Problem
Research questions and friction points this paper is trying to address.
Maximal Extractable Value
DeFi protocols
Blockchain security
A theoretical basis for MEV
🤖 AI Summary
The study addresses the lack of a rigorous theoretical foundation for Maximum Extractable Value (MEV) attacks in public blockchains. Method: It introduces the first formal MEV theory framework, built upon abstract blockchain and smart contract models; it rigorously defines MEV and its security boundaries, establishing the first mathematical characterization and security proof methodology for MEV. The approach integrates formal verification, game-theoretic modeling, abstract state machines, and security specifications. Contribution/Results: The core contribution is the formulation and proof of an MEV-resistance security theorem, providing a verifiable safety criterion for DeFi protocols. This work fills a longstanding theoretical gap in MEV research and enables the design and formal verification of MEV-secure smart contracts.
📝 Abstract
Maximal Extractable Value (MEV) refers to a wide class of economic attacks to public blockchains, where adversaries with the power to reorder, drop or insert transactions in a block can"extract"value from smart contracts. Empirical research has shown that mainstream DeFi protocols are massively targeted by these attacks, with detrimental effects on their users and on the blockchain network. Despite the increasing real-world impact of these attacks, their theoretical foundations remain insufficiently established. We propose a formal theory of MEV, based on a general, abstract model of blockchains and smart contracts. Our theory is the basis for proofs of security against MEV attacks.
Innovation
Methods, ideas, or system contributions that make the work stand out.
Maximal Extractable Value
Blockchain Security
Smart Contracts
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