The term "Maximum-Extractable Value" (MEV) describes how much revenue can be made by including, excluding, or rearranging the transactions in a block after the regular block reward and gas fees (ethereum.org, 2022). The term MEV was first used to describe maximum extractable value when it came to proof-of-work. This is so that miners can regulate transaction inclusion, exclusion, and ordering in proof-of-work systems.
Auer, Raphael, Jon Frost, and Jose María Vidal Pastor. 2022. “Miners as Intermediaries: Extractable Value and Market Manipulation in Crypto and DeFi.” Ideas.repec.org. June 16, 2022. https://ideas.repec.org/p/bis/bisblt/58.html.
Bartoletti, Massimo, James Hsin-yu Chiang, and Alberto Lluch-Lafuente. 2022. “Maximizing Extractable Value from Automated Market Makers.” ArXiv:2106.01870 [Cs], July. https://arxiv.org/abs/2106.01870.
Daian, Philip, Steven Goldfeder, Tyler Kell, Yunqi Li, Xueyuan Zhao, Iddo Bentov, Lorenz Breidenbach, and Ari Juels. 2020. “Flash Boys 2.0: Frontrunning in Decentralized Exchanges, Miner Extractable Value, and Consensus Instability.” IEEE Xplore. May 1, 2020. https://doi.org/10.1109/SP40000.2020.00040.
Judmayer, Aljosha, Nicholas Stifter, Philipp Schindler, and Edgar Weippl. 2021. “Estimating (Miner) Extractable Value Is Hard, Let’s Go Shopping!” Cryptology EPrint Archive. https://eprint.iacr.org/2021/1231.
Kelkar, Mahimna, Fan Zhang, Steven Goldfeder, and Ari Juels. 2020. “Order-Fairness for Byzantine Consensus.” Advances in Cryptology – CRYPTO 2020, 451–80. https://doi.org/10.1007/978-3-030-56877-1_16.
Obadia, Alexandre, Alejo Salles, Lakshman Sankar, Tarun Chitra, Vaibhav Chellani, and Philip Daian. 2021. “Unity Is Strength: A Formalization of Cross-Domain Maximal Extractable Value.” ArXiv:2112.01472 [Cs], December. https://arxiv.org/abs/2112.01472.
Poux, Philémon, Primavera De Filippi, and Bruno Deffains. 2022. “Maximal Extractable Value and the Blockchain Commons.” Papers.ssrn.com. Rochester, NY. August 23, 2022. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4198139.
Qin, Kaihua, Liyi Zhou, and Arthur Gervais. 2022. “Quantifying Blockchain Extractable Value: How Dark Is the Forest?” IEEE Xplore. May 1, 2022. https://doi.org/10.1109/SP46214.2022.9833734.
Weintraub, Ben, Christof Ferreira Torres, Cristina Nita-Rotaru, and Radu State. 2022. “A Flash(Bot) in the Pan: Measuring Maximal Extractable Value in Private Pools.” ArXiv:2206.04185 [Cs], June. https://arxiv.org/abs/2206.04185.
Zhou, Liyi, Kaihua Qin, and Arthur Gervais. 2021. “A2MM: Mitigating Frontrunning, Transaction Reordering and Consensus Instability in Decentralized Exchanges.” ArXiv:2106.07371 [Cs], June. https://arxiv.org/abs/2106.07371.
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