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2 articles

JIT Liquidity: Two Economic Regimes, One Block

A study of 442,000 JIT bundles on Uniswap v3 reveals that public and private execution channels create fundamentally different economics - with measurable consequences for builders, searchers, and passive LPs.

Ethereum's Blockspace Market Under the Microscope

A builder, a relay, a pricing researcher, and an EF researcher co-authored a paper on what's broken in Ethereum's blockspace pipeline. Here's what they found - and what they're not saying.