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加密货币新闻

最大可提取价值:了解 MEV 及其对加密行业的影响

2024/05/08 09:39

最大可提取价值(MEV)是指矿工或网络验证者通过重新排列区块中的交易可以提取的最大值。这种无形税通常在以太坊和其他区块链上提取,是通过套利、清算和三明治攻击等技术产生的。了解 MEV 并实施对策,例如使用 RPC 端点、设置较低的滑点容忍度以及探索具有 MEV 保护的 DEX,可以保护用户免受利用。

What Is MEV?

Maximal extractable value, popularly known as MEV, refers to the maximum value miners or network validators can extract by rearranging and reordering transactions waiting to be added to the blockchain.

什么是MEV?最大可提取价值,俗称MEV,是指矿工或网络验证者通过重新排列和重新排序等待添加到区块链的交易可以提取的最大价值。


Key Takeaways

  • MEV is the maximum amount of value miners or network validators can extract by rearranging and reordering transactions waiting for confirmation.

    关键要点MEV 是矿工或网络验证者可以通过重新排列和重新排序等待确认的交易来提取的最大价值量。

  • It is commonly referred to as the “invisible tax” miners collect from other participants in the cryptocurrency market.

    它通常被称为矿工从加密货币市场的其他参与者那里收取的“隐形税”。

  • MEV is a prominent phenomenon on Ethereum. However, it is not unique to the smart contract platform.

    MEV 是以太坊上的一个突出现象。然而,它并不是智能合约平台所独有的。

  • This article explains the maximal extractable value phenomenon, how it impacts the crypto industry, and how to avoid it.

    本文解释了最大可提取价值现象、它如何影响加密货币行业以及如何避免它。


最大可提取价值:了解 MEV 及其对加密行业的影响

The MEV phenomenon was first highlighted in 2014 by a pseudonymous algorithmic trader, Pmcgoohan, who predicted that miners might be able to manipulate the transactions in the validation process to generate a profit. “Miners can see all the contract code they run (obviously) and the order in which transactions run is up to individual miners. What is to stop front running by a miner in any marketplace implementation by Ethereum?”, they wrote in a post on Reddit.

MEV 现象于 2014 年首次由匿名算法交易员 Pmcgoohan 提出,他预测矿工可能能够在验证过程中操纵交易以产生利润。 “矿工可以(显然)看到他们运行的所有合约代码,并且交易运行的顺序取决于各个矿工。他们在 Reddit 上的一篇文章中写道:“如何阻止矿工在以太坊实施的任何市场中进行抢先交易?”

However, the MEV term was not coined until 2019 when Phil Daian and other smart contract researchers wrote a paper titled “Flash Boys 2.0”. In the 2019 research paper, the term denoted miner extractable value, which Daian and his colleagues defined as the total amount of ETH miners can extract from reordering transactions within a given block.

然而,直到 2019 年 Phil Daian 和其他智能合约研究人员撰写了一篇题为“Flash Boys 2.0”的论文时,MEV 一词才被创造出来。在 2019 年的研究论文中,该术语表示矿工可提取价值,Daian 和他的同事将其定义为矿工可以从给定区块内的重新排序交易中提取的 ETH 总量。

In 2022, following Ethereum’s transition from the Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus mechanism, the MEV term changed to “maximal extractable value” to represent a broader range of techniques to extract value from users. It is worth noting that while the MEV phenomenon is most prominent on the Ethereum network, it is also common on other blockchains.

2022 年,随着以太坊从工作量证明 (PoW) 过渡到权益证明 (PoS) 共识机制,MEV 术语更改为“最大可提取价值”,以代表更广泛的从中提取价值的技术用户。值得注意的是,虽然 MEV 现象在以太坊网络上最为突出,但在其他区块链上也很常见。

How Does MEV Work?

Maximal extractable value (MEV) is possible due to the decentralized nature of blockchain technology and the cryptocurrency industry. Contrary to the traditional finance world, where transaction orders are rigidly enforced, crypto miners and validators can reorder and sequence a set of transactions as they wish within a given block.

