A bounty of 689 Ether (ETH) worth $1.28 million was paid from a single miner extractable value (MEV) booster relay block on the Ethereum Beacon chain in one of the largest bounties in recent years. months.
Ethereum’s liquid staking solution Lido received block reward number 17007842 on the Beacon Chain, which ended on April 9, contained 47 transactions, and was created by beaverbuild.org, according to the transaction. data.
High Proposer Payout Alert!
Validator 0x388c… received 689.02 ETH.
block built by a @beaverbuild constructor (0x96a59d…)
Slot: 6,181,978.
Received through @GnosisDAO relay.https://t.co/Pv3bqfZMrU— MEV-Boost Bot (@mevproposerbot) April 9, 2023
The bounty almost equaled the most recent one from Lido high of 691 Ether on March 20.
The figure surprised Martin Köppelmann, co-founder and CEO of the Ethereum-based infrastructure platform Gnosis, who suggested that Ethereum users should use a service like MEVBlocker to prevent their transactions from being exploited.
More than 90% of the MEV currently paid to validators could go to users if all users or wallets used services like https://t.co/ijeJy3LwBl https://t.co/DHlp6tUz7J
— Martin Koeppelmann (@koeppelmann) April 9, 2023
According for MEVBlocker, MEV bots have extracted more than $1.38 billion from Ethereum users trying to trade, provide liquidity, and mint non-fungible tokens (NFTs).
These centralized MEV booster relays can extract value by aggregating blocks from multiple builders to select the one with the highest fees.
One of the most common types of MEV exploits is the “sandwich” attack, which occurs when an attacker places a large trade on either side of a target’s transaction, manipulating the price and profiting from the price change.
Related: ETH Participation On Major Exchanges Contributes To Ethereum Censorship: Data
MEV booster relays are derived from the Proponent-Builder Separation (PBS) concept, which was inserted by Ethereum research organization Flashbots in 2021 in the lead up to Ethereum’s transition to proof-of-stake in September.
The separation of the role of proponents from block builders is intended to promote greater competition at the consensus level, further decentralize the Ethereum network, and strengthen resistance to censorship.
However, Ethereum has encountered several censorship issues since The Merge took place, namely compliance with the standards set by the Office of Foreign Assets Control (OFAC), although the number of blocks supported has since declined. .
There are currently 10 active streams, with Flashbots responsible for streaming over 50% of MEV booster blocks since MEV was introduced in 2021. according to MEVBoost.org.
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