MEV：優點、缺點及其在比特幣上的頑強存在

圍繞 MEV 的討論非常廣泛。好嗎？是不是很糟糕？違法嗎？取決於你問誰。

MEV, or Maximal (or Miner) Extractable Value, is a term used in the crypto space to describe the value that can be extracted by those who verify transactions on a blockchain. In Ethereum, this value is extracted by choosing the order in which transactions are included in a block, while in Bitcoin, it can be extracted through various methods, such as mining empty blocks or accepting out-of-band payments.

MEV，即最大（或礦工）可提取價值，是加密貨幣領域中使用的術語，用於描述那些驗證區塊鏈上交易的人可以提取的價值。在以太坊中，該值是透過選擇交易包含在區塊中的順序來提取的，而在比特幣中，可以透過多種方法提取該值，例如挖掘空區塊或接受帶外支付。

The discussion around MEV is expansive. Is it good? Is it bad? Is it illegal?

圍繞 MEV 的討論非常廣泛。好嗎？是不是很糟糕？違法嗎？

It depends on whom you ask.

這取決於你問的是誰。

On the plus side, MEV is the free market figuring out the actual costs of things on blockchains by snuffing out inefficiencies which will be taken advantage of until the inefficiency approaches zero. On the minus side, MEV makes it possible for unknowing laypeople and newer users to get absolutely demolished by the experts and the power users (sound familiar?).

從好的方面來說，MEV 是一個自由市場，透過消除低效率來計算區塊鏈上事物的實際成本，直到低效率接近零為止。不利的一面是，MEV 使得不知情的外行人和新用戶有可能被專家和高級用戶徹底摧毀（聽起來很熟悉？）。

So far, we’ve only mentioned Ethereum because, for all its first mover advantage, MEV has historically not existed on Bitcoin. It existed in theory, but in practice it’s not economically viable (except in very specific situations).

到目前為止，我們只提到了以太坊，因為儘管 MEV 有先發優勢，但比特幣歷史上並不存在 MEV。它在理論上存在，但在實踐中它在經濟上不可行（除非在非常特殊的情況下）。

You’re probably wondering: “No MEV? If there’s MEV for Ethereum-based AMMs then surely there’s one for the Bitcoin-based AMMs?”

您可能想知道：「沒有 MEV？如果有適用於基於以太坊的 AMM 的 MEV，那麼肯定也有適用於基於比特幣的 AMM 的嗎？

And you’d be right except that there aren’t any (meaningfully sized) Bitcoin-based AMMs. That’s because Ethereum is more expressive than Bitcoin, meaning you can “do more stuff with it,” like create coins with dog mascots or other memes to trade on AMMs and become rich.

你是對的，除非沒有任何（有意義的規模）基於比特幣的 AMM。這是因為以太坊比比特幣更具表現力，這意味著你可以“用它做更多的事情”，例如用狗吉祥物或其他模因創建硬幣，在 AMM 上進行交易並致富。

And because Bitcoin isn’t as expressive, there isn’t a thriving market or AMM for new tokens on Bitcoin. And without new, fresh non-bitcoin assets on Bitcoin how could an AMM-related MEV opportunity present itself? What exactly would you be doing? Trading bitcoin for other bitcoin?

而且由於比特幣的表達能力不強，因此比特幣上的新代幣沒有繁榮的市場或 AMM。如果比特幣上沒有新的、新鮮的非比特幣資產，與 AMM 相關的 MEV 機會怎麼會出現呢？你到底會做什麼？用比特幣換其他比特幣？

Well, yes. This is exactly where MEV on Bitcoin has begun to present itself.

嗯，是。這正是比特幣 MEV 開始展現自己的地方。

MEV on Bitcoin

比特幣上的 MEV

MEV is nowhere close to as robust on Bitcoin as it is on Ethereum and when the topic is discussed among experts it’s always larded with caveats.

MEV 在比特幣上遠不如在以太坊上那麼強大，當專家討論這個話題時，它總是充滿了警告。

“It’s more like games you can play than MEV,” said Colin Harper, head of research and content at bitcoin mining firm Luxor Technology (no relation to the hotel in Vegas).