MEV 如何工作?由于区块链技术和加密货币行业的去中心化性质,最大可提取价值 (MEV) 是可能的。与严格执行交易订单的传统金融世界相反,加密货币矿工和验证者可以在给定的区块内按照自己的意愿对一组交易进行重新排序和排序。

In the decentralized cryptocurrency system – both the PoW and PoS consensus mechanisms, pending transactions are temporarily sent to and held in the blockchain’s mempool, a publicly accessible waiting area. The transactions in this mempool are selected by miners or network validators, who then sequence order them to create a block that is then verified and added to the blockchain. In theory, miners/validators should simply prioritize processing transactions by gas fees; however, because of the transparency of the mempool, it gives rise to other more profitable opportunities to extract value, such as arbitrage, sandwich attacks, and liquidations.

在去中心化的加密货币系统中——PoW 和 PoS 共识机制,待处理的交易被暂时发送到并保存在区块链的内存池中,这是一个可公开访问的等待区。该内存池中的交易由矿工或网络验证器选择,然后对它们进行排序以创建一个块,然后对该块进行验证并将其添加到区块链中。理论上,矿工/验证者应该简单地按照天然气费优先处理交易;然而,由于内存池的透明度,它带来了其他更有利可图的价值提取机会,例如套利、三明治攻击和清算。

On paper, miners and validators should receive the maximal extractable value since they are responsible for the execution and, ultimately, the success of MEV extraction. However, in actual practice, MEV extraction is mainly carried out by independent network participants known as “searchers,” who use complex algorithms and bots to detect MEV opportunities and generate profit.

从理论上讲,矿工和验证者应该获得最大的可提取价值,因为他们负责 MEV 提取的执行以及最终的成功。然而,在实际操作中,MEV 提取主要由被称为“搜索者”的独立网络参与者进行,他们使用复杂的算法和机器人来检测 MEV 机会并产生利润。

In the most common MEV types, these searchers pay high gas fees to incentivize the miners or validators to include their transactions in target blocks in order to derive additional value. The gas fees often serve as incentives and as the portion of the maximal extractable value that goes to the miners and validators. In recent times we have even seen searchers partner directly with miners / validators for MEV extraction. 

在最常见的 MEV 类型中,这些搜索者支付高额汽油费来激励矿工或验证者将其交易包含在目标区块中,以获得额外价值。天然气费通常作为激励措施,并作为分配给矿工和验证者的最大可提取价值的一部分。最近,我们甚至看到搜索者直接与矿工/验证者合作进行 MEV 提取。

Types of MEV

To fully understand the concept of MEV, it is essential to discuss the different ways through which these searchers generate additional value in the market. Below, we will dive into details of the different MEV types in the current crypto landscape.

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DEX Arbitrage

In the traditional financial system, arbitrage takes advantage of a difference in an asset’s price across different trading venues. Similarly, arbitrage-based MEV extraction takes advantage of price discrepancies of tokens across various decentralized exchanges (DEXs).

DEX 套利在传统金融体系中,套利利用不同交易场所资产价格的差异。同样,基于套利的 MEV 提取利用了各个去中心化交易所 (DEX) 之间代币的价格差异。

In this MEV type, searchers generate additional value by purchasing tokens at a lower price on one exchange to sell them on another exchange at a higher value. They also derive a profit by taking advantage of any price discrepancies across different liquidity pools on the same exchange.

在这种 MEV 类型中,搜索者通过在一个交易所以较低的价格购买代币,然后在另一交易所以较高的价格出售它们来产生额外的价值。他们还通过利用同一交易所不同流动性池之间的任何价格差异来获取利润。

Here’s a scenario – let’s assume the exchange rates of BUSD/SOL in two separate liquidity pools (LP1 and LP2) on PancakeSwap V2 are 143 BUSD and 146 BUSD for 1 SOL, respectively. 

下面是一个场景——假设 PancakeSwap V2 上两个独立流动性池(LP1 和 LP2)中 BUSD/SOL 的汇率分别为 1 SOL 兑换 143 BUSD 和 146 BUSD。

A searcher can take advantage of the arbitrage opportunity within the same block itself by injecting the following transactions into the block;

搜索者可以通过将以下交易注入到块中来利用同一块本身内的套利机会;

  1. Sell 50 SOL in LP2 and receive 7,300 BUSD.

    在 LP2 中出售 50 SOL 并获得 7,300 BUSD。

  2. Sell 7,300 BUSD in LP1 and receive 51.05 SOL.

    在 LP1 中出售 7,300 BUSD 并获得 51.05 SOL。

From the example above, the searcher generates a profit of 1.05 SOL (excluding the transaction costs for the two transactions). While it might seem like an unfair advantage, arbitrage helps to improve DeFi market efficiency by ensuring token prices are aligned across different exchanges.

