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Umberto | Mostly Data πŸ§™β€β™‚οΈ
@MostlyData_

Research @SolanaFndn PhD in Physics - Cosmology - Solana Views are my own.

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Joined April 2013
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Umberto | Mostly Data πŸ§™β€β™‚οΈ
@MostlyData_
Aug 21
Article

Resource and Inclusion Fee: Digging into Data

TL;DR Current resource requests are poorly calibrated: consumed Cost Units are only ~20% of requested on aggregate; even transactions explicitly setting both limits overrequest by ~95k CU on average

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Umberto | Mostly Data πŸ§™β€β™‚οΈ
@MostlyData_
Apr 24
Article

Constellation and The Unknown (Part 3): Is Selective Censoring Happening on Solana?

This is one of the most difficult questions to answer. There is no meaningful way to lets everyone agree on when a transaction first became available to a leader. The only observable is when a tx is

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Umberto | Mostly Data πŸ§™β€β™‚οΈ
@MostlyData_
Apr 14
Article

Constellation and The Unknowns (Part 2): Is it Still Possible For a Leader to Frontrun?

Constellation starts with this key point in the abstract Constellation ensures that latency and ordering of transactions are fair, fostering a market structure in which users cannot be abused. So a

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Umberto | Mostly Data πŸ§™β€β™‚οΈ
@MostlyData_
Apr 9
Article

Constellation and The Unknowns (Part 1): At Which Batch Does FBO Make Sense?

It's now clear that Fixed Batch Ordering (FBO) is going to be implemented under Constellation. We have measured all possible implications of FBO vs FCFS on market microstructure, so we all know how

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Umberto | Mostly Data πŸ§™β€β™‚οΈ
@MostlyData_
Mar 30
Article

The Scheduler War (Part 3): The Final Arc

Well, we are finally to the final arc. I wrote a lot about the scheduler wars and how this affects Solana market microstructure. I've analyzed lots of data and also produced some theoretical work

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Umberto | Mostly Data πŸ§™β€β™‚οΈ
@MostlyData_
Mar 13
Article

Do PropAMMs Spoof Aggregators on Solana?

X is a place where anyone can post whatever they want, especially strong claims backed by very little real data. In the absence of proper peer review, the least we can do is present our β€œanalyses” as

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Umberto | Mostly Data πŸ§™β€β™‚οΈ
@MostlyData_
Mar 2
Article

The Scheduler War (Part 2): What Markouts Are Telling Us?

It's no secret that use of markouts to evaluate BAM vs Harmonic has sparkle a very noisy discussion. Are markouts good? Are markouts bad? Well, if you are looking for an answer here...there is a huge

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Umberto | Mostly Data πŸ§™β€β™‚οΈ
@MostlyData_
Feb 18
Article

The Scheduler War (Part 1): A Closer View of Solana Microstructure

These days were really crazy. I’ve been deeply obsessed with a simple question: how do we measure which scheduler is β€œbest”, once we fix some conditions on agents? I saw a lot of claims based on very

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Umberto | Mostly Data πŸ§™β€β™‚οΈ
@MostlyData_
Feb 2
Article

FIFO is dead under MCP, long live FIFO under MCP

Last week, a post made clear that MCP remains poorly explored. For many, this sounded incompatible with MCP itself. The truth is that, MCP is invoked to support mutually incompatible objectives.

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Umberto | Mostly Data πŸ§™β€β™‚οΈ
@MostlyData_
Jan 26
Article

Proposer-Builder Separation (PBS): What It Fixes, What It Shifts

Do we really need Proposer–Builder Separation (PBS)? I have been thinking about this question for a while, and to be completely fair, it is a difficult one. Any simple β€œyes, we do” or β€œno, we do not”

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Umberto | Mostly Data πŸ§™β€β™‚οΈ
@MostlyData_
Jan 21
Article

Multiple Concurrent Proposers (MCP): How to Remove Proposer Power Rather than Auctioning It

I include this transaction because it benefits me. That one, I delay. I choose this ordering because it helps me to extract more value. I see the block before anyone else, perhaps I should sell this

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Umberto | Mostly Data πŸ§™β€β™‚οΈ
@MostlyData_
7 Apr 2025
Article

Sandwiching on Solana: A Deep Dive

Before diving more into this analysis, I'd like to thanks @heliuslabs for organizing the REDACTED hackathon, which inspired this research, and @ChorusOne for allowing me to spend time on it.

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