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- UAVE to address censorship resistance and decentralization concerns
- More than 50% of Ethereum blocks built today are OFAC-compliant
- TORN Price at the time of writing – $5.25
To address concerns regarding censorship resistance and decentralization, Flashbots announced an upgrade known as SUAVE. An upgrade that Flashbots has announced aims to address censorship resistance and decentralization concerns.
At the beginning of this month, Flashbots’ product lead Robert Miller mentioned that the company was working on a decentralized solution to address these issues.
SUAVE aims to progressively decentralize the block-building process
This afternoon, the secretive SUAVE protocol, which has been in development for a year, was made public. Flashbots is a service that suggests blocks that validators can process to get the most out of their reward payouts.
It is one of the third parties most frequently utilized in this process of producing blocks. Concerns from the community have resulted from Flashbots censoring Tornado Cash-related transactions.
According to MEV Watch, OFAC compliance is present in more than half of the Ethereum blocks produced today. SUAVE’s launch comes shortly after Flashbots co-founder Stephane Gosselin resigned in September due to internal disagreements regarding its censorship-resistance capabilities.
By open-sourcing its code and development, SUAVE aims to gradually decentralize the block-building process by allowing anyone to contribute. It will support both cross-chain and multi-chain transactions and work with any rollup or blockchain that is compatible with Ethereum.
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Flashbots product lead addresses concerns over Tornado Cash
The censorship of Tornado Cash transactions by Flashbots has raised concerns among the Ethereum community. The product lead for Flashbots addresses these concerns.
Robert Miller, Flashbots’ Product Lead, explains the team’s vision for the future.
Flashbots product lead and steward Robert Miller has listed three ways the project is working to reduce its influence in the MEV market. This could help Ethereum become more decentralized and resistant to censorship.
Flashbots is a service that suggests blocks that will earn validators additional rewards to process. It consistently provides blocks with the highest rewards, which is why it has grown to become extremely dominant in the process of producing blocks.
However, it is censoring all Tornado Cash-related transactions by default, raising widespread concerns within the Ethereum community.
Miller claims that Flashbots is looking into ways to lessen its dominance. First, the project recently made its relay source code available for free. Miller says that in the coming weeks, the project will open source more of its infrastructure and knowledge base.
The project will also send its builders’ blocks to other relays, according to the Flashbots steward. This is for those relays’ own adoption bootstrapping assistance.
Block producers in Ethereum create and submit blocks to the network for validation by validators. Flashbots and other MEV relay services assist validators in extracting the maximum value from these blocks.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
