Summary
We used EthCC [9] Week as an opportunity to reconnect with ecosystem partners and learn about changing industry trends. We then held a company on-site to identify priorities, plan next steps, and allocate resources for the next 18 - 30 months. We recognize that our two main work streams (encrypted mempools and private voting) require a leaner and more efficient approach to weather the current down market and capture long-term opportunities. We are also investing into AI-native approaches and developing multiple long-term funding streams.
Priorities for T1 2026
Tech Priorities
Encrypted Mempool R&D (work with client teams on specs and implementation)
Encrypted Mempool Proof Points - Testnet, Primev Mainnet and/or Gnosis Chain
Private Voting 2.0
Determine how scalable is the current Keyper setup
Business Priorities
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Encrypted Mempool as Headliner for Hegotá (or SFI if not Headliner) -
Business model for en/decryption services under EIP and for the Primev POC
MarComs Priorities
- Build Awareness of / Support for Encrypted Mempool
- Octant V2 (launch, SHU locking, projects applications, voting)
- Communicate Vision & Roadmap (common story between EaaS/UEEM/PrivateVoting, how we drive value)
Key:
Done / On Track / Needs Work / Not Done or Achievable
Team
FTEs - 8.25 FTEs - 0.5 CEO, 0.5 Admin, 1.25 Business, 1 MarComs, 5 Developers.
Keypers
Keyper Sets - Gnosis Keypers: 7 Keypers online / 6 active (Threshold 4/7). API Keypers: 11 Keypers online / 6 active (8 external + 3 internal) (Threshold 6/11).
Keyper Releases - Published Keyper releases v1.4.1 and v1.4.2. These releases focused on improving the reliability of the Keyper software, especially around event-based decryption triggers, fork height persistence, batch config validation, identity registration handling, and local validator state handling. Released the corresponding Shutter API Keyper Docker Compose packages (2026.04.01, 2026.04.02, 2026.04.03) and DAppNode packages (v0.1.9,v0.1.10).
Keyper Operations & Incident Resolution - Worked closely with the API Keypers to investigate and resolve issues encountered during the latest Keyper set transitions, tracked under rolling-shutter#679. This collaboration helped us identify and fix several issues in the Keyper software and deployment setup, and resulted in follow-up releases and operational guidance for affected Keypers.
Keyper Compensation Program - Continued tracking Keyper uptime and communications, and coordinated with Keypers to update software, resolve operational issues, and improve deployment reliability. Published recommendations for Keyper compensation for Feb - March 2026.
Encrypted Mempools
Ethereum Mainnet (EIP / Standards Track)
- Building an MEV, chain and ordering simulator as an educational and research tool. A key goal is to quantify how much front-running harms users and make the impact visible with concrete numbers.
- Developing a post-inclusion ordering concept. One of the main arguments against LUCID has been backrunning inefficiency compared with private mempools; by adding a post-inclusion ordering step, we believe we can get much closer to the private-mempool outcome.
- Continuing to work with partners including LUCID, Primev, and wallets to evolve the design conceptually and incorporate their requirements.
Ethereum Mainnet (PoC / Primev)
- Continued keeping the Primev mainnet PoC integration path unblocked and supporting external builders where needed.
- The PoC remains ready on our side, with progress mainly dependent on partner bandwidth and the next coordinated steps toward an end-to-end live deployment.
Gnosis Chain
- The encrypted mempool implementation is ready for wider validator adoption following continued validation on Chiado and mainnet.
- Now focused on building broader buy-in from Gnosis, Nethermind, and the wider Gnosis validator community to support a larger rollout.
Shutter API
Private Voting
- Kicked off active development for the Munich project together with Votebase.
- Finalized the cryptography protocol and developed the smart contract specification, incorporating input from Votebase.
- Reached an early end-to-end-ready stage for the threshold-homomorphic voting system, including budget voting, and demoed it to Munich City stakeholders via a TUI demo.
- Completed an early version of the new Cryptography SDK.
Event-Based Decryption Triggers - Prepared event-based decryption triggers for release in May.
Shutter API Infrastructure - Continued infrastructure improvements and stabilization work across deployments and the Keyper client.
Cryptography Research
Advanced research related to the new private voting cryptography protocol, including a novel use of threshold ElGamal and the incorporation of a zero-knowledge proof for budget voting, likely the first implementation of this approach in this context.
Partner / Developer Support
Encrypt The Mempool Business/Marcoms Working Group - Created a bi-weekly working group to focus on non-technical aspects of getting an encrypted mempool EIP included in the I* Hardfork.
Shutter DAO 0x36 Delegates - Updated the list of official delegates. Attracted 3 new official delegates.
Shutter DAO 0x36 Delegation Drive - Initiated a Delegation Drive to track voter / delegate participation and encourage greater governance participation.
Shutter Champions- Launched Shutter Champions, Shutter DAO 0x36’s ecosystem growth program. Also launched Melee 1, which will distribute $5,000 worth of SHU to one or more of 14 applicants.
Perpetual Endowment Network (PEN) - Introduced the PEN - a new model for managing onchain endowments over decades, which is resistant to common DAO failures and reflexive collapse.
TheDAO Security Fund QF Round - Applied for and accepted into the current QF round (now through May 15).
MarComs
PR/Media
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Cointelegraph: EIP-8105: A new design for Ethereum’s encrypted mempool
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COINIX: Interview with Shutter Network - Tackling malicious MEV & fighting for privacy
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The Blockchain Socialist: MEV Is Broken on Ethereum - Can Encrypted Mempools Fix it?
Funding Rounds / Models
Events