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MEV: Literature Review

Part of Summer Research Scholar Program project "Trust Mechanism Design: Blockchain for Social Good" at Duke Kunshan University 2022

Published onOct 18, 2022
MEV: Literature Review

Disclaimer: “This article is a final deliverable from Prof. Luyao Zhang's project entitled "Trust Mechanism Design: Blockchain for Social Good," supported by the 2022 Summer Research Scholarship (SRS) program at Duke Kunshan University. We give many thanks to DKU 2022 SRS program and SciEcon Insight editorial board.”

Part I: Research Summary


“ Blockchain Security ” (Work in progress)

Corresponding author: Prof. Luyao Zhang

Student Co-authors: Josh Manto, Zhitong Chen


Blockchain has empowered computer system to be more secure by a distributed network. The traditional blockchain design fails to focus on transaction ordering. Instead, miners have complete control over transaction ordering. Maximal Extractable Value (MEV) is generated due to the delay between the transaction information transmitted to the network in the blockchain and the actual transaction information being packaged into the block. Potential solutions to be applied to democratize MEV. Previous literature focuses on blockchain security issues, democratization methods transition and MEV solutions. Besides these, scholars also focus on AI ethics by exploring and categorizing Twitter topics emerging in online social movements by implementing the Latent Dirichlet Allocation Model. They examined various influential topics in depth, including social justice, social movements, and emotional sentiment. However, literature on exploring and categorizing relations between online movements and reality MEV events has still been missing. In this paper, we answer three research questions: what are the connections between the Google trend and the Twitter volume of these two hashtags? What are the main keywords and topics being discussed in tweets with #MEV and #flashbots hashtags? What are the connections between the most frequent keywords in tweets with #MEV and #flashbots hashtags? By collecting data and applying quantitative methods, our study explores the mutual impact between MEV on/off-line events. It could guide future designs to AI ethics and blockchain security, which will bring world real impacts.

Part II. Summer Research Scholar Spotlight

Josh Manto

Josh Manto is a junior majoring in Data Science at Duke Kunshan University (DKU). Originally from the Philippines, he received a scholarship prior to joining the university for academic merit. He has a solid foundation in Data Science, wealth of experience in research, and has since managed two e-commerce startups to this day.

His areas of interest include big data, machine learning, and blockchain applications, specifically in cloud computing and mechanism design. He is currently working under Professor Luyao Zhang as a research and lab leader for her Blockchain+ Research Program. 

Zhitong Chen

Zhitong Chen is a researcher at SciEcon CIC and a senior majoring in economics at Duke Kunshan University. She is the 2021 National Scholarship recipient and the 2020 National Endeavor Scholarship recipient. As an interdisciplinary researcher with passion and research experiences in applied economics, finance, blockchain, political economy, and education, Zhitong received Research Grant from the Center for the Study of Contemporary China. She also received Student Experiential Learning Fellowship and Summer Research Scholar Fellowship yearly. Her paper was accepted for the International Conference on Blockchain, Information Technology, and Smart Finance. Pursuing her ambition, Zhitong interned at China International Capital Corporation Limited, China Securities, Ernst & Young Global Limited, CITIC Securities Company Limited, and China Merchants Bank. She is actively involved in different social activities and volunteer work. Zhitong is nominated as one of the 30 finalists for the 2021 Miss World Tourism and Culture Competition.

Part III: Resources

Obadia, Alex. 2021. “Quantifying MEV: Introducing MEV-Explore V0.” Flashbots. February 24, 2021. 5ccbee0f6d02."

Qin, Kaihua, Liyi Zhou, and Arthur Gervais. 2021. “Quantifying Blockchain Extractable Value: How Dark Is the Forest?”

Qin, K., Zhou, L., Gamito, P., Jovanovic, P., & Gervais, A. (2021). An Empirical Study of DeFi Liquidations: Incentives, Risks, and Instabilities. Proceedings of the 21st ACM Internet Measurement Conference, 336–350.

Gans, J. S., & Holden, R. (2022). A Solomonic Solution to Ownership Disputes: An Application to Blockchain Front-Running (arXiv:2202.10950). arXiv.

Kelkar, M., Deb, S., Long, S., Juels, A., & Kannan, S. (2021). Themis: Fast, Strong Order-Fairness in Byzantine Consensus. Cryptology EPrint Archive.

Babel, K., Daian, P., Kelkar, M., & Juels, A. (2021). Clockwork Finance: Automated Analysis of Economic Security in Smart Contracts (arXiv:2109.04347). arXiv.

Boonpeam, N., Warodom W., & Tanakorn K. (2021). “The Arbitrage System  on Decentralized Exchanges.”   

Makarov, Igor, and Antoinette Schoar. 2019. “Trading and Arbitrage in Cryptocurrency Markets.” Journal of Financial Economics 135 (2)."

Gervais, Arthur, Ghassan Karame, Karl Wüst, Eth Zurich, Switzerland, Vasileios Glykantzis, Hubert Ritzdorf, Srdjaň Capkun, Eth Switzerland, and Zurich. 2016. “On the Security and Performance of Proof of Work Blockchains.”"

Halpin, Harry, and Marta Piekarska. 2017. “Introduction to Security and Privacy on the Blockchain.” 2017 IEEE European Symposium on Security and Privacy Workshops (EuroS&PW), April.

Mingxiao, Du, Ma Xiaofeng, Zhang Zhe, Wang Xiangwei, and Chen Qijun. 2017. “A Review on Consensus Algorithm of Blockchain.”

Schär, Fabian. 2021. “Decentralized Finance: On Blockchain- and Smart Contract-Based

Financial Markets.” Rochester, NY. April 1, 2021.

Zheng, Zibin, Shaoan Xie, Hong-Ning Dai, Weili Chen, Xiangping Chen, Jian Weng, and Muhammad Imran. 2020. “An Overview on Smart Contracts: Challenges, Advances and Platforms.” Future Generation Computer Systems 105 (April): 475–91.

Zhou, Liyi, Xihan Xiong, Jens Ernstberger, Stefanos Chaliasos, Zhipeng Wang, Ye Wang, Kaihua Qin, Roger Wattenhofer, Dawn Song, and Arthur Gervais. 2022. “SoK: Decentralized Finance (DeFi) Incidents.” ArXiv:2208.13035 [Cs], August.

“Notion – the All-In-One Workspace for Your Notes, Tasks, Wikis, and Databases.” 2022. Notion. 2022.

Xord. (2021). MEV: Explain Like I Am Five. Retrieved August 16, 2022, from

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