MEV Spaces

Myth: “MEV and rug-pulls are separate.” False. This case shows a triple-evil sandwich: a taxed token, a 94-layer sandwich, and a timed rug in the same block. One operator ran the token, the pool, and the bot.💡 What you’ll learn* The triple-evil model: taxed token → layered sandwich → mint-and-drain rug* How malices are done🔍 CASE STUDY DETAILSThis is educational content only. We do not endorse MEV bots or provide financial advice. Always DYOR (Do Your Own Research).You can subscribe to MEV Spaces via Spotify, Apple Podcasts, Pocket Casts, and YouTube Podcast.Wonder if you have any misconceptions about MEV? Download our latest free e-book: MEV Myth Busters - From Microstructures to Macro Impacts.Follow us via these to dig more into the hidden wisdom of DeFi:EigenTx | Website | Discord | Twitter | YouTube | Substack | Medium | Telegram This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit eigenphi.substack.com

Digital Asset Treasuries (DATs) are no longer “hold-and-hope” vehicles—they’re operational, data-driven machines where definitions, disclosures, and design choices move prices.This is the 12th episode of MEV Space, which brings together the sharpest minds in crypto to dissect the evolving MEV landscape and beyond.In this episode, we answer questions like:* Which single disclosure would actually close a DAT’s mNAV discount?* If real-time attestations invite front-running, what cadence keeps data honest without feeding predators?* When dashboards disagree, whose “reality” should investors and DAOs trust?Why this episode mattersDATs sit at the intersection of public markets, on-chain execution, and governance. We surface the uncomfortable bits—fees vs. revenue, mNAV vs. “ETH per share,” real ops vs. balance-sheet cosplay—and then offer concrete fixes you can ship next quarter.What you’ll hear* Danning Sui (Head of Researcher, Pantera) on getting past vanity metrics: clean revenue definitions, ETH-per-share growth, and why self-reported, real-time data needs guardrails against HFT/MEV gaming.* Jake Koch-Gallup (Researcher, Messari) on moving from TVL theater to near-real-time attestations of positions/strategy/yields—and why culture and retention often lead the numbers.* Charles Allen (CEO, BTCS) on valuation that prices operations & management (validators, builders) and why “cards-up poker” disclosure can harm shareholders if cadence/materiality are wrong.* Benjamin Hunter (VP Engineering, BTCS) on how tokenization-level transparency will expose dilutive deals and discipline financing games.Myths we puncture* “Fees = revenue.” Not across venues or wrappers.* “Active addresses = users.” Bots and incentives wreck that shortcut.* “Real-time disclosure is always good.” Not if it turns your balance sheet into an attack surface.* “DATs converge to MNAV by magic.” Without redemption or differentiation, some stay stuck.The fix kit (steal this)* Public schemas for standardized revenue and per-share metrics.* Inclusion receipts (builder-side telemetry) to make neutrality auditable.* Attestation cadence (not necessarily “real-time”) that’s reproducible, provable, and hard to game.* Deployment visibility: where assets sit in DeFi, why, and at what yield.Listen, then actAfter the episode, publish one metric by default next quarter (definition + refresh rate), retire one misleading KPI, and sketch a 4-field public schema your org will maintain. That’s how “nice charts” become accountable decisions.You can subscribe to MEV Spaces via Spotify, Apple Podcasts, and Pocket Casts.Wonder if you have any misconceptions about MEV? Download our latest free e-book: MEV Myth Busters - From Microstructures to Macro Impacts.Follow us via these to dig more into the hidden wisdom of DeFi:EigenTx | Website | Discord | Twitter | YouTube | Substack | Medium | Telegram This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit eigenphi.substack.com

MEV Space brings together the sharpest minds in crypto to dissect the evolving MEV landscape and beyond. This is the 2nd part of the Data on Ethereum series.In MEV Space #10, we asked: who owns Ethereum’s most valuable data?We heard about:* Data asymmetries in private orderflow.* The interpretation layer is a scarce good.* Blind spots in real-time observability.* Protocol limits around censorship resistance & validator-builder balance.* And a shared concern: without better access, better modeling, and better accountability—we’re flying half-blind.In this episode, we asked questions, including: * What are the hard-to-measure, high-impact data streams in your day-to-day work?* A story of when better data would have changed your call—investment thesis, governance vote, builder strategy.* How do metrics, dashboards, and labels become gatekeepers? Are we overfitting to what’s legible rather than what’s meaningful?* How do flawed data assumptions create real governance problems?What role should researchers and analysts play in upstreaming better metrics into DAO and protocol governance?* What’s a widely used dashboard, metric, or “insight” you think is misleading—and what should we look at instead?* What norms or infrastructure do we need to establish to maintain data credibility and prevent manipulation?You will hear insights from these experts:* Danning Sui — Research Director, Pantera Capital. Previously data at Flashbots/0x/ConsenSys.* Ludwig Thouvenin — Co-founder & CEO, Sorella Labs; building Ångstrom DEX.* Jake Koch-Gallup — Research Analyst, Messari (Protocol Research; author on recent Messari reports).* hildobby (Hildebert Moulié) — Head of Data Science, Dragonfly; longtime Dune “wizard.”* Benjamin Hunter — VP of Engineering, BTCS.You can subscribe to MEV Spaces via Spotify, Apple Podcasts, and Pocket Casts.Wonder if you have any misconceptions about MEV? Download our latest free e-book: MEV Myth Busters - From Microstructures to Macro Impacts.Follow us via these to dig more into the hidden wisdom of DeFi:EigenTx | Website | Discord | Twitter | YouTube | Substack | Medium | Telegram This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit eigenphi.substack.com

