Layer 2 rollups are rapidly absorbing DeFi activity, securing over $40 billion and accounting for nearly half of Ethereum’s DEX volume by Q1 2025, yet their MEV dynamics remain understudied. We address this gap by defining and quantifying optimistic MEV, a form of speculative, on-chain MEV whose detection and execution logic reside largely on-chain in smart contracts. As a result of their speculative nature and lack of off-chain opportunity verification, optimistic MEV transactions frequently decide not to execute any trades. In this work, we focus on cyclic arbitrage, which we find is predominantly executed as optimistic MEV on Layer 2s. Using our multi-stage identification pipeline on Arbitrum, Base, and Optimism, we show that in Q1 2025, transactions from cyclic arbitrage contracts account for over 50% of on-chain gas on Base and Optimism and 7% on Arbitrum, driven mainly by "interaction" probes (on-chain computations searching for arbitrage). This speculative probing indicates that cyclic arbitrage on Layer 2s is predominantly executed as optimistic MEV and contributes to generally keeping blocks on Base and Optimism persistently full. Despite consuming over half of on-chain gas, these optimistic MEV transactions pay less than one quarter of total gas fees. Cross-network comparison reveals divergent success rates, differing patterns of code reuse, and sensitivity to varying sequencer ordering and block production times. Finally, OLS regressions link optimistic MEV trade count to ETH volatility, retail trading activity, and DEX aggregator usage. Together, these findings show that optimistic MEV has become a major source of persistent spam-like transaction activity on Layer 2s, dominating blockspace with low-value probes and reshaping the composition of on-chain activity.

Voting advice applications (VAAs) help millions of voters understand which political parties or candidates best align with their views. This paper explores the potential risks these applications pose to the democratic process when targeted by adversarial entities. In particular, we expose 11 manipulation strategies and measure their impact using data from Switzerland’s primary VAA, Smartvote, collected during the last two national elections. We find that altering application parameters, such as the matching method, can shift a party’s recommendation frequency by up to 105%. Cherry-picking questionnaire items can increase party recommendation frequency by over 261%, while subtle changes to parties’ or candidates’ responses can lead to a 248% increase. To address these vulnerabilities, we propose adversarial robustness properties VAAs should satisfy, introduce empirical metrics for assessing the resilience of various matching methods, and suggest possible avenues for research toward mitigating the effect of manipulation. Our framework is key to ensuring secure and reliable AI-based VAAs poised to emerge in the near future.

We present Kudzu, a high-throughput atomic broadcast protocol with an integrated fast path. Our contribution is based on the combination of two lines of work. Firstly, our protocol achieves finality in just two rounds of communication if all but p out of n = 3f + 2p + 1 participating replicas behave correctly, where f is the number of Byzantine faults that are tolerated. Due to the seamless integration of the fast path, even in the presence of more than p faults, our protocol maintains state-of-the-art characteristics. Secondly, our protocol utilizes the bandwidth of participating replicas in a balanced way, alleviating the bottleneck at the leader, and thus enabling high throughput. This is achieved by disseminating blocks using erasure codes. Despite combining a novel set of advantages, Kudzu is remarkably simple: intricacies such as "progress certificates", complex view changes, and speculative execution are avoided.

Decentralized Autonomous Organizations (DAOs) are blockchain-based organizations that facilitate decentralized governance. Today, DAOs not only hold billions of dollars in their treasury but also govern many of the most popular Decentralized Finance (DeFi) protocols. This paper systematically analyses security threats to DAOs, focusing on the types of attacks they face. We study attacks on DAOs that took place in the past, attacks that have been theorized to be possible, and potential attacks that were uncovered and prevented in audits. For each of these (potential) attacks, we describe and categorize the attack vectors utilized into four categories. This reveals that while many attacks on DAOs take advantage of the less tangible and more complex human nature involved in governance, audits tend to focus on code and protocol vulnerabilities. Thus, additionally, the paper examines empirical data on DAO vulnerabilities, outlines risk factors contributing to these attacks, and suggests mitigation strategies to safeguard against such vulnerabilities.

This paper presents Banyan, the first rotating leader state machine replication (SMR) protocol that allows transactions to be confirmed in just a single round-trip time in the Byzantine fault tolerance (BFT) setting. Based on minimal alterations to the Internet Computer Consensus (ICC) protocol and with negligible communication overhead, we introduce a novel dual mode mechanism that enables optimal block finalization latency in the fast path. Crucially, the modes of operation are integrated, such that even if the fast path is not effective, no penalties are incurred. Moreover, our algorithm maintains the core attributes of the ICC protocol it is based on, including optimistic responsiveness and rotating leaders without the necessity for a view-change protocol.