# The MEV Letter #99 **URL:** https://collective.flashbots.net/t/the-mev-letter-99/5154 **Category:** The Flashbots Ship **Tags:** the-mev-letter **Created:** [August 5, 2025, 10:16pm UTC](https://collective.flashbots.net/t/the-mev-letter-99/5154 "2025-08-05T22:16:19Z") **Posts on this page:** 1 **Page:** 1
### 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: [August 5, 2025, 10:16pm UTC](https://collective.flashbots.net/t/the-mev-letter-99/5154/1 "2025-08-05T22:16:19Z")
_ **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 - [Silent Threshold Encryption with One-Shot Adaptive Security](https://eprint.iacr.org/2025/1384) by [Mathias Hall-Andersen](https://rot256.dev/post/whoami/), @mark, and [Benedikt Wagner](https://benedikt-wagner.dev/) presents a blueprint for constructing silent threshold encryption schemes which remain secure as long as the number of corruptions is at most t ≤ (1/2 - ε) · n, where ε \> 0 is an arbitrary constant. - [The Free Option Problem in ePBS, Part II](https://collective.flashbots.net/t/the-free-option-problem-in-epbs-part-ii/5145) by @Christoph, [Fei Wu](https://x.com/William33203632), @BrunoMr, and @boz1 tests the theoretical predictions made in [The Free Option Problem in ePBS](https://collective.flashbots.net/t/the-free-option-problem-in-epbs/5115) empirically by checking whether the option would have been profitable to exercise on _realized_ blocks. - [Post](https://x.com/hasufl/status/1952448490489118925) by @Hasu - [Protocol Update 001 – Scale L1](https://blog.ethereum.org/2025/08/05/protocol-update-001) by [Ansgar Dietrichs](https://x.com/adietrichs), [Tim Beiko](https://x.com/TimBeiko), and [Marius van der Wijden](https://x.com/vdWijden) summarizes progress from the [Protocol](https://blog.ethereum.org/2025/06/02/announcing-protocol) workstream focused on Scaling L1, highlighting the [gas limit increase to 45M](https://etherscan.io/block/22968004), [pre-merge history expiry](https://blog.ethereum.org/2025/07/08/partial-history-exp), [BALs research](https://eips.ethereum.org/EIPS/eip-7928), and appointing [Marius van der Wijden](https://x.com/vdWijden) as workstream co-lead. - [Thread](https://x.com/TimBeiko/status/1952756799011959044) by [Tim Beiko](https://x.com/TimBeiko) - [Post](https://x.com/adietrichs/status/1929628644848423030) by [Ansgar Dietrichs](https://x.com/adietrichs) - [Post](https://x.com/adietrichs/status/1952829544148373685) by [Ansgar Dietrichs](https://x.com/adietrichs) - [Post](https://x.com/vdWijden/status/1952784174500171883) by [Marius van der Wijden](https://x.com/vdWijden) - [lean Ethereum](https://blog.ethereum.org/2025/07/31/lean-ethereum) by [Justin Drake](https://x.com/drakefjustin) presents [lean Ethereum](https://leanroadmap.org/) as a 10-year vision to reach 10k TPS on L1 and 10M TPS on L2, with a reimagination of the CL and EL using real-time zkVMs and post-quantum blobs. - [Post](https://x.com/drakefjustin/status/1950979137650520514) by [Justin Drake](https://x.com/drakefjustin) - [Angstrom v1 Whitepaper](https://app.angstrom.xyz/whitepaper-v1.pdf) by [Karthik Srinivasan](https://x.com/ksrini_), [Ludwig Thouvenin](https://x.com/0xvanbeethoven), and [Ciamac C. Moallemi](https://moallemi.com/ciamac/) presents the dual-auction structure of [Angstrom](https://app.angstrom.xyz/) with a top-of-block auction and a uniform-clearing batch auction, implemented as a [Uniswap v4](https://v4.uniswap.org/) hook. - [Thread](https://x.com/angstromxyz/status/1952784857249243140) by [Angstrom](https://app.angstrom.xyz/) - [Maintaining Effective Blob Fee Markets During Network Scaling: Dual-Variable EIP-1559](https://ethresear.ch/t/maintaining-effective-blob-fee-markets-during-network-scaling-dual-variable-eip-1559/22846) by [Arthur Hsiao](https://x.com/xiawpohr) introduces a dual-variable resource pricing mechanism as an extension of [EIP-1559](https://eips.ethereum.org/EIPS/eip-1559) to dynamically adjust both the `base_fee_per_blob_gas` and `target_blob_gas_per_block` in response to real-world demand fluctuations. - [Thread](https://x.com/xiawpohr/status/1951117729949425790) by[Arthur Hsiao](https://x.com/xiawpohr) - [Overclocking Blocks with Gas Refunds](https://ethresear.ch/t/overclocking-blocks-with-gas-refunds/22862) by [Toni Wahrstätter](https://toniwahrstaetter.com/) details how block gas accounting is distorted