# The MEV Letter #97

**URL:** https://collective.flashbots.net/t/the-mev-letter-97/5110
**Category:** The Flashbots Ship
**Tags:** the-mev-letter
**Created:** [July 22, 2025, 9:33pm UTC](https://collective.flashbots.net/t/the-mev-letter-97/5110 "2025-07-22T21:33:24Z")
**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: [July 22, 2025, 9:33pm UTC](https://collective.flashbots.net/t/the-mev-letter-97/5110/1 "2025-07-22T21:33:24Z")

</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

- [Measuring CEX-DEX Extracted Value and Searcher Profitability: The Darkest of the MEV Dark Forest](https://arxiv.org/abs/2507.13023) by [Fei Wu](https://x.com/William33203632), @sui414, [Thomas Thiery](https://twitter.com/soispoke), and [Mallesh Pai](https://sites.google.com/view/malleshpai/) provides a comprehensive empirical analysis of the economics and dynamics behind arbitrages between CEX-DEX on Ethereum.
  - [Thread](https://x.com/sui414/status/1947695935175462958) by @sui414
  - [Thread](https://x.com/William33203632/status/1947665891245887676) by [Fei Wu](https://x.com/William33203632)
  - [Post](https://x.com/soispoke/status/1947666630386782422) by [Thomas Thiery](https://twitter.com/soispoke)

- [Detecting Cross-Chain Arbitrages in the Wild](https://collective.flashbots.net/t/detecting-cross-chain-arbitrages-in-the-wild/5107) by @boz1 presents the methodology developed for detecting cross-chain arbitrages in [_Cross-Chain Arbitrage: The Next Frontier of MEV in Decentralized Finance_](https://arxiv.org/abs/2501.17335) by @boz1,[Christof Ferreira Torres](https://www.christoftorres.com/), @Christoph, @BrunoMr,[Jonas Gebele](https://x.com/j9ebele), @rezabfil and [Florian Matthes](https://www.linkedin.com/in/florianmatthes/).
  - [Post](https://x.com/boez95/status/1947640627975328053) by @boz1

- [Building Custom Spammers in Rust with Contender](https://collective.flashbots.net/t/building-custom-spammers-in-rust-with-contender/5105) by @brock walks through the process of building [custom transaction spammers](https://github.com/zeroxbrock/op-interop-contender) with[Contender](https://github.com/flashbots/contender/) that utilize [OP-Interop](https://specs.optimism.io/interop/overview.html) to relay cross-chain messages.
  - [Post](https://x.com/zeroXbrock/status/1947672991673774156) by @brock

- [Online Block Packing](https://arxiv.org/abs/2507.12357) by [Ariel Ben Eliezer](https://arxiv.org/search/cs?searchtype=author&query=Eliezer,+A+B) and [Noam Nisan](https://x.com/noamnisan) 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](https://x.com/noamnisan/status/1945739248780357822) by [Noam Nisan](https://x.com/noamnisan)

- [ESMA TRV Risk Analysis Financial Innovation Maximal Extractable Value Implications for crypto markets](https://www.esma.europa.eu/sites/default/files/2025-07/ESMA50-481369926-29744_Maximal_Extractable_Value_Implications_for_crypto_markets.pdf) by [ESMA](https://www.esma.europa.eu/) 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.
  - [Post](https://x.com/paddi_hansen/status/1945822227892461832) by [Patrick Hansen](https://x.com/paddi_hansen)

- [Block Constraints Sharing: Multi-Relay Inclusion Lists & beyond](https://ethresear.ch/t/block-constraints-sharing-multi-relay-inclusion-lists-beyond/22752) by [Michael Moser](https://x.com/mostlyblocks), [Kubi Mensah](https://x.com/kubimensah) and [George](https://x.com/gd_gattaca) presents Multi-Relay Inclusion Lists (mrIL) as a protocol for relays to collectively build a shared inclusion list.
- [VRFs and Single Secret Leader Election](https://ethresear.ch/t/vrfs-and-single-secret-leader-election/22787) by [Alberto](https://ethresear.ch/u/71104/summary) explores the use of a [VRF](https://datatracker.ietf.org/doc/rfc9381/) built on the [DDH assumption](https://en.wikipedia.org/wiki/Decisional_Diffie%E2%80%93Hellman_assumption) for non-interactive SSLE, and evaluates its benefits over ZK-based systems in Ethereum consensus.
- [Preemptive Provable Assertions](https://ethresear.ch/t/preemptive-provable-assertions/22757) by [Nikesh](https://github.com/nikeshnazareth) 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](https://notes.ethereum.org/w_UoFg8pQyGgQurpPaRD8A?view) by [Mark (ethDreamer.eth)](https://x.com/EthDreamer) details the rationale for including a trustless builder payment mechanism in [ePBS](https://eips.ethereum.org/EIPS/eip-7732) and addresses concerns about its impact on flexibility, builder centralization, and security.
  - [Post](https://x.com/ethdreamer/status/1946319890404491319) by [Mark (ethDreamer.eth)](https://x.com/EthDreamer)

