Max Resnick
@MaxResnick1
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Head of Research @specialmech | prev @MITEcon , @umichMath
your head rent free
Joined June 2020
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The secret to his success:
Real Analysis
Haters in shambles
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It costs 50,000$ to stake a node but somehow it's super important to be able to run it on a 50$ raspberry pie 🤷♂️
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7 deadly sins of social media:
Instagram: envy
Facebook: wrath
LinkedIn: greed
Onlyfans: lust
Twitter: pride
YouTube: sloth
TikTok: gluttony
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Guy who thinks of his girlfriend's mood as a stochastic optimal control problem.
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New paper alert🚨 🧵
@malleshpai
,
@eljhfx
, and I investigate "Censorship Resistance in On-Chain Auctions"
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🚨New Paper Alert🚨
"Structural Advantages for Integrated Builders in MEV-Boost" explores why integrated builders dominate CEX/DEX arbitrage.
@malleshpai
and I investigate. Short answer: they are faster. Long answer: it's complicated. 1/15
🧵👇
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Craziest thing about mev day was when
@thegostep
asked if anyone in the room was an LP on a dex and 1 person out of 200 raised their hand and said they do but only on stablecoin pairs. Ig we know where the smart money isn't.
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Predoc is a very bad equilibrium imo programs should band together to ban it. 2 extra years of below market earnings as someone's STATA rat, while a rec letter Is getting held over your head, is not good for potential students. Best advice is to do a CS PhD instead.
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You either die a researcher or live long enough to see yourself doing BD.
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Do Order Flow Auctions threaten to centralize Ethereum block building more than Proposer Builder Separation already has?
Yes.
In a new paper with
@gupta_tivas
and
@malleshpai
, we illustrate that monolithic PBS + OFAs benefits builders who excel at CEX/DEX arbitrage. 1/7
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Guy who solves MEV on a decentralized network by running it through 3 centralized intermediaries.
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One INCREDIBLY UNHEALTHY indicator shows how broken on-chain trading is right now
overlap between market makers and takers 🧵👇
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New ETH research post:
Want to increase the gas limit without state growth? we suggest periodic scheduled downtime:
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The
@titanbuilderxyz
imposter has highlighted that putting the builder's name in plaintext as extraData is not a secure solution for builder identity. Working with
@kobigurk
and
@malleshpai
we came up with a scheme for strong builder identity 1/4
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@grantfgates
@profdvp
@GregTrayling
Same here. You get used to not having to do anything then it bites you later. Better to just track students into appropriate classes from the start.
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I honestly think a lot of the problems defi faces today aren't going to be solved by fancy mathematics or new theories but rather by internalizing the 70 years of distelled knowledge about financial markets that we have inherited from TradFi.
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New Paper Alert🚨
@malleshpai
and I consider transaction fee mechanism design in a dynamic context where users don't just care about immediate inclusion but instead face a dynamic tradeoff between faster inclusion and lower fees. 1/n
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L2 road map is so cursed.
We went from building the world computer to building the world's decentralized floppy disk.
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How censorship resistant is Ethereum really?
While Ethereum guarantees transactions will be included ‘eventually’, its short-term censorship resistance is too poor for auctions. To illustrate this, we propose a new definition of Censorship Resistance
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I am once again asking vcs to stop funding exotic derivatives protocols until we can figure out how to trade spot on chain.
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If your entire validator set is in a telegram group chat with each other and you can get them to restart the chain in 2 hours then you probably shouldn't expect them not to collude to extract MEV.
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Increase your OFA auction revenue with this one simple trick! Auction theorists hate him!
New working paper released: Contingent Fees in Order Flow Auctions
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I think some LVR influencers might be overhyping LVR recapture as a tool to make passive LPing profitable. I don't expect passive LPing will ever be profitable no matter what we do.
I want us to solve LVR recapture so we can have healthy markets on chain, which means…
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hey
@AntonioMJuliano
, heard you on
@PodcastDelphi
and you said that "no one has fully solved [mev] yet".
SMG did solve this over 3 months ago by censoring all transactions. This is why we don't see any MEV in our block.
Happy to chat more about it if you want to learn more.
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Solana blocktime is 4x what they say it is, sorry folks but if you don't rotate leaders it's not a new block.
Polygon is an even bigger offender in this regard. Having leaders produce multiple blocks in a row is a very strange thing to do.
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What do you call an optimistic rollup without fraud proofs?
The NYSE.
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So a man walks into a bar and sits down. He starts a conversation with an old guy next to him. The old guy has obviously had a few. He says to the man: "You see that dock out there? Built it myself, hand crafted each piece, and it's the best dock in town! But do they call me…
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Get ready for the ultimate space on the future of AMMs with two experts who have very different opinions
@guil_lambert
and
@0x94305
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Never seen a stupider idea in my life, honestly, you should quit Twitter and tech in general. Based on how incoherent this tweet is you probably cant code either, you should have gone to art school.
Twitter personality idea - the opposite of motivational tech twitter.
Someone who hurls insults at people all day and tells them how much they suck and how bad their code is. Would also serve as motivation to deranged people like myself.
