Ethereum’s Past Mistakes, Present Blind Spots, and Future Frontiers on Data

MEV Inside the Rug: The 94-Layer Triple-Evil Sandwich

Myth: “MEV and rug-pulls are separate.” False. This case shows a triple-evil sandwich: a taxed token, a 94-layer sandwich, and a timed rug in the same block. One operator ran the token, the pool, and the bot. 💡 What you’ll learn * The triple-evil model: taxed token → layered sandwich → mint-and-drain rug * How malices are done 🔍 CASE STUDY DETAILS This is educational content only. We do not endorse MEV bots or provide financial advice. Always DYOR (Do Your Own Research). You can subscribe to MEV Spaces via Spotify [https://open.spotify.com/show/5gIeOl20nRR4qDTgSEh5s5], Apple Podcasts [https://podcasts.apple.com/us/podcast/mev-spaces/id1818129489], Pocket Casts [https://pca.st/9ll738nk], and YouTube Podcast [https://www.youtube.com/playlist?list=PL0SetHrNkoYv20xvazw03okxZnQhD4RN4]. Wonder if you have any misconceptions about MEV? Download our latest free e-book: MEV Myth Busters - From Microstructures to Macro Impacts [https://docsend.com/view/cz28r9kn29mcm9yn]. Follow us via these to dig more into the hidden wisdom of DeFi: EigenTx [https://eigenphi.io/mev/eigentx] | Website [https://eigenphi.io/] | Discord [https://discord.gg/2B96UzwpHB] | Twitter [https://twitter.com/eigenphi] | YouTube [https://www.youtube.com/@EigenPhi] | Substack [https://eigenphi.substack.com/] | Medium [https://medium.com/@eigenphi] | Telegram [https://t.me/WisdomOfDeFi] This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit eigenphi.substack.com [https://eigenphi.substack.com?utm_medium=podcast&utm_campaign=CTA_1]

MEV Space #12 — DATs: From Balance Sheets to Block Builders

Digital Asset Treasuries (DATs) are no longer “hold-and-hope” vehicles—they’re operational, data-driven machines where definitions, disclosures, and design choices move prices. This is the 12th episode of MEV Space, which brings together the sharpest minds in crypto to dissect the evolving MEV landscape and beyond. In this episode, we answer questions like: * Which single disclosure would actually close a DAT’s mNAV discount? * If real-time attestations invite front-running, what cadence keeps data honest without feeding predators? * When dashboards disagree, whose “reality” should investors and DAOs trust? Why this episode matters DATs sit at the intersection of public markets, on-chain execution, and governance. We surface the uncomfortable bits—fees vs. revenue, mNAV vs. “ETH per share,” real ops vs. balance-sheet cosplay—and then offer concrete fixes you can ship next quarter. What you’ll hear * Danning Sui [https://x.com/sui414] (Head of Researcher, Pantera [https://x.com/PanteraCapital]) on getting past vanity metrics: clean revenue definitions, ETH-per-share growth, and why self-reported, real-time data needs guardrails against HFT/MEV gaming. * Jake Koch-Gallup [https://x.com/immutablejacob] (Researcher, Messari [https://x.com/MessariCrypto]) on moving from TVL theater to near-real-time attestations of positions/strategy/yields—and why culture and retention often lead the numbers. * Charles Allen [https://x.com/Charles_BTCS] (CEO, BTCS [https://x.com/NasdaqBTCS]) on valuation that prices operations & management (validators, builders) and why “cards-up poker” disclosure can harm shareholders if cadence/materiality are wrong. * Benjamin Hunter [https://x.com/philosowrapter] (VP Engineering, BTCS [https://x.com/NasdaqBTCS]) on how tokenization-level transparency will expose dilutive deals and discipline financing games. Myths we puncture * “Fees = revenue.” Not across venues or wrappers. * “Active addresses = users.” Bots and incentives wreck that shortcut. * “Real-time disclosure is always good.” Not if it turns your balance sheet into an attack surface. * “DATs converge to MNAV by magic.” Without redemption or differentiation, some stay stuck. The fix kit (steal this) * Public schemas for standardized revenue and per-share metrics. * Inclusion receipts (builder-side telemetry) to make neutrality auditable. * Attestation cadence (not necessarily “real-time”) that’s reproducible, provable, and hard to game. * Deployment visibility: where assets sit in DeFi, why, and at what yield. Listen, then act After the episode, publish one metric by default next quarter (definition + refresh rate), retire one misleading KPI, and sketch a 4-field public schema your org will maintain. That’s how “nice charts” become accountable decisions. You can subscribe to MEV Spaces via Spotify [https://open.spotify.com/show/5gIeOl20nRR4qDTgSEh5s5], Apple Podcasts [https://podcasts.apple.com/us/podcast/mev-spaces/id1818129489], and Pocket Casts [https://pca.st/9ll738nk]. Wonder if you have any misconceptions about MEV? Download our latest free e-book: MEV Myth Busters - From Microstructures to Macro Impacts [https://docsend.com/view/cz28r9kn29mcm9yn]. Follow us via these to dig more into the hidden wisdom of DeFi: EigenTx [https://eigenphi.io/mev/eigentx] | Website [https://eigenphi.io/] | Discord [https://discord.gg/2B96UzwpHB] | Twitter [https://twitter.com/eigenphi] | YouTube [https://www.youtube.com/@EigenPhi] | Substack [https://eigenphi.substack.com/] | Medium [https://medium.com/@eigenphi] | Telegram [https://t.me/WisdomOfDeFi] This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit eigenphi.substack.com [https://eigenphi.substack.com?utm_medium=podcast&utm_campaign=CTA_1]

