The ideal state of blockchain technology is encountering erosion from the real world. As miners wield "queue-jumping rights" to indiscriminately extract value from on-chain transactions, the core principle of censorship resistance within blockchain is being undermined. MEV (Miner Extractable Value), a concept that emerged only a few years ago, has grown into a behemoth capable of shaking the foundations of decentralization.
I. MEV: The "dark matter" of the blockchain world
In the utopia depicted in the Bitcoin white paper, miners only need to earn income through block subsidies and transaction fees. However, with the explosive growth of DeFi protocols, complex smart contracts have created a new dimension of value arbitrage. Just as dark matter accounts for 85% of the universe's mass, MEV has become an invisible giant within the blockchain ecosystem.