Maximal Extractable Value (MEV) significantly influences network incentives, consensus safety, and economic dynamics, and has been extensively studied within the Ethereum blockchain domain. However, MEV is not specific to Ethereum, and extends to other blockchain platforms with differing properties, such as Algorand. Algorand, a smart-contract-based blockchain employing a Byzantine-Fault Tolerant consensus mechanism and Pure-Proof-of-Stake, is characterized by a First-Come-First-Serve transaction ordering mechanism and minimal fixed transaction fees. This paper provides the first exploration of the MEV landscape on Algorand, focusing on arbitrage MEV patterns, key actors, their strategic preferences, transaction positioning strategies, and the influence of Algorand's network infrastructure on MEV searching. We observed 1,142,970 arbitrage cases, with a single searcher executing 653,001. Different searchers demonstrated diverse strategies, reflected in the varied distribution of profitable block positions. Nonetheless, the even spread of arbitrage positions across a block indicates an emphasis on immediate backrunning executions. Furthermore, we identified 265,637 instances of Batch Transaction Issuances, where an address occupied over 80% of a block with a singular transaction type.

翻译：最大可提取价值（MEV）显著影响着网络激励、共识安全性与经济动态，已在以太坊区块链领域得到广泛研究。然而，MEV并非以太坊所独有，其影响延伸至其他具有不同特性的区块链平台，例如Algorand。Algorand是一种采用拜占庭容错共识机制与纯权益证明的智能合约区块链，其特征包括先进先出交易排序机制与极低的固定交易费用。本文首次探索了Algorand上的MEV格局，重点关注套利MEV模式、关键参与者及其策略偏好、交易定位策略，以及Algorand网络基础设施对MEV搜索的影响。我们观察到1,142,970个套利案例，其中单个搜索者执行了653,001次。不同搜索者展现出多样化策略，反映在盈利区块位置分布的差异上。然而，套利位置在区块内的均匀分布表明其侧重于即时后运行执行。此外，我们识别出265,637个批量交易发布实例，其中某个地址以单一交易类型占据了超过80%的区块空间。