"We additionally show that high fees paid for priority transaction ordering poses a systemic risk to consensus-layer security. We explain that such fees are just one form of a general phenomenon in DEXes and beyond—what we call miner extractable value (MEV)—that poses concrete, measurable, consensus-layer security risks. We show empirically that MEV poses a realistic threat to Ethereum today."

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Today we're reading through part one of the Flashboys 2.0, the seminal piece of research that introduced the concept of MEV. This readthrough is slightly different as the complexity of the paper required me to stop and offer explainers throughout. MEV is a concept that is critical to understand as it poses consensus layer risks to Ethereum 2.0 and opens up attack vectors which we'll be exploring in future read throughs.

The full paper can be read here: https://arxiv.org/pdf/1904.05234.pdf