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
- An MEV Perspective on Glamsterdam by @dataalways and @Hasu highlights tradeoffs for the headlining proposals of Glamsterdam related to block building, auction design, censorship resistance, and geodecentralization.
- Thread by @Hasu
- Post by @bert
- Thread by Mike Neuder
- Post by Thomas Thiery
- The Free Option Problem in ePBS by @Christoph and @BrunoMr describes how the 8-second delay in ePBS could lead to block builders strategically withholding blocks during periods of market volatility, and explores possible mitigations.
- Building Trust Through Reproducibility by @hulbert details Flashbots’ adoption of mkosi for reproducible image generation for a flexible verification system with multiple layers of protection.
- An Ethereum Prover Market Proposal by Julian Ma outlines a permissionless prover market where block builders deposit rewards for zkEVM proofs into a contract, allowing provers to claim them in the next slot without the need for trusted relays.
- eODS (Enshrined Operator Delegator Separation): a Delegation model proposal by GoronDan presents a model for enshrining staking delegation into the consensus layer to enable secure, efficient, and accountable delegation.
- Key Insights from a Formal Framework of the Ethereum Staking Market by Juan Beccuti, Thunj Chantramonklasri, Matthias Hafner, and Nicolas Oderbolz summarizes their research which analyzes strategic behaviors among Ethereum stakers under various issuance schedules.
- An Analysis of Latency and Block Capacity in Nakamoto Consensus by Michele Fabi provides a game-theoretical analysis of how latency influences miner behavior, showing that miners tend to produce smaller-than-optimal blocks as a result of fixed block rewards.
- OPINION: The case against EIP-7732 for Glamsterdam by Dapplion argues that implementing ePBS in Glamsterdam is premature and ongoing research may yield more efficient solutions.
- Post by Dapplion
- Post by Sigma Prime
- Privacy-Preserving LLMs in Practice: A Full-Stack Approach with dstack and GPU TEE by smstack.eth outlines the architecture of Panda, an end-to-end encrypted LLM leveraging Dstack for verifiable privacy with onchain attestations.
- Post by smstack.eth
- Post by Test in Prod
Posts & Threads
- @bert published a thread highlighting that BuilderNet is refunding users over $1M/month and is closing in on 1000 ETH in overall refunds.
- Post by @dataalways
- Post by @bert
- Dune published a thread detailing results from ​​Measuring CEX-DEX Extracted Value and Searcher Profitability: The Darkest of the MEV Dark Forest by Fei Wu, @sui414, Thomas Thiery, and Mallesh Pai.
- Base Build published a thread outlining how developers can integrate and leverage the power of Flashblocks on Base to improve user experience.
- Post by Jesse Pollak
- Michael Silberling published a thread sharing data that visualizes how priority fees vary over time within each Flashblock on Base.
- Kristof Gazso published a post highlighting how ever since Pimlico enabled Flashblocks on their Base bundlers, their mean user operation inclusion time went from 2.35s to 465ms.
- Thomas Thiery published a post advocating for the inclusion of FOCIL in Glamsterdam to enhance censorship resistance and address centralization risks in PBS.
- Post by Jihoon Song
- Potuz published a thread disputing claims that ePBS enshrines the wrong complexity, arguing that it’s the right path forward to remove reliance on relays, and improve scalability.
- Toni Wahrstätter published a post detailing the benefits of Block-level Access Lists (BALs) in scaling Ethereum by enabling reliable parallelism and faster block validation.
- Angstrom published a thread announcing their mainnet launch on top of Uniswap V4 with MEV protection for swappers and LPs via app-level sequencing and auctions for arbitrage rights.
- Thread by Uniswap Foundation
- Post by Dan Robinson
- Post by Kydo
- Jason Milionis published a thread detailing a recent update to the model of LVR presented in Automated Market Making and Arbitrage Profits in the Presence of Fees by Jason Milionis, Ciamac C. Moallemi and Tim Roughgarden, to also capture gas fees.