「它更像是你可以玩的遊戲，而不是 MEV，」比特幣挖礦公司 Luxor Technology（與維加斯酒店無關）的研究和內容主管 Colin Harper 說。

Three years ago, Bitcoin went through an update called Taproot, which made the network more expressive. This expressivity also accidentally made the Bitcoin equivalent of NFTs possible through Casey Rodarmor’s Ordinals protocol. This is what I mean by “trading bitcoin for other bitcoin”: “NFTs” can work on Bitcoin because the Ordinal protocol is able to see which satoshis (the smallest unit of bitcoin, a hundred millionth) are inscribed with arbitrary data which can be a picture or text or something else. These collectibles are called inscriptions so as to not be confused with NFTs (which are separate tokens). If you were buying an inscription, instead of buying an entirely new token as you would on Ethereum, you’re just buying some bitcoin that’s only special when seen through the lens of the Ordinals protocol.

三年前，比特幣經歷了一次名為 Taproot 的更新，使網路更具表現力。這種表現力也意外地透過 Casey Rodarmor 的 Ordinals 協議使比特幣等價的 NFT 成為可能。這就是我所說的「用比特幣交換其他比特幣」的意思：「NFT」可以在比特幣上工作，因為Ordinal 協議能夠看到哪些聰（比特幣的最小單位，一億分之一）刻有任意數據，這些數據可以圖片或文字或其他東西。這些收藏品被稱為銘文，以免與 NFT（它們是單獨的代幣）混淆。如果您購買銘文，而不是像在以太坊上那樣購買全新的代幣，您只是購買一些比特幣，只有透過 Ordinals 協議的鏡頭來看，這些比特幣才是特殊的。

This is, literally, buying bitcoin with bitcoin (buying less with more, of course). And like buying SHIB for ETH or USDC for USDT, buying bitcoin with bitcoin is an activity that can be front-run.

從字面上看，這就是用比特幣購買比特幣（當然，用更多的錢買更少的東西）。就像用 ETH 購買 SHIB 或用 USDT 購買 USDC 一樣，用比特幣購買比特幣也是一種可以搶先交易的活動。

“When you sell inscriptions on Magic Eden or another marketplace like it, you’re using a PSBT [Partially Signed Bitcoin Transaction],” Harper explained. “The seller signs their half, and when the buyer purchases it they complete the transaction with their signature and the buyer pays the fee for the transaction. So if an NFT trader sees the transaction in the mempool, they can snipe it by broadcasting their own transaction that replaces the original buyer's payment and address with their own. To do so, they broadcast an RBF [Replace-By-Fee] transaction with a higher fee to ensure that their transaction is confirmed before the original one.”

「當你在 Magic Eden 或其他類似市場上出售銘文時，你正在使用 PSBT [部分簽名的比特幣交易]，」Harper 解釋道。 「賣方簽署自己的一半，當買方購買時，他們用簽名完成交易，買方支付交易費用。因此，如果 NFT 交易者在內存池中看到該交易，他們可以通過廣播自己的交易來狙擊它，該交易用自己的交易替換了原始買家的付款和地址。為此，他們廣播了一筆費用更高的 RBF [Replace-By-Fee] 交易，以確保他們的交易在原始交易之前得到確認。

Although this isn’t quite like the pure-play MEV as discussed in the first section of this article, it still looks like MEV: The intended buyer and seller weren’t matched because a third party came in and offered more compensation for miners in exchange for the inscription and miners maximized their own value in the transaction by accepting the third party transaction.

雖然這與本文第一部分討論的純粹的 MEV 不太一樣，但它仍然看起來像 MEV：預期的買家和賣家不匹配，因為第三方介入並為礦工提供了更多補償交換銘文，礦工通過接受第三方交易，在交易中實現自身價值最大化。

Other things that feel like MEV on Bitcoin

其他類似比特幣 MEV 的東西

Bitcoin still has miners (read here what that means compared to Ethereum's validators) and in the business of mining there are some things happening somewhat regularly which look like MEV.

比特幣仍然有礦工（在這裡閱讀這與以太坊驗證者相比意味著什麼），並且在挖礦業務中，有些事情定期發生，看起來像 MEV。

One common example is the mining of empty blocks. Periodically, a bitcoin block is mined with nothing in it. The block is useless to anyone save the miner who won the block, as no transactions which are waiting to be confirmed are verified except for the coinbase (small "c," not the

一個常見的例子是空塊的挖掘。比特幣區塊會定期被開採，但裡面卻什麼都沒有。除了贏得該區塊的礦工之外，該區塊對於任何人來說都是無用的，因為除了幣庫（小“c”，而不是