MEV Space #11: How the Data Builders Define Reality

MEV Space brings together the sharpest minds in crypto to dissect the evolving MEV landscape and beyond. This is the 2nd part of the Data on Ethereum series. In MEV Space #10 [https://eigenphi.substack.com/p/ethereums-past-mistakes-present-blind-podcast-mev-space-10], we asked: who owns Ethereum’s most valuable data? We heard about: * Data asymmetries in private orderflow. * The interpretation layer is a scarce good. * Blind spots in real-time observability. * Protocol limits around censorship resistance & validator-builder balance. * And a shared concern: without better access, better modeling, and better accountability—we’re flying half-blind. In this episode, we asked questions, including: * What are the hard-to-measure, high-impact data streams in your day-to-day work? * A story of when better data would have changed your call—investment thesis, governance vote, builder strategy. * How do metrics, dashboards, and labels become gatekeepers? Are we overfitting to what’s legible rather than what’s meaningful? * How do flawed data assumptions create real governance problems? What role should researchers and analysts play in upstreaming better metrics into DAO and protocol governance? * What’s a widely used dashboard, metric, or “insight” you think is misleading—and what should we look at instead? * What norms or infrastructure do we need to establish to maintain data credibility and prevent manipulation? You will hear insights from these experts: * Danning Sui [https://x.com/sui414] — Research Director, Pantera Capital. Previously data at Flashbots/0x/ConsenSys. * Ludwig Thouvenin [https://x.com/0xvanbeethoven] — Co-founder & CEO, Sorella Labs; building Ångstrom DEX. * Jake Koch-Gallup [https://x.com/immutablejacob] — Research Analyst, Messari (Protocol Research; author on recent Messari reports). * hildobby (Hildebert Moulié) [https://x.com/hildobby] — Head of Data Science, Dragonfly; longtime Dune “wizard.” * Benjamin Hunter [https://x.com/philosowrapter] — VP of Engineering, BTCS. You can subscribe to MEV Spaces via Spotify [https://open.spotify.com/show/5gIeOl20nRR4qDTgSEh5s5], Apple Podcasts [https://podcasts.apple.com/us/podcast/mev-spaces/id1818129489], and Pocket Casts [https://pca.st/9ll738nk]. Wonder if you have any misconceptions about MEV? Download our latest free e-book: MEV Myth Busters - From Microstructures to Macro Impacts [https://docsend.com/view/cz28r9kn29mcm9yn]. Follow us via these to dig more into the hidden wisdom of DeFi: EigenTx [https://eigenphi.io/mev/eigentx] | Website [https://eigenphi.io/] | Discord [https://discord.gg/2B96UzwpHB] | Twitter [https://twitter.com/eigenphi] | YouTube [https://www.youtube.com/@EigenPhi] | Substack [https://eigenphi.substack.com/] | Medium [https://medium.com/@eigenphi] | Telegram [https://t.me/WisdomOfDeFi] This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit eigenphi.substack.com [https://eigenphi.substack.com?utm_medium=podcast&utm_campaign=CTA_1]

