We examine the current state of the cross-domain world, with particular focus on the protocols being used/planned for use by multi-domain users. We build on existing frameworks for analyzing how MEV is extracted, while also adding a new categorization of intrinsic-extractable value vs. time-extractable value to describe how MEV is generated for an extractor. Together, this provides us with a framework with which we compare classes of protocols enabling cross-domain MEV, and the MEV occurring within these classes. We analyze each protocol class separately and compare current implementations to an ideal functionality for each. We primarily focus on analyzing the MEV mitigations that these protocols provide, both now, and into the future. In each case, we also outline the technical barriers that current protocol implementations face. With this methodology, we identify sequencers and order-flow auctions as cross-domain protocols with the greatest potential to mitigate MEV, but also as protocols with some of the biggest technical barriers.
翻译:摘要: 我们审视了跨域世界的当前状态,特别关注多域用户正在使用/计划使用的协议。我们在现有框架基础上分析了最大可提取价值(MEV)的提取方式,同时新增了一种分类,即内在可提取价值与时间可提取价值,以描述MEV如何为提取者生成。综合起来,这为我们提供了一个框架,用于比较实现跨域MEV的协议类别以及这些类别内发生的MEV。我们分别分析每个协议类别,并将当前实现与每种协议的理想功能进行比较。我们主要侧重于分析这些协议当前及未来所提供的MEV缓解措施。在每种情况下,我们还概述了当前协议实现面临的技术障碍。通过这种方法论,我们确定了排序器和订单流拍卖是具有最大潜力缓解MEV的跨域协议,但同时也是面临最大技术障碍的一些协议。