Maximal Extractable Value (MEV) has emerged as a new frontier in the design of blockchain systems. The marriage between decentralization and finance gives the power to block producers (a.k.a., miners) not only to select and add transactions to the blockchain but, crucially, also to order them so as to extract as much financial gain as possible for themselves. Whilst this price may be unavoidable for the service provided by block producers, users of the chain may in the long run prefer to use less predatory systems. In this paper, we propose to make the MEV extraction rate part of the protocol design space. Our aim is to leverage this parameter to maintain a healthy balance between miners (who need to be compensated) and users (who need to feel encouraged to transact). Inspired by the principles introduced by EIP-1559 for transaction fees, we design a dynamic mechanism which updates the MEV extraction rate with the goal of stabilizing it at a target value. We analyse the evolution of this dynamic mechanism under various market conditions and provide formal guarantees about its long-term performance. Our results show that even when the system behavior is provably chaotic, the dynamics guarantee long-term liveness (survival) and robustness of the system. The main takeaway from our work is that the proposed system exhibits desirable behavior (near-optimal performance) even when it operates in out of equilibrium conditions that are often met in practice. Our work establishes, the first to our knowledge, dynamic framework for the integral problem of MEV sharing between extractors and users.

翻译：最大可提取价值（Maximal Extractable Value，MEV）已成为区块链系统设计的新前沿。去中心化与金融的结合赋予区块生产者（即矿工）权力，不仅能够选择并添加交易至区块链，更重要的是，还能对交易进行排序，从而为自己提取尽可能多的经济利益。尽管这一代价对于区块生产者提供的服务而言可能不可避免，但链上用户从长远来看可能更倾向于使用掠夺性较弱的系统。在本文中，我们提议将MEV提取率纳入协议设计空间。我们的目标是利用这一参数在矿工（需要获得补偿）与用户（需要感到交易受到鼓励）之间维持健康平衡。受EIP-1559交易费用设计原则的启发，我们设计了一种动态机制，该机制更新MEV提取率，旨在将其稳定在目标值附近。我们分析了该动态机制在不同市场条件下的演化过程，并对其长期性能提供了形式化保证。结果表明，即使系统行为被证明是混沌的，该动态机制也能确保系统的长期活跃性（存续性）与鲁棒性。我们工作的主要结论是：即使系统运行于实践中常见的非均衡条件下，所提出的系统也能展现出理想行为（接近最优性能）。据我们所知，我们的工作首次为提取者与用户之间的MEV共享这一关键问题建立了动态框架。