Miner extractable value (MEV) refers to any excess value that a transaction validator can realize by manipulating the ordering of transactions. In this work, we introduce a simple theoretical definition of the 'cost of MEV', prove some basic properties, and show that the definition is useful via a number of examples. In a variety of settings, this definition is related to the 'smoothness' of a function over the symmetric group. From this definition and some basic observations, we recover a number of results from the literature.
@article{arxiv.2310.07865,
title = {The Specter (and Spectra) of Miner Extractable Value},
author = {Guillermo Angeris and Tarun Chitra and Theo Diamandis and Kshitij Kulkarni},
journal= {arXiv preprint arXiv:2310.07865},
year = {2023}
}