Quantifying MEV: Introducing MEV-Explore v0

We took the first deep look at MEV and released our findings through MEV-Explore, a public dashboard and live MEV transactions explorer. After scraping the Ethereum blockchain starting from the first block of 2020, we’ve classified more than 1.3M MEV transactions and found a total of at least $314M worth of Extracted MEV since Jan 1st 2020, as well as $4.5M wasted gas fees on failed MEV transactions, equivalent to 4,500 Ethereum blocks of wasted blockspace.

Alex Obadia
Feb 22 · 11 min read

Introduction:

At Least $314M of Extracted MEV since Jan 1st 2020

Fig 1: Cumulative Extracted MEV since Jan 1 2020 (in USD)
Figure 2: Protocol Coverage

What’s counted in Extracted MEV?

Example 1: A Successful MEV transaction from a Priority Gas Auction

Example 2: A Failed (Reverted) MEV transaction

Example 3: A Failed (Checked) MEV transaction

Network Overhead from MEV Extraction

Fig 3: Gas usage from Extracted MEV relative to overall network gas usage, split by successful (green) and failed (red) MEV txs since Jan 1 2020

Evolution of MEV: M̶i̶n̶e̶r̶ Maximal Extractable Value

Fig 4: Extracted MEV Split between MEV Tx Sender and MEV Tx Miner (gas fees) since Jan 1 2020

Averting the MEV crisis

Taking our second step

Flashbots

A research and development organization focused on MEV

Flashbots

Flashbots is a research and development organization formed to mitigate the negative externalities and existential risks posed by Maximal Extractable Value (MEV) to smart-contract blockchains.

Alex Obadia

Written by

Twitter @ObadiaAlex

Flashbots

Flashbots is a research and development organization formed to mitigate the negative externalities and existential risks posed by Maximal Extractable Value (MEV) to smart-contract blockchains.