by storage-clearing refunds in [EIP-3529](https://eips.ethereum.org/EIPS/eip-3529), and how [EIP-7778](https://eips.ethereum.org/EIPS/eip-7778) ensures that block gas usage accurately reflects actual resource consumption. - [Thread](https://x.com/nero_eth/status/1951905625656451099) by [Toni Wahrstätter](https://toniwahrstaetter.com/) - [LMD GHOST with ~256 validators and a fast-following finality gadget](https://ethresear.ch/t/lmd-ghost-with-256-validators-and-a-fast-following-finality-gadget/22856) by [Vitalik Buterin](https://vitalik.eth.limo/) outlines a design to reduce the slot time by separating the fork choice rule and finality gadget, thus reducing the number of network latency rounds per slot. - [The Complexity of FOCIL for the EL](https://hackmd.io/@jihoonsong/BJpcaudvex) by [Jihoon Song](https://x.com/jih2nn) covers the changes that [FOCIL](https://eips.ethereum.org/EIPS/eip-7805) would introduce to the EL, and examines the compatibility between [FOCIL](https://eips.ethereum.org/EIPS/eip-7805) and [BALs](https://eips.ethereum.org/EIPS/eip-7928). - [Post](https://x.com/jih2nn/status/1950858688908210196) by [Jihoon Song](https://x.com/jih2nn) - [What is ePBS?](https://medium.com/@organmo/what-is-epbs-c84100a94c1d) by[smstack.eth](https://x.com/StackDigest) outlines the rationale, technical details, and ongoing discourse related to implementing [ePBS](https://eips.ethereum.org/EIPS/eip-7732) in Glamsterdam. - [Thread](https://x.com/StackDigest/status/1950581287145877899) by[smstack.eth](https://x.com/StackDigest) - [5 Things That Break in Private DeFi (DarkFi)](https://gogol.substack.com/p/5-things-that-break-in-private-defi) by [Krzysztof Gogol](https://x.com/krzysgogol) identifies 5 key challenges that private DeFi (DarkFi) needs to address to support the rich functionality of today’s DeFi. - [Real and virtual reserves in Uniswap v3](https://rareskills.io/post/uniswap-v3-virtual-reserves) by[RareSkills](https://rareskills.io/) explains the distinction between _real_ and _virtual_ reserves in [Uniswap v3](https://docs.uniswap.org/contracts/v3)’s liquidity model. - [Post](https://x.com/rareskills_io/status/1951119729139261538) by [RareSkills](https://rareskills.io/) - [A Heavily Biased Oral History of OEV](https://x.com/campbelleaston/status/1950565036889358568) by [Campbell](https://x.com/CampbellEaston) traces the evolution of oracles in DeFi from push feeds to OEV-capture, and outlines the design of [RedStone Atom](https://www.redstone.finance/atom). # Posts & Threads - @ryager published a [thread](https://x.com/0xYager/status/1952444944649511056) highlighting 1 item from each edition of The MEV Letter as a way to celebrate the upcoming #100 edition. - [Zach Rynes](https://x.com/ChainLinkGod) published a [post](https://x.com/ChainLinkGod/status/1951413045139480761) detailing how [Chainlink SVR](https://blog.chain.link/chainlink-smart-value-recapture-svr/), integrated into [BuilderNet](https://buildernet.org/), refunded a user $100K of liquidation MEV in a single transaction. - [Post](https://x.com/bertcmiller/status/1951693083072143850?s=52) by @bert - [Aya Miyaguchi](https://x.com/AyaMiyagotchi) published a [thread](https://x.com/AyaMiyagotchi/status/1950484200731414736) celebrating Ethereum’s first 10 years by highlighting important milestones, events, and community initiatives. - [Hsiao-Wei Wang](https://x.com/hwwonx) published a [thread](https://x.com/hwwonx/status/1950271721615073637) reflecting on Ethereum’s first 10 years of network- and community growth, and ongoing efforts to scale further without compromising on decentralization, inclusivity, or permissionless participation. - [ladislaus.eth](https://x.com/ladislaus0x) published a [thread](https://x.com/ladislaus0x/status/1951222267926499353) sharing publications and collaborations by [EF Research](http://research.ethereum.foundation/) from the previous week. - [Potuz](https://x.com/potuz_eth) published a [thread](https://x.com/potuz_eth/status/1950307309269164244) rejecting the idea that trusted relays are better than builders at guaranteeing that the payload is delivered to the validator. # Talks & Discussions - [Pragma Cannes](https://ethglobal.com/events/pragma-cannes): [Why You Should Be Optimistic About MEV](https://www.youtube.com/watch?v=1xWq7gUXL_M) by @shea presents an optimistic view of MEV’s future