Ethereum’s Past Mistakes, Present Blind Spots, and Future Frontiers on Data

From gas markets to proposer behavior, from blob throughput to MEV flow—data has become the backbone of Ethereum’s evolution. But it wasn’t always this way. For years, we flew blind. Entering the 2nd decade, our ability to measure and act on real-time data will define the protocol’s future. This is part 1 of the MEV spaces discussing the importance of data in the development of Ethereum. Meanwhile, set up your reminder for MEV Space #11 — Data, Drama & Decisions (Part II): Where Are We and What’s Next. ⏰ Date & Time: 11 AM EST, Sept 10 📍 Where: Twitter/X Space [https://x.com/i/spaces/1BRJjgpLZXvxw] In part 1, you will hear from: * Kofi (0xKofi [https://twitter.com/0xKofi], Senior Data Nerd, Base [https://x.com/Base]) * Thomas Thiery (soispoke [https://twitter.com/soispoke], Researcher, Robust Incentive Group, Ethereum Foundation) * Sen Valitov (0x3face [https://twitter.com/0x3face], Co-Founder, nuconstructxyz [https://x.com/nuconstruct]) * Irfan (i_shaix [https://x.com/i_shaix], Co-Founder, Interstate [https://x.com/interstatefdn]) * Co-host: Benjamin Hunter (philosowrapter [https://twitter.com/philosowrapter], VP of Engineering, BTCS [https://x.com/NasdaqBTCS]) You can subscribe to MEV Spaces via Spotify [https://open.spotify.com/show/5gIeOl20nRR4qDTgSEh5s5], Apple Podcasts [https://podcasts.apple.com/us/podcast/mev-spaces/id1818129489], and Pocket Casts [https://pca.st/9ll738nk]. Wonder if you have any misconceptions about MEV? Download our latest free e-book: MEV Myth Busters - From Microstructures to Macro Impacts [https://docsend.com/view/cz28r9kn29mcm9yn]. Follow us via these to dig more into the hidden wisdom of DeFi: EigenTx [https://eigenphi.io/mev/eigentx] | Website [https://eigenphi.io/] | Discord [https://discord.gg/2B96UzwpHB] | Twitter [https://twitter.com/eigenphi] | YouTube [https://www.youtube.com/@EigenPhi] | Substack [https://eigenphi.substack.com/] | Medium [https://medium.com/@eigenphi] | Telegram [https://t.me/WisdomOfDeFi] This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit eigenphi.substack.com [https://eigenphi.substack.com?utm_medium=podcast&utm_campaign=CTA_1]

MEV Space #9: Rubber Stamps, Latency Arms Races, and the TEE Mirage

Enshrined PBS may simply rubber-stamp today’s power structure—high-perf relays will still run the show. ——-Murat Akdeniz, Founder of Primev Slashing shouldn’t burn to oblivion—redistribute penalties to users who bought the pre-conf guarantee. ——-Amir Forouzani, Contributor of Puffer.finance Cutting slot times just fuels a latency arms race—infra centralization and empty-slot risk could spike. ——- Kevin Lepsoe, Founder of ETHGas Enshrined PBS is complexity theatre—the real prize is delayed execution; let’s not mix priorities. ——-Kubi Mensah, Co-founder of Gattcha TEEs are a poor-man’s cryptography; settle for them now and we’ll regret not pushing ZK harder. ——-Drew Van der Werff, Shepherd of Commit Boost These are the hot takes from the guest speakers of the 9th MEV Space: Where Are We on Preconf, Rollups & Shared Sequencing? Click the “Play” button to hear the full recording. We discussed topics as: * Can preconfs deliver UX without trust? * Will based rollups align incentives across L1 and L2? * Does ePBS enable neutrality—or just shift capture? * Can shared sequencing coordinate without centralization? You can subscribe to MEV Spaces via Spotify [https://open.spotify.com/show/5gIeOl20nRR4qDTgSEh5s5], Apple Podcasts [https://podcasts.apple.com/us/podcast/mev-spaces/id1818129489], and Pocket Casts [https://pca.st/9ll738nk]. Wonder if you have any misconceptions about MEV? Download our latest free e-book: MEV Myth Busters - From Microstructures to Macro Impacts [https://docsend.com/view/cz28r9kn29mcm9yn]. Follow us via these to dig more hidden wisdom of DeFi: EigenTx [https://eigenphi.io/mev/eigentx] | Website [https://eigenphi.io/] | Discord [https://discord.gg/2B96UzwpHB] | Twitter [https://twitter.com/eigenphi] | YouTube [https://www.youtube.com/@EigenPhi] | Substack [https://eigenphi.substack.com/] | Medium [https://medium.com/@eigenphi] | Telegram [https://t.me/WisdomOfDeFi] This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit eigenphi.substack.com [https://eigenphi.substack.com?utm_medium=podcast&utm_campaign=CTA_1]