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
- Measuring CEX-DEX Extracted Value and Searcher Profitability: The Darkest of the MEV Dark Forest by Fei Wu, @sui414, Thomas Thiery, and Mallesh Pai provides a comprehensive empirical analysis of the economics and dynamics behind arbitrages between CEX-DEX on Ethereum.
- Detecting Cross-Chain Arbitrages in the Wild by @boz1 presents the methodology developed for detecting cross-chain arbitrages in Cross-Chain Arbitrage: The Next Frontier of MEV in Decentralized Finance by @boz1, Christof Ferreira Torres, @Christoph, @BrunoMr, Jonas Gebele, @rezabfil and Florian Matthes.
- Building Custom Spammers in Rust with Contender by @brock walks through the process of building custom transaction spammers with Contender that utilize OP-Interop to relay cross-chain messages.
- Online Block Packing by Ariel Ben Eliezer and Noam Nisan presents approximation algorithms for the optimal social welfare in blockchain settings where transactions have time-discounted values and blocks have multi-dimensional resource constraints.
- Post by Noam Nisan
- ESMA TRV Risk Analysis Financial Innovation Maximal Extractable Value Implications for crypto markets by ESMA analyzes the implications of MEV for users, protocols, and the broader crypto market, highlighting market integrity concerns, technical challenges in measurement, and the limitations of existing mitigation strategies and regulatory frameworks.
- Block Constraints Sharing: Multi-Relay Inclusion Lists & beyond by Michael Moser, Kubi Mensah and George presents Multi-Relay Inclusion Lists (mrIL) as a protocol for relays to collectively build a shared inclusion list.
- VRFs and Single Secret Leader Election by Alberto explores the use of a VRF built on the DDH assumption for non-interactive SSLE, and evaluates its benefits over ZK-based systems in Ethereum consensus.
- Preemptive Provable Assertions by Nikesh presents a framework for rollups that allows L2 users and contracts to rely on arbitrary assertions about future state, enabling atomic cross-domain operations and real-time L1 data access.
- In Defense of Trustless Builder Payments by Mark (ethDreamer.eth) details the rationale for including a trustless builder payment mechanism in ePBS and addresses concerns about its impact on flexibility, builder centralization, and security.
- Sunnyside Devnet Updates - 07/14 by Test in Prod examines the current status of PeerDAS and outlines the performance limits across all major CL and EL clients under various blob loads.
- The Glamsterdam equation by Anders Elowsson introduces a framework for analyzing the decision between delayed execution and ePBS in the context of shorter slot times.
- Geth Glamsterdam Headliner Assessment by Felix Lange articulates Geth’s Glamsterdam headliner pick as: BALs.
- Post by Felix Lange
- Nethermind Glamsterdam’s Headliner by smartprogrammer.eth articulates Nethermind’s Glamsterdam headliner picks as: ePBS and BALs, and supportive of FOCIL and EOF.
- Reth - Glamsterdam Headliners by Roman Krasiuk articulates Reth’s Glamsterdam headliner picks as: BALs, ePBS, with FOCIL as a stretch goal.
- Besu Glamsterdam Position Paper by Justin Florentine articulates Besu’s Glamsterdam headliner picks as: ePBS, FOCIL and BALs.
- Erigon Team’s perspective on Glamsterdam Headline by Erigon articulates Erigon’s Glamsterdam headliner picks as: FOCIL, Reduce Block Latency, BALs, with EOF as a stretch goal.
- Prysm Team’s Glamsterdam Headliner by Terence Tsao articulates Prysm’s Glamsterdam headliner picks as: ePBS, with FOCIL as a stretch goal.
- Lodestar’s Glamsterdam headliner vision by Phil Ngo articulates Lodestar’s Glamsterdam headliner picks as: ePBS, FOCIL, with Pureth Meta as a stretch goal.
- Teku Glamsterdam’s Headliner by Teku articulates Lodestar’s Glamsterdam headliner pick as: ePBS.
- Glamsterdam’s Headliners by Nimbus articulates Nimbus’s Glamsterdam headliner pick as: ePBS and Pureth Meta.
Posts & Threads
- Base Build published a thread announcing that Flashblocks are live on Base mainnet, speeding up effective block times from 2 seconds to 200 milliseconds.
