Is Every Relay Susceptible to Unbundling?

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Some m e v extraction strategies are at more risk of unbundling than others. There's inherently a trust relationship that exists between miners and searchers if er sending directly to the searcher. i worry that in a world where relays cut off miners from bundle flow, the system devolves to these high trust relationships between miners and searchery. And then the miners maybe are the only ones able to extract things that are a risk of bundling.

For our latest episode, I sat down with MEV Senpai, one of the top searchers in Ethereum. He gave us the unique inside perspective of someone who finds and captures MEV himself. The result was a long & intense convo, one of the best I've had in a while.

We discussed:

The structure and actors of the MEV game
What is searching, how can you learn it, what edges exist
Intro to private relays and transaction bundles
The role of Flashbots in DEX trading
and, of course, the hot topic of the day: short-term reorgs in Ethereum

Enjoy!

Listen to conversations between Su Zhu, the CEO and CIO of Three Arrows Capital, and Hasu, an experienced crypto researcher and writer. Together with occasional guests, we explore the transformative nature of trust-minimized currency and financial services.

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