- [Sunnyside Devnet Updates - 07/14](https://testinprod.notion.site/Sunnyside-Devnet-Updates-07-14-2308fc57f5468054b18fcbff31cc032c) by [Test in Prod](https://x.com/testinprod_io) examines the current status of PeerDAS and outlines the performance limits across all major CL and EL clients under various blob loads.
  - [Thread](https://x.com/testinprod_io/status/1947318470963789946) by[Test in Prod](https://x.com/testinprod_io)

- [The Glamsterdam equation](https://ethresear.ch/t/the-glamsterdam-equation/22760) by [Anders Elowsson](https://x.com/weboftrees) introduces a framework for analyzing the decision between[delayed execution](https://ethereum-magicians.org/t/eip-7886-delayed-execution-the-case-for-glamsterdam/24500) and [ePBS](https://ethereum-magicians.org/t/eip-7732-the-case-for-inclusion-in-glamsterdam/24306) in the context of[shorter slot times](https://ethereum-magicians.org/t/eip-7782-the-case-for-2x-shorter-slot-times-in-glamsterdam/24616).
  - [Post](https://x.com/weboftrees/status/1945795946215789014) by[Anders Elowsson](https://x.com/weboftrees)

- [Geth Glamsterdam Headliner Assessment](https://notes.ethereum.org/@fjl/glamsterdam-headliner-el) by [Felix Lange](https://github.com/fjl) articulates [Geth](https://geth.ethereum.org/)’s Glamsterdam headliner pick as: [BALs](https://eips.ethereum.org/EIPS/eip-7928).
  - [Post](https://github.com/ethereum/pm/issues/1610#issuecomment-3073521193) by [Felix Lange](https://github.com/fjl)

- [Nethermind Glamsterdam’s Headliner](https://hackmd.io/@nethermindclient/Syqj3VUUxg) by [smartprogrammer.eth](https://x.com/Smartprogrammer) articulates [Nethermind](https://www.nethermind.io/)’s Glamsterdam headliner picks as: [ePBS](https://eips.ethereum.org/EIPS/eip-7732) and [BALs](https://eips.ethereum.org/EIPS/eip-7928), and supportive of[FOCIL](https://eips.ethereum.org/EIPS/eip-7805) and [EOF](https://eips.ethereum.org/EIPS/eip-7692).
  - [Post](https://x.com/smartprogrammer/status/1945825277105324078) by [smartprogrammer.eth](https://x.com/Smartprogrammer)

- [Reth - Glamsterdam Headliners](https://hackmd.io/@ZPrq5kalQqSX-138YNSJUQ/H1JafRXLle) by [Roman Krasiuk](https://x.com/r_krasiuk) articulates [Reth](https://reth.rs/)’s Glamsterdam headliner picks as: [BALs](https://eips.ethereum.org/EIPS/eip-7928), [ePBS](https://eips.ethereum.org/EIPS/eip-7732), with [FOCIL](https://eips.ethereum.org/EIPS/eip-7805) as a stretch goal.
  - [Post](https://x.com/r_krasiuk/status/1945804545277239743) by[Roman Krasiuk](https://x.com/r_krasiuk)

