Miner Extractable Value (MEV) represents the profit a blockchain miner can obtain by strategically including, excluding, or reordering transactions within a block. This value is derived from the miner’s ability to exploit information asymmetry or transaction ordering for personal gain. MEV is a complex economic phenomenon within proof-of-work and proof-of-stake consensus mechanisms.
Context
Miner Extractable Value is a topic of considerable debate within the cryptocurrency community, particularly concerning its fairness and impact on transaction fees. Discussions often address sophisticated MEV extraction strategies, such as front-running and sandwich attacks, and their implications for retail users. Ongoing research explores mechanisms to mitigate negative MEV effects and distribute its benefits more equitably.
This research introduces a batch-processing AMM mechanism that maintains a constant potential function, provably eliminating miner arbitrage and enforcing strategy-proof trading.
A novel AMM mechanism processes all block transactions in a single batch, mathematically eliminating block producer arbitrage and mitigating MEV extraction.
A new cryptographic auction model with miner-set reserves establishes 'Off-Chain Influence Proofness,' mitigating hidden MEV and redefining transaction fee mechanism design.
Researchers devised a new AMM mechanism that uses a constant potential function to eliminate MEV, achieving provable strategy proofness at the application layer.
Introducing "Off-Chain Influence Proofness," a new desideratum proving that EIP-1559 enables miner censorship threats, which a Cryptographic Second Price Auction can mitigate.
A new impossibility theorem proves no transaction fee mechanism can simultaneously satisfy all prior properties and be resistant to off-chain miner influence.
This research reveals that if a blockchain's transaction fee mechanism can be exploited by a two-party collusion, it is inherently vulnerable to any larger collusive group, simplifying security analysis.
This research quantifies the significant economic costs and market distortions caused by Maximal Extractable Value (MEV) transaction re-ordering on Ethereum, revealing hidden burdens on users and the critical need for systemic reforms.
This research introduces a novel batch-processing mechanism for Automated Market Makers, fundamentally mitigating Miner Extractable Value and fostering equitable transaction execution.
This research establishes a rigorous theoretical framework for Maximal Extractable Value (MEV), enabling systematic analysis and the development of provably secure blockchain protocols.
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