TWAP Oracles After the Merge
summary
Proof: the Merge makes block producers predictable so a validator who knows they control two blocks in a row or can buy a preceding block via Flashbots can perform a multi-block TWAP manipulation with censorship between snapshots. Under current Uniswap V3 30‑minute TWAP the upfront cost to move ETH/USDC 30% remains 23.7 trillion under PoW, but three consecutive blocks drops that cost to about $9.5B and five to ~$100M. Switching to a median TWAP forces control of a majority of window blocks (≈73 of 144 for 30 minutes), restoring much of the defense.
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chapters (5)
- 0:00Intro
- 0:37Safe & Decentralized On-chain Price Feed
- 1:57Anatomy of TWAP manipulation
- 4:42Predictability!
- 7:57How to improve?
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