by focusing on TEE block building as a critical component of a more decentralized and efficient Ethereum stack. - [Post](https://x.com/ethglobal/status/1940782643450380577) by[ETHGlobal](https://x.com/ETHGlobal) - [Bankless](https://www.bankless.com/): [Angstrom: The Future of Decentralized Exchange](https://x.com/BanklessHQ/status/1950889189232283698) invites [Ludwig Thouvenin](https://x.com/0xvanbeethoven) and @Hasu to discuss [Angstrom](https://app.angstrom.xyz/) approach to mitigating MEV for swappers and LPs on [Uniswap v4](https://v4.uniswap.org/) with a dual-auction architecture. - [AllCoreDevs - Execution (ACDE) #217](https://www.youtube.com/watch?v=IUS5Z-BD79M) hosted by [Tim Beiko](https://x.com/timbeiko) discussed updates from [fusaka-devnet-3](http://notes.ethereum.org/@ethpandaops/fusaka-devnet-3), and [opinions on Glamsterdam headliners](https://ethereum-magicians.org/t/soliciting-stakeholder-feedback-on-glamsterdam-headliners/24885). - [Agenda](https://github.com/ethereum/pm/issues/1629) by [nixo.eth](https://x.com/nixorokish/status/1950681300433825997) - [Thread](https://x.com/nixorokish/status/1950681300433825997) by [nixo.eth](https://x.com/nixorokish/status/1950681300433825997) - [10 Years of Ethereum Livestream](https://www.youtube.com/live/igPIMF1p5Bo) hosted by [Songyi Lee](https://x.com/iamsonge) and [Austin Griffith](https://austingriffith.com/) invites [Tim Beiko](https://x.com/timbeiko), [Vitalik Buterin](https://vitalik.eth.limo/), [Joseph Lubin](https://x.com/ethereumJoseph), [Tomasz K. Stańczak](https://x.com/tkstanczak), [Hsiao-Wei Wang](https://x.com/hwwonx) and builders from around the world, to celebrate 10 years of Ethereum by revisiting its history and envisioning the next decade. - [Post](https://x.com/ethereumfndn/status/1950224253401330142) by [Ethereum Foundation](https://ethereum.foundation/) - [Post](https://x.com/consensys/status/1950300746031018453?s=52) by [Consensys](https://consensys.io/) - [Thread](https://x.com/timbeiko/status/1950570354000498846?s=52) by [Tim Beiko](https://x.com/timbeiko) - [Glamsterdam Community Call #01](https://x.com/christine_dkim/status/1948064094788993422) hosted by[Christine D. Kim](https://x.com/christine_dkim) invites [Ben Adams](https://x.com/ben_a_adams), [parithosh](https://x.com/parithosh_j), [smartprogrammer.eth](https://x.com/Smartprogrammer), [jasperthefriendlyghost.eth](https://x.com/drjasper_eth), and [RazorClient](https://x.com/Razorclient) to discuss Fusaka, Glamsterdam headliners, and more. # Other - [Geographic Decentralization Salon @ SBC '25](https://collective.flashbots.net/t/geographic-decentralization-salon-sbc-25/5143) hosted by[Flashbots](https://www.flashbots.net/) highlighted streams of ongoing work on how protocols can be designed to facilitate, or at least preserve, geographic decentralisation over time. - [Post](https://x.com/0xQuintus/status/1951347382567710851) by @Quintus - [NoConsensus.wtf 2025 @ SBC](https://collective.flashbots.net/t/noconsensus-wtf-2025-sbc/5144) hosted by [Flashbots](https://www.flashbots.net/) and [Pod Network](https://pod.network/) brought together researchers and engineers to discuss censorship-resistance, scalability, and anonymity in blockchain P2P layers. - [Thread](https://x.com/DistributedMarz/status/1951006267796812141) by @dmarz - [2025 Staking Survey Results](https://paragraph.com/@ethstaker/staking-survey-2025) by [EthStaker](https://ethstaker.org/) presents results from a survey targeting staking node operators on their sentiments, motivations, and opinions. - [Thread](https://x.com/ethstaker/status/1950263950307660287) by [EthStaker](https://ethstaker.org/) - [Sunnyside Devnet Updates - 08/04](https://testinprod.notion.site/Sunnyside-Devnet-Updates-08-04-2458fc57f546808ab2c9e34480e0b7a9) by[Test in Prod (Sunnyside Labs)](https://www.testinprod.io/) presents results from devnets using the [fusaka-devnet-2 spec](https://notes.ethereum.org/@ethpandaops/fusaka-devnet-2) which reached 60 blobs per block under 22M gas usage. - [Thread](https://x.com/testinprod_io/status/1952725740681937119) by [Test in Prod (Sunnyside Labs)](https://www.testinprod.io/) * * * ✉ [**Sign up here**](https://flashbots.net/the-mev-letter) if you’d like to get The MEV Letter straight to your inbox! [Previous editions](https://collective.flashbots.net/tag/the-mev-letter)