MEV：优点、缺点及其在比特币上的顽强存在

围绕 MEV 的讨论非常广泛。好吗？是不是很糟糕？违法吗？取决于你问谁。

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（或矿工）可提取价值，是加密货币领域中使用的一个术语，用于描述那些验证区块链上交易的人可以提取的价值。在以太坊中，该值是通过选择交易包含在块中的顺序来提取的，而在比特币中，可以通过多种方法提取该值，例如挖掘空块或接受带外支付。

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

围绕 MEV 的讨论非常广泛。好吗？是不是很糟糕？违法吗？

It depends on whom you ask.

这取决于你问的是谁。

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?).

从好的方面来说，MEV 是一个自由市场，通过消除低效率来计算区块链上事物的实际成本，直到低效率接近零为止。不利的一面是，MEV 使得不知情的外行和新用户有可能被专家和高级用户彻底摧毁（听起来很熟悉？）。

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).

到目前为止，我们只提到了以太坊，因为尽管 MEV 有先发优势，但比特币历史上并不存在 MEV。它在理论上存在，但在实践中它在经济上不可行（除非在非常特殊的情况下）。

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：“没有 MEV？如果有适用于基于以太坊的 AMM 的 MEV，那么肯定也有适用于基于比特币的 AMM 的吗？”

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.

你是对的，除非没有任何（有意义的规模）基于比特币的 AMM。这是因为以太坊比比特币更具表现力，这意味着你可以“用它做更多的事情”，比如用狗吉祥物或其他模因创建硬币，在 AMM 上进行交易并致富。

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?

而且由于比特币的表达能力不强，因此比特币上的新代币没有繁荣的市场或 AMM。如果比特币上没有新的、新鲜的非比特币资产，与 AMM 相关的 MEV 机会怎么会出现呢？你到底会做什么？用比特币换其他比特币？

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

嗯，是。这正是比特币 MEV 开始展现自己的地方。

MEV on Bitcoin

比特币上的 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 在比特币上远不如在以太坊上那么强大，当专家们讨论这个话题时，它总是充满了警告。

“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游戏，而不是 MEV，”比特币挖矿公司 Luxor Technology（与维加斯酒店无关）的研究和内容主管科林·哈珀 (Colin Harper) 说。

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，比特币经历了一次名为 Taproot 的更新，使网络更具表现力。这种表现力还意外地通过 Casey Rodarmor 的 Ordinals 协议使比特币等价的 NFT 成为可能。这就是我所说的“用比特币交换其他比特币”的意思：“NFT”可以在比特币上工作，因为 Ordinal 协议能够看到哪些聪（比特币的最小单位，一亿分之一）刻有任意数据，这些数据可以图片或文字或其他东西。这些收藏品被称为铭文，以免与 NFT（它们是单独的代币）混淆。如果您购买铭文，而不是像在以太坊上那样购买全新的代币，您只是购买一些比特币，只有通过 Ordinals 协议的镜头来看，这些比特币才是特殊的。

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.

从字面上看，这就是用比特币购买比特币（当然，用更多的钱买更少的东西）。就像用 ETH 购买 SHIB 或用 USDT 购买 USDC 一样，用比特币购买比特币也是一种可以抢先交易的活动。

“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.”

“当您在 Magic Eden 或其他类似市场上出售铭文时，您正在使用 PSBT [部分签名的比特币交易]，”Harper 解释道。 “卖方签署自己的一半，当买方购买时，他们用签名完成交易，买方支付交易费用。因此，如果 NFT 交易者在内存池中看到该交易，他们可以通过广播自己的交易来狙击它，该交易用自己的交易替换了原始买家的付款和地址。为此，他们以更高的费用广播 RBF [Replace-By-Fee] 交易，以确保他们的交易在原始交易之前得到确认。”

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.

虽然这与本文第一部分讨论的纯粹的 MEV 不太一样，但它仍然看起来像 MEV：预期的买家和卖家不匹配，因为第三方介入并为矿工提供了更多补偿交换铭文，矿工通过接受第三方交易，在交易中实现自身价值最大化。

Other things that feel like MEV on Bitcoin

其他类似比特币 MEV 的东西

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.

比特币仍然有矿工（在这里阅读这与以太坊验证者相比意味着什么），并且在挖矿业务中，有些事情定期发生，看起来像 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

一个常见的例子是空块的挖掘。比特币区块会定期被开采，但里面什么也没有。除了赢得该区块的矿工之外，该区块对于任何人来说都是无用的，因为除了币库（小“c”，而不是