We have been getting a bunch of questions on Commit-Boost and ePBS. Commit-Boost is here to stay. And, generally out-of-protocol infra will continue to complement the block building supply chain post-ePBS. Stay tuned for more updates. 📻

PropAMMs are the most consequential market structure change on Ethereum since Uniswap V2. New Credible Commitments episode with @kubimensah from @gattacahq: 1. How PropAMMs work on Ethereum. 2. Benefits to the network: increased asset velocity and tighter spreads. Personally, this is why I am excited: • Makers stream quotes to the builder every 50ms and the freshest lands before the taker (maker has last look), while custom contract logic enables orderflow segmentation. • Tight quotes without 12 seconds of inventory risk enable top-tier makers to bring depth and liquidity to ETH spot and other majors. • And in the endgame ETH price discovery can happen on L1, not a CEX.

1/4 ePBS is headlining the upcoming glamsterdam hardfork, so I wrote a short(ish) article, titled "ePBS, distilled", highlighting what it looks like in its final form and how I believe the MEV markets will evolve once it goes live.

>$100m pAMM volume on ethereum today 🫡 That’s ~10% of all mainnet spot volume served by ~$7m total liquidity across makers. Very impressive capital efficiency. Trade sizes also growing nicely. Only a week ago you’d struggle to get filled above $50k and now there are frequent 100k+ prints.

Goodbye, Poseidon! An epic 8-year, 8-figure rabbit hole in post-quantum cryptography reaches its dream conclusion. The Ethereum Foundation is abandoning Poseidon for L1, pivoting to SHA or BLAKE. This milestone unlocks ultimate security for lean Ethereum and foreshadows a golden era of hash-based cryptography. Since 2018, the Ethereum Foundation has invested in magic cryptographic bricks, so-called "SNARK-friendly hashes". In 2019, Poseidon was born. It held strong and became the dominant SNARK-friendly hash, securing billions via zkrollups and zkVMs. In a stunning reversal, breakthrough SNARK designs show that SNARK-friendly hashes aren't necessary after all. Off-the-shelf traditional hash functions like SHA2 and BLAKE2s can now match Poseidon in a SNARK. In hindsight the key was not SNARK-friendly hashes, but hash-friendly SNARKs. The secret is doing maths over the smallest prime number: 2. So-called "binary fields" natively speak the language of bits, aligning with the boolean operations inside traditional hashes. This is a stark departure from "prime fields", where awkward large-prime arithmetic makes bit manipulation painfully expensive. We're talking sci-fi cryptography. 1M traditional hash calls proven per second, on a laptop. Just 100x overhead vs native CPU boolean compute. Nobody predicted such performance, not even the handful of binary-field visionaries. Hat tip to the research geniuses: Jim and Ben with Binius in 2023; Ron, Benedikt and William with Flock in June. With SHA2, the lean aesthetic of minimal assumptions reaches its climax. The EF's principled stance on pure hash-based cryptography has aged like fine wine. We now enjoy foundations the world can trust for decades and centuries, foundations worthy of the dream of an internet of value. Speed of deployment is a secondary win. There's no longer a need to wait years for Poseidon cryptanalysis to bake. Emile and Thomas from the EF post-quantum team are moving at breakneck speed with binary fields. The strawmap now points to a production-grade leanVM in 2027, with CL, DL, EL deployments in 2028. As AI becomes exceptional at cryptanalysis, the contrarian bet to avoid riskier structures like lattices and isogenies is visibly paying off. The past weeks have been brutal. Lattice-based "HAWK" and isogeny-based "SQIsign", both signature schemes in NIST's Round 3, have suffered blows. Sources I trust say more blood is coming. On AI, the open autoresearch trend kicked off by ECDSA[.]fail is spreading fast, with amazing outcomes from zk[.]golf and SNARK[.]fast. Days ago SNARK[.]fast crossed 1.8M BLAKE3/sec proven on an M3 Max. Stay tuned for fresh autoresearch challenges dropping tomorrow. Also tomorrow: Ethproofs call #10#, dedicated to binary fields. Possibly the most noteworthy Ethproofs call yet. Experts leading the charge will present the future of hash-based SNARKs at 2pm UTC. What an incredible time to be alive. To witness history, DM me for a calendar invite :) Today I can confidently claim that hash-based cryptography has won out for blockchain post-quantum signatures. SNARK succinctness compresses arbitrarily many signatures into one small proof per block. SNARK flexibility yields k-of-n threshold signatures, complex multisigs, and more. Ultimate security. Uncompromising performance. Full programmability. Believe in something. Believe in hashes.

Now that I've joined Ethlabs I can answer my own question. We see EF as the shepherd of Ethereum's soul aka CROPS, which is what will ensure Ethereum's relevance in a 10-to-100-year timescale. Ethlabs wants to help Ethereum win the next 2-5 years. To that end, we will be very pragmatic with addressing the pain points of builders and users TODAY, both through our own engineering/research efforts and through pushing EF/core devs to allocate resources in that direction. Ethereum needs both EF and Ethlabs. Let's win together.

pAMMs now account for ~50% of volume across certain trade size buckets on aggregators such as OKX and Kyberswap. The sweet spot is the $1k to $100k region, covering a sizable portion of retail flow.

Today I will be proposing faster slots for inclusion in Hegotá, to All Core Devs. Faster slots improve the value of Ethereum blockspace. This is value that accrues to Ethereum users, to the network as a whole, and to ETH in particular. While we cannot expect more than a moderate slot time reduction in Hegotá, there is a one-time cost to pay for any future slot time reductions, and Hegotá is likely the last window before long where it is sensible to pay this one-time cost. This opens the door for continuous improvements as fast finality, post-quantum and zk roadmaps progress. If you would like to support directly this EIP, or discuss possible contract or infra issues related to a slot time change, my DMs are open.

1/3 We love Jane Street’s magic-trace. But most of our infrastructure runs on AMD, and magic-trace is Intel-only, so we built our own performance profiler for low-latency Rust pipelines and open-sourced it: flux-profiler. It produces traces fully compatible with magic-trace and the Perfetto UI. It was developed primarily for Linux x86-64. ARM and macOS have not been fully validated yet, so there may be some limitations. How it works: mark the functions you actually care about with #[timed], and it records every call with only ~14ns of hot-path overhead. Because you control the event volume, you can leave it running and capture hours of execution, not seconds. Below is a real trace of beacon state updates captured with flux-profiler and opened in the magic-trace viewer.

At LambdaClass we're pushing Ethereum to become the world's financial hub, and we think PropAMMs are key to getting there. So far, $546M+ has traded across 68k+ swaps, and on the major pairs (BTC, ETH, and stables) PropAMMs are quoting tighter than Binance and major DEX venues on several. So we built open-source tools to make them effortless to integrate and access: an SDK and an onchain Router. Huge thanks to @titanbuilderxyz for pushing PropAMM adoption 🙏

Testing pilot for MPBC has been running at Titan Relay for a few months now and the reference implementation is fully open source at gattaca-com/helix and gattaca-com/relay-sim-reth. Over the next few weeks we're going to be working on some big optimisations and will start actively delivering multi-party blocks to ethereum.

weth/stables routes alone leak millions per month vs Binance so we've been pushing hard on builder performance and features to make propAMMs work on Ethereum. builders enable ACE and have more deterministic latency for makers, which means tighter quotes than CEXs or other propAMM chains. Ethereum will soon have the most competitive prices on major pairs. pAMM liquidity is now in every Titan block, permissionlessly. reach out if you want help integrating.