🪐 Current Milestone

⏱ Milestone 2: Launch beta on mainnet, open to public & benefit stakers

Time: 2 months ($125k)

• Release beta RPC/HTTP endpoint for submitting bundled transactions to private, front-running protected mempool (The “relay”)
  • Mempool result propagated to validator running the audited Skip client
• Deploy validator client to 10-20 validator design partners in test environments

<aside> 💡 Note, the above milestone is a little misleading, as the “beta on mainnet” referred to before we started building was, ultimately, running on a realistic Juno testnet.

The past four weeks, this has been accomplished 🎉

</aside>

✅ What’s been completed

• mev-tendermint!

  • Opensourced and public, and ported to Juno!

  GitHub - skip-mev/mev-tendermint at v0.34.21-mev-tendermint

  • Does not modify privacy / security assumptions of validators or tendermint (no new ports required)
  • Enables bundling of transactions and top of block execution in exchange for tips
  • Profit-maximizing reaping
  • Transaction privacy (selective gossiping)

Config to get set up:

mev-tendermint

• Testnet Running!

  • Now for 5 weeks

  • No consensus failures, even under load

    • Normal non-Skip txs land just fine

  • Running pilot with White Whale to use their arbitrage & flashloan bots through Skip!

  • Running on 25+ validators

    • Polkachu, Rhino, Blockpane, Oni, Crosnest, Silk, Made in Block, Imperator, etc…

  • Over 60% of stake running mev-tendermint, safely

  • Over 5,000 bundles submitted and mined on-chain

    

• [additional]: Metrics Added!

  

🕊 Next Focus

• MAINNET! (final milestone)
  • Deploy on 5-10 validators, and increase rollout as everything is safe
  • Thought: as part of the mainnet rollout, does the grants team suggest that we offer to insure validators against any problems? (missed blocks/downtime)
  • Idea: if we are able to run on 20-30 validators successfully, we should submit a governance proposal for a wider upgrade and integration with Juno to protect stakers and implement ecosystem-wide protections and minimal splits with stakers and validators.
    • Note: Skip is taking 0 fee from MEV auctions - everything is going back to validators and stakers
    • This would only be done well past the possibility for failures to appear
    • Worst case, Tendermint could be rolled back to v0.34.21 easily
    • Benefits to this:
      • ✅  We can use governance to enforce rebates/share with stakers (e.g. validators can keep 75%, stakers get 25%, or otherwise)
      • ✅  Protected only-good MEV for the long-haul, with open-sourced code, much more difficult for any sandwiching/frontrunning to happen in future or take hold as Juno grows
      • ✅  Can integrate with wallet providers to give users the option to run txs through Skip if they want full end-to-end privacy (no more need to go through Secret) and atomicity/bundling
      • ✅  Higher ecosystem rewards in general after halvening
    • We would love help/advice on this