of-ethereum-rollups) by [Tom Lehman](https://x.com/dumbnamenumbers) surveys the sequencing, governance, and funding structures of rollups.
  - [Post](https://x.com/dumbnamenumbers/status/1889753170454196287) by [Tom Lehman](https://x.com/dumbnamenumbers)

- [How to get bots to stabilize your protocol](https://www.propellerheads.xyz/blog/how-to-get-arbitrageurs-to-stabilize-your-protocol) by [PropellerHeads](https://www.propellerheads.xyz/) explores the interaction between DeFi protocols and automated trading entities, identifying the conditions under which searchers, solvers, and market makers contribute to protocol stability.
  - [Thread](https://x.com/propellerswap/status/1889746130659057729) by[PropellerHeads](https://www.propellerheads.xyz/)

- [The Rise of Opinionated Blockchains](https://eljhfx.substack.com/p/opinionated-blockchains) by[Elijah](https://x.com/PossibltyResult) argues that opinionated blockchains balance the benefits of appchains and generalized platforms by allowing developers to define block validity conditions.
  - [Thread](https://x.com/PossibltyResult/status/1889767063058784745) by[Elijah](https://x.com/PossibltyResult)

- [Road to Real-time: Preconfirmation Shreds](https://blog.riselabs.xyz/incremental-block-construction/) by [Thanh Nguyen](https://x.com/nvthnh) presents a design to achieve faster transaction preconfirmations through incremental block construction.
  - [Thread](https://x.com/nvthnh/status/1889960351346901175) by[Thanh Nguyen](https://x.com/nvthnh)
  - [Post](https://x.com/sam_battenally/status/1889989348134986207) by [Sam Battenally](https://x.com/sam_battenally)

- [Exploring AMMs](https://www.infect3d.xyz/blog/Exploring-AMMs) by [InfectedCrypto](https://x.com/InfectedCrypto) describes the fundamentals of AMMs including liquidity provisioning, cost structures, and security considerations.
- [L3 Based Stack - Unlocking Appchain Synchronous Composability](https://paragraph.xyz/@spire/l3-based-stack) by [Spire Labs](https://www.spire.dev/) outlines how their [Based Stack](https://docs.spire.dev/based-stack) enables apps to launch their own based L2s and L3s with shared settlement and coordinated sequencing.
  - [Thread](https://x.com/spire_labs/status/1889470049158832594) by [Spire Labs](https://www.spire.dev/)

- [7 Things You Need to Know About Unichain, Uniswap’s Latest L2](https://gogol.substack.com/p/7-things-you-need-to-know-about-unichain) by [Krzysztof Gogol](https://x.com/krzysgogol) describes how [Unichain](https://www.unichain.org/) is designed to provide faster transactions, lower fees, and MEV internalization.
- [Optimizing Ethereum Gas Efficiency With Multidimensional EIP-1559](https://research.2077.xyz/optimizing-ethereum-gas-efficiency-with-multidimensional-eip-1559) by [Seongwan Park](https://twitter.com/seongwan_eth) explores the concept of multidimensional gas pricing as a way to improve resource allocation and scalability.
  - [Thread](https://x.com/2077Research/status/1891603439106273572) by [2077 Research](https://research.2077.xyz)

- [Preconfirmation for Average Joe II](https://x.com/ceciliaz030/status/1890688136491278457) by [Ceciliaz\_](https://x.com/ceciliaz030) discusses preconfirmations and their implications for validators.
- [: : [Issue] Rollup Economics & MEV: The Smartest Wins (Feat. Radius)](https://x.com/FourPillarsFP/status/1889963942757421331) by [Ingeun Kim](https://x.com/IngsParty) describes the current state of MEV on L2s, and how [Radius](https://www.theradius.xyz/) enables rollups to capture MEV while protecting users.

# Posts & Threads

- [Barnabé Monnot](https://barnabemonnot.com/) published a[thread](https://x.com/barnabemonnot/status/1890374940785889556) sharing recent publications and collaborations from EF Research.
- [Ben Fisch](https://x.com/benafisch) published a [post](https://x.com/benafisch/status/1889524328816841060) exploring the challenges of achieving fast confirmations in based rollups with synchronous L1 composability.
- [Max Resnick](https://x.com/MaxResnick1) published a [thread](https://x.com/MaxResnick1/status/1890583959764963558) arguing that shorter block times reduce both arbitrage and sandwich attacks by reducing transaction failures, which in turn leads to tighter slippage.
- [Potuz](https://x.com/potuz_eth) published a[thread](https://x.com/potuz_eth/status/1891236270317207653) detailing a 2-client devnet with[Teku](https://consensys.io/teku) and[Prysm](https://prysmaticlabs.com/) finalizing an ePBS epoch.
- [Chris Burniske](https://x.com/cburniske) published a [thread](https://x.com/cburniske/status/1890850328150495408) outlining how different sequencer designs impact value distribution, and how Application-Specific Sequencing could help sustain applications without relying on token incentives.
- [Toni Wahrstätter](https://toniwahrstaetter.com/) published a[post](https://x.com/nero_eth/status/1889748822735175978) highlighting longer inclusion times for transactions involving Tornado Cash.

