What’s MEV?

For the uninitiated, Maximal Extractable Value (MEV) involves various techniques used by market actors to capture additional value by exploiting price inefficiencies in blockchain transactions.

One naive form of MEV is called “transaction sniping.”

Most recently, manifestations of this phenomenon have begun populating your local Bitcoin memepools because of ordinals trading. Without going into too much detail, the way on-chain trading currently works is through the use of pre-signed Bitcoin transactions (PSBTs). The concept is simple: some users list pictures on a marketplace by crafting a transaction with the details and the price they would like to sell it at. You, a cat…

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