This paper tackles the discovery of tMEV, that is, the Maximal Extractable Value on blockchains that arises from Token smart contracts. This scope differs from the existing MEV-discovery research, which analyzes application-layer contracts or attacker contracts, but ignores the wide and diverse range of token contracts. This paper presents a pipeline of techniques for tMEV discovery, including tSCAN, a static analysis tool for identifying non-standard supply-control functions in token contracts, and tSEARCH, a searcher that uncovers profitable tMEV opportunities by generating, refining, and solving token-specific constraints. By replaying real-world transactions, this paper demonstrates both the profitability of tMEV strategies and existing searchers' unawareness of them: the proposed tSEARCH extracts $10\times$ more profit than observed MEV activity on Ethereum. The practicality of tMEV searching is demonstrated through a prototype built on Slither, showing high effectiveness with low performance overhead.

翻译：本文致力于探索tMEV，即区块链中由代币智能合约产生的最大可提取价值。该研究范畴有别于现有MEV发现研究——现有研究主要分析应用层合约或攻击者合约，却忽视了广泛且多样化的代币合约领域。本文提出了一套tMEV发现技术流程，包括：tSCAN（用于识别代币合约中非标准供应控制功能的静态分析工具）和tSEARCH（通过生成、优化和求解代币特定约束来发现盈利性tMEV机会的搜索器）。通过重放真实交易数据，本文同时证明了tMEV策略的盈利性及现有搜索器对其的未察觉性：所提出的tSEARCH在以太坊上提取的利润比观测到的MEV活动高出10倍。基于Slither构建的原型系统展示了tMEV搜索的实用性，在实现高效能的同时保持了较低的性能开销。