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Problem Description
It’s anecdotally known that MEV block auctions have shifted dramatically over the past two years with latency becoming an increasingly important factor in determining which builder wins. We would like to illuminate this evolution and investigate the interplay with increasing relay sophistication (through relay timing games) to discuss the evolving incentives in, and the future of, the MEV supply chain.
The cumulative distribution by half year of how many competitive bids are still leading after a given period of time has passed. We see significant quickening in bid turnover, with the median duration as the best bid dropping from 84 ms to 20 ms over the course of 18 months.
Related Notes
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