Credible Commitments

In this episode of Credible Commitments I chat with Nathan Worsley, Captain at Euphoria. Nathan breaks down how he built Euphoria around the ideal user experience, tap to trade. We also discuss Market making from first principles and what is unique about Euphoria.
Timestamps
(01:00) - Intents won't work story
(03:34) - Still space to innovate in intents
(04:23) - MEV searcher background
(09:08) - Founders molded by the dark forest
(11:54) - Inventing tap trading
(17:41) - PMF comes from an emotional connection
(20:23) - Market making from first principles
(26:29) - Building on MegaETH
(32:28) - Strong edge on future prices
(34:30) - Working with user feedback
(35:23) - Harnessing the power of creativity
(38:40) - Forming conviction on what to do next
(42:47) - Integrating coding agents into the team
(45:45) - AI for personal use
(49:52) - Sharing writing publicly
(51:55) - Thoughts on PropAMMs
(54:09) - Longevity of the EVM
(57:00) - AGI predictions

Disclaimer
Nothing in this episode should be interpreted as financial, technical, or legal advice.

In this episode of Credible Commitments I chat with Oisin Kyne, CEO and Founder of Obol. We begin by discussing the state of web security and how it affects Ethereum. In particular, the episode focuses on Oisin's new initiative, Validator Beat, in detail. We finish the episode debating ETH's issuance and supply dynamics.

Timestamps
(00:00) - Reflecting on Black October
(04:29) - Security in the age of AI
(09:30) - Staking security form first principles
(15:29) - Nakamoto, decentralization and credible neutrality
(19:18) - Validator Beat dot com
(24:09) - Safety and liveness failures
(26:59) - EIP 7716 - introduce non-linear penalty in liveness
(28:22) - Correlated slashing events
(30:59) - Key theft is underpriced
(35:25) - Validator Beat's 6 different pizza slices
(45:14) - Incentives for users and operators
(49:08) - No gaming the stages for publicity
(53:20) - Building the future since age 13
(56:41) - Minimum tolerable Nakamoto
(59:58) - Funding the CROPS mandate
(1:04:33) - 2024 was the decentralization top
(1:09:27) - Debating and discussing issuance
(1:15:30) - ETH is valuable because of CROPS
(1:25:37) - Hard cap oversells, predictably low supply is fine
(1:32:40) - ETH shouldn't try to beat Bitcoin

Disclaimer
Nothing in this episode should be interpreted as financial, technical, or legal advice.

Michael Moser from Blockspace breaks down the mechanics, economics, and future of multi-party block construction on Ethereum.

Timestamps
(00:00) - Background and implementing of timing games
(03:23) - Blockspace (company)
(04:16) - Learnings from Solana and Cosmos
(07:25) - MPBC mechanism unpacked
(11:08) - Types of txs appended to the bottom of block
(14:20) - What the builder actually sends the operator
(16:04) - Base builders, contributing builders, and operators
(21:16) - MPBC KPIs of success
(25:13) - Base may blocks skew towards smaller builders
(28:26) - Teams experimenting with MPBC
(29:36) - MPBC increases blob inclusion
(34:46) - Anyone can run an operator and make money
(38:31) - MPBC operator economics
(43:50) - Putting the node operator hat on
(45:05) - MPBC shipping improvements already
(50:16) - Bullish on Quick Slots
(53:33) - Running Solana infra vs Ethereum infra
(55:50) - FOCIL provides hard inclusion gaurantees
(56:49) - Living in Singapore
(58:28) - Upcoming MPBC features prior to v2
Links:
- MPBC live data
- Michael on X

Disclaimer
Nothing in this episode should be interpreted as financial, technical, or legal advice.

In this episode of Credible Commitments I talk to Mike Neuder, PHD student at Princeton University. Mike gives a masterclass on ePBS breaking down the mechanism, the microstructure, the incentives, and likely consequences. Next we dive into PropAMMs on Ethereum focusing on the data. The conversation shifts to ETH as a store of value, issuance, and MEV burn. Finally, we preview the 2026-2027 NBA season.

Timestamps

(00:00) - Consensus research - Tezos, Gasper
(03:47) - Ethereum ZK prover market design
(04:55) - Learnings from time at the EF
(06:29) - PBS first principles, building an intuition
(12:20) - ePBS and pipelining
(15:25) - Payload Timeliness Committee (PTC)
(17:43) - ePBS and blobs
(18:58) - Trustless payments
(24:16) - Small builders and gossiping bids
(27:34) - Relay as an aggregator
(30:12) - Briefly on the free option problem
(33:24) - Fork choice rule uncertainty
(35:02) - Unbundling consensus
(37:11) - PropAMMs & Ethereum
(39:05) - PropAMMs are net negative for total MEV!
(42:31) - Following the tx flow through PropAMMs
(46:09) - Taker speed bump effectively
(48:41) - The negative pAMM feedback loop
(51:00) - MCBP and resource pricing
(54:47) - MEV Burn? No
(57:15) - Against changing ETH issuance
(1:00:44) - Issuance's impact on ETH SOV narrative
(1:04:48) - Chopping Block issuance change
(1:06:33) - Sanctuary technology thesis
(1:10:48) - LeBron to the Sixers
(1:15:41) - Kawhi Leonard, Steve Ballmer, & cap circumvention
(1:22:28) - 2027 NBA Champion predictions

Disclaimer
Nothing in this episode should be interpreted as financial, technical, or legal advice.

In this episode of Credible Commitments I chat with Drew Van der Werff, CEO of Blockspace USA. We catch up on the PBS pipeline including Commit-Boost and ePBS. Then we introduce Blockspace and their new initiative— multi-party block construction— the holy grail of block building for Ethereum.

Timestamps
(00:00) - Commit-Boost to Blockspace
(05:16) - Reflecting on the adoption cycle
(08:37) - On neutrality and independence
(10:27) - Some context on PBS
(14:07) - The impact of ePBS
(20:00) - It boils down to economics
(24:17) - Blockspace Forum & gaps in PBS pipeline
(28:00) - Multi-party Block Construction
(30:43) - MPBC Operator as an evolution of a relay
(33:40) - MPBC operator can turn a profit
(36:06) - Does this ice out smaller builders?
(40:06) - An introduction to Blockspace
(43:25) - Heavy and light nodes
(44:36) - Issuance is a contentious thing
(50:15) - Applying a growth mindset to Blockspace

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[1] Drew on X: https://x.com/DrewVdW
[2] Blockspace: https://x.com/Blockspace_ETH/status/2084614592139813298
[3] Blockspace Forum: https://blockspace.forum/index.html
[4] Commit-Boost: https://github.com/Commit-Boost


Disclaimer
Nothing in this episode should be interpreted as financial, technical, or legal advice.