Miner extractable value (MEV) refers to any excess value that a transaction validator can realize by manipulating the ordering of transactions. In this work, we introduce a simple theoretical definition of the 'cost of MEV', prove some basic properties, and show that the definition is useful via a number of examples. In a variety of settings, this definition is related to the 'smoothness' of a function over the symmetric group. From this definition and some basic observations, we recover a number of results from the literature.

翻译：提取者可变价值（MEV）指的是交易验证者通过操纵交易排序所能实现的任何超额价值。本研究提出了一种关于“MEV成本”的简单理论定义，证明其基本性质，并通过若干实例展示该定义的实用性。在不同场景中，该定义与对称群上函数的“平滑性”相关。基于这一定义及若干基本观察，我们重现了文献中的多项结论。