ESMA 對加密貨幣市場的最大可提取價值 (MEV) 提出監管擔憂

歐洲監管機構對區塊鏈交易中使用最大可提取價值（MEV）表示擔憂，並將其標記為潛在的市場濫用形式。歐洲證券和市場管理局 (ESMA) 警告稱，MEV 為了盈利而重新排序交易的做法可能會對市場誠信產生負面影響。然而，產業專家認為 MEV 還可以提高區塊鏈效率。歐洲加密貨幣倡議 (EUCI) 強調 MEV 不應被普遍歸類為市場濫用行為，而金融部門數位化專家 Peter Kerstens 強調了 MEV 的中性影響，同時承認對其潛在的搶先交易和市場誠信問題的擔憂。

Maximum Extractable Value (MEV): A Regulatory Concern in Cryptocurrency Markets

最大可提取價值（MEV）：加密貨幣市場的監管問題

Introduction

介紹

The European Securities and Markets Authority (ESMA) has raised concerns over the practice of maximum extractable value (MEV) in cryptocurrency transactions. MEV involves blockchain operators reordering transactions to increase their profits, a practice that has attracted scrutiny due to its potential to abuse market integrity.

歐洲證券和市場管理局（ESMA）對加密貨幣交易中最大可提取價值（MEV）的做法表示擔憂。 MEV 涉及區塊鏈營運商重新排序交易以增加利潤，這種做法因其可能濫用市場誠信而受到密切關注。

What is Maximum Extractable Value (MEV)?

什麼是最大可提取值 (MEV)？

MEV is a technique employed by certain crypto miners to maximize their earnings by manipulating the order of transactions in a blockchain. By analyzing the sequence of transactions in the network's queue, blockchain operators can insert their own transactions or modify the order of existing ones to extract additional profits.

MEV 是某些加密貨幣礦工採用的技術，透過操縱區塊鏈中的交易順序來最大化其收入。透過分析網路隊列中的交易順序，區塊鏈營運商可以插入自己的交易或修改現有交易的順序以獲取額外的利潤。

ESMA's Concerns

ESMA 的擔憂

ESMA's primary concern with MEV lies in the potential for blockchain operators to engage in frontrunning or sandwich attacks. Frontrunning involves placing a transaction ahead of others in the queue, while a sandwich attack involves placing two transactions around an existing transaction to extract profits. These practices can lead to reduced profits for end-users and raise concerns about the fairness and integrity of the market.

ESMA 對 MEV 的主要擔憂在於區塊鏈營運商參與搶先交易或三明治攻擊的可能性。搶先交易涉及將一筆交易放在隊列中的其他交易之前，而三明治攻擊則涉及在現有交易周圍放置兩筆交易以獲取利潤。這些做法可能會導致最終用戶的利潤減少，並引發對市場公平和誠信的擔憂。

Industry Perspectives

產業視角

While ESMA has raised concerns, some industry experts argue that MEV can have positive effects on blockchain network efficiency. Anja Blaj, a policy expert at the European Crypto Initiative (EUCI), emphasizes that MEV should not be inherently viewed as market abuse and may play a role in compensating validators for their work in securing the network.

儘管 ESMA 引起了擔憂，但一些行業專家認為 MEV 可以對區塊鏈網路效率產生積極影響。歐洲加密倡議 (EUCI) 的政策專家 Anja Blaj 強調，MEV 本質上不應被視為市場濫用，並且可以在補償驗證者保護網路安全方面發揮作用。

Regulatory Framework

監理框架

As part of the European Union's Markets in Crypto Assets (MiCA) legislation, ESMA is tasked with developing measures to combat market abuse in the cryptocurrency sector. The consultation on proposals to tackle market abuse under MiCA includes considerations for activity stemming from not only transactions but also the functioning of distributed ledger technology, such as consensus mechanisms.

作為歐盟加密資產市場 (MiCA) 立法的一部分，ESMA 的任務是製定措施打擊加密貨幣領域的市場濫用。關於 MiCA 下解決市場濫用問題的提案的諮詢不僅包括對交易的考慮，還包括對分散式帳本技術功能（例如共識機制）的考慮。

Expert Opinions

專家意見

Peter Kerstens, an expert in financial sector digitalization and cybersecurity, views MEV as a neutral concept that can raise concerns about market integrity. However, Kerstens acknowledges that MEV does not inherently constitute market abuse and can be beneficial in certain circumstances.

金融部門數位化和網路安全專家 Peter Kerstens 認為 MEV 是一個中立的概念，可能會引起人們對市場誠信的擔憂。然而，Kerstens 承認 MEV 本質上並不構成市場濫用，並且在某些情況下可能是有益的。

Industry Engagement and Clarity

行業參與度和清晰度

Industry watchers and service providers are engaging with ESMA and other regulatory bodies to seek clarity on the rules governing MEV. The European Crypto Initiative is advocating for a clear definition of scenarios involving MEV that constitute market abuse to ensure appropriate regulation and avoid overreach.

產業觀察家和服務提供者正在與 ESMA 和其他監管機構合作，以尋求 MEV 管理規則的明確性。歐洲加密貨幣倡議倡導對涉及 MEV 的構成市場濫用的場景進行明確定義，以確保適當的監管並避免過度監管。

Conclusion

結論

The emergence of maximum extractable value in cryptocurrency transactions has prompted regulatory bodies such as ESMA to consider its potential impact on market integrity. While concerns exist regarding frontrunning and other practices, industry experts emphasize the need for a balanced approach that considers the potential benefits of MEV in promoting network efficiency. Continued engagement between regulators and the industry will be crucial in developing appropriate measures to safeguard market integrity while fostering innovation in the digital asset sector.

加密貨幣交易中最大可提取價值的出現促使 ESMA 等監管機構考慮其對市場誠信的潛在影響。儘管對搶先交易和其他做法存在擔憂，但行業專家強調需要採取平衡的方法，考慮 MEV 在提高網路效率方面的潛在優勢。監管機構和產業之間的持續接觸對於制定適當的措施以維護市場誠信同時促進數位資產產業的創新至關重要。

Disclaimer

免責聲明

The views and opinions expressed in this article are solely those of the author and do not necessarily reflect the official position or views of any organization or institution. Investing in or trading cryptocurrencies or other digital assets involves significant risks and can result in financial losses. It is essential to conduct thorough research and due diligence before making any investment decisions.

本文所表達的觀點和意見僅代表作者個人觀點，不一定反映任何組織或機構的官方立場或觀點。投資或交易加密貨幣或其他數位資產涉及重大風險，並可能導致財務損失。在做出任何投資決定之前，進行徹底的研究和盡職調查至關重要。