Primev | preconf.eth
@primev_xyz
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buidlers of mev-commit: a credible commitment network used for preconfirmations and more
mev pipeline
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What began as a blockbuilder communication network evolved into a credible commitment network for all mev actors.
At the heart of this evolution is mev-commit, serving as an entry point to the network.🧵[1/6]
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📢 We’ve released a new article that explores a categorical definition for preconfirmations, or preconfs for short. "Preconfirmations: The Fulfillment-Delivery Paradigm" proposes a new framework to think about preconfs; read below 🧵 [1/5]
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🔎We're thrilled to share "Beyond Spot Transactions: Modeling Dynamic Preconfirmation Auctions": a fresh research article revealing pricing considerations and strategies for preconfirmations. Thread and link below: [1/8]
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📢Introducing Commitment Games; our latest article details the next level of commitment games to be played by mev actors using credible commitment networks such as mev-commit 👇[1/6]
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🌐 mev-commit enables mev actors to securely and privately share transaction execution details via a P2P network. This solution enhances coordination efficiencies in a decentralized mev pipeline. Read more about how mev-commit achieves this:
🧵[1/5]
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📢We uncover the role of preconfirmations in EIP-4844 in our latest research, “Censorship, Latency, and Preconfirmations in the Blob Market" surfacing the implications of the blob market shift. 🧵 [1/6]
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1/5 🧵In this article we analyze current blob market dynamics post-Dencun upgrade, observing that the blob market is about halfway from saturation. Dive into our full report for detailed insights and empirical analysis:
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📢New Preconf Research: We evaluate different preconf models in our latest ethresearch post, “Leaderless and Leader-Based Preconfirmations.” We compare the advantages of each and put forward new models that creatively combine them.
Read more below:
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Amid increased contention and censorship for blob txs, we came up with a mechanism for blob preconfirmations that provides reliable blob inclusion and reduces wait times, bringing greater stability to the rollup ecosystem. Summary below 🧵[1/4]:
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Exciting news: we’re participating in
@a16zcrypto
’s Crypto Startup School! We’re looking forward to building a robust network and growing Primev with insights from experts at the program and researchers around the community 💪🔎🧪
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📢Excited to introduce our new Blob Slot Inclusion Dashboard! Join our Research Scientist
@EvanDeKim
as he walks through how this powerful tool can help you analyze the efficiency of blob inclusion in beacon chain slots. [1/3]
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Blobs are here; the size of blobs now rivals that of the blocks themselves, and most are being confirmed within five blocks at this early stage. Charts below 🧵 [1/3]
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Heading to
@EthCC
? Don’t miss Unaligned Day, a side event where our founder
@MuratLite
will talk about "Leaderless vs Leader Based Preconfs."
RSVP here:
We're excited to co-host this event with
@0xFastLane
,
@FigmentCapital
,
@ionprotocol
&
@blocknative
.
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🦾Proud to be a founding member of the
@Obol_Collective
! Together, we're advancing Ethereum’s resilience and decentralization.
By testing Charon and enabling new validator services like mev-commit in combination with DVs, we support the transition to distributed validators.
Announcing the Obol Collective 🌎
Learn more at .
🧵
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⏰Tomorrow at 2:30 PM (GMT +3), join our CEO
@Muratlite
at MEV and Intents Day @ Devconnect Istanbul for a deep dive into "Improving Trade Execution in mev".
Learn how Primev is tackling inefficiencies in the mev pipeline by enhancing trade execution.
👉
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⏰Today at 17:50(GMT +2), join
@MuratLite
at the side event for his talk on preconfirmations.
There are still more exciting talks lined up for the rest of the week. Don't miss your chance to engage with our team. Check out the remaining schedule below👇
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🦾
based preconfs are live on devnet 🕶️
→ preconf modules by
@chainbound_
,
@primev_xyz
→ commitment sidebar by
@Commit_Boost
→ gateway operators
@EspressoSys
,
@titanbuilderxyz
→ relay operators
@titanbuilderxyz
,
@ultrasoundmoney
→ staking operators
@ChorusOne
,
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Our Research Scientist
@ccpamatt
brings insights to the
@NebularBuilders
Summit on how mev-commit improves shared and decentralized sequencing, along with
@nodekitorg
@initiaFDN
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Primev will be heading to Brussels for
@EthCC
in July!
Catch our founder
@MuratLite
's presentation on mev-commit and connect with our team members. See you there!
Say hello to your EthCC[7] speakers!
