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What Is ‘Miner Extractable Value’ (MEV) in the Context of Transaction Ordering?

MEV is the profit miners (or validators) can make by arbitrarily including, excluding, or reordering transactions within the blocks they produce. This often involves exploiting decentralized exchange (DEX) arbitrage opportunities or front-running large trades.

MEV introduces a hidden cost to users and can lead to a less fair execution environment.

In the Context of a Cryptocurrency Transaction, What Is the Role of an Unspent Transaction Output (UTXO)?
How Do MEV-boost Auctions Attempt to Democratize Access to MEV?
How Do Transaction Ordering Mechanisms on Blockchains Enable Front-Running?
What Is a “Sandwich Attack” and How Does It Relate to MEV?