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SoK: The Evolution of Maximal Extractable Value, From Miners to Cross-Chain

Davide Mancino, Hasret Ozan Sevim

TL;DR

This Systematization of Knowledge (SoK) provides a comprehensive historical analysis of Maximal Extractable Value in blockchain systems, tracing its conceptual evolution through three distinct eras, and proposes a research agenda for standardized metrics, detection benchmarks, and cross-chain infrastructure design.

Abstract

This Systematization of Knowledge (SoK) provides a comprehensive historical analysis of Maximal Extractable Value (MEV) in blockchain systems, tracing its conceptual evolution through three distinct eras. We organize the fragmented literature on MEV into a unified chronological framework, beginning with Era~I (August 2014 - August 2020), which introduced Miner Extractable Value from pmcgoohan's seminal Reddit warning through the ``Dark Forest'' recognition, covering Proof-of-Work systems with public mempools and Priority Gas Auctions. Era~II (August 2020 - April 2024) marks the generalization to Maximal Extractable Value, encompassing formal taxonomies, Realized Extractable Value, Proposer-Builder Separation, the Ethereum Merge, MEV-Boost, and the integration of non-atomic and CEX-DEX arbitrage. Era~III (April 2024, present) addresses the frontier of Cross-Chain MEV, beginning with early studies on Layer-2 ecosystems, where value extraction spans multiple blockchains, rollups, bridges, and sequencers. We present a conceptual taxonomy distinguishing potential from realized extractable value, and single-domain from cross-domain phenomena. Our systematization identifies mitigations that emerged in response to each era, highlights measurement challenges, and proposes a research agenda for standardized metrics, detection benchmarks, and cross-chain infrastructure design.

SoK: The Evolution of Maximal Extractable Value, From Miners to Cross-Chain

TL;DR

This Systematization of Knowledge (SoK) provides a comprehensive historical analysis of Maximal Extractable Value in blockchain systems, tracing its conceptual evolution through three distinct eras, and proposes a research agenda for standardized metrics, detection benchmarks, and cross-chain infrastructure design.

Abstract

This Systematization of Knowledge (SoK) provides a comprehensive historical analysis of Maximal Extractable Value (MEV) in blockchain systems, tracing its conceptual evolution through three distinct eras. We organize the fragmented literature on MEV into a unified chronological framework, beginning with Era~I (August 2014 - August 2020), which introduced Miner Extractable Value from pmcgoohan's seminal Reddit warning through the ``Dark Forest'' recognition, covering Proof-of-Work systems with public mempools and Priority Gas Auctions. Era~II (August 2020 - April 2024) marks the generalization to Maximal Extractable Value, encompassing formal taxonomies, Realized Extractable Value, Proposer-Builder Separation, the Ethereum Merge, MEV-Boost, and the integration of non-atomic and CEX-DEX arbitrage. Era~III (April 2024, present) addresses the frontier of Cross-Chain MEV, beginning with early studies on Layer-2 ecosystems, where value extraction spans multiple blockchains, rollups, bridges, and sequencers. We present a conceptual taxonomy distinguishing potential from realized extractable value, and single-domain from cross-domain phenomena. Our systematization identifies mitigations that emerged in response to each era, highlights measurement challenges, and proposes a research agenda for standardized metrics, detection benchmarks, and cross-chain infrastructure design.
Paper Structure (65 sections, 2 equations, 3 figures, 8 tables)

This paper contains 65 sections, 2 equations, 3 figures, 8 tables.

Table of Contents

  1. Introduction
  2. Motivation and Scope
  3. Organizing Principles
  4. Contributions
  5. Preliminaries and Definitions
  6. Transaction Ordering and Block Production
  7. Domains and Sequencers
  8. Single-Domain Extractable Value
  9. Cross-Domain Extractable Value
  10. Potential vs. Realized Extractable Value
  11. MEV Primitives and Strategies
  12. Ordering Primitives
  13. Derived Strategies
  14. Era I: Miner Extractable Value
  15. The Birth of MEV: pmcgoohan's Warning (August 2014)
  16. ...and 50 more sections

Figures (3)

  • Figure 1: Timeline of MEV evolution across three eras. The timeline illustrates the progression from Miner Extractable Value in Era I through the industrialization of extraction in Era II to the cross-chain frontier in Era III, with key publications and infrastructure developments marked at their respective dates.
  • Figure 2: Evolution of MEV extraction infrastructure. The figure compares the transaction flow from miner-dominated ordering in Era I, to the PBS architecture in Era II, and to the cross-chain of Era III, where execution spans multiple chains.
  • Figure 3: Cross-Domain MEV Attack Surface. The graph depicts the multi-domain ecosystem where cross-chain MEV operates, with nodes representing ordering domains and edges representing value-extraction paths. Edge thickness reflects empirical extraction volume, while annotations indicate the types of MEV strategies applicable to each path. The visualization highlights how sequencer control at different nodes creates extraction opportunities spanning the ecosystem.