michael scurry

How Uniswap V3 works, visually 🧵 I had difficulty understanding some of the Uni-v3 tutorials out there, so I’ll try to explain how concentrated liquidity works visually and by using a simple example. I'll assume you have an understanding of Uni-V2, which is much simpler.

This is how you know there’s no MEV on @scurryswap v2. This would’ve been arbed immediately on v1. Who’s going to take it?

The easiest of arbs right now… no MEV bots here.

@peter_szilagyi @VitalikButerin @dankrad Peter, give us transient storage and @scurryswap will solve MEV sandwiches

Spent an hour tonight trying to come up with a way to avoid censorship on #Ethereum. I'm not aware of anyone proposing anything similar, so who wants to shoot holes in the idea? Mind you it's a brain-dump, not a fleshed out EIP. @VitalikButerin @dankrad gist.github.com/karalabe/4313e…

@hudsonjameson The trick is to force MEV bots to take on risk. @scurryswap does this by enforcing a holding period on tokens after any swap. While this is simple, it’s not ideal UX. The EVM could add primitives like transient storage to make building MEV solutions easier & more efficient.

MEV has been an issue since at least 2017. Back then it was only done by large mining pools with no transparency. Flashbots changed that. After Flash Boys 2.0 was published, almost no one was listening to Phil and co. about the dangers of MEV and the lack of illumination around it. After they ran their first large scale stats about the true scale of invisible MEV extraction, people started to see the dangers. Every "solution" to MEV I've seen either: 1. Addresses it above the protocol level ("Let's make every smart contract do a proprietary, complicated thing to avoid MEV). 2. Involves trade-offs that make things worse. It became apparent that with the current way Ethereum is designed, it would be very, very difficult to eliminate MEV at the protocol level. I don't believe it's impossible to get rid of MEV entirely. I do think it is potentially impossible to do so on the Ethereum network as it is currently operating. Flashbots is not perfect at all and have not done an amazing job of collaboration and outreach/communication in various areas. That doesn't change the facts around the technical challenges of MEV. @peter_szilagyi what do you propose should be changed currently, that hasn't been tried before, to more quickly eliminate MEV? If you have a starting point that has legs, I am convinced there would be 10s of millions of dollars invested in a consortium to find a solution. This has been proposed and then was abandoned due to the immeninent risk of current MEV on Ethereum.

@peter_szilagyi Some of us are still building actual solutions to MEV. @scurryswap is the only DEX that protects against MEV, it actually does this by slowing down swaps.

MEV became an issue, so instead of trying to find solutions against it, we've glorified it and are now catering the protocol and infra around it to proprietary MEV builders instead of local block producers. It's futile to fight against MEV os might as well lean hard on it, right?

Y'all know why #Ethereum is gonna get its ETF sooner or later? Because everyone is constantly poking at the protocol rules, so you just have to patiently wait and co-opt tiny decisions here and there, before the entire thing can be captured. Then it's just TradFi as usual.

easy $26 arb and it only costs $1.50 to swap on @scurryswap right now

ScurrySwap is the only DEX where people can outcompete the MEV bots. Easy $40 arb right now. Buy 0.316 ETH on Scurryswap then sell it for $1044 on Uni

Easy $50 arb right now. Who’s got the 🥜?

🧵 1/ Buckle up! ScurrySwap V1 is out and we’ve gone fee-less. V0 was a success in proving that our Profitable Market Making function works, but bots were still extracting MEV from our LPs

@fedbef86 Hey thanks for the heads up. We’re coming out for spring soon 🐿️

1/ The crypto market might be dead but we’re still here building. This week we’re launching the next version of @scurryswap. Ethereum’s first ZERO swap fee DEX.

Precisely why our next version will have zero swap fees

So instead of simply going through governance and flipping a switch made for this specific purpose (generating revenue), Uniswap decided to increase fees by 300% in some cases (ETH/USDC 0.05%) and send the revenue directly to labs. Uni will 𝘯𝘦𝘷𝘦𝘳 turn on the protocol fee.

5/ Follow to stay up to date! Don't forget, LPs earn EEV (Earned Exchange Volume) tokens, which will be the only way to acquire Scurryswap's protocol token.

4/ We will be partnering with a popular coin to provide liquidity incentives for their token pair. Using the Profitable Product MM on a volatile trading pair will demonstrate its advantages over Constant Product.

@thiccythot_ Heard of this legend when he was still parallelopiped. Good rebrand ser

10/ @scurryswap already protects LPs from backruns by utilizing the Profitable Product AMM. Coupled with MEV resistant tokens, it’s set to become the safest place to trade for passive LPs and traders.

9/ This doesn't make swappers immune to front-runs, but stashed tokens force MEV bots to take on risk. They must now be wary of being backrun by other searchers, or the price moving against them during the 5 block period.

6/ Why 5 blocks? This is enough time such that the probability of the same block proposer or colluding proposers having control of five consecutive blocks is highly unlikely, preventing a multi-block sandwich attack.