从上面的例子来看,搜索者产生了 1.05 SOL 的利润(不包括两笔交易的交易成本)。虽然这看起来像是一种不公平的优势,但套利通过确保不同交易所的代币价格保持一致,有助于提高 DeFi 市场效率。

Liquidations

In decentralized finance, liquidation is a process that occurs when the value of a borrower’s collateral does not cover the value of their loan or debt. Once a debt is liquidated, any individual can purchase the original collateral at a discount and resell the asset at a higher price to make a profit.

清算在去中心化金融中,清算是当借款人抵押品的价值不足以覆盖其贷款或债务的价值时发生的过程。一旦债务被清算,任何个人都可以以折扣价购买原始抵押品,并以更高的价格转售资产以获取利润。

In this MEV type, searchers act as liquidators who scan the blockchain for unhealthy loan positions that need to be liquidated. These individuals identify loan positions that are eligible for liquidation, acquire the borrowers’ collaterals at a discounted price, and resell at a higher price to gain extra value.

在这种 MEV 类型中,搜索者充当清算人,扫描区块链以查找需要清算的不健康贷款头寸。这些人确定有资格清算的贷款头寸,以折扣价购买借款人的抵押品,并以更高的价格转售以获得额外价值。

Indeed, this type of MEV is often neutral and non-harmful because liquidations are a regular occurrence in any financial system that allows buying and borrowing. However, liquidations can sometimes be malicious and are referred to as “toxic liquidations.”

事实上,这种类型的 MEV 通常是中性且无害的,因为清算是任何允许购买和借贷的金融体系中经常发生的情况。然而,清算有时可能是恶意的,被称为“有毒清算”。

Sandwich Attacks

Sandwich attacks are a malicious type of MEV, where the searcher executes a transaction ahead of an initially identified trade (front-running) and follows the target transaction with another trade (back-running). This strategy is often employed to take advantage of large orders that cause the price of assets to fluctuate.

三明治攻击三明治攻击是 MEV 的一种恶意类型,其中搜索者在最初识别的交易之前执行交易(抢先交易),并在目标交易之后执行另一笔交易(后交易)。这种策略通常用于利用导致资产价格波动的大订单。

Here's a simple breakdown of a sandwich attack;

这是三明治攻击的简单分解;

  1. MEV searcher executes a buy order, driving up the asset’s price.

    MEV 搜索者执行买入订单,推高资产价格。

  2. MEV target purchases the asset at a higher price.

    MEV目标以更高的价格购买该资产。

  3. MEV searcher sells the asset at the higher price, gaining a profit from the price difference

    MEV搜索者以更高的价格出售资产,从差价中获取利润

Front-running

Front-running is the first phase in a sandwich attack, which involves searching through a blockchain’s mempool for pending transactions that could impact a specific asset’s price and from which they can extract significant value. For instance, if a frontrunner – often a sophisticated bot –- detects a large buy order for a specific cryptocurrency, they recognize that this transaction could drive the token’s value higher once confirmed.

抢先交易抢先交易是三明治攻击的第一阶段,涉及在区块链的内存池中搜索可能影响特定资产价格并从中提取重大价值的待处理交易。例如,如果领跑者(通常是复杂的机器人)检测到特定加密货币的大额购买订单,他们就会认识到,一旦确认,这笔交易可能会推高代币的价值。

The bot will then create a buy order for the same token, to get their transaction processed before the target transaction. They assign a higher gas price to their transaction, incentivizing the validator to prioritize their buy order over the initially detected transaction.

然后,机器人将为同一代币创建一个买入订单,以便在目标交易之前处理其交易。他们为交易分配更高的汽油价格,激励验证者将其购买订单优先于最初检测到的交易。

Back-running

To complete the sandwich attack, the bot also creates a sell order, intending to have it executed right after the target transaction, thereby selling the asset at a higher price. This strategy is known as back-running, and it is accomplished by assigning a lower gas price to the second trade to ensure that it is validated after the target transaction. 

