Draft:Maximal Extractable Value

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Last edited by Davidmihal (talk | contribs) 12 months ago. (Update)

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Maximal Extractable Value (MEV), previously known as Miner Extractable Value, is a concept within the field of blockchain and cryptocurrency that refers to the measure of the profit a miner (or validator) can make through their ability to arbitrarily include, exclude, or reorder transactions within the blocks they produce.^[1] The term was first coined by the researchers Phil Daian, Steven Goldfeder, Tyler Kell, Yunqi Li, Xueyuan Zhao, Iddo Bentov, and Ari Juels in their paper titled "Flash Boys 2.0"^[2].

Researchers have pointed out that the market forces of MEV may present a risk to Proof of stake consensus mechanisms^[2], while some have pointed out that this extraction of value may resemble market manipulation^[3].

References

^ Carapella, Francesca; Dumas, Edward; Gerszten, Jacob; Swem, Nathan; Wall, Larry (2022). "Decentralized Finance (DeFi): Transformative Potential & Associated Risks" (PDF). Finance and Economics Discussion Series. 2022 (2022–057). Board of Governors of the Federal Reserve System: 1–33. doi:10.17016/FEDS.2022.057. Retrieved 2024-05-13.
^ ^a ^b Daian, Phil; Goldfeder, Steven; Kell, Tyler; Li, Yunqi; Zhao, Xueyuan; Bentov, Iddo; Juels, Ari (2020). "Flash Boys 2.0: Frontrunning in Decentralized Exchanges, Miner Extractable Value, and Consensus Instability". 2020 IEEE Symposium on Security and Privacy (SP). doi:10.1109/SP40000.2020.00040. Retrieved 2024-05-13.
^ U.S. Department of Treasury (2022). Crypto-Assets: Implications for Consumers, Investors, and Businesses (PDF) (Report). Washington, D.C.: Treasury. p. 36. Retrieved 2024-05-13.

[1] Carapella, Francesca; Dumas, Edward; Gerszten, Jacob; Swem, Nathan; Wall, Larry (2022). "Decentralized Finance (DeFi): Transformative Potential & Associated Risks" (PDF). Finance and Economics Discussion Series. 2022 (2022–057). Board of Governors of the Federal Reserve System: 1–33. doi:10.17016/FEDS.2022.057. Retrieved 2024-05-13.

[Flashboys-2] Daian, Phil; Goldfeder, Steven; Kell, Tyler; Li, Yunqi; Zhao, Xueyuan; Bentov, Iddo; Juels, Ari (2020). "Flash Boys 2.0: Frontrunning in Decentralized Exchanges, Miner Extractable Value, and Consensus Instability". 2020 IEEE Symposium on Security and Privacy (SP). doi:10.1109/SP40000.2020.00040. Retrieved 2024-05-13.

[3] U.S. Department of Treasury (2022). Crypto-Assets: Implications for Consumers, Investors, and Businesses (PDF) (Report). Washington, D.C.: Treasury. p. 36. Retrieved 2024-05-13.

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