Max Resnick, head of research at SMG, posted on social media that MEV is fundamentally about control. Proposers can control which transactions are counted in blocks and in what order they are counted. In other words, MEV is about vetting and reordering. The good news is that it is possible to fix this.
The first step is to solve the censorship resistance by setting up multiple proponents in parallel. The second step is to solve the reordering problem. Once a multi-proponent architecture is in place, proponents can agree on a set of disordered transactions, and the execution layer is responsible for ordering them using deterministic rules.
In response, Vitalik Buterin, co-founder of Ethereum, replied that wouldn't this lead people to collect MEVs by flooding the chain with a large number of transactions, thus maximizing their chances of becoming the first one? Therefore, you will still get "MEV auctions", but will bring more negative externalities to the protocol.
We saw this during the ICO era in 2017, when some projects tried to ban transactions with gas fees higher than 50, resulting in a large number of junk chains.
Vitalik: Try to ban transactions with gas fees higher than 50, there will be a lot of junk chains
2024-07-05 00:16:11
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