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
- Loss-Versus-Rebalancing under Deterministic and Generalized block-times by Alex Nezlobin and Martin Tassy quantifies LVR under fixed and variable block intervals, and demonstrates that constant block-times minimize expected losses for LPs.
- Thread by Alex Nezlobin
- Post by Martin Tassy
- Is Data Available in the EL Mempool? by Csaba Kiraly examines how blob transactions propagate in the mempool, and proposes enhancements to improve propagation and builder strategies.
- Block-level Access Lists (BALs) by Toni Wahrstätter details how the introduction of block-level access lists in EIP-7928 would speed up block validation and enable an increased gas limit.
- Delayed Execution with zkVMs by Kev and Julian Ma presents a design where builders submit execution proofs in the following slot to support delayed execution and mitigate zkVM prover griefing.
- ePBS: the case for Glamsterdam by Potuz outlines arguments for why EIP-7732 should be included in the Glamsterdam upgrade.
- Minimal Viable Auction for New Assets on Priority Ordered L2s by Lily details an auction mechanism for Clanker to capture sniping value via priority ordering, leveraging Rollup Boost.
- Make Block Proposal Decentralized with one-time randomness by Dzmitry Lahunouski describes a mechanism to improve censorship resistance and diversify the builder market by randomizing builder selection.
- The Prehistoric Age of Sandwich MEV Before the Bundle: When Gas Auctions Ruled the Chain by EigenPhi traces how sandwich attacks emerged on Ethereum through the public mempool and priority gas auctions.
- The Assembly Lines Era: Bundle-Boosted Beasts Changing the Game Via Private Tunnels by EigenPhi details how the introduction mev-geth reshaped the MEV landscape by introducing a first-price sealed-bid auction for atomic bundles.
- How Flash-Loan-Enabled Arms Race Goes Modular In the Age of Predator Proliferation by EigenPhi describes the evolution of sandwich attacks and multi-protocol arbitrages enabled by flash loans and DeFi composability.
- Liquidity Fragmentation: Are LPs Rational or Just Losing Money? Part I by Krzysztof Gogol analyzes how LPs on AMMs can optimize yield by reallocating capital from overcapitalized pools on L1 to L2.
Posts & Threads
- Nethermind published a thread detailing recent improvements to their local block building logic.
- Ladislaus.eth published a thread sharing publications and collaborations by EF Research from the previous week.
- @dataalways published a post highlighting a shift towards private orderflow for L1 NFT trades, up from 5% to 80% in the last year.
Talks & Discussions
- Bell Curve: DeFi’s Value Proposition invites Robert Leshner and @Hasu to discuss the current and future state of DeFi, vertical integration, stablecoins, and more.
- Post by Bell Curve
- CBER Forum: Justin Drake (Ethereum Foundation) invites Justin Drake for a presentation on Bitcoin security, the Beam Chain initiative, and what a preconf-centric Ethereum could look like.
- Ethereum Sequencing and Preconfirmations Call #18 hosted by Justin Drake provides an update on the based ecosystem, and invites mrs kzg.eth to introduce the Ethereum R1 project.
- Epicenter: Ethereum Foundation: Humanity’s Shared World Computer invites Hsiao-Wei Wang and @Tomasz to discuss the role of EF, scaling, interoperability, and more.
- Deeply Intents: Reminiscences of an MEV Operator invites Taker for a conversation on MEV, intents, chain abstraction, and more.
- FOCIL Breakout #10 hosted by Thomas Thiery shares updates related to implementing FOCIL, and invites Toni Wahrstätter to present how Delayed Execution can be made compatible with FOCIL.
- Agenda by Thomas Thiery
- Thread by Jihoon Song
- EIP-7702 Set Code for EOAs invites Anders Kristiansen to unpack the design of EIP-7702 and the UX benefits for users.
Other
- Questions about BuilderNet Block‑Building, Refund Rule, and TEE Guarantees by @82y31 asks a series of questions related to BuilderNet implementation details.
- Reply by @metachris
- BuilderNet Bot by @metachris highlights new topics published on the BuilderNet forum to make it easier to stay up to date on developments.
- Post by @metachris
- Pectra Mainnet Testing by Mario Vega outlines successful mainnet execution tests of all Pectra EIPs.
- Post by Mario Vega
- Block Production Live by ethPandaOps is a live dashboard of the transaction supply chain with information on builders, relays, and geographic decentralization.
- Community Consensus, Fork Headliners & ACD Working Groups by Tim Beiko proposes a restructured governance process for network upgrades to better prioritize and align on headline features.
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