angelfish

Excited to share a new Flashbots blog post and dashboard illuminating Ethereum’s order flow market. Links below!

@matthuang @FrankieIsLost congrats @FrankieIsLost !!

Pleased to announce that @FrankieIsLost has been promoted to General Partner at Paradigm Frankie is deeply crypto/internet-native, beloved by the founders he works with, and is a triple threat: investor, researcher, and engineer Congrats Frankie!

@jacksondahl @DialecticPod @NotionHQ congrats @jacksondahl! love the guest picks and their stories you bring out. btw, dialectic also has the best transcript UI in the game

I'm going full time on @dialecticpod with the support of @notionHQ. A few thoughts on what the future holds, what Dialectic means to me, and why Notion is the perfect presenting partner: A year ago, I started interviewing some of my smart friends without much of a strategy. I quickly realized that despite the lack of a grand plan, it was easy for me to *care* a lot about it, especially the preparation to make sure I could meet the guest deeply in their ideas and push them to go a bit further. Over the course of the last year, I found Dialectic to be the ideal vehicle for me to: (1) commit to something and compound in a specific direction (2) still maximize serendipity and get to follow my curiosity in many different directions (3) spotlight people I believe in and want to amplify (4) produce something that, in its most aspirational sense, is of service: whether that is to my guests or my listeners, in helping them grow, expand, learn, or shine. I'm so grateful that I get to pour all my energy into just that. As I look ahead, I've been reflecting. Dialectic isn’t always legible, but I’m starting to get a better sense of what defines it. Not everyone I talk to explicitly makes things, but most of them do. While I don't deliberately pursue a specific kind of guest, there are a few themes that run across my conversations. I think they explain why Notion is such a perfect partner for me, but I'll get to that in a moment: The first is about where ideas meet action. I love ideas, and I love reflective people. But I've increasingly come to appreciate the thinkers who make sure all that thinking results in doing. Introspection paired with agency. People who understand the power of ideas, but who care most about the ways they meet reality. People who seek to understand themselves as means toward asserting themselves upon the world. The second is craft. Craft is always aspirational: it is what appears when we care just a little bit more. When our taste is deployed. A human touch. Craft can be the object of creation but it can also be the way we create. When the creator can really *feel* the work, they produce something that meets reality where it is, and better yet, where it is going. The third is soul. There are other words one could use here, like authenticity, aliveness, or originality. The elements that make us human. When someone has found a way to line up their life, creativity, and work in a way that feels distinctly them. When they are willing to reach deep, and then naturally settle into a way of being that is inevitable. I'm proud that Dialectic's audience seems to appreciate these themes too, and pursue them in their own lives. One of my favorite parts of all this is the audience -- that it seems like my kind of people are listening to and watching the show. I've made new friends amongst listeners, made the show better from their feedback, and I'm even lucky to call several of my guests fans. I'm fortunate that one member of that audience is Notion's @akothari. When I began thinking about what it would look like to double down on Dialectic and make it my complete focus earlier this year, I started having conversations with potential partners. He was one the first people to reach out. Notion makes beautiful tools for your life's work. I've always been a fan of creative tools (and have talked to several people who make them, including Notion's own @geoffreylitt!). The best tools amplify us. They meet us where we are and keep up with us as we grow. In Notion's case, it is a tool first and foremost for turning ideas into action. For sharing them, tinkering with them, and building things with them. Craft has always been an essential word for Notion: how do you build an entire system of dynamic building blocks that still feels cohesive? How do you design details that work for students and giant teams? By sweating every single one, and caring enough to raise the floor. As for soul: well, perhaps that is in the eye of the beholder. But most software doesn't give mind to it, or to letting its users pour themselves into the tools they use. The rich and wide world of Notion's community, templates, remixing, and creative expression is evidence of software that feels alive. So it really wasn't a hard decision at all, to team up with an organization, product, and brand that feels a lot like Dialectic. Finally, looking ahead: A lot more of the same. But better. It's simple, if not easy. I think I'm onto something. I want to speak to the most original, creative, inspiring, generative people in the world about the stuff that makes their eyes light up. That means creative technologists, thoughtful writers, pragmatic designers, and authentic investors. But the aperture will widen too! I want to talk to people in 2026 that have me pinching myself, and to talk to people you and I have never heard of (yet). I hope to keep you guessing and nodding your head at the same time. And there will be a lot more video, for those of you who've been asking. I have some other ideas too. I see Dialectic as a world I want to build, and I hope you come spend some time here. I hope I am lucky enough to keep creating this world with you for a long time. In the meantime, please send me people you think I should talk to. People who love ideas, make things, care a lot, and put themselves into what they do. And thank you to the wonderful team at Notion for being a partner to me on this journey. Onwards!

One of the top solvers in the game is picking up the torch and publishing Ethereum's order flow data! Check it out:

@tjade273 what do you think about the security of amd sev-snp vs intel tdx?

If you’re curious about the architecture and security of private ML inference in WhatsApp, read our report: github.com/trailofbits/pu…

@bqbrady could you solve sim/execution parity by implementing the router as a jito bam plugin? 1. bam node receives intent 2. runs router plugin to route in-place, considering the passive + dark amm liquidity at that position in the block

i wonder if aggregators should just aggressively down-weight sim and instead build a statistical model of what liquidity will be around when the trade lands. so much happens on chain between sim and execution

@chameleon_jeff does running a validator give market makers an edge?

