There's lots of debate over what market structure will look like with ePBS. I'm bullish trustless payments because a decentralized network shouldn't need to push 90% of blocks through three geographic chokepoints that just facilitate an offchain auction.
As of today, BuilderNet supports prioritised updates
This means propAMMs and other designs that want to prioritise some calls over others are now feasible
This + Titan's announcement earlier this week mark the beginning of a new chapter in transaction execution on Ethereum with a whole new set of challenges, opportunities and unknown unknowns (definitely tighter spreads)
Making this new market efficient and reducing the need to rely on trusted intermediaries will require a lot of coordination across the ecosystem
As a first step, we want landing updates to be permissionless. So we're launching v0 of a registry format we hope will become an industry standard - one where builders don't need to trust the prioritised updater.
We've been collaborating with other builders and DeFi teams on this behind the scenes - post coming soon.
Landing updates is just the beginning, we're cooking on several related features. Some of them are predictable, some of them are not - stay tuned.
Docs in next tweet
@elindinga the amount of staked eth has been up only. the drop in validator counts is from devs changing the max effective balance cap from 32 eth to 2048 (eip 7251). so now to stake 100k eth, you can do it in 50 validators instead of over 3000.
@swmartin19 so... swapping $20m from one deep pool stable to another just to sandwich someone’s 10k trade, then swapping the $20m back isn't $40.010m of useful economic activity?
Meet 0x841: a fresh sandwich bot lurking in the dark forest--currently attacking about 1500 users per day, while going almost unnoticed. What's particularly scary: most of the victims are using private mempools and should be protected.
We need stronger cryptographic guarantees around order flow. Handshakes and legal agreements are not enough. In the short term, that means moving as much as possible into TEEs. In the long term, it means building encrypted mempools that preserve execution quality.
These attacks flip the usual competitive dynamics on their head. Traditional sandwiches are low-risk and competitive, with most of the revenue bid away to the proposer. These attacks are riskier for the bot, but face little competition—letting 0x841 keep more of the value.
@nero_eth median block is subsidized, so maybe we're gaining from blocks being reorged :p
but yeah, would be curious to look at gas usage <> reorg correlations. (vibes based) feels like it hasn't been as strong over the past year w/ relay + client improvements