歐盟監管機構以濫用問題為由調查加密市場中的 MEV

歐盟監管機構對區塊鏈交易中普遍存在的最大可提取價值（MEV）技術相關的市場濫用表示擔憂，特別是在 DeFi 和 DEX 環境中。 MEV 涉及預覽待處理交易並重新排序以獲取經濟利益，這引發了人們對其對公平市場慣例的潛在影響的質疑。

European Regulators Eye Maximal Extractable Value (MEV) in Crypto Markets, Raising Concerns of Market Abuse

歐洲監管機構關注加密貨幣市場的最大可提取價值（MEV），引發市場濫用擔憂

Brussels, March 25, 2023 – Recent proposals for the European Union's Markets in Crypto-Assets (MiCA) Regulation have drawn attention to the potential for market abuse through a technique known as "maximal extractable value" (MEV).

布魯塞爾，2023 年 3 月 25 日——歐盟加密資產市場 (MiCA) 監管的最新提案引起了人們對透過「最大可提取價值」(MEV) 技術濫用市場的可能性的關注。

MEV refers to practices by transaction processors (e.g., miners or validators) to preview pending transactions and re-order them in a self-advantageous manner. This ability, enabled by the publicly available information in the mempool, has raised concerns among European Securities and Markets Authority (ESMA) regulators.

MEV 是指交易處理者（例如礦工或驗證者）預覽待處理交易並以對自身有利的方式重新排序的做法。這種由記憶​​體池中公開資訊實現的能力引起了歐洲證券和市場管理局（ESMA）監管機構的擔憂。

According to ESMA, these practices may indicate potential market abuse, particularly in the context of smart contract-based transactions on blockchains like Ethereum. The agency has proposed reporting obligations for digital asset service providers to detect and prevent such abuse, safeguarding investor protection and operational resilience.

根據 ESMA 的說法，這些做法可能表明潛在的市場濫用，特別是在以太坊等區塊鏈上基於智能合約的交易的背景下。該機構已提議數位資產服務提供者承擔報告義務，以發現和防止此類濫用行為，從而保障投資者保護和營運彈性。

However, the distinction between legitimate value extraction and market manipulation remains a critical issue. While MEV techniques can enhance efficiency in transaction processing, they also present opportunities for malicious actors to exploit market conditions for personal gain.

然而，合法價值提取和市場操縱之間的區別仍然是一個關鍵問題。雖然 MEV 技術可以提高交易處理的效率，但它們也為惡意行為者提供了利用市場條件謀取個人利益的機會。

Understanding MEV

了解 MEV

MEV practices originated from theoretical discussions in the Ethereum ecosystem, where miners could arbitrarily reorder transactions to profit from information about pending contract executions. These practices have evolved with the blockchain's transition to a proof-of-stake consensus algorithm, with validators now leveraging automated bots to scan and replicate high-value transactions.

MEV 實踐起源於以太坊生態系統中的理論討論，礦工可以任意重新排序交易，以從有關未決合約執行的資訊中獲利。這些實踐隨著區塊鏈向權益證明共識演算法的轉變而不斷發展，驗證器現在利用自動化機器人來掃描和複製高價值交易。

In the context of decentralized exchanges (DEXs) and decentralized finance (DeFi) platforms, MEV bots can front-run large trades or exploit price swings, leading to sandwich attacks that harm unsuspecting investors. Arbitrage opportunities also play a significant role, with bots capitalizing on subtle price differences across platforms.

在去中心化交易所 (DEX) 和去中心化金融 (DeFi) 平台的背景下，MEV 機器人可以搶先進行大額交易或利用價格波動，從而導致三明治攻擊，從而傷害毫無戒心的投資者。套利機會也發揮重要作用，機器人利用跨平台的微妙價格差異。

Market Abuse Concerns

市場濫用問題

Regulators are particularly concerned about the potential for sandwich attacks, which can result in price slippage and reduced returns for victims. These attacks leverage MEV bots to detect and execute trades before large orders, manipulating prices to the detriment of unsuspecting participants.

監管機構特別擔心三明治攻擊的可能性，這可能導致價格下滑並減少受害者的回報。這些攻擊利用 MEV 機器人在大訂單之前檢測和執行交易，操縱價格，損害毫無戒心的參與者的利益。

Moreover, MEV practices can exacerbate market imbalances, providing advantages to those with access to advanced technologies and information. This raises concerns about equal opportunities for market participants and the integrity of the trading process.

此外，MEV 實踐可能會加劇市場失衡，為那些獲得先進技術和資訊的人提供優勢。這引起了人們對市場參與者平等機會和交易過程完整性的擔憂。

MEV on BSV Blockchain

BSV 區塊鏈上的 MEV

The Bitcoin Satoshi Vision (BSV) blockchain presents a unique perspective on MEV. With its high throughput and low transaction fees, the network minimizes the incentive for re-ordering transactions based on profitability.

比特幣中本聰願景（BSV）區塊鏈呈現了 MEV 的獨特視角。憑藉其高吞吐量和低交易費用，該網路最大限度地減少了基於盈利能力重新排序交易的動機。

Additionally, BSV smart contract functionality is executed off-chain, reducing the visibility of transaction details to miners. While theoretical MEV techniques could emerge in the future, the current network design significantly limits their viability.

此外，BSV 智能合約功能是在鏈外執行的，降低了礦工對交易細節的可見度。雖然理論 MEV 技術將來可能會出現，但目前的網路設計極大地限制了它們的可行性。

Regulatory Implications

監管影響

The MiCA proposals signal increasing regulatory scrutiny of MEV practices. Digital asset service providers will be obligated to report potential market abuse identified through MEV monitoring. This regulatory approach aims to balance market innovation with investor protection and fair competition.

MiCA 提案標誌著對 MEV 實踐加強監管審查。數位資產服務提供者將有義務報告透過 MEV 監控發現的潛在市場濫用行為。這種監管方法旨在平衡市場創新與投資者保護和公平競爭。

The impact of these regulations on the wider crypto ecosystem remains to be seen. However, they underscore the need for a comprehensive understanding of MEV techniques and their potential implications for market integrity.

這些法規對更廣泛的加密生態系統的影響仍有待觀察。然而，他們強調需要全面了解 MEV 技術及其對市場完整性的潛在影響。

Conclusion

結論

The exploration of maximal extractable value (MEV) in the context of crypto markets continues to raise questions about market abuse and the need for regulatory oversight. As the industry evolves, regulators will likely play a crucial role in establishing safeguards to ensure fair and transparent trading practices. Ultimately, the goal is to foster a sustainable and thriving digital asset ecosystem that benefits both investors and the broader economy.

在加密貨幣市場背景下對最大可提取價值（MEV）的探索不斷引發有關市場濫用和監管必要性的問題。隨著產業的發展，監管機構可能會在建立保障措施以確保公平和透明的交易行為方面發揮關鍵作用。最終目標是培育一個可持續且蓬勃發展的數位資產生態系統，使投資者和更廣泛的經濟都受益。