为了完成三明治攻击,机器人还会创建一个卖单,打算在目标交易之后立即执行,从而以更高的价格出售资产。这种策略称为反向运行,它是通过为第二笔交易分配较低的汽油价格来完成的,以确保它在目标交易之后得到验证。

Ultimately, this type of MEV will reduce the value the targeted traders would have otherwise gained from their transactions. Meanwhile, the searcher benefits from the price fluctuations triggered by the target transaction.

最终,这种类型的 MEV 将减少目标交易者原本可以从交易中获得的价值。同时,搜索者从目标交易引发的价格波动中受益。

MEV Attacks and How to Avoid Them

Having gone through the various types of MEV, it is clear how MEV attacks may significantly affect participants on a blockchain network, particularly the decentralized finance space. Below are some of the countermeasures to avoid falling victim to MEV attacks.

MEV 攻击以及如何避免它们在了解了各种类型的 MEV 后,很明显 MEV 攻击可能如何显着影响区块链网络上的参与者,特别是去中心化金融领域。以下是避免成为 MEV 攻击受害者的一些对策。

  1. RPC Endpoints (MEV Blockers)

MEV blockers are software tools that protect users from MEV exploitation. Since MEV extraction relies on rearranging transactions in a new and profitable order, it is possible to avoid this manipulation by submitting transactions to a specialized network of searchers bound by specific rules that ensure favorable execution for users.

RPC 端点(MEV 拦截器)MEV 拦截器是保护用户免受 MEV 攻击的软件工具。由于 MEV 提取依赖于以新的且有利可图的顺序重新排列交易,因此可以通过将交易提交到受特定规则约束的专门搜索者网络来避免这种操纵,以确保用户有利的执行。

MEV blockers operate through RPC (Remote Procedure Call) endpoints, a communication protocol between the blockchain and a user’s wallet. RPC endpoints safely reroute towards the aforementioned network of searchers rather than sending transactions to the publicly visible mempool where malicious searchers are waiting to strike.

MEV 拦截器通过 RPC(远程过程调用)端点进行操作,RPC 是区块链和用户钱包之间的通信协议。 RPC 端点安全地重新路由到上述搜索者网络,而不是将交易发送到恶意搜索者等待攻击的公开可见内存池。

The specialized network of searchers commits to not front-run or sandwich users’ transactions. Contrarily, they even extract value and put money back into the users’ pockets by back-running large transactions and returning a large portion of the gains. 

专业的搜索者网络承诺不会抢先或夹击用户的交易。相反,他们甚至通过反向运行大额交易并返还大部分收益来提取价值并将资金放回用户的口袋。

  1. Lower Slippage Tolerance

Slippage is defined as the difference between the intended execution price of a transaction and the actual execution price of the transaction. This often occurs in crypto due to the volatile nature of the market, and it accounts for why some MEV attacks are possible.

滑点下限容忍度滑点定义为交易的预期执行价格与交易的实际执行价格之间的差额。由于市场的波动性,这种情况在加密货币中经常发生,这也解释了为什么一些 MEV 攻击是可能的。

A slippage tolerance allows the execution of a transaction only if the token price remains within the set range. Setting a lower slippage tolerance can help protect users against sandwich attacks and limit unexpected losses.

仅当代币价格保持在设定范围内时,滑点容差才允许执行交易。设置较低的滑点容忍度可以帮助保护用户免受三明治攻击并限制意外损失。

Here’s an example – an exploiter places a large order ahead of a trader’s transaction, which triggers a significant shift in the token price. If this price change exceeds the trader’s slippage tolerance, their transaction will get canceled.

这是一个例子——剥削者在交易者交易之前下达了大额订单,这引发了代币价格的重大变化。如果价格变化超出交易者的滑点容忍度,他们的交易将被取消。

  1. Priority Gas Fees

Although selecting lower gas fees for transactions is the most economical option, there is the risk that the transactions may be processed slowly and discovered by malicious actors. Hence, traders should consider paying priority gas fees for their transactions, especially large amounts, in order to avoid falling victim to MEV attacks. 

