Definition ∞ Extractable value, often called Miner Extractable Value or Maximal Extractable Value, represents the profit validators or miners can make by strategically reordering, inserting, or censoring transactions within a block they produce. This value arises from arbitrage opportunities, liquidations, and other on-chain activities. It represents an economic incentive for block producers.
Context ∞ Extractable value is a prominent topic in blockchain research and news, particularly concerning its implications for network fairness, transaction costs, and potential for centralization. Efforts to mitigate its negative effects, such as proposer-builder separation, are frequently reported as critical protocol upgrades.
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