3 Photos and videos
The game is changing rapidly on Ethereum mainnet, expect to see these changes bring a lot of volume back.
Once more builders onboard Titan's propAMM infra, I can see a world where mainnet spreads are tighter than Binance every block since it provides:
- customizable adverse selection filters
- automatic quote adjusting intra-block
- protection against stale quotes being taken
As a MM, the more control you have over who your counterparty is & your execution, the better.
1/3 PropAMM liquidity is now fully operational on Ethereum mainnet!
Three makers are live in every Titan block, and quotes are already consistently beating Binance VIP9 taker fees for retail orders (trades <$1k).
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Ray retweeted
Mar 25
Pier Two is joining MAVAN, a Bitmine company.
piertwo.com/insights/pier-tw…
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Eye opening that a single atomic arb bot on mainnet made ~12.5m, while only paying ~34m to the builder.
I imagine most people have stopped playing the on-chain atomic arb game, those that stuck around ate good here.
correct me if I'm wrong but this seems like the largest ever single-block builder profit in ethereum history, ~$33m to titan
it also may be one of the largest MEV block rewards ever on eth, a 568 ETH proposer payment which falls just behind the SVB USDC depeg (had a 692 ETH payment), 2023 sushiswap whitehat hack (689 ETH), and 2023 curve whitehat hack (584 ETH)
others already commented on the original issues with the order (illiquid route insane $155k AAVE limit price), but here's where the $50m went:
- $36k to the user's cowswap order (331 AAVE)
- $619k cowswap solver fee
- ~$9.9m to the MEV bot that backran the 17,957 ETH -> 331 AAVE swap (backrun was 128 AAVE -> 17,959 ETH)
- another ~$2.6m to the same MEV bot from backrunning the $50m USDT -> $37m WETH swap over multiple txs
- ~$34.3m fee to titan from the MEV bot (includes $1.2m to lido as the block proposer)
- ~$3.5m in dex swap fees residual smaller arb txs
insane payday for titan, who sent their profits to coinbase, and this single MEV bot took the majority of the arbs in both the illiquid AAVE/WETH pool and the $13m slippage swap in the main USDT/WETH pool
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Side by side - V4 quoting and multi route search with and without poolscout.dev on @base
Not only is it 2.5x faster, but you don't have to worry about RPC rate limits or brute forcing from known hook addresses.
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So @blockspaceforum drop their initial research scope & Flashbots release an update on Suave in the same week. Comp is heating up.
So far they look like two different approaches - Flashbots the more theoretical & blockspace looking to be more iterative.
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