优先 Gas 费虽然为交易选择较低的 Gas 费是最经济的选择,但存在交易处理缓慢并被恶意行为者发现的风险。因此,交易者应考虑为其交易支付优先 Gas 费,尤其是大额交易,以避免成为 MEV 攻击的受害者。

Miners or validators will prioritize and process a transaction with a higher gas fee, and attackers will need to assign an even higher fee to front-run such a transaction. Ultimately, the steep price and cost-reward ratio may discourage most searchers from targeting the transaction.

矿工或验证者将优先处理具有较高 Gas 费用的交易,攻击者将需要分配更高的费用来抢先执行此类交易。最终,高昂的价格和成本回报率可能会阻止大多数搜索者瞄准该交易。

  1. DEX-Native MEV Protection

Traders can protect themselves from MEV exploits by utilizing DEXs or dApps designed to mitigate the impacts of MEV. CoW Protocol, for instance, is a DEX aggregator that employs batch auctions and intents as its trading mechanism to produce favorable results for users.

DEX 原生 MEV 保护交易者可以利用旨在减轻 MEV 影响的 DEX 或 dApp 来保护自己免受 MEV 的攻击。例如,CoW Protocol 是一个 DEX 聚合器,它采用批量拍卖和意图作为其交易机制,为用户产生有利的结果。

A batch auction is a type of trading mechanism that collects orders together in batches and “auctions” them to execution parties (also known as solvers) who compete with each other to find the most optimal order settlement paths. This technique enforces specific execution rules that prevent MEV exploits.

批量拍卖是一种交易机制,它将订单批量收集在一起,并将其“拍卖”给执行方(也称为求解器),执行方相互竞争以找到最佳的订单结算路径。该技术强制执行特定的执行规则,以防止 MEV 被利用。

MEV on Solana vs. MEV on Ethereum

Although MEV and MEV-related exploits are most popular on the Ethereum network, they are not restricted to the smart contract platform. Maximal extractable value is a common phenomenon on other blockchains and smart contract platforms, such as Solana. However, there are different manifestations of MEV on these blockchains due to their unique designs and consensus mechanisms.

Solana 上的 MEV 与以太坊上的 MEV 尽管 MEV 和 MEV 相关的漏洞在以太坊网络上最流行,但它们并不局限于智能合约平台。最大可提取价值是其他区块链和智能合约平台(例如 Solana)上的常见现象。然而,由于其独特的设计和共识机制,MEV 在这些区块链上有不同的表现形式。

Here, we'll look at how the maximal extractable value on Ethereum compares to that on Solana under the following topics.

在这里,我们将在以下主题下比较以太坊上的最大可提取价值与 Solana 上的最大可提取价值的比较。

  1. Consensus Mechanism

Ethereum network is a proof-of-stake network. Solana, on the other hand, operates on a unique combination of Proof-of-History (PoH) and delegated Proof-of-Stake consensus mechanisms. This forms the foundation of the differences between both blockchains in terms of MEV extraction.

共识机制以太坊网络是一个权益证明网络。另一方面,Solana 采用历史证明 (PoH) 和委托权益证明共识机制的独特组合来运作。这构成了两个区块链在 MEV 提取方面差异的基础。

For instance, Solana’s PoH mechanism operates by establishing a trustless and verifiable order of transactions on the blockchain. The chronological nature of this consensus algorithm makes it difficult to rearrange or manipulate transactions in order to gain additional value, as in the case of front-running attacks.

例如,Solana 的 PoH 机制通过在区块链上建立去信任且可验证的交易顺序来运行。这种共识算法的时间顺序性质使得重新安排或操纵交易以获得额外价值变得困难,就像抢先交易的情况一样。

  1. Network Infrastructure

The difference in the design of Solana and Ethereum provides another point of comparison between both networks in terms of MEV. There are certain features that make users of either blockchain vulnerable to MEV-related exploits.

网络基础设施 Solana 和以太坊设计的差异提供了两个网络在 MEV 方面的另一个比较点。有些功能使任一区块链的用户都容易受到 MEV 相关漏洞的攻击。

For instance, unlike Ethereum’s, the Solana infrastructure does not have a publicly visible mempool, where transactions wait for validation. This means that searchers can’t target individual transactions, reducing the possibility of sandwich attacks and front-running transactions.

