Block Building & PropAMMs on Ethereum

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 DisclaimerNothing 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 DisclaimerNothing 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 v2Links:- MPBC live data- Michael on X DisclaimerNothing 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 DisclaimerNothing 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---[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  DisclaimerNothing in this episode should be interpreted as financial, technical, or legal advice.

In this episode of Credible Commitments I chat with Ceteris, Head of research at Delphi. Ceteris breaks down equities, ZEC, HYPE, Fomo, Robinhood chain, ETH, Solana governance, and why its a token picker's market. Timestamps (0:00) - Breadth across the S&P tape(1:50) - HYPE, VVV, ZEC(3:46) - Debasement trade & MSTR(6:09) - Robinhood Chain(10:36) - Social trading & Fomo strategy(13:19) - The big meta for crypto(16:19) - ZEC has asymmetric upside(19:00) - HYPE vs. ZEC over 5 years(24:32) - Prediction markets & super apps(29:03) - Robinhood Chain(34:43) - COIN vs. HOOD vs. HYPE over 5 years(39:42) - ETH is money(43:08) - Solana governance votes & platform risk(46:47) - FX is the holy grail(50:11) - Crypto is the best place for capital formation(53:13) - It's still a token picker's market-- Disclosure: Credible Commitments is an independent podcast. These are opinions of the host and guest alone. Nothing here is financial, legal, or tax advice. The host owns positions in ZEC, ETH, & HOOD. -- Ceteris on X: https://x.com/ceterispar1bus  DisclaimerNothing in this episode should be interpreted as financial, technical, or legal advice.

In this episode of Credible Commitments, I chat with Chang—operator, builder, and crypto native.Chang unpacks why Robinhood chain is winning users and developers, the future intersection of content and casino games, the state of perps trading, and how incentives drive human behavior.Timestamps(00:33) - The class of 2021(03:58) - Data collection for robots(08:12) - Robinhood is winning devs & traders(10:42) - Things can still get crazier(12:49) - Intersection of content & casino games(17:14) - The future of prediction markets(19:40) - On the growth of perps(21:55) - Mobile UX for perps trading(26:09) - Future trading UIs(28:24) - RWA fragmentation and use cases(31:36) - CEXs going after RWA market share(33:09) - Bull case for Ethereum(37:17) - There is still a future for more L1s(39:24) - Token vs. equity(42:52) - Number go up incentivizes competition(44:40) - Customer acquisition and GTM strategies(46:05) - Zoomers love AI & Psychosis(47:05) - Seeking alpha-- Chang on X: https://x.com/chang_defi  DisclaimerNothing in this episode should be interpreted as financial, technical, or legal advice.

In this episode of Credible Commitments I chat with Barnabé Monnot—founding member of Ethlabs.We make the case for Quick Slots: a quintessential upgrade for Ethereum. Later we discuss fast finality, L1 & L2 strategy, and Fast Confirmation Rule (FCR).--Timestamps(00:57) - Why Ethlabs now(04:42) - Moving faster, product focus(07:38) - The founder journey so far(11:12) - Quick Slots are a major unlock(16:40) - Why quick slots for Hegota and not J*(21:34) - Clearing the three hurdles for shorter slots(24:02) - PQ architecture & smart contract dependency(28:08) - Steel-manning Faster Slots(33:08) - Validator consolidation & decoupling consensus(36:53) - Fast Confirmation Rule (FCR)(41:57) - FCR GTM strategy & adoption(46:28) - Fast Finality & Trade-offs(49:56) - L1 & L2 symbiosis(56:02) - Based rollups(59:10) - An L1 strategy(1:02:58) - Potential Gen Z & Gen Alpha strategies(1:06:43) - Agentic finance onchain(1:09:26) - Ethereum feeling alive--1. Barnabé's official position: https://x.com/barnabemonnot/status/2092574823939461247 2. Ethlabs' official Hegotá EIP ranking: https://x.com/ethlabs_org/status/2097838222621446629  3. EIP-8198: Quick Slots: https://eips.ethereum.org/EIPS/eip-8198 DisclaimerNothing in this episode should be interpreted as financial, technical, or legal advice.

In this episode of Credible Commitments I chat with Danning S., Research Director at Pantera Capital. We discuss prediction markets from first principles including -- category segmentation, who the users are and how they behave, MEV in crypto markets, oracle resolution mechanisms, and the power of distribution.  (00:00) - Nerding out on data (02:26) - Prediction markets high level view (04:18) - Polymaket US & International (06:14) - Filtering the Data (08:02) - Prediction market segmentation (09:08) - Turnover reveals market attributes (12:40) - MEV on Prediction markets (18:42) - Adversarial taker bots (23:01) - User does not equal wallet (26:28) - Growing prediction market user base (29:59) - Why are trading bots losing money? (31:52) - Culture markets and oracle design (42:20) - Permissionless prediction markets (46:23) - Insider trading (47:15) - High hanging fruit and innovation (49:56) - The super app thesis (52:01) - Does onchain matter? --Danning's Research 1. Flashboys or Superforecasters - A deep dive into Polymarket’s venue growth, user portraits and market structures: https://panteraresearchlab.xyz/research/2026-h1-report-flash-boys-or-superforecasters/ 2. Flashboys or Superforecasters; SBC Presentation at MEV Workshop: https://www.youtube.com/watch?v=85j-lQ04T_c 3. Contact Danning on X: https://x.com/sui414 DisclaimerNothing in this episode should be interpreted as financial, technical, or legal advice.

In this episode of Credible Commitments I chat with Kubi Mensah CEO/Co-founder at Gattaca, the company behind Titan Builder. We discuss block building from first principles, Ethereum's evolving market microstructure featuring a dense discussion on Prop AMMs, and what takes to build a world class product-centric organization.  (00:00) - Intro (00:23) - Time at YC (03:14) - Block building from first principles (05:36) - Post merge block building (09:48) - Service oriented edge (12:03) - Technical excellence & counterparty obsession (15:46) - Ethereum community (18:31) - Tight product cycles (21:43) - Sources of orderflow (22:36) - PropAMMs (26:22) - PropAMM research to product (31:44) - Increase velocity of assets onchain (33:35) - PropAMMs earnestly (36:15) - Not exactly RFS, PAMM is quite novel (37:55) - ACE and more expressivity (39:55) - PropAMMs & L2s (42:58) - Takers, routing, and a standardized interface (44:47) - Leveraging LLMs (48:10) - Agentic demand for blockspace (50:07) - The Blockspace Forum   DisclaimerNothing in this episode should be interpreted as financial, technical, or legal advice.