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Blockchains are when you 1000x your server costs and introduce 500m$/year of MEV just so we can all sit around and argue about alignment on twitter.
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There seems to be a misunderstanding that stETH cannot trade below eth because there are withdrawals. stETH can trade below ETH because withdrawals are limited. If there is sufficient pressure to withdraw then it can clog the exit queue and there is no reason for stETH to trade…
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Going to be releasing a VC teir list soon. If you are a VC that wants to be placed in a higher teir than you deserve, dm me, and I'll let you know where to send the gift basket.
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Imagine you are arguing with some anime profile pic MEV anon and they just send you the etherscan link of their bot sandwiching the fuck out of you. Who is building this?
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A lot of traders I talk to are perplexed by the academic/researcher fascination with the LVR problem. After all, the taker strategies on centralized exchanges probably make a lot more money than taker strategies on Ethereum and nobody seems to care about those. Here are a few…
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Mike and I sketched out a design for bringing multiple concurrent proposers to Ethereum. Here is a preview: 1/n
🧵
happy friday :-) it was a pleasure to team up with
@MaxResnick1
to take a first shot at sketching out a concurrent block proposer mechanism for Ethereum!
we explore censorship resistance definitions, proposer boost, splitting attacks, and more 🛂⚡🔀
⤵
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Fantasy football but it's with crypto startups this team would go hard:
CEO:
@aeyakovenko
CTO:
@gakonst
COO:
@tzhen
Head of Research:
@0x94305
Memelord:
@GwartyGwart
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New ETH research post on adding an optional fillBy field to ethereum transactions that would allow users to specify a slot after which the transaction would no longer be valid. Also helps stops multi slot low carb attacks without single slot finality!
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DVT is when you 4x your server costs so that you avoid missing 1 attestation a year which costs you pennies.
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Drinking the coolaid tonight damn it feels good to be aligned.
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Long awaited second auction theory rage thread. This time combinatorial auctions. 🧵
Combinatorial auctions are mechanisms for allocating more than one good when bidder's valuations over items may have complementary structure. 1/14
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Things got ugly at the flashbots bbq last night.
@0x94305
had a few too many to drink, stumbled and fell in the pool.
Call that loss versus rebalancing.
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I have a friend who is pretty high up at Nvidia. The last time we had dinner, the first thing he said to me was "dude I just bought a picaso"
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In the city atm and just passed by a bum who asked me for money. I told him I didn't have any money for him but I had some advice:
"Have you considered passive LPing on univ3?"
Give a man a fish he'll eat for a day,
Teach a man to fish...
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My ex girlfriend left me, she said I was afraid of proposer commitment
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How bout we give up on permissionless trustless decentralized finance on chain because it's too hard and start building off chain permissioned centralized finance on trusted hardware instead?
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Options prices and probability distributions are deeply related:
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The sun is 8 light minutes away. Any blocktime short of 16 minutes risks harming solo stakers who live on the sun.
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Given that DeFi still hasn't solved basic swapping yet doesn't it seem like the people building exotic options protocols are being a little premature.
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Was helping my brother with his SAT prep and it's absolutely absurd how good khan academy has gotten. Stop complaining about rich folk getting pricey SAT tutoring, sit your brat down in front of the screen for an hour a day for 2 months, and watch what happens.
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Total MEV revenues are measured in hundreds of millions of dollars a year. Most of that revenue flows to validators through the PBS auction, some is captured by builders and searchers, almost none is rebated to users, without whom there would be no MEV. 1/3
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The big hard fork likely will not reduce gas fees significantly for mainet. Call data posting is only ~10% of demand rn.
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You asked for it. Day 1 of rage tweeting auction theory results begins now! Starting with the revenue equivalence theorem!
Lets dive in 🧵
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Never eating at 1559 Wendy's again.
Wendy’s will start experimenting with surge pricing in 2025, along the lines of Uber and Lyft.
Wendy’s will test “dynamic pricing” on burgers, Frosties, and other menu items, which will cost more during times of increased demand.
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A few preview slides for my talk later today at the
@SevenXVentures
house on Contingent fees in order flow auctions.
Stop by at 3:00 to hear my never-before-shared extended thoughts on UniswapX. See you all there. 1/3
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a LOT can happen in 12 seconds, obviously, we picked this example because there was a lot of volatility but this happens surprisingly often, any LVR solution needs to operate in real-time.
A builder-searcher paid 16.8024 ETH to build block 17195495 so they could arbitrage 36 different Uniswap v3 pools. All this happened in just 12 seconds. Still think LPs are not getting rekt?
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Hard to see how dumping toxic waste on LPs will benefit the core AMM 'in a big way'. I am sympathetic to the idea that best execution wins, but it seems giving MMs the chance to take everything they want and leaving LPs with the leftovers is hurting the core AMM 'in a big way'.
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Bearish on people who think that what is going on with cosmos is an issue with the fee market and not an issue with the gossip rules/mempool construction.
