ROP-5 meetup #1
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Agenda ROP-5 Meeting #1
- ROP-5: The state of the Ethereum supply network by Thomas and Davide
- Quick presentation of the context, scope and objective
- Introduction round:
- Name, occupation
- MEV/Supply network projects you have worked on
- Ideas/projects/contributions you’re interested in
- Time commitment & resources
- Open discussion
- More specific ideas, converging on projects, working groups
Presentation by Thomas and Davide
Interest in the room
- Paths to enshrining PBS by learning more about the health of the supply network ⇒ Minimal spec by the end that we can iterate on
- Data to support theoretical research on auction design
- MEV quantification towards designing auctions and defeating ROP-0: Timing games in Proof-of-Stake
- Data analytics for MEV relays and MEV landscape
- Learn more about the network
- Maybe more work following the Rollup-Relay? ;)
- Continue to provide more services and monitoring of the network, including validators who have their protocol duties but also engage in other things with MEV
- Mempool data analytics to support research
Open discussion
- What are projects we are interested in?
- A model for CEX-DEX arbitrage and how this affects latency
- Linking data from EigenPhi (seen after inclusion) with data from mempool monitoring (seen before inclusion)
- Removing reliance on relays, which have operator risk, vertical integration with builders and searchers ⇒ Instead, use attesters as the relayers
- Health of supply network can also be self-correcting: there are lots of value at stake, so there is an incentive for the network to be run efficiently
- But today, there are actors somewhat outside of the governance process which have outsized influence over the network
- What is the actual potential-MEV? Our measure of MEV for the attack last Monday would have said, there is a few $ to pick up by sandwichers, but it turns out, there is actually 20M $ to be picked up if atomicity can be broken
- How can we protect atomicity with 4337? Can the bundles be made with validity proofs?
- Was there a need to review how metrics are computed in light of the network performance post-the attack.
- Mempool data
- Study censorship, exclusive order flow
- OFAs, how do they change validator economics, do they lower security because the APY goes down?
- But users also need to entice the validators to include their transactions
- Transaction ordering and auctions, can layer 2’s experiment?
- You can do the timing-based ordering for transactions, or approaches that look more like FBAs
Paths forward
- Enshrined PBS
- Filling up the data lake and putting forward data specifications
- MEV quantification / MEV flows