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A theoretical basis for MEV
February 04, 2023 Β· Declared Dead Β· π Financial Cryptography
"No code URL or promise found in abstract"
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Authors
Massimo Bartoletti, Roberto Zunino
arXiv ID
2302.02154
Category
cs.CR: Cryptography & Security
Citations
6
Venue
Financial Cryptography
Last Checked
4 months ago
Abstract
Maximal Extractable Value (MEV) refers to a wide class of economic attacks to public blockchains, where adversaries with the power to reorder, drop or insert transactions in a block can "extract" value from smart contracts. Empirical research has shown that mainstream DeFi protocols are massively targeted by these attacks, with detrimental effects on their users and on the blockchain network. Despite the increasing real-world impact of these attacks, their theoretical foundations remain insufficiently established. We propose a formal theory of MEV, based on a general, abstract model of blockchains and smart contracts. Our theory is the basis for proofs of security against MEV attacks.
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