Keskeiset käsitteet
Maximal Extractable Value (MEV) is widely prevalent across Ethereum and prominent Layer-2 rollups, with trading volume comparable to Ethereum. While MEV costs are lower on rollups, profits are also significantly lower compared to Ethereum. The authors also identify the potential for cross-layer sandwich attacks facilitated by transactions sent across rollups and Ethereum.
Tiivistelmä
The paper investigates the prevalence and impact of Maximal Extractable Value (MEV) on Ethereum and prominent rollups such as Arbitrum, Optimism, and zkSync over a nearly three-year period. The analysis encompasses various metrics including volume, profits, costs, competition, and response time to MEV opportunities.
The key findings are:
- MEV is widespread on rollups, with trading volume comparable to Ethereum.
- Although MEV costs are lower on rollups, profits are also significantly lower compared to Ethereum.
- The authors did not detect any sandwiching activity on popular rollups, but identified the potential for cross-layer sandwich attacks facilitated by transactions sent across rollups and Ethereum.
- Simulation using past mainnet data reveals that attackers could have made roughly 2 million USD profit through cross-layer sandwich attacks.
The paper also discusses the generalization of the proposed cross-layer attacks and potential countermeasures.
Tilastot
Ethereum has the highest cumulative profits from MEV, close to 10x the profits on Arbitrum, Optimism, and zkSync combined.
Median monthly transaction costs for MEV extraction are higher on Ethereum compared to the rollups.
Over 50% of MEV extractions on Ethereum occurred within the same block as the opportunity.
The largest number of successful MEV competitors targeting the same opportunity was 14 on Ethereum, 15 on Arbitrum, 9 on Optimism, and 7 on zkSync.
Flash loans are more popular on rollups than on Ethereum for liquidations, with usage rates of 48.88%, 58.95%, and 22.99% on Arbitrum, Optimism, and zkSync respectively, compared to 5.64% on Ethereum.
Lainaukset
"Maximal Extractable Value (MEV) has become an essential part of Ethereum."
"Rollups do not provide a mempool that publicly advertises pending transactions. Only sequencers can see transactions before they are finalized."
"Our simulation using past mainnet data reveals that attackers could have made roughly 2 million USD profit via cross-layer sandwich attacks."