@MuratLite
from Primev
Track: Core Protocol & Research
See you in Brussels! 🖤💛❤️
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We're solving coordination inefficiencies in mev😉
Listening to
@Tim_Roughgarden
talk about what makes mechanism design in blockchain harder than traditional settings at columbia today was incredibly inspiring
really feels like solving coordination problems in the space will extend way past blockchain, changing the game fr fr
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📢We will be
@EthereumDenver
from 28th of Feb to 3rd of March.
Join our founder
@MuratLite
for his talks on preconfirmations and mev-commit at the main event and Beyond The Block side event().
Here is the schedule👇
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We enjoyed participating in using mev-commit in the cutting-edge efforts around based rollups and validator software
@ZuBerlinCity
. These emerging methods are fully compatible with mev-commit out of the box, showcasing its future-proof design. [1/3]
💫 Super thrilled by all of your creative hackathon projects! The presentations, full of memorable laughs, were such a delight too. 😁
And of course, congrats to the winners of the main tracks! 👏
🥇 Golden Squirrel 🐿️
Preconf Devnet Dashboard
🥈 Silver Squirrel 🐿️
ZuBerlin
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Join
@MuratLite
and
@ccpamatt
at
@EthCC
and side events for a lineup of talks covering the current state and future of preconfirmations and mev-commit. Don't miss this opportunity to learn about preconfs and engage with our team. Check out the full schedule below. See you there!
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We're increasingly excited by the vision set forth across the ecosystem for the mev space, and are building Primev to address emerging problems in preparation for this exciting future.
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Only took 2 weeks for the blob gas fee to exceed the base gas fee 👀
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📢Don't miss out on
@muratlite
, our founder's deep dives into preconfirmations and mev-commit today. Catch us at
@EthDenver
at 12:30, followed by Libp2p Day() at 14:15.
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Key research from
@specialmech
highlights the effects of order flow and searcher-builders extracting value from top of block as a means of winning the current PBS auction.
Unbundling the PBS auction as suggested in the paper is precisely what Primev aims to do.
NEW RESEARCH
"The Centralizing Effects of Private Order Flow on Proposer-Builder Separation"
Modifying
#PBS
to disentangle top-of-block extraction & private order flow for a more fair & decentralized
#Ethereum
by
@gupta_tivas
,
@malleshpai
,
@MaxResnick1
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Great insights from
@LongHashVC
on the potential of preconfirmations in addressing current mev challenges. Excited to see mev-commit highlighted as a key out-of-protocol solution for L1 transactions.
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Explore the latest and spiciest 🌶️ in MEV with Primev's Founder
@MuratLite
and other industry luminaries @ Web3 Transitions Summit in Singapore 🚀
Join the conversation and let's chart the course for MEV's evolution together🤝
📌 Sept 14, 2023, 8am-9pm SGT
📌Singapore 🇸🇬
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5/5📑As the blob market matures, it'll necessitate more sophisticated bidding strategies to ensure on-demand access to the data availability layer. Primev actively monitors the blob market and will provide blob preconf solution using mev-commit for reliable blob inclusion:
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🌟Stay tuned for more on mev-commit's applications and use cases. We invite mev actors to contribute their ideas and applications to mev-commit and enhance the ecosystem further. Reach out to us to collaborate on the future of decentralized transaction execution. [5/5]
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Join our founder
@muratlite
for his talk on L1 Preconfirmations at the Beyond The Block side event today. Dive into the intricacies of preconfirmations and mev-commit with us at 3:45PM MT.
Releasing part 2 of our ETH Denver MEV agenda in collaboration with
@HashKeyCapital
.
More speakers and panels to be announced soon!
Apply here:
Limited spots available.
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We highlight blob latency issues due to their size, making propagation a bottleneck in the proposer's role in verifying before proposing a block. Even one blob can add hundreds of milliseconds of delay, impacting block propagation and posing increased reorg risk. [3/6]
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Imagine tooling that can help facilitate greater on-chain liquidity and negate the downsides. Creme de la creme research from 👌
7/ This means in the future:
* CeFi-DeFi will increase as token liquidity off-chain increases
* Searchers will develop predictive models to win CeFi-DeFi trades.
* Cross-chain arbitrage will be dominated by economically efficient execution (e.g., Chain <> CEX vs Chain<>Chain)
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Check out our Research Scientist
@ccpamatt
's presentation at Zuberlin on how mev-commit enables rapid preconfirmations for Ethereum txs!
Learn about the key roles of bidders and providers and the unique advantages of block builder commitments.
