Summary

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The concept of MEV originates from the structural design of blockchains where transaction ordering rights confer economic opportunities to block producers independent of protocol incentives such as gas fees or block rewards.

The term “maximal extractable value” replaced “miner extractable value” after Ethereum transitioned to proof-of-stake in The Merge (2022), to encompass extraction methods used by both miners and validators.

The term MEV was first coined by the researchers Phil Daian, Steven Goldfeder, Tyler Kell, Yunqi Li, Xueyuan Zhao, Iddo Bentov, and Ari Juels in their paper titled "Flash Boys 2.0"

Maximal Extractable Value (MEV) is the quantifiable profit a block producer can obtain by arbitrarily ordering, including, or excluding transactions during the construction of a block in a permissionless blockchain.

Maximal Extractable Value (MEV) is a widespread and economically significant phenomenon, generating hundreds of millions in profits for those who exploit transaction ordering during block production across multiple blockchain ecosystems.

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