Month: May 2024

Flashbots’ Hasu discusses the recent MEV Boost exploit, emphasizing the ongoing MEV challenges and the need for decentralized solutions.

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This installment of "The Protocol," hosts Brad Keoun, the founding editor of The Protocol Newsletter, and tech journalists Sam Kessler and Margaux Nijkerk interview Hasu, head of strategy at Flashbots and advisor to the Lido DAO. They discuss the recent exploit in the MEV Boost codebase, the Department of Justice's response, and the ongoing efforts to solve MEV. The conversation also covers restaking, Lido's role in the restaking ecosystem, censorship resistance, design differences between Eigenlayer and Symbiotic, and the future of Ethereum.

Takeaways | 

• The recent exploit in the MEV Boost code base highlights the ongoing battle to solve MEV and the need for more decentralized solutions.
• Restaking is a market to rent economic security and work from an open market, and there are different approaches to restaking, such as native restaking and non-native restaking.
• Lido aims to make staked ETH the dominant asset in Ethereum DeFi and stimulate demand for renting security with StakeETH.
• The design differences between Eigenlayer and Symbiotic in the restaking ecosystem offer different trade-offs in terms of capital efficiency and spillover effects.
• Censorship resistance in Ethereum can be addressed through inclusion lists, private memepools, and geographical/geopolitical diversity in the network.

Chapters

00:00 MEV Exploit and the Battle to Solve MEV

09:04 The Role of Lido in the Restaking Ecosystem

21:11 Swav: Fast, Private, and Decentralized Off-chain Computation

28:11 Restaking: Renting Economic Security

32:54 Design Differences: Eigenlayer vs. Symbiotic

39:02 StakeETH: Making Staked ETH the Dominant Asset

40:55 Addressing Censorship Resistance in Ethereum

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EPISODE LINKS |  

How MIT Brothers Allegedly Cheated a Noxious-But-Accepted Ethereum Practice for $25M

 Brothers Accused of $25M Ethereum Exploit as U.S. Reveals Fraud Charges 

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The Protocol has been produced and edited by senior producer Michele Musso and our executive producer is Jared Schwartz. Our theme song is “Take Me Back” by Strength To Last.

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Evan Zinaman breaks down why the government’s indictment of the Bueno brothers for their $25 million MEV exploitation is a “vanilla fraud,” but still may shed light on potential compliance considerations for block-building participants.

Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Amazon Music, or on your favorite podcast platform.

In this episode, Evan Zinaman, founder and principal at Trailbreak, delves into the first-of-its-kind case of the Bueno brothers, who face Department of Justice charges for exploiting Maximal Extractable Value (MEV) in a cryptocurrency scheme. Accused of manipulating transaction ordering to create an arbitrage opportunity, the brothers are charged with conspiracy to commit wire fraud as well as wire fraud itself. 

Zinaman explores the broader implications of MEV exploitation and addresses critics who say that the MEV exploiters just got a taste of their own medicine, and the need for block-building participants to consider their legal and compliance responsibilities.

Show highlights:

• What the charges against the Bueno brothers are about
• How block building works on Ethereum and how the relay was manipulated by the Bueno brothers
• The different types of MEV and which ones are acceptable 
• Why these charges could be seen as a "vanilla fraud," according to Evan
• Whether the benefits of MEV outweigh the cons of it
• The lack of terms of service in the MEV space
• How the regulators' attention to the space has changed over time
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Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

First Bits + Bips episode: Bits + Bips: Does Macroeconomics Point to a Potential Crypto Supercycle?

Thank you to our sponsors!   iTrustCapital  |  Polkadot  |  VaultCraft

Guest | 

• Evan Zinaman, Founder & Principal at Trailbreak
• Where the Rubber Meets the Road: A MEV-Aware, Functionalist Review of OFAC Risk "on the Base Layer"

Links | 

• Previous coverage on Unchained of MEV:
• Why MEV Will Always Be Controversial
• The Chopping Block: Why the Once-Taboo MEV Is Now a Core Part of Ethereum
• The Mango Markets Attacker on Whether His 'Trade' Was Ethical or Not
• The Chopping Block: ‘Code Is Law’ Is ‘Obviously Not How Anything Works Ever’

The Case:

• Unchained: DOJ Alleges Two Brothers Stole $25 Million From MEV Bots Last Year

Research:

• Blockchain Transaction Ordering as Market Manipulation by Mikolaj et al

Learn more: 

• What Are Sandwich Attacks in Crypto? A Beginner's Guide
• What Is MEV in Crypto?

Unchained Podcast is Produced by Laura Shin Media, LLC.  Distributed by CoinDesk. Senior Producer is Michele Musso and Executive Producer is Jared Schwartz. 

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The United States has called for a temporary nationwide ceasefire following continued fighting between the national army and armed groups in Oromia and Amhara regions. The US alleges that the armed groups target schools, health centres and water infrastructure.

Why has Gabon's deposed President Ali Bongo gone on hunger strike?

And Audrey speaks to legendary singer-songwriter Stevie Wonder after he was granted Ghanaian citizenship earlier this week!

Presenter: Audrey Brown Producers: Rob Wilson, Karnie Sharp,Bella Hassan, Charles Gitonga and Paul Bakibinga Technical Producers : Jonny Hall and Daniela Victoria Varela Hernandez Editors: Alice Muthengi and Andre Lombard.

Matt and Will dive into this week’s Bitcoin mining news, including the Biden administration forcing the divestment of a Chinese owned Bitcoin mining farm in Wyoming!

Follow along on your favorite podcast player of choice by clicking here.

Matt Kimmell and Will Foxley of Blockspace Media jump into this week’s Bitcoin and Bitcoin mining news including a network healthy check, mining stocks slowly bleeding out while Bitcoin ETFs continue to grow in strength, the Biden administration forcing the divestment of a Bitcoin mining farm from Chinese owners outside a nuclear power plant in Wyoming, and Bitfarms’ lawsuit with its former CEO!

Enjoying the show? Subscribe to the RSS feed for the podcast here.

Chapters |

00:00 Start

03:34 Difficulty update

08:24 Inefficient miners exit: JP Morgan

10:18 ETF updates

14:06 Choppy for public miners

17:39 US blocks China miners

22:35 Bitfarms exec shakeup

Published twice weekly, "The Mining Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews on Tuesday and a news show on Friday! 

👉 Check out Bitcoin Season 2 and The Gwart Show.

👉 Watch our newest documentary, The Big Empty!

👉 Check out our NEW referral network!

Follow our host on Twitter, @wsfoxley.

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Thank you to our sponsor, CleanSpark, America’s Bitcoin miner! And thank you to Foreman Mining, Master Your Mining!

"The Mining Pod" is produced by Sunnyside Honey LLC with Senior Producer, Damien Somerset. Distributed by CoinDesk with Senior Producer Michele Musso and Executive Producer Jared Schwartz. 

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.