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Blockchains offer strong security guarantees, but they cannot protect the ordering of transactions. Powerful players, such as miners, sequencers, and sophisticated bots, can reap significant profits by selectively including, excluding, or…

密码学与安全 · 计算机科学 2023-10-24 Sen Yang , Fan Zhang , Ken Huang , Xi Chen , Youwei Yang , Feng Zhu

Maximal Extractable Value (MEV) drives the prosperity of the blockchain ecosystem. By strategically including, excluding, or reordering transactions within blocks, block producers can extract additional value, which in turn incentivizes…

密码学与安全 · 计算机科学 2024-10-11 Tianyang Chi , Ningyu He , Xiaohui Hu , Haoyu Wang

Smart contracts extended blockchain functionality beyond simple transactions, powering complex applications like decentralized finance (DeFi). However, this complexity introduces serious security challenges, including price manipulation and…

密码学与安全 · 计算机科学 2026-04-21 Bowen Cai , Weiheng Bai , Hangyun Tang , Youshui Lu , Kangjie Lu

Maximal Extractable Value (MEV) has become a significant incentive on blockchain networks, referring to the value captured through the manipulation of transaction execution order and strategic issuance of profit-generation transactions. We…

密码学与安全 · 计算机科学 2024-01-17 Burak Öz , Filip Rezabek , Jonas Gebele , Felix Hoops , Florian Matthes

Blockchains, and specifically smart contracts, have promised to create fair and transparent trading ecosystems. Unfortunately, we show that this promise has not been met. We document and quantify the widespread and rising deployment of…

密码学与安全 · 计算机科学 2019-04-11 Philip Daian , Steven Goldfeder , Tyler Kell , Yunqi Li , Xueyuan Zhao , Iddo Bentov , Lorenz Breidenbach , Ari Juels

Launchpads have become the dominant mechanism for issuing memecoins, exposing investors to a new class of high-risk launches that existing rug-pull detection methods cannot capture. We argue that detecting these threats requires structured…

密码学与安全 · 计算机科学 2026-05-25 Sihao Hu , Selim Furkan Tekin , Yichang Xu , Ling Liu

We analyze maximal extractable value in multiple concurrent proposer blockchains, where multiple blocks become data available before their final execution order is determined. This concurrency breaks the single builder assumption of…

计算机科学与博弈论 · 计算机科学 2025-11-18 Steven Landers , Benjamin Marsh

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…

密码学与安全 · 计算机科学 2025-08-11 Yihang Fu , Zesen Zhuang , Luyao Zhang

Cross-chain technology enables seamless asset transfer and message-passing within decentralized finance (DeFi) ecosystems, facilitating multi-chain coexistence in the current blockchain environment. However, this development also raises…

软件工程 · 计算机科学 2025-04-03 Dan Lin , Ziye Zheng , Jiajing Wu , Jingjing Yang , Kaixin Lin , Huan Xiao , Bowen Song , Zibin Zheng

Recently, Decentralized Finance (DeFi) platforms on Ethereum are booming, and numerous traders are trying to capitalize on the opportunity for maximizing their benefits by launching front-running attacks and extracting Miner Extractable…

密码学与安全 · 计算机科学 2022-08-08 Xingyu Lyu , Mengya Zhang , Xiaokuan Zhang , Jianyu Niu , Yinqian Zhang , Zhiqiang Lin

Decentralized bridge applications are important software that connects various blockchains and facilitates cross-chain asset transfer in the decentralized finance (DeFi) ecosystem which currently operates in a multi-chain environment.…

软件工程 · 计算机科学 2024-12-20 Dan Lin , Jiajing Wu , Yuxin Su , Ziye Zheng , Yuhong Nan , Qinnan Zhang , Bowen Song , Zibin Zheng

Decentralized Finance (DeFi) is increasingly studied and adopted for its potential to provide accessible and transparent financial services. Analyzing how investors use DeFi is important for reaching a better understanding of their usage…

社会与信息网络 · 计算机科学 2024-08-23 Natkamon Tovanich , Célestin Coquidé , Rémy Cazabet

Cryptocurrency miners have great latitude in deciding which transactions they accept, including their own, and the order in which they accept them. Ethereum miners in particular use this flexibility to collect MEV-Miner Extractable Value-by…

密码学与安全 · 计算机科学 2022-03-31 Julien Piet , Jaiden Fairoze , Nicholas Weaver

Maximal Extractable Value (MEV) represents a pivotal challenge within the Ethereum ecosystem; it impacts the fairness, security, and efficiency of both Layer 1 (L1) and Layer 2 (L2) networks. MEV arises when miners or validators manipulate…

密码学与安全 · 计算机科学 2025-01-28 Zeinab Alipanahloo , Abdelhakim Senhaji Hafid , Kaiwen Zhang

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…

计算机科学与博弈论 · 计算机科学 2023-09-25 Yuhao Li , Mengqian Zhang , Jichen Li , Elynn Chen , Xi Chen , Xiaotie Deng

Maximal Extractable Value (MEV) is value extractable by temporary monopoly power commonly found in decentralized systems. This extraction stems from a lack of user privacy upon transaction submission and the ability of a monopolist…

计算机科学与博弈论 · 计算机科学 2023-09-26 Tarun Chitra

The evolution of blockchain technology, from its origins as a decentralized ledger for cryptocurrencies to its broader applications in areas like decentralized finance (DeFi), has significantly transformed financial ecosystems while…

分布式、并行与集群计算 · 计算机科学 2026-03-04 Daniil Vostrikov , Yash Madhwal , Andrey Seoev , Anastasiia Smirnova , Yury Yanovich , Alexey Smirnov , Vladimir Gorgadze

Blockchains have popularized automated market makers (AMMs). An AMM exchange is an application running on a blockchain which maintains a pool of crypto-assets and automatically trades assets with users governed by some pricing function that…

计算机科学与博弈论 · 计算机科学 2025-09-16 T-H. Hubert Chan , Ke Wu , Elaine Shi

We propose a new, more potent attack on decentralized exchanges. This attack leverages absolute commitments, which are commitments that can condition on the strategies made by other agents. This attack allows an adversary to charge monopoly…

计算机科学与博弈论 · 计算机科学 2024-10-18 Daji Landis , Nikolaj I. Schwartzbach

The asset trading volume on blockchain-based exchanges (DEX) increased substantially since the advent of Automated Market Makers (AMM). Yet, AMMs and their forks compete on the same blockchain, incurring unnecessary network and block-space…

密码学与安全 · 计算机科学 2021-06-21 Liyi Zhou , Kaihua Qin , Arthur Gervais