From gas markets to proposer behavior, from blob throughput to MEV flow—data has become the backbone of Ethereum’s evolution. But it wasn’t always this way. For years, we flew blind.Entering the 2nd decade, our ability to measure and act on real-time data will define the protocol’s future.This is part 1 of the MEV spaces discussing the importance of data in the development of Ethereum.Meanwhile, set up your reminder for MEV Space #11 — Data, Drama & Decisions (Part II): Where Are We and What’s Next.⏰ Date & Time: 11 AM EST, Sept 10📍 Where: Twitter/X SpaceIn part 1, you will hear from: * Kofi (0xKofi, Senior Data Nerd, Base)* Thomas Thiery (soispoke, Researcher, Robust Incentive Group, Ethereum Foundation)* Sen Valitov (0x3face, Co-Founder, nuconstructxyz)* Irfan (i_shaix, Co-Founder, Interstate)* Co-host: Benjamin Hunter (philosowrapter, VP of Engineering, BTCS)You can subscribe to MEV Spaces via Spotify, Apple Podcasts, and Pocket Casts.Wonder if you have any misconceptions about MEV? Download our latest free e-book: MEV Myth Busters - From Microstructures to Macro Impacts.Follow us via these to dig more into the hidden wisdom of DeFi:EigenTx | Website | Discord | Twitter | YouTube | Substack | Medium | Telegram This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit eigenphi.substack.com

Enshrined PBS may simply rubber-stamp today’s power structure—high-perf relays will still run the show. ——-Murat Akdeniz, Founder of PrimevSlashing shouldn’t burn to oblivion—redistribute penalties to users who bought the pre-conf guarantee. ——-Amir Forouzani, Contributor of Puffer.financeCutting slot times just fuels a latency arms race—infra centralization and empty-slot risk could spike. ——- Kevin Lepsoe, Founder of ETHGasEnshrined PBS is complexity theatre—the real prize is delayed execution; let’s not mix priorities. ——-Kubi Mensah, Co-founder of GattchaTEEs are a poor-man’s cryptography; settle for them now and we’ll regret not pushing ZK harder. ——-Drew Van der Werff, Shepherd of Commit BoostThese are the hot takes from the guest speakers of the 9th MEV Space: Where Are We on Preconf, Rollups & Shared Sequencing?Click the “Play” button to hear the full recording. We discussed topics as: * Can preconfs deliver UX without trust?* Will based rollups align incentives across L1 and L2? * Does ePBS enable neutrality—or just shift capture? * Can shared sequencing coordinate without centralization?You can subscribe to MEV Spaces via Spotify, Apple Podcasts, and Pocket Casts.Wonder if you have any misconceptions about MEV? Download our latest free e-book: MEV Myth Busters - From Microstructures to Macro Impacts.Follow us via these to dig more hidden wisdom of DeFi:EigenTx | Website | Discord | Twitter | YouTube | Substack | Medium | Telegram This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit eigenphi.substack.com

Speakers:Luis Bezzenberger — Head of Product, ShutterNetworkMarc Harvey-Hill — Ethereum Core Developer, NethermindEthCo-host: Benjamin Hunter — VP of Engineering, NasdaqBTCSThis MEV Space episode explores how encrypted mempool solutions like Shutter Network don't aim to eliminate all MEV (a common misconception), but rather focus on preventing front-running and providing crucial real-time censorship resistance. The discussion covers technical implementation challenges, the synergy with other Ethereum upgrades like Fossil and EPBS, and concrete roadmap milestones including out-of-protocol implementations and EIP 7793 for eventual L1 integration. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit eigenphi.substack.com

