Mars Cheng

CEO & Founder of @eigenphi. Dedicated to discovering and sharing the Wisdom of DeFi.

[Mars Cheng @kidrane]

Well said, we’ve met such problems before.

[mert @mert]

the most successful traditional VCs are those who formerly built traditional companies themselves

they're long-term thinkers who have done the work themselves

on the other hand, most crypto VCs have never actually built or operated a crypto-native business themselves and have the time horizon of a goldfish

they outsource their thinking and frequently apply weird web2 analogies to things that don't make sense

they have *not* done the work required to advise crypto-native founders

this is made worse by the liquidity of crypto tokens blurring all sorts of incentives — it's basically a popularity contest in high school

all that is to say, if you're a founder, be very careful about this and how you structure your cap table

there's a reason why glorified swing traders or commodity traders aren't on the boards of successful web1/web2 companies

[Mars Cheng @kidrane]

😲 Such a year we've seen in DeFi! 🚀
🔎 Pretty sure our research throughout the 12 months 🗓️ can help you make more sense of these 365 days! 🤓

[EigenPhi HQ 🎯 Wisdom of DeFi (🔭, 🎙) 🦇🔊 @EigenPhi]

2023, oh, what a ride in the world of DeFi!
🫠 USDC de-pegging worked a scene, causing SVB to feel a painful lean, into bankruptcy of $209 billion it did sink.
😈 Masking as a validator did the "low-carb-crusader," unbundling, stealing $20 million from sandwich bots, no later.

[Mars Cheng @kidrane]

Less than 24 hrs. Can't wait!!

[EigenPhi HQ 🎯 Wisdom of DeFi (🔭, 🎙) 🦇🔊 @EigenPhi]

👉 What’s your biggest concern regarding value redistribution in the MEV supply chain?
👉 What's your opinion on builder-searcher integration?
👉 About MEV Burn and PEPC, do you think they could be helpful in terms of aligning incentives in the ecosystem?
👉 Which metrics are crucial for observability in the MEV Supply Chain?
👉 What does it take for a searcher to back-run a sandwich bundle or, more generally, Private Order Flow?

If these questions are bugging you, tomorrow 7 PM ET, join these builder experts:

⭐ Benjamin Hunter @philosowrapter, Software Engineer from @bloXrouteLabs
⭐ Blair Marshall @blairlmarshall, Product Manager of @blocknative
⭐ Danning.eth @sui414, Data Scientist of Flashbots
⭐ Julian Villella @JooleanVillella, Co-founder of @gmbitco
⭐ @Sophie_EigenPhi, Data Scientist of @EigenPhi

🎤 https://t.co/jca62dmWcE

[EigenPhi HQ 🎯 Wisdom of DeFi (🔭, 🎙) 🦇🔊 @EigenPhi]

Wanna discuss these topics with builders? Come join our Twitter Space with 🧠s from @bloXrouteLabs, @blocknative, ⚡️🤖flash bots, and @gmbitco.

🗓️: 7 pm ET, Dec 14th.
🎙️ https://t.co/vhl5FGwJt3

[Mars Cheng @kidrane]

If you are a searcher spending 99% of an arb's revenue on builder payments, you may have been duped...

[EigenPhi HQ 🎯 Wisdom of DeFi (🔭, 🎙) 🦇🔊 @EigenPhi]

Arbitraging on #Uniswap is not easy. Typically, the median Cost-Revenue Ratio for spatial arbitrage (moving 2 assets between 2 pools on #Uniswap) on UNI is around 99%. However, if you are a searcher integrated with builders, the CRR can be as low as 11%!!

[Mars Cheng @kidrane]

Great tool for those of you who don't want to get squeezed.

Or you may have been a 😭 of sandwich attacks without even knowing!

Use our TG mini app to see your (or some whales') victim history! https://t.co/DhDhfbhNYU

[Mars Cheng @kidrane]

Our latest research shows the current PBS, with all the good intentions and some strengths, has its limits. "Trust but Verify" is the mantra for players in the field. Contact us if you need our data to verify someone or something on your mind.

[EigenPhi HQ 🎯 Wisdom of DeFi (🔭, 🎙) 🦇🔊 @EigenPhi]

Validators used to claim over 70% of the profit in MEV supply chain. But now, with searcher-builder integration on the rise, their income is shrinking. We examine how Back-of-Block MEVs targeting private OF from @bananagun alike are changing the game: https://t.co/2PGOB8Cxdl.

[Mars Cheng @kidrane]

@DavideCrapis At the moment, no way to kill it. However, we can minimize it by providing more observability about the ever-changing value stream in the system.

[Mars Cheng @kidrane]

Thrilled to see our Logo among these amazing projects supporting an important academic event! 👏🔥
Encourage more teams to champion this thought-provoking workshop!
Special thanks to @KaihuaQIN, @0xFanZhang, and the staff for superb organization! Looking forward to next time! 🌟

[DRK Lab | ShanHaiWoo 🇸🇬 @DRK_Lab]

Glad to support this incredible @defi_workshop at renowed @acm_ccs !