例如,与以太坊不同,Solana 基础设施没有公开可见的内存池,交易等待验证。这意味着搜索者无法针对单个交易,从而减少了三明治攻击和抢先交易的可能性。

Solana is a Layer 1 blockchain, which, upon launch, was dubbed the “Ethereum Killer” because of its relatively higher speed and better energy efficiency. As a result of its high throughput and low latency, transactions are processed quickly and in large volumes, limiting the window of opportunity for MEV exploits.

Solana 是第 1 层区块链,一推出就因其相对较高的速度和更好的能源效率而被称为“以太坊杀手”。由于其高吞吐量和低延迟,交易可以快速且大量地处理,从而限制了 MEV 漏洞的机会窗口。

What’s more, transaction fees on Solana are virtually nonexistent compared to Ethereum. With the negligible costs of most transactions, it is challenging to engage in MEV practices that rely on gas wars for favorable placement. If a searcher can not push their order ahead of a target transaction by assigning a higher gas fee, then the possibility of front-running such a transaction is close to zero.

此外,与以太坊相比,Solana 上的交易费用几乎不存在。由于大多数交易的成本可以忽略不计,参与依赖天然气战争以获得有利地位的 MEV 实践具有挑战性。如果搜索者无法通过分配更高的汽油费来将其订单推到目标交易之前,那么抢先交易此类交易的可能性接近于零。

However, Solana is more susceptible to MEV NFT bots, where bots swarm the NFT minting program with mint requests to get as many NFTs as possible upon launch and resell them immediately. This is possible due to the low transaction gas fees on Solana, with the effect of impacting the NFT market and also congests the network. Proposed solutions include a “tax” for invalid transaction and dynamic pricing for popular NFTs. 

然而,Solana 更容易受到 MEV NFT 机器人的影响,这些机器人会向 NFT 铸造程序发出铸造请求,以便在发布后获得尽可能多的 NFT 并立即转售。这是可能的,因为 Solana 的交易 Gas 费用较低,从而影响了 NFT 市场并导致网络拥堵。提议的解决方案包括对无效交易征收“税”以及对流行的 NFT 进行动态定价。

Final Thoughts

Maximal extractable value is a phenomenon in the crypto space that has continued to evolve over the years. Understanding the distinct techniques of MEV on different blockchain platforms is essential to adapt to the evolving risks and avoid becoming unwilling victims of such exploits.

最后的想法最大可提取价值是加密货币领域多年来不断发展的一种现象。了解 MEV 在不同区块链平台上的独特技术对于适应不断变化的风险并避免成为此类漏洞的受害者至关重要。

As addressed in this article, there are different individual-based strategies and protocol-level methods for protection against MEV-related activities. While some cases of MEV extractions are deemed malicious, there are still some advantages attached to having such activities in the cryptocurrency market.

正如本文所述,有不同的基于个人的策略和协议级方法来防范 MEV 相关活动。虽然某些 MEV 提取案例被认为是恶意的,但在加密货币市场进行此类活动仍然具有一些优势。

Some MEV strategies, such as arbitrage, help to enhance efficiency in the cryptocurrency market by ensuring the alignment of prices across various exchanges. All in all, maximal extractable value is a hot and complex topic that requires much more in-depth research for a better understanding.

一些 MEV 策略(例如套利)通过确保各个交易所的价格保持一致,有助于提高加密货币市场的效率。总而言之,最大可提取价值是一个热门且复杂的话题,需要更深入的研究才能更好地理解。

最大可提取价值:了解 MEV 及其对加密行业的影响
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 Opeyemi Oluwatosin
Opeyemi Oluwatosin

Opeyemi is a proficient content writer who spends his time shedding light on the complexities and interesting narratives in the cryptocurrency market and space. When not clicking away at his keyboard, Opeyemi finds solace in poetry, listens to music, or engages in political discourses.

CoinGecko 的内容编辑指南CoinGecko 的内容旨在揭开加密货币行业的神秘面纱。虽然您看到的某些帖子可能受到赞助,但我们努力维护编辑质量和诚信的最高标准,并且不会发布任何未经我们编辑审查的内容。了解更多告诉我们您有多喜欢这篇文章! Opeyemi OluwatosinOpeyemi 是一位熟练的内容作家,他花时间阐明加密货币市场和空间的复杂性和有趣的叙述。当不敲击键盘时,奥佩耶米会在诗歌中寻找安慰、听音乐或参与政治对话。

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