- Ethereum NYC published a thread detailing the six themes for the upcoming Research Funding Forum on Aug 13th.
- @Tomasz published a thread reflecting on Ethereum’s 10-year anniversary and looks ahead to its role in shaping a decentralized, open, and fair future across AI, governance, and finance.
- @Fred published a post hinting at an upcoming release to celebrate the 100th edition of The MEV Letter.
Talks & Discussions
- Recordings from The Latest in DeFi Research (TLDR) Conference hosted by TLDR has been uploaded:
- Pandora’s Box Cross Chain Arbitrages in the Realm of Blockchain Interoperability by @boz1
- Quantifying the Value of Revert Protection by Brian Zi Qi Zhu
- Execution welfare across solver based DEXes by Yuki Yuminaga
- Unveiling arbitrage opportunities across rollups by Christof Torres
- Transaction fee market design for parallel execution by Bahar Açılan
- Economic Censorship Games in Fraud Proofs by Ben Berger
- Forking randao manipulations by Abel Nagy
- No Fish is too Big for Flash Boys! Frontrunning on DAG-Based Blockchains by Jianting Zhang
- The (Crypto) World is Changing by Georgios Konstantopoulos
- Data Oriented Denial of Service Attacks on ZK Rollup tfms by Stefanos Chaliasos
- Lightning Talks by Tivas Gupta, Alex Hajjar, Yiyun Zheng, Erwan, Irene Aldridge, Lianne Li, Rashid Makhmud, Markus Schmitt, Michele Fabi, Fei Wu, Bo Waggoner, and Anthony Hart
- MEV-Boost community call #13 hosted by Alex Stokes discussed updates on Fusaka testnets, and invited @Christoph and @BrunoMr to present The Free Option Problem in ePBS, and L to present Builders and Relays in ePBS.
- All Core Devs - Consensus #161 hosted by Alex Stokes invited Maria Silvato to outline ongoing research on slot timings, and @Christoph and @BrunoMr to present The Free Option Problem in ePBS.
- FOCIL Breakout #16 hosted by Thomas Thiery presented ePBS and FOCIL compatibility, detailing how these EIPs can be integrated without conflict.
- Agenda by Thomas Thiery
- Post by Thomas Thiery
- Building an Arb Bot on Unichain by alan walks through the steps of building an arbitrage bot on Unichain using the recently launched support for bundles and revert protection via Rollup-Boost.
- Glamsterdam Community Call #00 hosted by Christine D. Kim invited fiddy, Jerome de Tychey, and nixo.eth to discuss perspectives shared by developers and researchers on Glamsterdam EIPs.
- The State of Based Rollups hosted by RISE invites Justin Drake, mteam.eth, and Brecht Devos to discuss the latest developments related to based rollups.
- Octant: Ethereum Glamsterdam forks with Protocol Guild - what’s the best path ahead? hosted by mshal invites trent.eth, Barnabé Monnot, Thomas Thiery, Toni Wahrstätter, and Ξnrico Del Fante to discuss shorter slot times, FOCIL, delayed execution, BALs, and ePBS.
- Uniswap Foundation: Angstrom: The DEX that defends LPs with Ludwig, Dan Robinson, and Bita discuss the launch of Angstrom, and how it’s designed to protect swappers and LPs from MEV.
- Deeply Intents: Stop Gaslighting invites Josh Bowen for a conversation on sequencing, orderflow, MEV, and more.
Other
- The MEV Workshop at the Science of Blockchain Conference 2025 (MEV-SBC ’25) by @sarah.allen has been updated with the agenda for MEV-SBC’25 on Aug 7th.
- Soliciting stakeholder feedback on Glamsterdam headliners by nixo.eth invites the community to voice their opinion on which EIPs should be included in Glamsterdam.
- Checkpoint #5: July 2025 by nixo.eth provides a high-level summary from recent All Core Developer calls, focusing on Fusaka testnets, Glamsterdam headliners, gas limit increases, and history expiry.
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