It’s great to be a sponsor along with @d23e_AG @Uniswap @EigenPhi @BlockSecTeam @GotCHA_labs！

[Mars Cheng @kidrane]

@ballsyalchemist our data also shows...

[Mars Cheng @kidrane]

Kudos to the great systematic research! We will release something interesting about builders & searchers as well. Stay tuned!

[Xin Wan @xin__wan]

Finally got to do a bit of self-promotion 3 months after the paper was done ...

In this paper, we (@aadams @Vervious @saritmarkovich and yours truly) dive deep into the current DEX swapping experience on Ethereum, quantifying cost components.

https://t.co/fQWfwXsG8F

[Mars Cheng @kidrane]

It is our pleasure to share the latest findings with the academic community. Our CDS @playerYixin filtered thru 10,610 TXs in 67 blocks to generate the two TX tables below.
P.S.: You don't need to do the filtering manually.

Watch the 📺 for more:
https://t.co/PiLEyEvV7X

[EigenPhi HQ 🎯 Wisdom of DeFi (🔭, 🎙) 🦇🔊 @EigenPhi]

Peter ( @MrSnookems ), VP of EigenPhi, introduced the team and our grand vision to all the gigantic brains in the room of https://t.co/AVIFVgqePD workshop.

[Mars Cheng @kidrane]

No one can showcase the affiliations among these TXs done by #MEV 🤖 like our @playerYixin does: the dominance, the speed, and those million 💰 moments summarized in the 10-minute talk. 👇
#ICYMI

[EigenPhi HQ 🎯 Wisdom of DeFi (🔭, 🎙) 🦇🔊 @EigenPhi]

Our Chief Data Scientist, @playerYixin, gave an epic talk at MEV & Intents Day thanks to @blockswap_team's invitation.

Prepare for the analysis of C0ffeebabe.eth's behavior and performances by 4 top MEV arbitrage 🤖 during the Curve-Vyper exploit.

📺 https://t.co/R0msoVja6I

[Mars Cheng @kidrane]

Hear hear. As one of the few MEV data providers, @EigenPhi is willing to provide data to huge brains like @hudsonjameson and @divine_economy to minimize the MEV Centralization (Consensus Rent-seeking Behavior) caused by observability.

[Hudson Jameson @hudsonjameson]

Great post. The MEV centralization part is a very overlooked area as David mentioned. It is also MUCH harder problem to solve, even beyond the disagreement if it is even a problem at all.

There is a smaller set of very profit motivated actors and entities in an area of crypto (MEV) that much fewer people understand. At least in general Ethereum protocol disagreements there are generally straightforward ways to explain to a non-dev crypto user what is going on.

It's not impossible and there are a very limited amount of people in the MEV space who can accomplish this. The question is will their time be pulled in different directions due to the lack of coordination resources available for many of the other hard problems in MEV.

I'm still hopeful 🙂

[Mars Cheng @kidrane]

🎙️Hey Jarry, how do you think of our appraisal of your 🥪performance?
https://t.co/1y5eQw99ZO

DM me, and we can talk it out!

[Cryptic Woods 🌳 @crypticwoods_]

2/

Read on below as we tackle the ethics of sandwiching, the story behind the name, and why memecoins are the future.

https://t.co/ccCzdvCiKE

[Mars Cheng @kidrane]

Our latest announcement, the newest research, the best defi tx learning cases in the industry, not to mention all the data you need to understand the buzzing #MEV.

Visit https://t.co/Hv2KDE0Cia to find more treasures for your DeFi toolkit!

[EigenPhi HQ 🎯 Wisdom of DeFi (🔭, 🎙) 🦇🔊 @EigenPhi]

🚀 Discover the Future of DeFi Analytics with EigenPhi! 🌐 Dive into our world of Big Data insights, innovative visualizers, and cutting-edge resources. Your one-stop destination for all things crypto is here: https://t.co/5J1xvL7JeC #DeFi #CryptoAnalytics #EigenPhi

[Mars Cheng @kidrane]

Our vision is to push the hidden value of this tx network to the public, essentially letting the broader public enjoy the blessing of #Web3.

[EigenPhi HQ 🎯 Wisdom of DeFi (🔭, 🎙) 🦇🔊 @EigenPhi]

A sneak peek of the interview, from @andyyy of @therollupco with our VP @MrSnookems, to help you understand how dynamic transaction analysis could benefit your Blockchain understanding.

[Mars Cheng @kidrane]

@EigenPhi @moo9000 @ethereum A simple peek at the patterns of the token flow charts reveals the same underlying strategy.
2 charts are worth sorting through dozens, if not hundreds, of addresses with myriads of transfers split among several TXs.

[EigenPhi HQ 🎯 Wisdom of DeFi (🔭, 🎙) 🦇🔊 @EigenPhi]

O Slippage, My Slippage. 🛷
The victim lost $44.45K to the sandwich🥪 attacker 👿 due to the erroneous slippage setting: https://t.co/DPKf5XbVbt

Using the same MO, the 👿 squeezed @ethereum on Oct 9 and ripped off $9.1K from the latter.
Decode the MO step by step: https://t.co/9DnaDiRVUY