# Talks & Discussions

- [EthereumZurich](https://ethereumzuri.ch/) hosted by [UZH Blockchain Center](https://www.blockchain.uzh.ch/):
  - [Cross-chain Arbitrages in the Realm of Blockchain Interoperability](https://youtu.be/xI7bqv9P8mY?si=peQpbLnT9WB4iXmk) by @boz1
  - [Insights into TEE Research and Deployment Framework for Blockchain Scalability](https://youtu.be/3tOZsR2M4mQ?si=Yo0vYC4kjKXIRpsD) by @rezabfil .
  - [Solving MEV via App Specific Sequencing](https://youtu.be/3iw7NzBH9CE?si=YoTNdc9rLL0p6mwL) by [Daniel Contreras Salinas](https://www.linkedin.com/in/daniel-contreras-salinas-49b8bb143).
  - [Atomic Execution is Not Enough for Arbitrage Profit Extraction in Shared Sequencers](https://youtu.be/yhzMvaHhAOQ?si=yPU5KzvNgNkAJudt) by [Maria Inês Silva](https://x.com/misilva73).
  - [MEV From the Dark Forest to institutional adoption](https://youtu.be/c6GXT3lZiHE?si=3aKWont955iAxOKy) by [Samuele Rodi](https://www.linkedin.com/in/samuele-rodi).
  - [The Rollup Revolution jan](https://youtu.be/nmN3L4J-M_Q?si=MeqidMklU0V_nfe4) by [Jan Gorzny](https://x.com/jgorzny).
  - [Ethereum Macroeconomics via Dynamics](https://youtu.be/nutbvXAAwvE?si=ABaSp0av0C9uVTv2) by [Daniele Palombi](https://www.linkedin.com/in/daniele-palombi-57b5881b6).
  - [Tackling 2 Billion Dollar Problem In Production: OEV Design That Works And Scales](https://youtu.be/koJfzLq66RI?si=zYJ3HI6JGVSnDQOW) by [Marcin Kazmierczak](https://x.com/MarcinRedStone).
  - [Metadata privacy at the transport layer in Builder APIs of Proposer Builder Separation](https://youtu.be/9Q7bl_qLzuw?si=aa80TuVWAsqCLJbM) by [Qianchen Yu](https://www.linkedin.com/in/qianchenyu/).
  - [Deanonymizing Ethereum Validators The P2P Network Has a Privacy Issue](https://youtu.be/UL3ty1kEKkI?si=Cyqog_JUFIqQAbi0) by [Yann Vonlanthen](https://yannvonlanthen.com/).
  - [The proposed change in ETH staking yields and its impact on different staker types](https://youtu.be/nWSPnDEoagk?si=Yiv1PH7EqG3xbFOv) by [Matthias Hafner](https://www.linkedin.com/in/matthias-hafner-26b069b8/) and [Nicolas Oderbolz](https://www.linkedin.com/in/nicolas-oderbolz-7a8425153).

- [Agentic Ethereum 2025 Summit](https://ethglobal.com/events/agents) hosted by [ETHGlobal](https://ethglobal.com/):
  - [Panel: Infra For Agentic Apps](https://www.youtube.com/watch?v=LfrFtXhVUuw) with @dmarz, [Shaw](https://x.com/shawmakesmagic), [Davide Crapis](https://x.com/DavideCrapis), [dcbuilder](https://x.com/DCbuild3r), @socrates1024, [Jasper](https://x.com/zjasper666), [Karl Floersch](https://x.com/karl_dot_tech) and [Chunk](https://x.com/allred_chase).
  - [Panel: Putting the A Back in DAOs](https://www.youtube.com/watch?v=eWp1Osdofcg) with [Vitalik Buterin](https://vitalik.eth.limo/), [Shaw](https://x.com/shawmakesmagic), [Kevin Owocki](https://x.com/owocki), [Linda Xie](https://x.com/ljxie), [Kenneth Ng](https://x.com/nkennethk) and @tina.
  - [The Promise & Challenge of Crypto + AI Applications](https://www.youtube.com/watch?v=0QHOdD-pMrg) by[Vitalik Buterin](https://vitalik.eth.limo/).
  - [ChaosChain and Agentic Governance With Nethermind](https://www.youtube.com/watch?v=X5Z33lhSzys) by [Tomasz Stańczak](https://twitter.com/tkstanczak).

