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While everyone was busy watching the FTX drama unfold, $ETH has become deflationary on Nov 9th, 2022 for the first time since the Merge. Even though at the end of November the trend was somewhat reversed due to slightly lower gas prices, the reduction in inflation of ~3.6% compared to the previous PoW issuance is highly significant and one of the unique strengths of the Ethereum ecosystem.
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Ultra Sound Money as of Nov28, 2022
Contrary to some click-bait articles published recently, it is undisputed that $ETH stake withdrawals will be included in the next hard fork called Shanghai. There will likely be one other major change included, with the hottest contenders being the rollup scaling milestone EIP-4844 (“Proto-Danksharding”) and the various EVM Object Format (EOF) modifications. The final decision about the scope will be made in December as usual in the AllCoreDev calls by the client implementation teams. The sentiment there was to not delay the shipping of withdrawals by trying to put too much into this coming fork. So we still expect Shanghai activation around March/April 2023.
The Rated.network Explorer provides great insights into Ethereum validator performance, and has recently published a 3-part series of blogs about Performance, Rewards and MEV landscape after the Merge.
Clearly visible in the latest piece: Coinbase’s enablement of MEV-boost at the beginning of November led to the tools 90% dominance over self-made “vanilla blocks” on the network level. With Eden producing higher value blocks and builder0x69 gaining traction with regards to quantitative blocks, we can observe an important sign that Flashbots' existing dominance could be at least held in check. Most important for our validators: MEV-boosted block rewards (median) are 2.66x higher than locally built blocks, and Blockdaemon is shown with the highest MEV-boost adoption percentage.
The Flashbots R&D organization announced their next big project in the MEV space called SUAVE - the Single Unifying Auction for Value Expression.
We are very excited, as the approach could solve some of the tough problems connected with MEV such as exclusive order flow and builder centralisation. It also incorporates a multi-chain approach to MEV, which is another testament to the foresight of the team tackling this before it manifests itself in day-to-day network usage. Flashbots is building SUAVE in the open and invites all interested parties to work with them, and we’ll continue to take part.
I recommend the Twitter thread from Hasu as an introduction to SUAVE, and would be happy to hear your thoughts (or questions) about it - we do reply to every email!
Blockdaemon Ethereum Ecosystem Lead
"The future is on Ethereum—the most vibrant, mature, and diverse decentralized ecosystem."