- Codywang.eth published a thread sharing technical learnings from deploying Flashblocks on Base, emphasizing the value of continuous feedback from application developers.
- Base Build published a thread outlining Base’s collaboration with OP Labs, Test in Prod, and Soneium to accelerate the deployment of PeerDAS in Fusaka and scale blob throughput.
- Kamil Chodoła published a post highlighting that the Ethereum mainnet has successfully increased its gas limit from 36M to 45M gas per block.
- Jxom published a post announcing that viem 2.33 introduces support for Flashblocks.
- Mark (ethDreamer.eth) published a post summarizing how the discourse related to ePBS evolved from initial skepticism to broad support.
- ladislaus.eth published a thread sharing publications and collaborations by EF Research from the previous week.
- Terence Tsao published a post summarizing the preferences of all major EL and CL client teams for Glamsterdam headliners.
- Kamil Chodoła published a post with results from stress-testing ePBS over four epochs of blocks averaging 200MGas, showing 0 orphaned blocks with ePBS, and 28 orphaned blocks without ePBS.
- Nethermind published a thread detailing the collaborative efforts on Gas Benchmarking, which revealed execution inefficiencies, and resulted in improved throughput and EL optimization.
- Nethermind published a thread detailing their internal Ethereum testnet which simulates high-stress conditions.
Talks & Discussions
- Indexed Podcast: The Data Behind DeFi’s Biggest Upgrade invites jackie and Grace for a conversation on Uniswap v4, Bunni, Unichain, and more.
- Solver Alpha: Public Good or Private Edge? with Chase Coleman, AMM, Nadiem Sissouno, @sui414, Felix Leupold, Connor, Markus Schmitt, and Nikita Ovchinnik discuss the current state, and trends in the solver market.
- Recordings from Stable Summit III: Cannes 2025 hosted by Stake Capital Group and Party Action People have been uploaded:
- Panel: Building Resilient DeFi: How Protocol Design Shapes User Protection and Performance with @tesa, Martin Krung and Emilio Frangella
- Panel: Engineering Yield Access: Bringing Institutional Credit & RWA Structures Onchain with @tesa, David DeFi, Dennis Dinkelmeyer, Sebastien Derivaux, Martin Quensel and Julien Bouteloup
- Yield Basis: Solving Impermanent Loss in DeFi by Michael Egorov
- AllCoreDevs - Execution (ACDE) #216 hosted by Tim Beiko discussed updates from Fusaka devnets, and client team preferences for EIPs headlining Glamsterdam.
- FOCIL Breakout #15 hosted by Jihoon Song discussed ePBS – FOCIL compatibility, consensus spec implementation progress, and the potential for FOCIL to headline Glamsterdam.
- Agenda by Jihoon Song
- Notes by Jihoon Song
- Thread by Jihoon Song
- Deeply Intents - Episode 18: Credible Commitments invites Murat Akdeniz for a conversation on preconfirmations, composability, MEV-commit, and more.
- MEV Happy Hour Presentation @ ETH CC, Cannes, 2025 by Eyal Markovich outlines the current state of MEV across various chains and details some of the emerging trends.
- EthStaker: Community Call #57: Validator Gas Limit talk discussed the implications of increasing the gas limit for validators and what to expect going forward.
Other
- Contender v0.3.0 by @brock introduces smarter error handling, new stress-test scenarios, improved reporting, support for Prague and Engine API V4, and more.
- MEV-Boost Community Call #13 by Alex Stokes invites the MEV-Boost community for an upcoming call on July 23rd to discuss Fusaka, Relay DA, and ePBS.
- Post by Alex Stokes
- Post by PBS Foundation
- Panda.chat by Test in Prod is an end-to-end encrypted LLM leveraging Dstack for verifiable privacy with onchain attestations.
- Autonomous Build Network: Distributing Software Supply Chain for Build Integrity by Damla Ozcelik details a decentralized protocol that ensures software build integrity through reproducible builds, distributed attestations, and full-source bootstrapping.
- Awesome Based Preconfirmations by Nethermind is a curated list of resources, research, and implementations related to preconfirmations.
- Thread by Nethermind
- Post by Conor McMenamin
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