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many debates in ethereum come down to one fundamental disagreement: do you hold massive amounts of eth exposure or not?
many debates in ethereum come down to one fundamental disagreement: do you believe the network should serve the users, or do you believe the users should serve the network?
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How much better will traffic be once we open this new lane on the highway? 4844 edition.
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Airdrops are really dumb, would be happy if they would stop. The idea that you need to give away your token for it to be worth something is wild.
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The whole "save the LPs by not emitting LVR" narrative is driven by LVR influencers and Paradigm researcher camps whose net contribution to Web3 ecosystems is negative.
Furthermore, the proposal is driven by a single proprietary company having its single closed-source…
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Join
@0x94305
@malleshpai
@uriklarman
@DavideCrapis
and me this friday to discuss high frequency trading and latency wars in decentralized finance. Fastest talker wins!
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Do I think we can enshrine PBS: yes.
Do I think we should enshrine PBS: no.
At least not this version. This version of PBS inherently leads to winner take all so if you want citadel builder as your only way to get on chain by all means continue to push this.
To clarify this…
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Very wrong. The single proposer architecture in each slot makes it impossible not to leak significant value to the proposer for anything time sensitive. The base layer is responsible. If it were an app design problem where are the apps?
MEV is (mostly) a symptom of bad protocol design, not a bad base layer
for example, most genuinely toxic mev you see like sandwiching and frontrunning is:
1) users misusing the protocol
2) the protocol being badly designed
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Finally we consider a potential remedy: Multiple Concurrent Block Proposers (MCBP). We show that when bidders can offer a conditional tip, which is large when only a single proposer includes their bid and small otherwise, the problem of censorship is addressed.
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Getting an uber in Dubai is harder than landing a TX on solana
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Alex Nezlobin told my wife about his new LVR mitigation plan. The way it works is, every LP recruits 2 more LPs and those LPs mitigate the LVR to the LP who recruited them using their fees. Since this makes deeper liquidity, retail traders trade more, and everyone is happy. How…
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Had a great time at the research club meeting hosted by
@VoltCapital
. Thanks
@wiIIiamrobinson
for putting it together. Amazing to see the progress on LVR topics from a similar event last year hosted by
@dualityxyz
on LVR topics.
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I'm going to be building a team of heavyweight MEV researchers, DM me if that description fits you and you want to crack some of the toughest problems in MEV.
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Isn't it strange that the amount of time dedicated to math in gradeschool has not changed in a hundred years? Math is way more important now than it was 50 years ago, but it's still just 1 hour a day.
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How dare these insolent Blobscriptions folks use our sacred floppy disk for anything other than memecoin settlement on Arbitrum.
Time to name, shame, and social slash these disgusting individuals.
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There are four reasons you might want MEV burn only one of them makes any sense.
1) Smooth MEV rewards
2) Make Eth Deflationary 🦇🔊
3) Achieve a mechanism design goal that cannot be achieved without the burn (e.g. OCA proof 1559 heuristic).
4) Taxes
1) Smoothing MEV…
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"Gamblers playing casino slot machines at the hard Rock are losing millions per year, don't play slots unless you're a pro!"
As a retail level slots player this hasn't been my experience at all; once I realized playing slots is all about arm strength I never lost again!
"LPs in UniV3 are losing millions per year. Don’t LP unless you’re a pro!”
As a retail level LP, this hasn’t been my experience at all; once I realized LPing is like selling options, it got much easier to LP successfully.
Let’s use options to demystify IL/LVR/JIT/MEV
A 🧵
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Vivek's ssn just lost 1 bit of entropy
On Day 1, *instantly* fire 50% of federal bureaucrats.
Here’s how: if your SSN ends in an odd number, you’re fired.
That downsizes government by half. Absolutely *nothing* will break as a result.
It doesn’t violate civil service rules because mass layoffs are exempt.
SHUT IT…
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AMM fact: the trading surfaces of AMMs are often the level sets of differentiable functions, making them differentiable manifolds.
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Integrated Builders are not evil, they are just playing by the rules of the game. If we are worried about Ethereum's credible neutrality we need to change those rules, not reprimand builder searchers.
A few ideas on ways to do this 🧵
More blocks are being built by builder-searchers than ever before, potentially violating Ethereum’s promise of credible neutrality.
Integrated builder-searchers co-locate with and give priority to their own bots, disadvantaging competing searchers.
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Many of the aligned anons have been asking me for wine recommendations.
Here are my top 5 most ethereum aligned California wines for those who live and breath alignment and want to drink it too. 1/n
👇🧵
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SMG research team reading list for our pre ethcc research retreat
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Nikki Haley's proposal to require real names in online forums is a blatant violation of the 1st Amendment.
Freedom of speech includes the right to speak anonymously. The founding fathers obviously believed it. In fact, the federalist papers were published under the name…
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The perfect chain doesn't exist...
200ms block times
Multi proposer architecture
First price fee market
0 solo stakers.
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Weird thing about being on crypto twitter is that you notice certain people are on the same path to certain ideas as you but are ~6 months - 1 year behind where the state of the art is on the topic and refuse to read the papers. I know bc I've been those people at points.
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