Phil Daian and a team of smart contract researchers wrote a 2019 paper, “Flash Boys 2.0,” which coined the term “miner extractable value.” For Daian’s team, MEV signified the “total amount of ETH miners can extract from manipulation of transactions within a given time frame.” MEV in this case was coined in the context of proof-of-work consensus mechanisms, in which miners govern the order of and whether or not to include transactions in a block.