- [Besu Glamsterdam Position Paper](https://hackmd.io/@RoboCopsGoneMad/Ski-5cHLge) by Justin Florentine articulates [Besu](https://besu.hyperledger.org/)’s Glamsterdam headliner picks as: [ePBS](https://eips.ethereum.org/EIPS/eip-7732), [FOCIL](https://eips.ethereum.org/EIPS/eip-7805) and [BALs](https://eips.ethereum.org/EIPS/eip-7928).
- [Erigon Team’s perspective on Glamsterdam Headline](https://hackmd.io/@erigon/Glamsterdam_Headliners_View) by [Erigon](https://erigon.tech/) articulates [Erigon](https://erigon.tech/)’s Glamsterdam headliner picks as: [FOCIL](https://eips.ethereum.org/EIPS/eip-7805), [Reduce Block Latency](https://eips.ethereum.org/EIPS/eip-7782), [BALs](https://eips.ethereum.org/EIPS/eip-7928), with [EOF](https://eips.ethereum.org/EIPS/eip-7692) as a stretch goal.
- [Prysm Team’s Glamsterdam Headliner](https://hackmd.io/@tchain/prysm-glamsterdam-headliner) by [Terence Tsao](https://terencecha.in/) articulates [Prysm](https://github.com/prysmaticlabs/)’s Glamsterdam headliner picks as: [ePBS](https://eips.ethereum.org/EIPS/eip-7732), with [FOCIL](https://eips.ethereum.org/EIPS/eip-7805) as a stretch goal.
  - [Post](https://x.com/prylabs/status/1945235161253351596) by[Prysm](https://github.com/prysmaticlabs/)

- [Lodestar’s Glamsterdam headliner vision](https://blog.chainsafe.io/lodestars-glamsterdam-headliner-vision/) by [Phil Ngo](https://x.com/philngo_) articulates [Lodestar](https://lodestar.chainsafe.io/)’s Glamsterdam headliner picks as: [ePBS](https://eips.ethereum.org/EIPS/eip-7732), [FOCIL](https://eips.ethereum.org/EIPS/eip-7805), with [Pureth Meta](https://eips.ethereum.org/EIPS/eip-7919) as a stretch goal.
  - [Post](https://x.com/philngo_/status/1945560881447723033) by[Phil Ngo](https://x.com/philngo_)

- [Teku Glamsterdam’s Headliner](https://hackmd.io/@teku/SJeW2JULlx) by [Teku](https://consensys.io/teku) articulates[Lodestar](https://lodestar.chainsafe.io/)’s Glamsterdam headliner pick as: [ePBS](https://eips.ethereum.org/EIPS/eip-7732).
  - [Post](https://x.com/StefanBr93/status/1945773541258842440) by [stefanbratanov.eth](https://x.com/StefanBr93)

- [Glamsterdam’s Headliners](https://notes.status.im/MJFCsbS0RTaDZYMMapR1ng?view) by [Nimbus](https://nimbus.team/) articulates [Nimbus](https://nimbus.team/)’s Glamsterdam headliner pick as: [ePBS](https://eips.ethereum.org/EIPS/eip-7732) and [Pureth Meta](https://eips.ethereum.org/EIPS/eip-7919).

# Posts & Threads

- [Base Build](https://x.com/buildonbase) published a [thread](https://x.com/buildonbase/status/1945618401013239880) announcing that Flashblocks are live on [Base](https://www.base.org/) mainnet, speeding up effective block times from 2 seconds to 200 milliseconds.
- [Codywang.eth](https://x.com/codywang999) published a [thread](https://x.com/codywang999/status/1946679984405570001) sharing technical learnings from deploying Flashblocks on [Base](https://www.base.org/), emphasizing the value of continuous feedback from application developers.
- [Base Build](https://x.com/buildonbase) published a [thread](https://x.com/buildonbase/status/1945196759346540781) outlining [Base](https://www.base.org/)’s collaboration with [OP Labs](https://www.oplabs.co/), [Test in Prod](https://www.testinprod.io/), and [Soneium](https://soneium.org/) to accelerate the deployment of PeerDAS in Fusaka and scale blob throughput.
- [Kamil Chodoła](https://x.com/ChodoKamil) published a [post](https://x.com/chodokamil/status/1947295096656794054) highlighting that the Ethereum mainnet has successfully increased its gas limit from 36M to [45M gas per block](https://etherscan.io/block/22968004).
  - [Post](https://x.com/ben_a_adams/status/1947296360690024486) by [Ben Adams](https://x.com/ben_a_adams)