- [Day one on Unichain](https://x.com/unichain/status/1889410345992905055) with[Chase Chapman](https://x.com/chaserchapman), [niko](https://x.com/nikokampouris), [Hayden Adams](https://x.com/haydenzadams), [Karl Floersch](https://x.com/karl_dot_tech), [Devin Walsh](https://x.com/devinawalsh), [Kenneth Ng](https://x.com/nkennethk), @dmarz, and [Mark Toda](https://x.com/MarkToda) discuss the launch of [Unichain](https://www.unichain.org/) and how it’s designed to enhance the scalability and efficiency of DeFi.
- [Indexed Podcast](https://x.com/indexed_pod):[Should L2s Pay Tarrifs to Ethereum?](https://youtu.be/9jZt5QB5Fm8?si=YF4qENM0Zmlz_ba2) hosted by[hildobby](https://x.com/hildobby_),[Boxer](https://x.com/0xBoxer), and @sui414 invites [Lorenz Lehmann](https://x.com/LehmannLorenz) for a conversation on fee structures, rollup profitability, block space utilization, and [growthepie](https://www.growthepie.xyz/).
  - [Post](https://x.com/indexed_pod/status/1890102814971453492) by[Indexed Podcast](https://x.com/indexed_pod)
  - [Post](https://x.com/sui414/status/1890130661677363616) by @sui414

- [Deeply Intents](https://x.com/apriori0x/status/1881654337581072843): [Meditations on Solving](https://www.youtube.com/watch?v=SBu-jxML4tM) invites [Markus Schmitt](https://x.com/_haikane_) to unpack solvers, market making, role specialization, and AMMs.
  - [Post](https://x.com/apriori0x/status/1890392094839074918) by[apriori](https://x.com/apriori0x)

- [PEEPanEIP](https://youtube.com/playlist?list=PL4cwHXAawZxqu0PKKyMzG_3BJV_xZTi1F&si=la0PPNnVSN1JmtQ2): [EIP-7805: Fork-choice enforced Inclusion Lists (FOCIL)](https://www.youtube.com/watch?v=cUGyLx-mf6I) invites [Thomas Thiery](https://twitter.com/soispoke) and [Julian Ma](https://twitter.com/_julianma) to present how [FOCIL](https://eips.ethereum.org/EIPS/eip-7805) could help improve the credible neutrality, privacy, and scaling of Ethereum, and outlines the latest implementation progress.
  - [Post](https://x.com/soispoke/status/1890386173673013490) by [Thomas Thiery](https://twitter.com/soispoke)

- [FOCIL Breakout #4](https://www.youtube.com/live/2MkoP6BDNro) hosted by [Thomas Thiery](https://twitter.com/soispoke) discussed [zkFOCIL](https://ethresear.ch/t/zkfocil-inclusion-list-privacy-using-linkable-ring-signatures/21688), [FOCIL meets Delayed Execution](https://hackmd.io/@oK3in1lRQ7-pt7b3j8nQxg/BkZCQrPYyl/edit), and [FOCIL with Delayed Execution under EPBS](https://hackmd.io/@ttsao/focil-delayed-exec-under-epbs).
  - [Agenda](https://github.com/ethereum/pm/issues/1291#issue-2844917923) by [Thomas Thiery](https://twitter.com/soispoke)
  - [Notes](https://github.com/ethereum/pm/issues/1291#issuecomment-2651517839) by [Jihoon Song](https://x.com/jih2nn)
    - [Thread](https://x.com/jih2nn/status/1889610010684002547) by [Jihoon Song](https://x.com/jih2nn)

- [L2 Interop Working Group Call #3](https://www.youtube.com/watch?v=rcj1neTKQOY) hosted by [Josh Rudolf](https://x.com/rudolf6_) covered the latest developments in cross-chain message passing, [Open Intents Framework](https://www.openintents.xyz/), and more.
  - [Notes](https://notes.ethereum.org/@rudolf/l2-interop-call3) by [Josh Rudolf](https://x.com/rudolf6_)

