THE PROTOCOL: Inside the MIT Brothers' Ethereum Exploit

Flashbots’ Hasu discusses the recent MEV Boost exploit, emphasizing the ongoing MEV challenges and the need for decentralized solutions.

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This installment of "The Protocol," hosts Brad Keoun, the founding editor of The Protocol Newsletter, and tech journalists Sam Kessler and Margaux Nijkerk interview Hasu, head of strategy at Flashbots and advisor to the Lido DAO. They discuss the recent exploit in the MEV Boost codebase, the Department of Justice's response, and the ongoing efforts to solve MEV. The conversation also covers restaking, Lido's role in the restaking ecosystem, censorship resistance, design differences between Eigenlayer and Symbiotic, and the future of Ethereum.

Takeaways | 

The recent exploit in the MEV Boost code base highlights the ongoing battle to solve MEV and the need for more decentralized solutions.Restaking is a market to rent economic security and work from an open market, and there are different approaches to restaking, such as native restaking and non-native restaking.Lido aims to make staked ETH the dominant asset in Ethereum DeFi and stimulate demand for renting security with StakeETH.The design differences between Eigenlayer and Symbiotic in the restaking ecosystem offer different trade-offs in terms of capital efficiency and spillover effects.Censorship resistance in Ethereum can be addressed through inclusion lists, private memepools, and geographical/geopolitical diversity in the network.

Chapters

00:00 MEV Exploit and the Battle to Solve MEV

09:04 The Role of Lido in the Restaking Ecosystem

21:11 Swav: Fast, Private, and Decentralized Off-chain Computation

28:11 Restaking: Renting Economic Security

32:54 Design Differences: Eigenlayer vs. Symbiotic

39:02 StakeETH: Making Staked ETH the Dominant Asset

40:55 Addressing Censorship Resistance in Ethereum

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EPISODE LINKS |  

How MIT Brothers Allegedly Cheated a Noxious-But-Accepted Ethereum Practice for $25M

 Brothers Accused of $25M Ethereum Exploit as U.S. Reveals Fraud Charges 

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The Protocol has been produced and edited by senior producer Michele Musso and our executive producer is Jared Schwartz. Our theme song is “Take Me Back” by Strength To Last.

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