alpha-v0.5

Changelog

v0.5 Immediate megabundle processing

Miners pick up megabundles immediately if they are better than the best known block so far. It leads to significantly increased profitability (+50% MEV backtested).

v0.4 Megabundles support added

Relays can merge bundles and suggest them for profit switching. Miners can define a list of trusted relay addresses from which megabundles are accepted.

v0.3 EIP-1559 support added

Bundle scoring takes into account BASEFEE mechanisms to calculate miner's revenue from bundles.

v0.2 eth_sendBundle RPC parameters change

The specification of the eth_sendBundle RPC is changing to support new features of v0.2. This change must be adopted by all searchers in order to be compatible with the v0.2 relay.

Scoring function does not change between v0.4 and v0.5:

v0.1

$$s_{v0.1} = \frac{\Delta_{coinbase} + \sum_{T\in U}g_Tp_T}{\sum_{T\in U}g_T}$$

v0.2-pre

$$s_{v0.2-pre} = \frac{\Delta_{coinbase}}{\sum_{T\in U}g_T}$$

v0.2

$$s_{v0.2} = \frac{\Delta_{coinbase} + \sum_{T\in U}g_Tp_T - \sum_{T\in M \cap U}g_Tp_T}{\sum_{T\in U}g_T}$$

v0.3 - v0.5

$$s_{v0.3-5} = \frac{\Delta_{coinbase} + \sum_{T\in U}g_Tm_T - \sum_{T\in M \cap U}g_Tm_T}{\sum_{T\in U}g_T}$$

$s$: bundle $U$ score used to sort bundles.
$U$: ordered list of transactions $T$ in a bundle.
$M$: set of transactions $T$ in the mempool.
$g_{T}$: gas used by transaction $T$.
$p_{T}$: gas price of transaction $T$.
$c_{T}$: fee cap per gas of transaction $T$.
$\delta_T$: priority fee per gas of transaction $T$.
$e_{T}$: effective fee per gas of transaction $T$ equal $\min$($c_{T}$, BASEFEE + $\delta_T$).
$m_{T}$: miner fee per gas of transaction $T$ equal $e_{T}$ - BASEFEE.
$\Delta_{coinbase}$: coinbase difference from direct payment.

Timeline

February, 15th 2022 - v0.5 spec and MEV-Geth-v0.5 release ready

Upgrade Steps

• Miners asked to upgrade to v[geth_version]-mev0.5.0
• Miners can update 100% of capacity to this new version

Node configuration

No additional configuration is required.