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.
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