MEV
What is MEV?
MEV or Maximal Extractable Value (MEV) is a topic of crypto that has had a massive uptick in activity and debate in recent years. It occurs when the block producers in a blockchain (miners or validators) extract value by reordering, including, or excluding transactions within a block, often at the expense of users. In other words, block producers can determine the order in which transactions are processed on the blockchain and exploit that power to their advantage. This can be compared to front-running in traditional markets.
MEV has become highly profitable and widespread on Ethereum, with the cumulative amount of MEV extracted on the network exceeding $714M, up from $78M at the start of 2021. MEV bots currently make up a significant portion of the volume on decentralized exchanges. For example, out of the ten top users of Uniswap in the past 30 days, nine of them are MEV bots (with jaredfromsubway.eth taking the #1 spot according to Glassnode).
Miners can exploit MEV by engaging in various activities, but the most common are sandwich attacks, arbitrage, front-running, and inducing liquidations.
MEV has both positive and negative implications. On the one hand, it can incentivize miners to validate transactions and secure the network. On t...Unlock this article by joining our Community!
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