A Flash(bot) in the Pan: Measuring Maximal Extractable Value in Private Pools. (arXiv:2206.04185v1 [cs.CR])

The rise of Ethereum has lead to a flourishing decentralized marketplace that
has, unfortunately, fallen victim to frontrunning and Maximal Extractable Value
(MEV) activities, where savvy participants game transaction orderings within a
block for profit. One popular solution to address such behavior is Flashbots, a
private pool with infrastructure and design goals aimed at eliminating the
negative externalities associated with MEV. While Flashbots has established
laudable goals to address MEV behavior, no evidence has been provided to show
that these …

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