ESMA 对加密货币市场的最大可提取价值 (MEV) 提出监管担忧

欧洲监管机构对区块链交易中使用最大可提取价值（MEV）表示担忧，并将其标记为潜在的市场滥用形式。欧洲证券和市场管理局 (ESMA) 警告称，MEV 为了盈利而重新排序交易的做法可能会对市场诚信产生负面影响。然而，行业专家认为 MEV 还可以提高区块链效率。欧洲加密货币倡议 (EUCI) 强调 MEV 不应被普遍归类为市场滥用行为，而金融部门数字化专家 Peter Kerstens 强调了 MEV 的中性影响，同时承认对其潜在的抢先交易和市场诚信问题的担忧。

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

最大可提取价值（MEV）：加密货币市场的监管问题

Introduction

介绍

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.

欧洲证券和市场管理局（ESMA）对加密货币交易中最大可提取价值（MEV）的做法表示担忧。 MEV 涉及区块链运营商重新排序交易以增加利润，这种做法因其可能滥用市场诚信而受到密切关注。

What is Maximum Extractable Value (MEV)?

什么是最大可提取值 (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 是某些加密货币矿工采用的一种技术，通过操纵区块链中的交易顺序来最大化其收入。通过分析网络队列中的交易顺序，区块链运营商可以插入自己的交易或修改现有交易的顺序以获取额外的利润。

ESMA's Concerns

ESMA 的担忧

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 对 MEV 的主要担忧在于区块链运营商参与抢先交易或三明治攻击的可能性。抢先交易涉及将一笔交易放在队列中的其他交易之前，而三明治攻击则涉及在现有交易周围放置两笔交易以获取利润。这些做法可能会导致最终用户的利润减少，并引发对市场公平和诚信的担忧。

Industry Perspectives

行业视角

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.

尽管 ESMA 引起了担忧，但一些行业专家认为 MEV 可以对区块链网络效率产生积极影响。欧洲加密倡议 (EUCI) 的政策专家 Anja Blaj 强调，MEV 本质上不应被视为市场滥用，并且可以在补偿验证者保护网络安全方面发挥作用。

Regulatory Framework

监管框架

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.

作为欧盟加密资产市场 (MiCA) 立法的一部分，ESMA 的任务是制定措施打击加密货币领域的市场滥用行为。关于 MiCA 下解决市场滥用问题的提案的磋商不仅包括对交易的考虑，还包括对分布式账本技术功能（例如共识机制）的考虑。

Expert Opinions

专家意见

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.

金融部门数字化和网络安全专家 Peter Kerstens 认为 MEV 是一个中立的概念，可能会引起人们对市场诚信的担忧。然而，Kerstens 承认 MEV 本质上并不构成市场滥用，并且在某些情况下可能是有益的。

Industry Engagement and Clarity

行业参与度和清晰度

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.

行业观察家和服务提供商正在与 ESMA 和其他监管机构合作，以寻求 MEV 管理规则的明确性。欧洲加密货币倡议倡导对涉及 MEV 的构成市场滥用的场景进行明确定义，以确保适当的监管并避免过度监管。

Conclusion

结论

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.

加密货币交易中最大可提取价值的出现促使 ESMA 等监管机构考虑其对市场诚信的潜在影响。尽管对抢先交易和其他做法存在担忧，但行业专家强调需要采取平衡的方法，考虑 MEV 在提高网络效率方面的潜在优势。监管机构和行业之间的持续接触对于制定适当的措施以维护市场诚信同时促进数字资产行业的创新至关重要。

Disclaimer

免责声明

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.

本文表达的观点和意见仅代表作者个人观点，并不一定反映任何组织或机构的官方立场或观点。投资或交易加密货币或其他数字资产涉及重大风险，并可能导致财务损失。在做出任何投资决定之前，进行彻底的研究和尽职调查至关重要。