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Two MEV builders now produce nearly 80\% of Ethereum blocks. Block builders have the ability to reorder transactions on the blockchain in a way that can be harmful to participants. We estimate they would pay in the aggregate nearly \$14…

Trading and Market Microstructure · Quantitative Finance 2026-05-20 Bruce Mizrach , Nathaniel Yoshida

This Systematization of Knowledge (SoK) provides a comprehensive historical analysis of Maximal Extractable Value (MEV) in blockchain systems, tracing its conceptual evolution through three distinct eras. We organize the fragmented…

Cryptography and Security · Computer Science 2026-03-10 Davide Mancino , Hasret Ozan Sevim

A smart grid is an important application in Industry 4.0 with a lot of new technologies and equipment working together. Hence, sensitive data stored in the smart grid is vulnerable to malicious modification and theft. This paper proposes a…

Ethereum's ideals of decentralization and censorship resistance are undermined in practice, motivating ongoing efforts to reestablish these properties. Existing proposals for fairness mechanisms depend on the assumption that a sufficient…

Distributed, Parallel, and Cluster Computing · Computer Science 2026-03-09 Patrick Spiesberger , Nils Henrik Beyer , Hannes Hartenstein

Smart contracts are small programs that run autonomously on the blockchain, using it as their persistent memory. The predominant platform for smart contracts is the Ethereum VM (EVM). In EVM smart contracts, a problem with significant…

Programming Languages · Computer Science 2025-12-01 Sifis Lagouvardos , Yannis Bollanos , Michael Debono , Neville Grech , Yannis Smaragdakis

Possible manipulation of user transactions by miners in a permissionless blockchain systems is a growing concern. This problem is a pervasive and systemic issue, known as Miner Extractable Value (MEV), incurs highs costs on users of…

Cryptography and Security · Computer Science 2023-07-06 Bulat Nasrulin , Georgy Ishmaev , Jérémie Decouchant , Johan Pouwelse

In blockchains, mempool controls transaction flow before consensus, denial of whose service hurts the health and security of blockchain networks. This paper presents MPFUZZ, the first mempool fuzzer to find asymmetric DoS bugs by exploring…

Cryptography and Security · Computer Science 2025-05-27 Yibo Wang , Yuzhe Tang , Kai Li , Wanning Ding , Zhihua Yang

Blockchains offer strong security gurarantees, but cannot protect users against the ordering of transactions. Players such as miners, bots and validators can reorder various transactions and reap significant profits, called the Maximal…

Cryptography and Security · Computer Science 2023-08-30 Arti Vedula , Shaileshh Bojja Venkatakrishnan , Abhishek Gupta

Being the most popular permissionless blockchain that supports smart contracts, Ethereum allows any user to create accounts on it. However, not all accounts matter. For example, the accounts due to attacks can be removed. In this paper, we…

Cryptography and Security · Computer Science 2020-09-02 Xiaoqi Li , Ting Chen , Xiapu Luo , Jiangshan Yu

Trading through decentralized exchanges (DEXs) has become crucial in today's blockchain ecosystem, enabling users to swap tokens efficiently and automatically. However, the capacity of miners to strategically order transactions has led to…

Computer Science and Game Theory · Computer Science 2023-09-25 Yuhao Li , Mengqian Zhang , Jichen Li , Elynn Chen , Xi Chen , Xiaotie Deng

Ethereum is the largest public blockchain by usage. It applies an account-based model, which is inferior to Bitcoin's unspent transaction output model from a privacy perspective. Due to its privacy shortcomings, recently several…

Cryptography and Security · Computer Science 2020-10-14 Ferenc Béres , István András Seres , András A. Benczúr , Mikerah Quintyne-Collins

Blockchain-based cryptocurrencies have demonstrated how to securely implement traditionally centralized systems, such as currencies, in a decentralized fashion. However, there have been few measurement studies on the level of…

Cryptography and Security · Computer Science 2018-03-30 Adem Efe Gencer , Soumya Basu , Ittay Eyal , Robbert van Renesse , Emin Gün Sirer

While the literature features a number of proposals to defend against transaction manipulation attacks, existing proposals are still not integrated within large blockchains, such as Bitcoin, Ethereum, and Cardano. Instead, the user…

Cryptography and Security · Computer Science 2026-01-22 Jannik Albrecht , Ghassan Karame

Ethereum is currently the second largest blockchain by market capitalization and a popular platform for cryptocurrencies. As it has grown, the high value present and the anonymity afforded by the technology have led Ethereum to become a…

Cryptography and Security · Computer Science 2025-01-22 Calvin Josenhans , Andrey Kuehlkamp , Jarek Nabrzyski

In most popular public accessible cryptocurrency systems, the mining pool plays a key role because mining cryptocurrency with the mining pool turns the non-profitable situation into profitable for individual miners. In many recent novel…

Distributed, Parallel, and Cluster Computing · Computer Science 2022-06-16 Boyang Li , Qing Lu , Weiwen Jiang , Taeho Jung , Yiyu Shi

Smart contracts are central to a myriad of critical blockchain applications, from financial transactions to supply chain management. However, their adoption is hindered by security vulnerabilities that can result in significant financial…

Cryptography and Security · Computer Science 2025-09-30 Dalila Ressi , Alvise Spanò , Lorenzo Benetollo , Carla Piazza , Michele Bugliesi , Sabina Rossi

Blockchain is the underlying technology for cryptocurrencies such as Bitcoin. Blockchain is a robust distributed ledger that uses consensus algorithms to approve transactions in a decentralized manner, making malicious tampering extremely…

Neural and Evolutionary Computing · Computer Science 2024-05-08 Atsushi Masumori , Norihiro Maruyama , Takashi Ikegami

Blockchain has received much attention in recent years. This immense popularity has raised a number of concerns, scalability of blockchain systems being a common one. In this paper, we seek to understand how Ethereum, a well-established…

Distributed, Parallel, and Cluster Computing · Computer Science 2018-05-10 Enrique Fynn , Fernando Pedone

We hypothesize that peer-to-peer (P2P) overlay network nodes can be attractive to attackers due to their visibility, sustained uptime, and resource potential. Towards validating this hypothesis, we investigate the state of active…

Cryptography and Security · Computer Science 2024-11-28 Scott Seidenberger , Anindya Maiti

There have been several studies into measuring the level of decentralization in Ethereum through applying various indices to indicate the relative dominance of entities in different domains in the ecosystem. However, these indices do not…

Physics and Society · Physics 2025-05-20 Simon Brown , Leonardo Bautista-Gomez