Related papers: The Future of MEV
Bitcoin and Ethereum, whose miners arguably collectively comprise the most powerful computational resource in the history of mankind, offer no more power for processing and verifying transactions than a typical smart phone. The system…
Ethereum's transaction pool (mempool) dynamics and fee market efficiency critically affect transaction inclusion, validator workload, and overall network performance. This research empirically analyzes gas price variations, mempool…
The prevalence of maximal extractable value (MEV) in the Ethereum ecosystem has led to a characterization of the latter as a dark forest. Studies of MEV have thus far largely been restricted to purely on-chain MEV, i.e., sandwich attacks,…
Within a modern democratic nation, elections play a significant role in the nation's functioning. However, with the existing infrastructure for conducting elections using Electronic Voting Systems (EVMs), many loopholes exist, which…
The Ethereum protocol implements a replicated state machine. The network participants keep track of the system state by: 1) agreeing on the sequence of transactions to be processed and 2) computing the state transitions that correspond to…
This paper presents MPC-EVM, the first blockchain prototype that extends the EVM to enable asynchronous MPC invocations by smart contracts during transaction executions without compromising consistency or throughput. MPC-EVM uses an…
The emergence of decentralized finance has transformed asset trading on the blockchain, making traditional financial instruments more accessible while also introducing a series of exploitative economic practices known as Maximal Extractable…
Like most modern blockchain networks, Ethereum has relied on economic incentives to promote honest participation in the chain's consensus. The distributed character of the platform, together with the "randomness" or "luck" factor that both…
We study optimal auction design for Maximum Extractable Value (MEV) auction markets on Ethereum. Using a dataset of 2.2 million transactions across three major orderflow providers, we establish three empirical regularities: extracted values…
Blockchain has empowered computer systems to be more secure using a distributed network. However, the current blockchain design suffers from fairness issues in transaction ordering. Miners are able to reorder transactions to generate…
This paper addresses the lack of research on quantifying Maximal Extractable Value (MEV) on Ethereum Layer 2 networks (L2s). Our findings reveal a substantial amount of MEV to be extracted on L2s, particularly on Polygon, with a lower bound…
Given the low throughput of blockchains like Bitcoin and Ethereum, scalability - the ability to process an increasing number of transactions - has become a central focus of blockchain research. One promising approach is the parallelization…
Strategies related to the blockchain concept of Extractable Value (MEV/BEV), such as arbitrage, front-, or back-running create strong economic incentives for network nodes to reduce latency. Modified nodes, that minimize transaction…
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…
Blockchain received a vast amount of attention in recent years and is still growing. The second generation of blockchain, such as Ethereum, allows execution of almost any program in Ethereum Virtual Machine (EVM), making it a global…
Programmable blockchains have long been a hot research topic given their tremendous use in decentralized applications. Smart contracts, using blockchains as their underlying technology, inherit the desired properties such as verifiability,…
Many blockchain platform are subject to maximal value extraction (MEV), and users on the platform are losing money while sending transactions because the transaction order can be manipulated to extract value from them. Consensus protocols…
Conthereum is a concurrent Ethereum solution for intra-block parallel transaction execution, enabling validators to utilize multi-core infrastructure and transform the sequential execution model of Ethereum into a parallel one. This shift…
Currently, over 90% of Ethereum blocks are built using MEV-Boost, an auction that allows validators to sell their block-building power to builders who compete in an open English auction in each slot. Shortly after the merge, when MEV-Boost…
Ethereum, a leading blockchain platform, has revolutionized the digital economy by enabling decentralized transactions and the execution of smart contracts. Ethereum transactions form the backbone of its network, facilitating peer-to-peer…