Summary
May was a busy and productive month! Three highlights:
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We created a working group with Primev, BTCS and Titan which is a huge step towards bringing encrypted mempools on Ethereum mainnet.
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We built the Shutter API monetization infrastructure, and made significant progress in bringing Shutter API Dapps to market, especially: Sealed Bid RFPs, Kleros v2 and Decent.
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We also dramatically increased content output (press releases, videos, and blogs, conference talks).
Metrics
Revenue - Total: $221.30. Sources: Paddle Battle ($218), Predict ($3.30).
Shutter API Integration Pipeline -
| Interested | Commitment | Integration | Revenue | Scale | |
|---|---|---|---|---|---|
| April | 5 | 2 | 2 | 1 | 0 |
| May | 3 | 5 | 2 | 1 | 0 |
Team
0.3 CEO, 0.5 Admin, 1.5 Business, 1.5 MarComs, 4.75 Developers, 1 Researcher
Keypers
Keyper Sets - Gnosis Keypers: 6 Keypers active / 1 Keyper not showing in metrics
(Threshold 4/7). API Keypers: 9 Keypers active (6 external / 3 internal) / 1 external (non-active) Keypers restarting due to node performance issues due to new sync monitor + 1 (non-active) Keyper not showing in metrics (Threshold 5/11).
Packages - Released new packages for both Gnosis Keypers (Docker) and Shutter API Keypers (Docker), including the following upgrades: Further libp2p upgrades, optional remote log collection to improve observability.
Encrypted Mempools
Gnosis Chain - Following the Pectra upgrade and the latest Keyper releases, we resolved issues affecting node stability and availability, including: a goroutine issue in go-libp2p-kad-dht, broken keyper endpoint behavior, and validator registry sync failures. We supported Keypers in recovering their nodes. We built a new validator registration Dapp - currently being tested.
Ethereum Mainnet - Collaborated with Primev and BTCS to prepare an encrypted mempool integration for Primev/MEV-Commit. Conducted a workshop and drafted an implementation guide. BTCS confirmed that Titan builder has agreed to collaborate as well.
OP Stack - Simulated/tested Keyper and network performance for an L2 implementation.
BNB Chain - Engaged with BNB community stakeholders and raised awareness for our Binance Evolution Proposal (BEP).
Shutter API
Shutter API core - Implemented Rate Limiting and Gating via Premium API keys. Drafted LLM-friendly documentation for Shutter API.
Snapshot - Discussed adding Shielded Voting to the Snapshot Marketplace as a standalone paid subscription. Pricing and transition TBD in June 2025.
Decent - Prepared an implementation guide for on-chain shielded voting to integrate into the Safe/Azorius governance framework.
Tally - Prepared an implementation guide for on-chain shielded voting to implement Shutter API for OZ Governor. Also, built an early PoC of on-chain shielded voting using a modified OZ Governor smart contract and deployed on Gnosis Chain to demonstrate viability.
Kleros - After a successful PoC, we supported Kleros in integrating Shutter API into Kleros V2.
Sealed Bid RFPs - Hosted the first a Sealed Bid RFP: Create Sealed Bid Auctions on Paddle Battle - which worked as intended and yielded positive user feedback.
Paddle Battle - Completed 3 auctions, raising $1,960 for public goods and earning $218 in revenue.
Ethereum Time Capsule - Began work on Time Capsule dApp to celebrate Ethereum 10th Anniversary, which will collect encrypted stories 30 June - 30 July 2025 and decrypt them on 30 July 2026.
Cryptography Research
Research Posts - Published blog posts on the holy trinity of censorship resistance in Ethereum (combination of ePBS, FOCIL, and encrypted mempools) and on the necessity of committees even for advanced cryptographic primitives.
Collaboration with EF - Initiated a discussion with the EF regarding a collaboration with Shutter to remove the trust in the centralized party from their shielded voting protocol MACI.
Novel Cryptographic Primitives - Researched how we can extend Shutter’s functionality with minimal development overhead/changes to the Keyper code. Identified several primitives that Shutter can easily be extended to: threshold verifiable random function, threshold BLS, threshold additively homomorphic encryption, and support for proxy re-encryption.
MarComs
PR - Press release: encrypted mempool proposal for BNB chain, picked up on sites such as Crypto news and Bitget. Article published by Cryptopolitan: Shutter Network Proposes “Holy Trinity” to Combat Ethereum’s Rising Censorship and Centralization.
Video Content - Retail is Coming to “Etherium”, But Will They Stay? Bots Against Humanity. How DAOs Can Make Governance Fair & Transparent. Let’s Talk About Outrage - Ethereum Leak vs Coinbase Leak. The Hidden Cost of Every Ethereum Trade. End Malicious MEV on BNB Chain. Holy Trinity for Censorships Resistance. Modern Cryptography and the election of Pope Leo XIV.
Blog Content - Guardians of Privacy: Committees in the Age of Private Computation. The Holy Trinity of Censorship Resistance in Ethereum. Why Encryption Is the Only Real Protection Against MEV. DAO Voting Confidence is in Decline: How to Restore It. Kleros Juror Voting is Getting a Privacy Upgrade with Shutter API. Closing the Governance Privacy Gap On-Chain.
Conferences - Spoke about Shutter API at ETH Dam and ETH Prague. Spoke about Paddle Battle at ETH Dublin.
Requests
Call for collaborators to help create educational content about encrypted mempools and why they’re the best solution to address malicious MEV.