
magic
10.4K posts

magic
@magicdhz
shredding just in time thoughts | more dots | 🥩 | thoughts are my own | DMs open for builders/apps | @jitoFDN @jito_sol | prev: @blockworksadv @blockworksres



Here's a concrete example. Imagine a new builder who manages to assemble a block from mostly mempool transactions, and those transactions generate a block with a value of 0.01 ETH. Now imagine for that same slot, the two dominant builders each build blocks of 0.02 ETH and 0.022 ETH. With a blind auction, those dominant builders will end up bidding maybe 0.019 ETH 0.021 ETH respectivly. With no price discovery, they'll be bidding based on historical levels that win them a certain percentage and maintain themsleves the a certain profitiblity. Now instead imagine an open auction. Everyone will start bidding at a floor, and the big builders with 0.02 and 0.03 ETH value will start low knowing they can respond higher. So the new builder can come in and bid 0.001 ETH lets say. Of course she is immediatly outbid. But then each builder increases bids in kind. The new bidder can then bid up a block to 0.01. And becuase they can see the bids, they can also decide they'll pay perhaps 0.005 ETH extra just to win. So as the bids increase, the new builder is lucky, and ends up winning the bid at 0.013 ETH. Why? Because no one knows when the validator is going to choose their bid, and some percentage of the time the smaller builders latest outbid will be selected. In the blind auction, scenario, even if a smaller builder wants to spend 0.005 ETH to land their 0.01 ETH block, they will likley have no chance, since the larger builders will always end up bidding up the price to the validators beyond what a small builder can afford.


At first glance, it looked like the auction was extremely inefficient (only ~$1.9M out of $30+M was bid to proposer). But now that I look at this graph, it seems like many builders have caught the opportunity but didn't have enough time to bid it up. Proposer would face the option of waiting for more money vs missing the slot. And I guess they chose to pick the bids before risking the slot. But I am in the camp that with enough time, the builder algo would have bid it up to the max-possible price. Guess no builders expected to bid in the increments of $10M lolol Check it out for yourself. bids.pics (Slot: 13876315)



0/ PropAMMs are one of the most important innovations in market microstructure in years, possibly decades. A thread





19/ If propAMMs on Solana mainnet can already quote tighter than all CEXs without these improvements, just imagine how good they will become as these upgrades roll out {fin}

SolanaFloor is back. As of today, we are thrilled to announce that SolanaFloor has been acquired by @jito_sol and will resume operations under the Jito Foundation’s ownership while maintaining full editorial independence. After announcing a wind-down in February 2026 following an exploit tied to our parent organization, we explored external financing and acquisition options. However, the team was unable to secure a viable path forward at the time, leaving a gap in independent coverage of onchain activity across the Solana ecosystem. Now, we can resume operations. While SolanaFloor will operate under Jito Foundation ownership, all editorial decisions including story selection, data presentation, and coverage priorities will remain fully independent of Jito Foundation’s activities, partnerships, and interests. The mission remains unchanged: documenting the ongoing rise of the Solana ecosystem and providing clear, unbiased research and journalism. It’s a critical time for the chain. Spot $SOL ETFs have crossed $1B in AUM. The ecosystem is gradually institutionalizing. New DeFi tools and integrations emerge every day. The need for independent Solana coverage has never been more apparent. “When SolanaFloor went dark, the ecosystem lost something difficult to replace,” said @brian_smith_0 , President of Jito Foundation. “This acquisition is about filling the gap with a platform that operates from a position of editorial independence. Jito has a long term stake in the health of the Solana ecosystem, and that means investing in the infrastructure and public goods that keeps the community informed.” Additional details on the relaunch -- including editorial structure, commercial offerings, and team updates -- will be shared soon.

SolanaFloor is back. As of today, we are thrilled to announce that SolanaFloor has been acquired by @jito_sol and will resume operations under the Jito Foundation’s ownership while maintaining full editorial independence. After announcing a wind-down in February 2026 following an exploit tied to our parent organization, we explored external financing and acquisition options. However, the team was unable to secure a viable path forward at the time, leaving a gap in independent coverage of onchain activity across the Solana ecosystem. Now, we can resume operations. While SolanaFloor will operate under Jito Foundation ownership, all editorial decisions including story selection, data presentation, and coverage priorities will remain fully independent of Jito Foundation’s activities, partnerships, and interests. The mission remains unchanged: documenting the ongoing rise of the Solana ecosystem and providing clear, unbiased research and journalism. It’s a critical time for the chain. Spot $SOL ETFs have crossed $1B in AUM. The ecosystem is gradually institutionalizing. New DeFi tools and integrations emerge every day. The need for independent Solana coverage has never been more apparent. “When SolanaFloor went dark, the ecosystem lost something difficult to replace,” said @brian_smith_0 , President of Jito Foundation. “This acquisition is about filling the gap with a platform that operates from a position of editorial independence. Jito has a long term stake in the health of the Solana ecosystem, and that means investing in the infrastructure and public goods that keeps the community informed.” Additional details on the relaunch -- including editorial structure, commercial offerings, and team updates -- will be shared soon.




Solana is down 57% since the spot ETFs launched in July (that is about as unlucky timing as you'll ever see in ETFs) yet they managed to not only accumulate $1.5b in flows but not really give any of it up. Further, 50% of the assets are from 13F filers = serious inv base. Both really good signs for future IMO. Great note out today on it from @JSeyff

*𝗡𝗘𝗪* 𝗕𝗔𝗠 𝗕𝘂𝗶𝗹𝗱𝗲𝗿 𝗦𝗲𝗿𝗶𝗲𝘀. 𝗗𝗿𝗼𝗽𝗽𝗶𝗻𝗴 𝗻𝗲𝘅𝘁 𝘄𝗲𝗲𝗸! 👇️




