This impressive paper is the biggest contribution to modeling LVR since 2023 It’s the first paper to model LVR for uniform block times (like almost all chains now have) This means that switching from PoW to PoS may have reduced LVR by ~17%, just due to deterministic block time!

Prioritized cancels is a cool property, but I think the even more important one for Hyperliquid’s success was free cancels (and free places) Any fee on cancelled orders is prohibitive for normal MM strategies This has been one huge advantage of AMMs over most onchain orderbooks

Solana is not focused on CLOBs, FCFS, cancels before takes, or any other market structure. There are no Zealots here, only pragmatic people who want the tightest most liquid markets to exist on Solana. Whichever market structure leads to that is fine with us. But the reality

CoW DAO This entire thread is a misrepresentation of how UniswapX works. First, it’s important to understand when the Dutch auction actually starts. In many cases, swaps are filled by an exclusive RFQ filler before the auction even kicks in. And even when the auction does start, decay

Things I tell people about AMMs: (running list)

Why aren’t more arb bots using JIT + sandwich attacks? Feels like more profitable.

Introducing the Uniswap v4 Hook Design Lab 🪝 A new pilot grant program accelerating the next generation of DeFi protocols on Unichain Built to support v4 teams: from idea, to impact

今月24日19:30～渋谷スクランブルスクエアで香港科技大学ビジネススクール経済学PhDの説明会を開きます！

How did Timeboost affect the market structure on Arbitrum? And how does it compare to Base? Here are a few plots & data from the weth/usdc 5bps pairs. Caveat emptor: I forgot to post this earlier and now the data are a bit stale, so use at your own risk! 1/

See for yourself how SPAM clogs a Base block: 1,197 txs. 88% were spam. (slowed down for readability) The gas consumption curve from spam is clearly disproportionate to the revenue it generates - a clear sign that blockspace resources are underpriced. When TVL and retail

As trading migrates on-chain, cross-chain arbitrage is poised to become the next frontier of MEV⚡️ We study this mechanism with a profit-cost model to pinpoint when to hold vs bridge and a year-long measurement that reveals landscape, execution dynamics, and market structure🧵

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There has been a lot of confusion about TimeBoost, especially what it actually does. Some of the following are my personal takeaways about it and some are facts, that you may find interesting: 1. What?: Arbitrum transaction ordering policy before TimeBoost was First-Come

We've pulled together some of the most interesting research problems in MEV in the new Flashbots Research Problem Database ⚡🤖 It includes completed work, early ideas, WIP, and requests for research in Incentives, cryptography, PBS, TEE, data, and more! flashbots.notion.site/21f6b4a0d87680…

If DEXs had something like NBBO, it would make evaluating execution quality much easier. But the problem is it's extremely hard to get accurate pool prices from protocols other than Uniswap.

ETHのユーザーの厚生を最大化するにはミント/バーンのルールをどう変えるべきかって話をした後にセキュリティ評価モデルをどう実証的に構築するかとかの話で盛り上がりました。差し入れに魚沼産コシヒカリを買って行ったのですが、噂通り昔より値段が上がっていてびっくりしました。

Across V4 is here. In fact, it’s already live in production. V4 combines our intent-based infrastructure with the power of ZK Proofs, via Succinct, unlocking our ability to expand to more ecosystems in less time. The result? More chains. Faster.

興味深い

🌍 Local Ethereum #6, June 2025 Roundup ✨ Enjoy your coffee & dive into the geo-story of Ethereum updates from Asia, Europe, North America, Latam & beyond. Uncover global opportunities! localethereum.beehiiv.com/p/local-ethere…

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