Link👇
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📄 will host our future explorations beyond this piece. We hope to engage the community with this definition and welcome thinkers to collaborate with us to enhance it and apply it to emerging use cases and transaction types.[5/5]
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We continue to explore solutions to streamline efficiency in mev, while maintaining alignment with Ethereum's ethos.
Our vision adapts alongside the mev ecosystem, addressing inefficiencies in a dynamic landscape with emerging mev modules.🌱💡
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📖Sunday read about mev-commit's privacy-preserving commitment protocol.
🔒Learn how execution providers can confidentially share commitments, ensuring auction integrity and allowing decentralized fund settlement.
Dive deeper👇
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🔐One of the key benefits of mev-commit is reducing execution risk. With real-time, credible commitments from execution providers, it offers a coordinated and predictable transaction execution process, essential for attracting higher liquidity to DEXs. [2/5]
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📉EIP-4844 not only reduces rollup costs but also reduces standard blockspace gas prices by 15-20% based on 2023 data. However, EIP-4844 will not have an inclusion tipping mechanism, meaning that a rollup cannot tip a block builder directly for a blob tx. [2/6]
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Check out our monorepo on GitHub to explore the code and contribute:
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Enter the Arena! Mev-commit has gone through rigorous testing for the past 6 months and is a robust platform being used by actors on the Holesky Network. Check out the latest release featuring end-to-end privacy and start playing commitment games. [6/6]
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⏳The role of a blob preconfirmation becomes to alleviate blob timing games and enhance EIP-4844’s capabilities to offer a reliable inclusion experience for rollups, which should result in a desirable transaction experience for rollup users. [5/6]
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Mev-commit empowers mev actors to form a peer-to-peer network, acting as a conduit for real-time communication of execution bids and commitments, allowing for coordinated processes across the mev pipeline. 🦾
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3/5 📊Optimism and Base are utilizing a blob-maximization strategy, posting the maximum of 6 blobs per tx to be included in a single block. This approach aims to minimize gas costs but increments the blob base fee for the subsequent block due to maximum utilization.
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For detailed documentation on mev-commit, visit our docs
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4/5 📈The effect of the blob maximization strategy on the base fee indicates a blob frontrunning strategy could be viable to save costs. Although any gains from blob frontrunning would be negligible in the current market due to low utilization.
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Blobs nearly match the rest of the block size, signaling a major shift in network bandwidth consumption. Additionally, blobs pending in the mempool for an average of five blocks indicate an efficient and, for now, uncensored network flow. We anticipate these early trends to
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2/5🔎With ~400 blobs posted hourly, the Ethereum data availability market remains underutilized, operating at about 40% capacity. Notably, some block builders have surprisingly low blob inclusion rates, varying from 1% to 16%, as predicted in our pre-Dencun research post.
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👏Lastly, we want to thank
@awmacp
for this research. We look forward to working with other external researchers on preconfirmations. [8/8]
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It's fully adaptable to all mev actors, augmenting the capabilities of relays, block builders, and other key participants. 🔧
It's compatible with new block building paradigms, addressing unique coordination challenges in an increasingly complex and decentralized mev pipeline.
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📄For a deeper dive, read our latest article on the blob market design and slot inclusion. Understand the combinatorial challenges and strategies that shape the current blob market landscape. [3/3]
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Starting soon! Join us to learn more about mev-commit, ask questions and get a glimpse of what is to come.
⏰Tomorrow at 2:30 PM (GMT +3), join our CEO
@Muratlite
at MEV and Intents Day @ Devconnect Istanbul for a deep dive into "Improving Trade Execution in mev".
Learn how Primev is tackling inefficiencies in the mev pipeline by enhancing trade execution.
👉
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😅 We're flattered
@_jamico
@cdixon
@iyk_app
@browsercompany
@tednotlasso
@kikiworld_
Primev, very very smart stuff. We are too stupid to follow.