- [Jxom](https://x.com/_jxom) published a [post](https://x.com/_jxom/status/1946961084125954476) announcing that [viem](https://viem.sh/) [2.33](https://github.com/wevm/viem/releases/tag/viem%402.33.0) introduces support for Flashblocks.
- [Mark (ethDreamer.eth)](https://x.com/EthDreamer) published a [post](https://x.com/ethdreamer/status/1945237718633467984) summarizing how the discourse related to [ePBS](https://eips.ethereum.org/EIPS/eip-7732) evolved from initial skepticism to broad support.
- [ladislaus.eth](https://x.com/ladislaus0x) published a [thread](https://x.com/ladislaus0x/status/1946147052578025478) sharing publications and collaborations by [EF Research](http://research.ethereum.foundation/) from the previous week.
- [Terence Tsao](https://terencecha.in/) published a [post](https://x.com/terencechain/status/1945837782376788296) summarizing the preferences of all major EL and CL client teams for Glamsterdam headliners.
- [Kamil Chodoła](https://x.com/ChodoKamil) published a [post](https://x.com/chodokamil/status/1945154735058657357) with results from stress-testing [ePBS](https://eips.ethereum.org/EIPS/eip-7732) over four epochs of blocks averaging 200MGas, showing 0 orphaned blocks _with_ ePBS, and 28 orphaned blocks _without_ ePBS.
- [Nethermind](https://www.nethermind.io/) published a [thread](https://x.com/NethermindEth/status/1945482936314175739) detailing the collaborative efforts on [Gas Benchmarking](https://github.com/nethermindeth/gas-benchmarks/), which revealed execution inefficiencies, and resulted in improved throughput and EL optimization.
- [Nethermind](https://www.nethermind.io/) published a [thread](https://x.com/NethermindEth/status/1947643120268476436) detailing their internal Ethereum testnet which simulates high-stress conditions.

# Talks & Discussions

- [Indexed Podcast](https://x.com/indexed_pod): [The Data Behind DeFi’s Biggest Upgrade](https://www.youtube.com/watch?v=V7dLMW0ytC4) invites [jackie](https://x.com/agaperste) and [Grace](https://x.com/_grace_lily) for a conversation on [Uniswap v4](https://v4.uniswap.org/), [Bunni](https://bunni.xyz/), [Unichain](https://www.unichain.org/), and more.
  - [Thread](https://x.com/indexed_pod/status/1946202049214910727) by [Indexed Podcast](https://x.com/indexed_pod)
  - [Post](https://x.com/sui414/status/1946283321492934995) by @sui414
  - [Post](https://x.com/hildobby/status/1946207860196520436) by [hildobby](https://x.com/hildobby)
  - [Post](https://x.com/agaperste/status/1946208942024986720) by [jackie](https://x.com/agaperste)

- [Solver Alpha: Public Good or Private Edge?](https://x.com/sprinter_ux/status/1945876437795315784) with [Chase Coleman](https://x.com/BlkBoxEconomist), [AMM](https://x.com/alexmattm), [Nadiem Sissouno](https://x.com/nad_roid), @sui414, [Felix Leupold](https://x.com/fleupold_), [Connor](https://x.com/connor_enso), [Markus Schmitt](https://x.com/_haikane_), and [Nikita Ovchinnik](https://x.com/NovaOvchinnik) discuss the current state, and trends in the solver market.
- [Recordings](https://www.youtube.com/playlist?list=PLdLBAkDIO8CL0VzMnfSXRWKrwveul0qtY) from [Stable Summit III: Cannes 2025](https://www.stablesummit.xyz/) hosted by [Stake Capital Group](https://www.stake.capital/) and [Party Action People](https://partyactionpeople.com/) have been uploaded:
  - [Panel: Building Resilient DeFi: How Protocol Design Shapes User Protection and Performance](https://www.youtube.com/watch?v=N1aI0Oy-_Sk) with @tesa, [Martin Krung](https://x.com/martinkrung) and [Emilio Frangella](https://x.com/the3d_)
  - [Panel: Engineering Yield Access: Bringing Institutional Credit & RWA Structures Onchain](https://www.youtube.com/watch?v=rM97mn0MDEM) with @tesa, [David DeFi](https://x.com/David_DeFi_), [Dennis Dinkelmeyer](https://x.com/DDinkelmeyer), [Sebastien Derivaux](https://x.com/SebVentures), [Martin Quensel](https://x.com/mr_optimax) and [Julien Bouteloup](https://x.com/bneiluj)
  - [Yield Basis: Solving Impermanent Loss in DeFi](https://www.youtube.com/watch?v=DdLzIIODgaM) by [Michael Egorov](https://x.com/newmichwill)

- [AllCoreDevs - Execution (ACDE) #216](https://www.youtube.com/watch?v=dkIQxIHX56E) hosted by [Tim Beiko](https://x.com/timbeiko) discussed updates from Fusaka devnets, and client team preferences for EIPs headlining Glamsterdam.
  - [Agenda](https://github.com/ethereum/pm/issues/1610) by [nixo.eth](https://x.com/nixorokish)
  - [Thread](https://x.com/nixorokish/status/1945280046714769438) by [nixo.eth](https://x.com/nixorokish)

