Blocknative Releases New Ethereum Mempool Explorer, to Help With MEV Protection

Blocknative, a blockchain infrastructure company, has released a new tool called ethernow.xyz that explores the mempool of pending transactions on Ethereum. The tool provides real-time visibility into the Ethereum mempool data and the block building process, allowing users to understand why certain transactions fail or succeed and how they are added to blocks. This tool aims to reduce instances of block-level manipulation and protect users from front-running bots. It can also help wallet providers give transaction status feedback to end-users and provide suggestions for maximal extractible value (MEV) protection. This release comes just weeks after Blocknative had to scale back its MEV-Boost relay services.

Blocknative Releases New Ethereum Mempool Explorer, to Help With MEV Protection

Blocknative, a blockchain infrastructure company, has recently released a new tool called ethernow.xyz. This tool allows users to examine the “mempool” of pending transactions awaiting processing on Ethereum, with the aim of reducing instances of block-level manipulation and protecting users from front-running bots. The tool provides real-time visibility into the Ethereum mempool data and the block building process, giving researchers insights into transaction success or failure, as well as how they are added to blocks.

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Features of the New Explorer

Blocknative’s new mempool explorer, ethernow.xyz, is described as the Etherscan for pre-chain data. It helps researchers and protocol developers understand the inner workings of Ethereum transactions before they are added to a block. The tool provides real-time visibility into application usage and can predict increased or decreased volatility. This allows developers to optimize their protocols and provide better user experiences. The tool was first presented at the Columbia CryptoEconomics Workshop in New York.

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Blocknative’s Restructuring

In October, Blocknative underwent a restructuring process, which resulted in a reduction of a third of its headcount. The company had to cut back on its MEV-Boost relay services due to poor economics. However, this restructuring has allowed Blocknative to focus on extending its runway and pursuing its Real-Time Observability thesis. The release of the new mempool explorer is a testament to their commitment to providing innovative solutions in the blockchain space.

Grant from Ethereum Foundation

The development of ethernow.xyz was made possible through a grant from the Ethereum Foundation. This grant has allowed Blocknative to further their research and development efforts and create a tool that addresses the observability challenges faced by developers and researchers working with Ethereum transactions. By providing real-time visibility into the mempool, the tool can help improve transaction success rates and reduce instances of block-level manipulation.

Use Cases for ethernow.xyz

Ethernow.xyz has several use cases that can benefit different stakeholders in the Ethereum ecosystem. One such use case is providing wallet providers with the ability to give end-users feedback on transaction status. This can help users have a better understanding of their transactions and make informed decisions. Additionally, the tool can provide suggestions for MEV protections, which can help protect users from front-running bots and other malicious activities. Stablecoin issuers can also benefit from ethernow.xyz by monitoring potentially problematic transactions earlier in their lifecycle.

Benefits for Wallet Providers

Wallet providers can leverage ethernow.xyz to enhance their user experience and provide valuable insights to their users. By integrating the tool into their wallets, providers can give users real-time updates on their transactions, including information on whether a transaction has been included in a block or if it is still pending. This can help users have more control over their transactions and minimize the risk of transaction failures or delays. Wallet providers can also use the tool to suggest MEV protections to their users, ensuring they are protected from potential exploits.

Enhancement Opportunities

While ethernow.xyz provides valuable insights into the Ethereum mempool, there are still many opportunities for enhancement and growth. Blocknative is committed to continuously improving the tool and adding new features based on user feedback and industry needs. By actively seeking input from developers and researchers, Blocknative aims to create a tool that meets the evolving demands of the Ethereum ecosystem.

Introduction at Columbia CryptoEconomics Workshop

Blocknative introduced ethernow.xyz at the Columbia CryptoEconomics Workshop held in New York. This workshop provided an opportunity for researchers and developers to learn about the new mempool explorer and its potential applications. The positive response from the workshop participants highlighted the significance of the tool in enhancing developers’ understanding of transaction processing on Ethereum.

Explanation of Mempool and MEV

Before transactions are included in a block on Ethereum, they go through a waiting period in a mempool. The mempool is essentially a queue where pending transactions are stored until they are picked up by validators and organized into blocks. During this waiting period, there are opportunities for third-party players to manipulate the order of transactions to maximize their profits. This is known as Maximal Extractible Value (MEV). Blocknative’s mempool explorer, ethernow.xyz, aims to provide transparency into the mempool, making it easier to identify instances of MEV and develop measures to mitigate its impact.

Future Plans

Blocknative has ambitious plans for the future of ethernow.xyz. The company aims to continuously enhance the tool by incorporating feedback from users and the Ethereum community. They plan to add more features that provide deeper insights into the mempool and transaction processing. Additionally, Blocknative aims to collaborate with other projects and developers to create a comprehensive suite of tools that address various challenges faced by the Ethereum ecosystem. By leveraging their expertise and the support of the Ethereum Foundation, Blocknative is well-positioned to contribute to the development of a more secure and transparent Ethereum network.

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