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There are commitment games that are yet to be imagined and we call on the community to build them with mev-commit. Mev-commit supports the deployment of custom contracts, allowing developers to create their own Commitment Games to be played on any chain. [4/6]
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In the context of mev, we define commitment games as cryptographic engagements with game-theoretic probabilities between actors. However these games carry risks including validator losses in expected value if they are played without following Ethereum’s guiding principles. [2/6]
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🪙For blocks with high-value mev, builders must balance the latency risk of including blobs against the economic incentives offered by rollups. Compensating appropriately for this risk will be essential for a reliable blob market. [4/6]
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Mev-commit is our first step towards this vision, and we’ll be announcing more details, features, and use cases soon. 👀
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🌐We emphasize that the combined credibility across actors and coordination over a P2P network for fast games enhances both efficiency and decentralization for preconfs. [4/5]
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We detail the desired properties of an Arena to play such games and position mev-commit as an available network built with guidance using principles derived from mev-boost; with high consideration for factors that can lead to mev theft, censorship, centralization and more. [5/6]
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🧪We will be actively experimenting with blob preconfs to abstract this new timing game from EIP-4844 and improve blob sidecar latency propagation. We invite the community to participate in this experiment with us on Holesky testnet using mev-commit. [6/6]
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✅Providers signal bid acceptance using a non-interactive commitment scheme, bolstered by time-lock puzzles. This setup allows others to witness commitments, ensuring reliability and enhancing privacy across the network. [4/5]
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🛡️Central to mev-commit is its privacy-preserving commitment protocol. Providers share commitments confidentially, with details becoming visible to others only after the slot ends. This ensures integrity in the auction process and allows decentralized fund settlement. [3/5]
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🛠️We define block builders as 'fulfillers' and proposers as 'deliverers.’ under this paradigm and consider the real-time nature of the concept within blockchains. This recalibration is crucial for credible coordination using real-time commitments in a decentralized setting [3/5]
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mev-commit's privacy preserving commitments enable confidential communication of execution details in real time while maintaining blockspace auction integrity.
This approach effectively addresses risks associated with emerging information advantages among mev actors.🔒
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We detail several Commitment Games in the article including Synchronous Commitments across chains, Instant Bridges, and Preconfirmations. These games involve bid incentives and cryptographic commitments from execution providers to ensure certainty in decentralized systems. [3/6]
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@_danielmarzec
@sajidazouarhi
@bertcmiller
@rajivpoc
@metachris
The middle ground is an open information network for all participants in the pipeline
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Have questions or need support? Reach out to us via our contact form:
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We'll continue to observe these developments closely and keep the community informed. For a deeper dive into blob preconfirmations and their potential improvements, check out our research: [3/3]
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We introduce a competitive auction for preconfirmation providers to become leaders in subsequent slots. This ensures that participating validators maximize their profits, a first when it comes to proposed preconfirmation mechanisms. [2/4]
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📊Explore interactive features for historical slot inclusion and bidding strategies across rollups with a few clicks. Use detailed charts to track base fees, priority fees, and slot inclusion rates. Filter and mix data for a comprehensive view of blob market dynamics. [2/3]
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🔍 We note that preconfs are a fast game, offering a reliable buffer against the unpredictability of transaction execution within the volatile landscape on Ethereum and other chains. [2/5]
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Your insights are invaluable as we continue to improve this mechanism enabling blob preconfirmations. We appreciate everyone engaging with us on and invite all to dive into this collaborative journey with us on the Holesky testnet using mev-commit. [4/4]
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A key highlight of this approach: it doesn't compromise from preconfirmation UX while maximizing validator profits, and increases censorship resistance for the mev pipeline out-of-protocol. Turns out, you can have your CAKE and eat it too 🍰😉 [3/4]
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🔬Our latest insights into dynamic preconfirmation auctions set the stage for future work. We plan to measure the preconf premium and explore multi-stage bidder strategies in the future. More preconf pricing research is on the way—stay tuned! [7/8]
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🎟️Preconf bidders may choose to set their priorityFee to zero as they have a single valuation parameter, which is their private valuation of inclusion. This lets preconf bids, which are real-time in nature, absorb the EIP-1559 priorityFee as an efficient alternative. [5/8]
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🔁Providers who solicit preconf bids earlier gain valuable early price insights, enabling them to dynamically adjust their commitment parameters to potentially increase revenue. [3/8]
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🧐A counterintuitive finding: Accepting short-term losses to informed agents can lead to gains for providers. Price revelations from strategic losses can be leveraged to refine commitment strategies to maximize profits. [4/8]
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🦾Providers may solicit earlier and higher bids by committing to auction off a set amount of their blockspace for preconfs. Mev-commit chain, which is fast with read access to Ethereum, is a natural venue for the issuance and settlement of such commitments. [6/8]
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Mev-commit is designed to be compatible with the latest ePBS spec, enabling seamless transitions into new Ethereum forks without disruption when opting in. This ensures smooth participation in commitment games. [2/3]
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The strengths of this approach and its compatibility with ePBS are discussed in this post, when compared to emerging proposals to perform preconfirmations [3/3]:
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⏳Motivating early preconf bids requires bidder confidence of timely acceptance. Mev-commit's decay mechanism ensures commitments are issued promptly by execution service providers such as block builders. [2/8]
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