Today, we're diving deep into one of the most critical questions shaping the future of Ethereum and MEV: How does Partial Block Building reshape stakeholder dynamics across the entire MEV supply chain, and what does this mean for the economic evolution toward REV?We've got an incredible lineup of experts representing each layer of this ecosystem* Danny Gattas — Protocol Lead, Figment* Kubi Mensah — Co-Founder, Gattaca* Irfan Shaik — Founder, Interstate* Jesse Tasman — Sr. Technical Product Manager, bloXroute* Co-Host: Benjamin Hunter — VP of Engineering, BTCS This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit eigenphi.substack.com

As preconfirmation protocols reshape Ethereum’s transaction flow, how do we balance MEV extraction with reliable execution guarantees?Where do risks like centralization, censorship, and incentive misalignment emerge?Top minds collide:Speakers• Murat Akdeniz (@MuratLite, @primev_xyz)• Kevin Lepsoe (@lepsoe, @ETHGASofficial)• Drew Van der Werff (@DrewVdW, @fabric_ethereum)HostsCo-hosted by:• Benjamin Hunter (@philosowrapter, @NasdaqBTCS)• @bryanzketh of @EigenPhi This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit eigenphi.substack.com

Dive into the hidden mechanics of MEV and DeFi with the 5th episode! We’ll unpack:🕳️ Dark Forest mempool revelations💰 DeFi Summer & MEV Gold Rush⚡ Flashbots & MEV-Boost🥪 Jaredfromsubway.eth 2.0’s rise😱 2024’s most shocking sandwich losses (98% drained)Featuring three industry leaders:Luis Bezzenberger (​@bezzenberger), Founder of ​ShutterNetworkDr. Yixin Cao (​@playerYixin), Chief Data Scientist at ​EigenPhiHildobby (​@hildobby_), Data Specialist at ​DragonflyCo-hosted byBenjamin Hunter (​@philosowrapter), VP Engineering at ​Nasdaq BTCS This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit eigenphi.substack.com

Dive into the epic 6-sandwich-in-5-minutes saga, a wild ride through the realms of PBS, MEV Boost, and the searcher-builder alliance. Let @philosowrapter, Engineering VP of BTCS guide you through the beast's lair. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit eigenphi.substack.com

Are TEEs the secret weapon for squashing MEV chaos and building truly decentralized blockchains? Or are we just swapping one central point of failure for another by trusting hardware giants like Intel?During this talk, we have these thought leaders:* Shea Ketsdever, Product Lead at Flashbots.* Chua Zheng Leong, Co-Founder at Automata NetworkBlair Marshall, MEV Solution Architect of Fastlane, will be our co-host again.Here are the topics we will discuss.* Given the inherent trust in hardware manufacturers when using TEEs, can we truly consider MEV auctions run within TEEs to be "trustless" and sufficiently decentralized?* What security considerations and safeguards can enhance TEE-based MEV auction implementations?* Considering the argument that TEEs are a good short-term solution for achieving both performance and decentralization in areas like MEV auctions and block building, how long will this "short term" last, and how might TEE technology evolve alongside competing solutions like MPC or FHE in MEV auction design?* How can TEE-based partial block building complement other approaches like deterministic algorithms and advanced cryptography?* What design principles can optimize TEE integration in partial block building for security and decentralization?* Suppose TEE technology becomes dominant among validators and block builders, exceeding 51% adoption, and regulators respond with compliance requirements demanding greater data transparency. How can we reconcile the inherent privacy features of TEEs with the need for regulatory oversight?We examine the role of TEEs in revolutionizing MEV auctions and enabling decentralized block building while exploring potential vulnerabilities and long-term viability. Get ready for a thought-provoking discussion on the future of blockchain technology and the delicate balance between trust, decentralization, and regulation.Check out our last MEV Myth Buster series.Click this link or open https://bit.ly/hfdefi to download the free ebook Head First DeFi, Decoding the DNA of Crypto Transactions & Strategies.Follow us via these to dig more hidden wisdom of DeFi:EigenTx | Website | Discord | Twitter | YouTube | Substack | Medium | Telegram This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit eigenphi.substack.com

Searcher-builder integration has evolved from a natural PBS (Proposer-Builder Separation) ecosystem development into a dominant force, raising critical questions about market competition, privacy, and the long-term health of Ethereum's MEV landscape.This episode features diverse perspectives on one of Ethereum's most complex and evolving challenges, from privacy solutions to market dynamics research. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit eigenphi.substack.com

The top 2 builders have been consistently producing over 85% of all the blocks and more than 95% of mev-boost blocks during most of 2024. In Nov, they processed 87% of all private and 79% of all public transactions. They also took 80% of overall builder rewards, including priority fees and builder tips. That's 14.6K ETH, worth 45M, at the price of $3,100. Today, we have this all-star roster, and I believe we can inspire new and solid ideas to solve this crisis. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit eigenphi.substack.com