alex relay/acc

@emmettgallic @deeberiroz how much went to the relay? 👀

@deeberiroz Here's where the money went: - MEV Bot paid Titan Builder: 16,927 ETH ($34.8M) - Titan Builder paid Lido validator: 568 ETH ($1.2M) - Titan Builder kept: ~16,359 ETH (~$33.6M) - MEV Bot operator kept: ~$10M

Poor fellow swapped $50m -> $35k on eth mainnet 😭😭😭 etherscan.io/tx/0x9fa9feab3…

Ethereum needs an Encrypted Mempool and it needs it fast. It's not just about stopping sandwiching. Encrypted mempools are how Ethereum matures its onchain markets. I just published a post on why Ethereum needs encrypted mempools. Here are the core arguments:

Not to brag but Claude thinks my questions are sharp and get to the heart of the topic

this vibecoding cryptography meme is gonna get very fun very soon.

1/ We’re bringing Blockspace Forum to Cannes during @ETHCC. Our key question, how do we continue to upgrade the @ethereum transaction journey? Builders. Researchers. Operators. ETH BeliETHers. Bring your gwei. One room. One day. And, only one ticker, ETH.

too much of this depends on the idiosyncrasies of the off-chain path a given tx takes, not enough on what the best possible path is. better blockspace buying. let’s give it a shot.

thank you for the kind words. how much a tx costs, how long it takes to land, usually the protocol will control. however, increasingly it also depends on what happens before the tx hit the chain. private flow, backruns, blob counts and timing games.

The Risk Trilemma Article Tl;Dr DeFi risk protection faces a fundamental trilemma—three properties that are nearly impossible to achieve simultaneously: 🔹 Capital Efficiency – provide coverage without locking up equivalent collateral 🔹 Counterparty Risk Elimination – no reliance on anyone's solvency or willingness to pay 🔹 Coverage Assurance – confidence that protection will actually be honored when you need it Every existing model forces you to sacrifice at least one.

@apriori0x isn’t that local block building? even under ePBS, which i like for getting rid of blind signing, you still rely on the builder no?

Ethereum needs an in protocol solution for block building that doesn't rely on third party intermediaries. Cut out the middleman, don't virtue signal to them.

this is what i'm talking about. lets keep growing.

@_esk_kse_ @fede_intern @kubimensah @gattacahq @lepsoe @drakefjustin “google’s core business is increasing its share price.” its not wrong to me.

@alextes @fede_intern @kubimensah @gattacahq @lepsoe @drakefjustin Would push back gently on both of those. A google without ads would be a questionable business. An Ethereum without (non-transaction) blockspace would just be a better Bitcoin.

A few hours ago a very interesting post was published by @kubimensah, CEO of @gattacahq, which operates one of the largest block builders on Ethereum, together with @alextes, @lepsoe, and @drakefjustin. The ethresearch article focuses on Ethereum blockspace, block building, and the broader MEV pipeline. The article explains how Ethereum’s blockspace market has evolved after PBS and MEV Boost, and why important structural problems remain. It shows how current price discovery is inefficient, incentives are misaligned, and critical infrastructure such as relays lacks sustainable economics, leading to concentration, fragility, and a degraded user experience. Beyond diagnosing the problems, it lays out a clear set of principles for improvement across economics, robustness, performance, and services. I hope @class_lambda can help Ethereum embrace high performance specialization in the block production world while preserving decentralization, proposer agency, fair access, and neutrality.

this forum post by @kubimensah, @alextes, @lepsoe & @drakefjustin is very interesting, here’s a binji-fied summary of it: note: don’t shoot me, i am just summarizing. ethereum sells one thing: blockspace (aka trustware) ether is the price of that thing (aka digital trust). if lots of people want blockspace and the system charges them cleanly and predictably, ether goes up in value. if the system is messy, confusing, or leaks value, ether stays cheaper than it should be. right now, ethereum makes very good blockspace and it is secure, neutral, hard to shut down. that part is solid. the problem highlighted in the post, however, is how this blockspace is sold. > fees can get weird. > users may sometimes overpay just to get included. > builders and relays take some value in ways that are hard to see. > apps cannot reliably know when their transaction will land so everyone bids defensively. demand does not show up cleanly in fees if pricing is unclear and when fees do not reflect real demand, $eth does not reflect real demand either. the post is basically saying: ethereum can become better at charging for something people really want. note: ethereum already has demand the paper is not worried about that. it is saying the system just needs to let that demand show up more clearly. if ethereum improves how blockspace is priced and guaranteed, a few things happen: > people pay for certainty instead of guessing. > fees better match actual demand. > more value flows into fee burn and validators. > ether becomes more tied to real usage okay so..how? one idea is clearer price discovery: if users and apps can see what inclusion actually costs, they will stop panic bidding. fees could start to reflect a real willingness to pay instead of fear. another is inclusion guarantees and preconfirmations: if you can know your transaction will land when you expect, you pay for certainty and so this turns blockspace into something you can plan around vs gamble on. they also talk about pushing risk away from users: builders and specialized actors are better at managing uncertainty than everyday wallets. letting them offer things like hedging or forward pricing can smoothen demand and stabilize fees. finally, they call for sustainable incentives for relays and builders: if the middle layers are healthy and decentralized, value does not leak or concentrate quietly. more of it flows back to validators and burn. lots more info on he actual post, but TLDR: ethereum does not just need more users to justify ether’s value. it also needs a better way to sell what users already want.

@_esk_kse_ @fede_intern @kubimensah @gattacahq @lepsoe @drakefjustin you can imagine a google without ads. some might call it paradise 😅, but you can't imagine an Ethereum network that doesn't sell blockspace.

@_esk_kse_ @fede_intern @kubimensah @gattacahq @lepsoe @drakefjustin i'd call it "yes, and". the network allows for an internet of value. the way it is secured and powered is through ETH, the monetary asset. by "selling" blockspace to transactions the value starts flowing. none of these works without the others.

relay/acc 🤝 blockspace/acc there is so much further to go ethresear.ch/t/an-observati…

Ethereum produces the highest-grade blockspace on the planet today. PBS has been criticised a lot, but it’s actually done a great job alleviating centralisation pressure on the core protocol. The job isn’t done yet though, let’s keep pushing the status quo forward 🫡 Post Below 👇

fantastic points by @kubimensah @alextes @lepsoe @drakefjustin - three years after the merge, there are many ways to net improve PBS. “net improve” means: (1) higher block value. (2) higher blockspace utilisation. (3) allocated and distributed transparently. a concrete example: blocks should be built from a maximum of transactions, including flow exclusive to competing builders. there should be many competing parties. these are great news, as users, validators, relays and builders have numerous improvements to look forward to.

Difficult to do as a classic prediction (ie derivative) market due to manipulation risk (eg validators building empty blocks). Doable as a delivered futures market for Blockspace with a secondary, which is sufficient for public price discovery + hedging. The validator lookeahead is a limit still but can be solved.

We need a good trustless onchain gas futures market. (Like, a prediction market on the BASEFEE) I've heard people ask: "today fees are low, but what about in 2 years? You say they'll stay low because of increasing gaslimit from BAL + ePBS + later ZK-EVM, but do I believe you?" An onchain gas futures market would help solve this: people would get a clear signal of people's expectations of future gas fees, and would even be able to hedge against future gas prices, effectively prepaying for any specific quantity of gas in a specific time interval.