- [FOCIL Breakout #15](https://www.youtube.com/watch?v=tklQ_9NaoM0) hosted by [Jihoon Song](https://x.com/jih2nn) discussed [ePBS](https://eips.ethereum.org/EIPS/eip-7732) – [FOCIL](https://eips.ethereum.org/EIPS/eip-7805) compatibility, consensus spec implementation progress, and the potential for FOCIL to headline Glamsterdam.
  - [Agenda](https://github.com/ethereum/pm/issues/1622) by [Jihoon Song](https://x.com/jih2nn)
  - [Notes](https://github.com/ethereum/pm/issues/1622#issuecomment-3078556787) by [Jihoon Song](https://x.com/jih2nn)
  - [Thread](https://x.com/jih2nn/status/1945476588143063398) by [Jihoon Song](https://x.com/jih2nn)

- [Deeply Intents - Episode 18: Credible Commitments](https://www.youtube.com/watch?v=xxQVrCK8ySE) invites [Murat Akdeniz](https://x.com/MuratLite) for a conversation on preconfirmations, composability, [MEV-commit](https://www.mev-commit.xyz/), and more.
  - [Thread](https://x.com/apriori0x/status/1946634561250623808) by [apriori](https://x.com/apriori0x)
  - [Thread](https://x.com/primev_xyz/status/1947319058442957116) by [Primev](https://www.primev.xyz/)

- [MEV Happy Hour Presentation @ ETH CC, Cannes, 2025](https://www.youtube.com/watch?v=iQOUVTYDoWg) by [Eyal Markovich](https://x.com/eyalmarkov) outlines the current state of MEV across various chains and details some of the emerging trends.
- [EthStaker](https://ethstaker.org/): [Community Call #57: Validator Gas Limit talk](https://www.youtube.com/live/QyEwkBsv06A) discussed the implications of increasing the gas limit for validators and what to expect going forward.
  - [Post](https://x.com/ethStaker/status/1945191418433298906) by [EthStaker](https://ethstaker.org/)

# Other

- [Contender v0.3.0](https://github.com/flashbots/contender/releases/tag/contender_cli-v0.3.0) by @brock introduces smarter error handling, new stress-test scenarios, improved reporting, support for Prague and Engine API V4, and more.
  - [Thread](https://x.com/zeroxbrock/status/1945578386346373386) by @brock

- [MEV-Boost Community Call #13](https://pbsfoundation.notion.site/MEV-Boost-Community-Call-13-July-23rd-2025-3pm-UTC-232b546e2d258022a39eeb55890a6f07) by [Alex Stokes](https://stokes.io/) invites the MEV-Boost community for an upcoming call on **July 23rd** to discuss Fusaka, Relay DA, and [ePBS](https://eips.ethereum.org/EIPS/eip-7732).
  - [Post](https://x.com/ralexstokes/status/1945875587047838183) by[Alex Stokes](https://stokes.io/)
  - [Post](https://x.com/PBS_Foundation/status/1947708221239791862) by [PBS Foundation](https://pbs.foundation/)

- [Panda.chat](https://panda.chat/) by [Test in Prod](https://www.testinprod.io/) is an end-to-end encrypted LLM leveraging [Dstack](https://github.com/Dstack-TEE/dstack) for verifiable privacy with onchain attestations.
  - [Thread](https://x.com/testinprod_io/status/1945528586846241194) by [Test in Prod](https://www.testinprod.io/)

- [Autonomous Build Network: Distributing Software Supply Chain for Build Integrity](https://poeticte.ch/posts/whats-abn.html) by Damla Ozcelik details a decentralized protocol that ensures software build integrity through reproducible builds, distributed attestations, and [full-source bootstrapping](https://www.bootstrappable.org/).
  - [Post](https://x.com/Poetic_Tech/status/1945432100221669612) by [Poetic Technologies](https://poeticte.ch/)

- [Awesome Based Preconfirmations](https://eth-fabric.github.io/website/education/awesome-based-preconfs) by [Nethermind](https://www.nethermind.io/) is a curated list of resources, research, and implementations related to preconfirmations.
  - [Thread](https://x.com/NethermindEth/status/1946152587671335023) by [Nethermind](https://www.nethermind.io/)
  - [Post](https://x.com/ConorMcMenamin9/status/1946188312454090787) by [Conor McMenamin](https://x.com/ConorMcMenamin9)

* * *

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