A brief discussion on the value MEV that miners can extract

MEV is the abbreviation of Miner Extractable Value, that is, miners can extract value. In 2019, smart contracts researcher Phil Daian co-authored the Flash Boys 2.0 paper with his colleagues and coined the term "miner extractable value" (MEV). Today, people refer to it as Maximal Extractable Value - Maximum Extractable Value.

Knowing Chuangyu Blockchain Security Lab This time, I will talk about MEV which is full of research significance.

MEV concept and principle
1. What is MEV?

MEV refers to the total value that blockchain miners can extract without permission by reordering, censoring, or inserting transactions. In short, miners have control over the order of all transactions in their block, and can control the order of transactions at will, and use this to gain benefits.

From January 1, 2020 to date, according to official statistics, the MEV withdrawn is worth at least $900 million. It is not difficult to find that the extracted MEV is skyrocketing by a factor of N, and as mentioned in Dan Robinson's "Ethereum is a Dark Forest" article, MEV will only be more scary in the future.