Thus,wedefinedthreevolumescalculations:
Sandwichvolume:Onlycountedthevictimsvolumethatgotcaughtinthesandwichattack
Arbitragevolume:CalculatedthevolumeforCurveliquiditypoolsonlyandexcludedvolumefromothervenues
Totalvolumeforarbitrageandsandwichbotstransactions:calculatedthevolumeforbothMEVtypesfromarbitragevolumeandsandwichvolume.
Figure7showsthetotalvolumecontributionfromarbitrageandsandwichbotstransactionsduringtheperiodfromJune1sttoOct31st.
Figure7:Totalvolumefromarbitrageandsandwichbotstransactions
Wecouldnoticeagappyphenomenoninthevolumeplot—thetotalvolumefellsharplyinJuly,withrecoveredgrowthinAugustandSeptember.
ArbitragevolumeandvolumefromtotalMEVbotstransactionshaddifferentvolumetrends.InJuly,thearbitragevolumeexhibitedhigherdrop,whichindicatesthatarbitragebotswerelessactivebecauseoftheoverallmarketconditions,suchashighertransactionfeesevaluatedbyEthereumgasprices.ThetotalvolumeofMEVtransactionsweremorestablecomparedtothearbitragevolumedespiteinthefallingtrend.
Asabovementioned,MEVbotstransactinthetradingvolumecompositely,influencingthetotalvolumeevenwhenitwasajointcontributionofdifferentbehavioralpatterns.WefurtherexpandedthisinvestigationintotemporaldistributionandvolumefrequencyanalysisforbothMEVtypes.
Conclusions
CurveisadeFiinfrastructureoperatingforstablecoinmetricswithuniquefeaturesandsupportedbythreetypesofliquiditypools.The3-tokenpoolanduniquepricecurvecanononlyreducefinancialrisksinherentinstablecoinsbutalsodeliverlesservicetocustomerswithlowerfeesandslippage.CurvedoesfaceMEVattacks,buthasgeneratedsignificantrevenuefrombotinterference.WeobservedequalinterestintheMEVmarketfrombotharbitrageandsandwichagents.Afterfilteringoutnon-Curvevolumedata,weobservedthatbotswerelessactiveinJulyduetohighEthereumgaspricesandoverallbearishmarketconditions.However,onestableobservationisbothMEVtypesgeneratedsignificantrevenuecomparedtothetotalrevenuegeneratedbyCurvepoolsthemselves.
Weshowedthroughouranalysisofthetotalvolumefromarbitrageandsandwichbotstransactionsthatarbitragetakesthemajorityofthevolumeduetothefactthatakeyparameterformarketfluctuations—pricechange—isoneofthefoundationalfeatureofarbitrageprofitopportunities.Sandwichattacks,however,arespreadoutsituationsanddonotdirectlyinflictthedecisivemarketimpact.Inmostcases,theytargetuserswithlessexpressivenaturewhencomparedtoarbitragebots.
Fromthevolumefrequencyanalysis,thesandwichattacksarefoundtohaveahighervolumepertransaction.Butduetothespreadoutnatureofthesandwichattackswecouldnoticeadecliningsandwichpercentageinthesummedtransfersofthatmeantotaltransactionevents.Basedontheseobservations,resilientdesignagainstbothMEVtypesisnecessary.Formoredetails,pleasereferencethemainbodyofthereport.
Overall,wehopeourreportwillprovidevaluableinsightsforstakeholdersandresearchersinterms ofthestrategiesagainstMEVactivitiesandhowwecanimprovetheefficiencyofpricediscoveryinAMMmarkets.
原文作者:James Prestwich 原文编译:aididiaojp.eth,Foresight News 最近我写了一篇名为《MEV 的第一个五年:从 Flashbots 诞生前说起》,作为今天这篇文章的前传。...
原文作者:Peng SUN,Foresight NewsMEV(Maximal Extractable Value,最大可提取价值)是指 MEV 搜索者、区块构建者对未打包的交易进行排序后可提取的经济收益。在相当长的时间...
原文作者:雨中狂睡原文编辑:DavidMEV(Maximal Extractable Value 最大可提取价值)是加密世界最重要的议题之一。它是指验证者通过添加、删除并更改区块中的交易顺序,在超过标准区块奖励和 Gas...
原文作者:Daniel Li,CoinVoice在区块链领域,最大化价值提取(MEV)问题一直备受关注。MEV 是一种在区块构建过程中通过优化交易顺序从中获利的手段。虽然 MEV 带来了巨大的利润,但这些收益主要流向了 ...