Special thanks to Justin Drake and the Flashbots team for feedback and discussion. A major risk threatening the ongoing decentralization of consensus networks is the economics around miner extractable value (MEV), sophisticated tricks to extract profit from the ability to choose the contents of the next block. A simple example of MEV is arbitraging all on-chain decentralized exchanges against price movements that have happened since the previous block. While normal PoS rewards are reasonably ...| Ethereum Research