[PDF] SoK: MEV Countermeasures: Theory and Practice-论文阅读讨论-ReadPaper

MEV.pdf

本文系统性地总结了四类应对 MEV 的方案，对现有的 28 种方案进行分类，并通过链上数据分析 MEV 竞价平台

Definition

• MEV: Miner/Maximal Extractable Value
• value that can be extracted by a miner from manipulating the order of transactions, as an upper bound on the extractable value

Common types:

• Frontrunning.
  • paying high transaction fees so that the attacker's transaction is executed before anyone else
  • Buy a rare NFT before anyone else
• Backrunning.
  • placing the attacker's transaction immediately after the victim, to profit from the market dynamic created by the victim before others.
  • Arbitrage between 2 DEX
• Sandwich attacks.
  • places a pair of transactions right before and after the victim's regular trade.
  • manipulate asset prices
• Bribery attacks.
  • incentivize miners to take action in the interest of the attackers
  • payment channels and atomic swaps

Countermeasures

• MEV auction platforms

  • make MEV extraction efficient, decentralized, and transparent.

  MEV-Boost

• Time-based order fairness.

  • extend blockchains, enforce the ordering of transactions
  • e.g. receive-order fairness, requires if a majority of nodes receive T1 < T2, then the final blockchain should respect that order.

• Content-agnostic ordering

  • the order of transactions is determined independently of transaction content
  • users first commit to transactions → reveal them after the ordering has been determined
  • weaker than receive-order fairness
  • problems: metadata leakage, content-agnostic frontrunning
  • popular for its simplicity and multiple implementations

• MEV-aware application design.

  • For specific applications
  • DEX: batch auctions, orders are executed in batches so that the ordering within a batch does not make a difference.