I've heard feedback from many that market making has gotten more competitive on Hyperliquid recently. This is great for end users as it means liquidity is deeper and more robust. Fairness is a core principle of Hyperliquid in every dimension. For market makers, this means that the blockchain is designed with equal access in mind. However, “equal” does not mean “easy.” As the protocol continues to scale to meet increasing demand, it becomes important to understand the intricacies of Hyperliquid's custom infrastructure that powers the largest permissionless trading venue. For a long time, the primary alpha was simply integrating Hyperliquid. The API is designed to abstract away most blockchain complexities for new users, allowing automated traders to port over strategies with ease. While the ease of onboarding has not changed, the importance of latency has increased. The most responsive strategies require the best client-side infrastructure. The overarching principle guiding latency optimization is that Hyperliquid is a blockchain, not a CEX: 1. The fastest data comes from running a node. - Action item: run against a reliable, static peer. For example, the Hyper Foundation offers a peer for non-validators to connect to. 2. The most complete data comes from running a node. Every transaction is streamed in real-time, and the node offers various formats for ingestion. - Note: run node with output buffering disabled. 3. Nodes execute the entire blockchain, no small feat of engineering and in stark contrast to CEXs where client-side code only processes the user’s state. Hyperliquid nodes execute and verify the entire blockchain state including HyperCore and HyperEVM on a single machine. While the execution can keep up with moderate hardware specs, the latency improvements scale with the number of cores because a significant portion of execution is parallelizable. - Action item: the data exposed by the node is rich and allows much more insight into the full blockchain state. In addition to local API servers, a full L4 book can be built. See example implementation. - Action item: users can see significant gains up to 32 cores, with additional diminishing returns above that. 4. Cancelations are designed to have a high success rate. The first order effect here is built into the HyperBFT's mempool prioritization of cancels. However, some users find further optimizations helpful. For example, an in-flight GTC order can be "canceled" while still in the mempool by invalidating the nonce used in the order.

We have been experimenting with TEEs to allow searchers to backrun private transactions, but programmatically restrict them from sandwiching or exporting private data. x.com/0xangelfish/st… We're excited to bring this to L2s with a next-generation MEV auction!

@0x94305 nice find mr nezlobin

Looks like CoW AMM can be used to exploit CoWSwap users. Here is a story how one user lost tens of thousands of $ on one trade. The user is swapping 1,000 ETH for CBBTC—and the order gets filled for 29.64 CBBTC. Remember this amount, you'll soon see that it's very low! 1/

@ptrwtts @sui414 Looks like they changed their underlying tables that we use for orderflow.art You can find their source dashboard here: dune.com/cowprotocol/co…

@0xangelfish @sui414 any way to break "cowswap integrators" down? orderflow.art/frontends

@grugcapital Isn't their limit orderbook endpoint public?

@0x94305 thank u alex for affirming my uninformed feelings have value

If you feel like we are not talking enough about the uninformed flows, I affirm your feelings, your feelings have value. Here is one plot I find interesting: cumulative LP markouts in the Uniswаp eth/usdc pair on Bаse for all swaps with priority == 0.001 gwei. As you can see, these swaps are very profitable for LPs. A little while we discussed one active LP operating in this pair - that LP made less than this. In fact, about 23% of the total uninformed flow in this pair, has priority == 0.001 gwei. This is interesting because Base sorts transactions by priority. So in theory, one could sandwich all this flow by jitting in liquidity with priority of 1M+1 wei and removing it with 1M - 1 wei. In fact, the profits would seem to justify the cost of doing that, even every block. One possible issue (and there are a few) is that on occasion the blocks get full, and the full blocks often end at exactly the priority of this uninformed flow--1M wei. So if one were to sandwhich this flow, the backrun would not always fit in the same block. (That wouldn't happen too often though. Estimates vary, but during the sample period maybe about 3% of blocks were full, and of those 15-20% ended with prio of 1M wei.) Interestingly, the active LP that we discussed before usually adds liquidity with priority of 0.001 gwei and removes it with 0.01 gwei, so misses out on some of this flow!

we are finally on the way to widespread dont trust verification culture in our food and im very excited

@0xQTpie 👀

@kepano i use this all the time, since it was a bookmarklet!

Here's what I'm working on next for Obsidian Web Clipper. Shameless ask — if you've been enjoying the extension, give it a review wherever you downloaded it. It really keeps me going 💜

TradFi vs DeFi

if you think "hobbyists" has anything to do with it you are still missing the point perhaps one place to start is actually quantifying why people want the type of decentralization these systems provide, why it wins every time despite being slower and less convenient, and what that means

@markus_ @joshuagunnn This is the case for SGX, but we use TDX, which secures the entire VM. (see picture for difference) Princess' entire mainnet atomic bot is inside, unchanged. With TDX, there's no need to adjust the application code or call in and out of an enclave anymore.

@joshuagunnn @0xangelfish I’m not an expert but it should increase computation latency as calling in or out of an enclave typically adds latency

We put 3face's entire bot inside TDX to trustlessly capture bottom-of-block arbitrages on rsync-builder without frontrunning risks. No code changes, 440 bundles landed. Introducing the first evolution of searching in TDX: bob collective.flashbots.net/t/searching-in…

@joshuagunnn more rigorous and diverse data collection is needed, but anecdotally

@0xangelfish Does this add any additional latency to computation? Or to networking calls? Sorry if simple question I am TEE-curious…

BOB on TDX is the most surprising and innovative project I've seen yet from Flashbots. It actually runs a *sandboxed proprietary process* from an untrusted searcher tenant, accessing sensitive data from a colocated builder. It's a low-latency TEE-enforced data room

I'm very excited to share this project and grateful we had an opportunity to collaborate! Flashbots and rsync teams put in an insane amount of effort, setting a milestone in the practical application of TEEs in MEV. This tech has potential to change Ethereum supply chain forever