Formalizing MEV Theory for Robust Blockchain Security → Research

A detailed abstract visualization features a central spiky sphere composed of numerous blue and white crystalline and spherical elements. A transparent, elliptical ring horizontally bisects this core structure, with additional blurred, similar forms in the background

A close-up perspective highlights a translucent, deep blue, organic-shaped material encasing metallic, cylindrical components. The prominent foreground component is a precision-machined silver cylinder with fine grooves and a central pin-like extension

Briefing

This foundational research addresses the inadequately established theoretical underpinnings of Maximal Extractable Value (MEV) attacks, a pervasive class of economic exploitations within public blockchains. It introduces a formal theory of MEV, constructing a general, abstract model of blockchains and smart contracts. This theoretical framework provides the essential basis for developing rigorous proofs of security against MEV attacks, directly impacting the design of future blockchain architectures for enhanced resilience and fairness.

A visually striking tunnel-like structure, composed of intricate blue and white crystalline formations, frames a perfectly centered full moon against a soft grey sky. The varying shades of blue and the textured surfaces create a sense of depth and organic complexity within this icy pathway

Context

Prior to this work, the understanding of Maximal Extractable Value (MEV) largely stemmed from empirical observations of economic attacks, where adversaries manipulate transaction ordering to extract value. The field lacked a comprehensive, formal theoretical framework to systematically analyze and counter these sophisticated attack vectors. This presented a significant academic challenge, as a precise theoretical model is critical for designing provably secure and robust decentralized systems.

A reflective, metallic tunnel frames a desolate, grey landscape under a clear sky. In the center, a large, textured boulder with a central circular aperture is visible, with a smaller, textured sphere floating in the upper right

Analysis

The core idea presented is a formal theory of MEV, built upon a general and abstract model of blockchains and smart contracts. This model allows for the precise definition and analysis of MEV, moving beyond anecdotal evidence to a rigorous, mathematical understanding of how value extraction occurs. The theory identifies the specific conditions under which adversaries, possessing the ability to reorder, drop, or insert transactions, can exploit smart contracts. This foundational abstraction enables the systematic derivation of security proofs, offering a clear framework for identifying and mitigating MEV vulnerabilities within blockchain protocols.

Core Concept → Maximal Extractable Value (MEV) Formal Theory
Modeling Approach → General Abstract Blockchain Model
Primary Application → Proofs of Security Against MEV Attacks
Key Authors → Massimo Bartoletti, Roberto Zunino
Publication Venue → arXiv
Latest Version Date → May 25, 2025

A close-up reveals an intricate mechanical system featuring two modular units, with the foreground unit exposing precision gears, metallic plates, and a central white geometric component within a brushed metal casing. Multi-colored wires connect the modules, which are integrated into a blue structural frame alongside additional mechanical components and a ribbed metallic adjustment knob

Outlook

This formalization of MEV provides a critical intellectual scaffolding for the next generation of blockchain protocol design. It enables the development of new, provably secure mechanisms that actively deter or eliminate value extraction opportunities. Future research will leverage this theoretical basis to engineer more resilient decentralized finance (DeFi) applications and fundamentally reshape the economic security landscape of blockchain networks. The rigorous framework paves the way for advanced mitigation strategies and fairer transaction ordering protocols.

A close-up view reveals an intricate, tightly interwoven structure composed of metallic blue and silver tubular and angular components. The smooth blue elements are interspersed with silver connectors and supports, creating a dense, complex technological assembly

Verdict

This research delivers a fundamental theoretical framework for Maximal Extractable Value, establishing a crucial foundation for understanding, quantifying, and ultimately mitigating a pervasive threat to blockchain integrity and economic fairness.

Signal Acquired from → arXiv.org