SoK: The Evolution of Maximal Extractable Value, From Miners to Cross-Chain
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| Format: | Preprint |
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2026
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| _version_ | 1866908872966406144 |
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| author | Mancino, Davide Sevim, Hasret Ozan |
| author_facet | Mancino, Davide Sevim, Hasret Ozan |
| contents | This Systematization of Knowledge (SoK) provides a comprehensive historical analysis of Maximal Extractable Value (MEV) in blockchain systems, tracing its conceptual evolution through three distinct eras. We organize the fragmented literature on MEV into a unified chronological framework, beginning with Era~I (August 2014 - August 2020), which introduced Miner Extractable Value from pmcgoohan's seminal Reddit warning through the ``Dark Forest'' recognition, covering Proof-of-Work systems with public mempools and Priority Gas Auctions. Era~II (August 2020 - April 2024) marks the generalization to Maximal Extractable Value, encompassing formal taxonomies, Realized Extractable Value, Proposer-Builder Separation, the Ethereum Merge, MEV-Boost, and the integration of non-atomic and CEX-DEX arbitrage. Era~III (April 2024, present) addresses the frontier of Cross-Chain MEV, beginning with early studies on Layer-2 ecosystems, where value extraction spans multiple blockchains, rollups, bridges, and sequencers. We present a conceptual taxonomy distinguishing potential from realized extractable value, and single-domain from cross-domain phenomena. Our systematization identifies mitigations that emerged in response to each era, highlights measurement challenges, and proposes a research agenda for standardized metrics, detection benchmarks, and cross-chain infrastructure design. |
| format | Preprint |
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arxiv_https___arxiv_org_abs_2603_07716 |
| institution | arXiv |
| publishDate | 2026 |
| record_format | arxiv |
| spellingShingle | SoK: The Evolution of Maximal Extractable Value, From Miners to Cross-Chain Mancino, Davide Sevim, Hasret Ozan Cryptography and Security This Systematization of Knowledge (SoK) provides a comprehensive historical analysis of Maximal Extractable Value (MEV) in blockchain systems, tracing its conceptual evolution through three distinct eras. We organize the fragmented literature on MEV into a unified chronological framework, beginning with Era~I (August 2014 - August 2020), which introduced Miner Extractable Value from pmcgoohan's seminal Reddit warning through the ``Dark Forest'' recognition, covering Proof-of-Work systems with public mempools and Priority Gas Auctions. Era~II (August 2020 - April 2024) marks the generalization to Maximal Extractable Value, encompassing formal taxonomies, Realized Extractable Value, Proposer-Builder Separation, the Ethereum Merge, MEV-Boost, and the integration of non-atomic and CEX-DEX arbitrage. Era~III (April 2024, present) addresses the frontier of Cross-Chain MEV, beginning with early studies on Layer-2 ecosystems, where value extraction spans multiple blockchains, rollups, bridges, and sequencers. We present a conceptual taxonomy distinguishing potential from realized extractable value, and single-domain from cross-domain phenomena. Our systematization identifies mitigations that emerged in response to each era, highlights measurement challenges, and proposes a research agenda for standardized metrics, detection benchmarks, and cross-chain infrastructure design. |
| title | SoK: The Evolution of Maximal Extractable Value, From Miners to Cross-Chain |
| topic | Cryptography and Security |
| url | https://arxiv.org/abs/2603.07716 |