- [Beam Call #1](https://www.youtube.com/watch?v=sSx6juIu4AI) hosted by [Justin Drake](https://twitter.com/drakefjustin) discuss progress on the [Beam Chain](https://www.youtube.com/watch?v=lRqnFrqpq4k) initiative with representatives from 12 Beam client teams, and 6 CL client teams.
  - [Post](https://x.com/drakefjustin/status/1891756928801354030) by[Justin Drake](https://twitter.com/drakefjustin)

- [The Rollup](https://therollup.co/): [Ethereum’s Native Rollup Roadmap](https://www.youtube.com/watch?v=lutSYwknNjQ) invites [Justin Drake](https://x.com/drakefjustin) and [Federico Carrone](https://x.com/fede_intern) to give an overview of based rollups, native rollups, and interoperability.
  - [Post](https://x.com/therollupco/status/1891511441716302164) by [The Rollup](https://therollup.co/)

- [Bell Curve](https://x.com/thebellcurvepod): [The Evolution of Crypto Exchanges](https://www.youtube.com/watch?v=BDIxqTOsnWg) invites [Austin Adams](https://x.com/AustinAdams10) and [Jesse Walden](https://x.com/jessewldn) for a conversation on the current state of the DEX landscape, [Uniswap v4](https://v4.uniswap.org/), and [Doppler](https://github.com/whetstoneresearch/doppler/blob/main/docs/Doppler.md).
  - [Post](https://x.com/thebellcurvepod/status/1889675558310580592) by [Bell Curve](https://x.com/thebellcurvepod)
  - [Post](https://x.com/austinadams10/status/1889678716034322574) by [Austin Adams](https://x.com/AustinAdams10)

- [Bell Curve](https://x.com/thebellcurvepod) x[Expansion](https://x.com/ExpansionPod_): [Unichain, Succinct’s Prover Network, and Crypto’s Trust Crisis](https://www.youtube.com/watch?v=wxR3IxVafxo) invites [Nick White](https://x.com/nickwh8te),[Jill Gunter](https://x.com/jillrgunter), and [Uma Roy](https://x.com/pumatheuma) to discuss the launch of [Unichain](https://www.unichain.org/), and outlines [Succinct](https://www.succinct.xyz/)’s Prover Network.
  - [Post](https://x.com/thebellcurvepod/status/1890806478971277449) by[Bell Curve](https://x.com/thebellcurvepod)

- [Kiln’s Restaking Rendez-Vous - Ep #20](https://www.youtube.com/watch?v=ooj00wogk5g) invites [Murat Akdeniz](https://x.com/MuratLite) to discuss MEV, preconfirmations, block building, and [mev-commit](https://github.com/primev/mev-commit).

# Other

- [MEV-Boost community call #12](https://collective.flashbots.net/t/mev-boost-community-call-12/4633) hosted by [Alex Stokes](https://stokes.io/) scheduled for Feb 19, invites the MEV-Boost community to discuss Pectra readiness, [bid pricing](https://github.com/flashbots/mev-boost/issues/708), [header timestamps](https://github.com/ethereum/builder-specs/pull/111), and more.
  - [Post](https://x.com/ralexstokes/status/1889077487629488355) by [Alex Stokes](https://stokes.io/)

- [Based OP Docs](https://gattaca-com.github.io/based-op/) by [Gattaca](https://www.gattaca.com/) and [LambdaClass](https://lambdaclass.com/) is a reference implementation of a Phase 1 based OP Stack.
  - [Thread](https://x.com/gattacahq/status/1890466706595680278) by [Gattaca](https://www.gattaca.com/)
  - [Post](https://x.com/kubimensah/status/1890467961233707143) by [Kubi Mensah](https://x.com/kubimensah)

- [Prague-Electra (Pectra)](https://ethereum.org/en/roadmap/pectra/) by [ethereum.org](http://ethereum.org/) provides an overview of each EIP included in Pectra.
  - [Post](https://x.com/ethdotorg/status/1890416167430332926) by [ethereum.org](http://ethereum.org/)

- [Reth v1.2.0](https://github.com/paradigmxyz/reth/releases/tag/v1.2.0) by [Paradigm](https://paradigm.xyz/) includes optimizations, performance gains, and Pectra timestamps for Holešky and Sepolia.
  - [Thread](https://x.com/gakonst/status/1889795832234516835) by [Georgios Konstantopoulos](https://x.com/gakonst)
    - [Post](https://x.com/bertcmiller/status/1889797722850599288) by @bert

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