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Author: 0xnatalie, Source: Author Blog
What is the state of MEV in 2024 in Flashboys 2.0 thesis concept?On March 12, MEV.Market, hosted by Flashbots and Nethermind, was held in London.MEV.Market is a conference event about MEV, focusing on exploring the evolution and current situation of MEV in the past five years.MEV affects the security of the blockchain and the fairness of the transaction.
This event held talks and group discussions on MEV, order flow, PBS, Suave and other issues.Among the many participants, Vitalik Buterin, from teams such as Flashbots, ESPRESSO, Anoma and other teams are rich in content, providing profound insights.The key content of these speeches is compiled below:
Vitalik Buterin:The endgame: 3 year later
Vitalik conducts in -depth discussions on the extension of blockchain technology and its impact on decentralization and review resistance.He reviewed an article published three years ago called “>Endgame“The article, where he analyzed different blockchain expansion paths (including first and second -layer extensions), and pointed out that these paths will tend to be similar in the limit state: centralized block production, go to goCentralized verification and strong anti -review protection.
He emphasized,Although theoretically similar expansion effect may be achieved in theory, in practice, the implementation of these technical solutions will cause significant differences because they are building them.EssenceThis is not only a technical problem, but also an industrial organization.Then further explore the impact of these choices on the practice and architecture of the blockchain system.
Specifically, he talked about technical problems such as status conversion function (the rules of transaction), transaction order, proof aggregation, and account abstraction.For example, different teams may have different interest drivers and security considerations, so the design and implementation of its state conversion function will also be different.Another example is a solution with high GAS costs in the proof aggregation. In the Ethereum ecosystem, the GAS cost is saved by the Paper ecosystem that concentrates to a solution of multiple Rollup, but some standardization is required.The aggregation scheme in a specific ecosystem, such as the internal aggregation of Starknet, is beneficial to the large ecosystem, but it is not good for the small ecosystem and increases the dependence of trust code.
Flashbots:From Talking About Mev to Building The Markets for the Next Millennia
Flashbots member Tomasz K. Stańczak has discussed how blockchain technology has gradually evolved from an idealist starting point to a widely discussed market structure today.
From the beginning of electronic transactions in 1971 to 2000, the market structure has changed significantly, which provides a historical perspective for understanding the potential development of the blockchain.He compared the evolution of the traditional financial market and the development of the blockchain market, especially from the traditional market concept mentioned in the book of Flash Boys to the discussion of MEV in the blockchain market.Traditional markets and blockchain markets are increasingly the same in terms of transaction language and problems, implying that these two markets may eventually integrate.For example, the existing chain transactions have covered a wide issue from stablecoin to DEFI.
Tomas mentionedTee Market and SWAV (Shad Workload Alocation Virtual Environment) may be an important part of the future marketEssenceTee is a hardware isolation environment that can safely execute code without external interference.He pointed out that the TEE market can ensure the privacy and security of transactions and provide authentication of algorithms and systems.This technology can be used in the traditional market and blockchain market to ensure that transactions are carried out in a credible environment.He mentioned many times that SWAV, SWAV is an environment that enhances market transactions through shared workload distribution, and can provide a safe and efficient execution platform for complex transactions.
After that, the role of AI in the future market was further explored.He put forward a thinking that the future market may serve AI.For example, AI can use blockchain technology to trade and verify in the decentralized market.This market structure can provide AI with a trading platform that does not require trust to ensure the transparency and security of the transaction.It also explored the possibility of AI independently constructing the market.He imagined that AI can use blockchain and TEE technology to create and manage the market for self -regulation and optimization.This market will be able to automatically cope with complex transactions and market changes, and provide an efficient and reliable trading environment.
Anoma:A history of mev discouse
ANOMA member Apriori reviews the historical starting point of MEV. Flashboys 2.0 papers are the first systematic study of MEV academic papers and published in 2019.The thesis verified the existence of MEV through experiments and discussed the key concepts such as priority gas auction (PGA).In these auctions, the robot improves the transaction costs competitively in order to obtain the priority of the arbitrage transaction of the exchange.Some of the negative externalities that PGA will bring, such as adding the burden on the point network, the low coordination efficiency between the miner and the searchman, and the failure of the failure will be rolled back on the chain to cause a bad user experience.
When dealing with the MEV problem, Apriori pointed out that the technology community has developed a variety of solutions:
Mev geth:A modified version of the Ethereum client developed by the Flashbots team aims to provide a new trading market mechanism to handle priority gas auction (PGA).This mechanism allows miners and traders to trade priority in a dedicated market in a special market, rather than in a public trading pool.
Mev boost:It is another modification of the Ethereum client, which aims to separate the verification verification by the proposal/builder (PBS) model (PBS) model isolation (miners in equity certificates) and MEV.In this model, independent builders are responsible for assembling trading blocks and provide complete block proposals to proposal (verified).
Rebuilding or separation scheme:Refers to redesign the structure or component of the blockchain to handle or reduce the impact of MEV.These schemes usually involve deeper agreement or architecture changes, such as changing the process of transaction selection and block construction.
Nathan Worsley, an engineer specializing in the MEV field, detailed the influence of MEV in the vertical field of different blockchain and how to realize the importance of MEV in protocol design.He emphasized that MEV is the basic attribute of the blockchain and cannot be eliminated. It can only be democratized, allocated or internalized.MEV is a neutral incentive mechanism. The most important incentive when designing decentralized protocols, because the blockchain is just a game, and MEV is a tool for scoring.
The embodiment of MEV in many areas of blockchain:
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Blockchain and L1: MEV is a reward for withdrawal from block rewards and transaction costs.
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trade: The team uses different strategies (such as arbitrage and sandwich attacks) to capture value in each block.
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Builder and relay: The constructor operates through the source of pan -order flow and realizing the MEV strategy, while the relay is the market of block space.
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Decentralization exchange (DEX): DEX is the main source of MEV being extracted, and it is often performed under the chain due to price discovery.
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Bridge and interoperability protocol: When consensus is reached between multiple domains, there are many MEV -related considerations.
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Wallet and RPC provider: Control user transaction, user transaction is the main source of MEV creation
Espresso:Execution tickets and Mev Distribution in Based Sequencing
ESPRESSO software engineer Ellie Davidson discusses the problem of re -assigning MEV in shared sorters.Shared sequencing is a new type of sorting method, also known as Base Sequencing.In the shared sorter, the user submits the transaction to the Ethereum main chain. Ethereum serves as a shared sorter and is responsible for sorting the transaction.Then each L2 can obtain data from the main chain and execute their own transactions.The advantage of this method is to improve interoperability, so that atomic transactions can be achieved between different chains.In addition, shared sorters can provide higher security and reliability, because it is based on the main chain of Ethereum, using the decentralization and credibility of the main chain.
In order to re -assign MEV in the shared sorter, Ellie Davidson tells a mechanism that determines the segmentation right of the block through auction or executing tickets.Specifically, participants can bid the right to sorting the specific block, and the winner of the auction or execution ticket will obtain the right to sort the block.The advantage of this is that it can achieve more fair MEV allocation, so that different participants can share the income according to their contribution.At the same time, this mechanism can also improve the competitiveness and transparency between blockchain projects.
Implementing this mechanism also faces some challenges, including how to operate auction or execution ticket system, how to ensure the fairness and transparency of the auction, integrate with the consensus mechanism, and resist review.
