欧盟监管机构以滥用问题为由调查加密市场中的 MEV

欧盟监管机构对区块链交易中普遍存在的最大可提取价值（MEV）技术相关的市场滥用表示担忧，特别是在 DeFi 和 DEX 环境中。 MEV 涉及预览待处理交易并重新排序以获取经济利益，这引发了人们对其对公平市场惯例的潜在影响的质疑。

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

欧洲监管机构关注加密货币市场的最大可提取价值（MEV），引发市场滥用担忧

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).

布鲁塞尔，2023 年 3 月 25 日——欧盟加密资产市场 (MiCA) 监管的最新提案引起了人们对通过“最大可提取价值”(MEV) 技术滥用市场的可能性的关注。

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 是指交易处理者（例如矿工或验证者）预览待处理交易并以对自身有利的方式重新排序的做法。这种由内存池中公开信息实现的能力引起了欧洲证券和市场管理局（ESMA）监管机构的担忧。

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.

根据 ESMA 的说法，这些做法可能表明潜在的市场滥用，特别是在以太坊等区块链上基于智能合约的交易的背景下。该机构已提议数字资产服务提供商承担报告义务，以发现和防止此类滥用行为，从而保障投资者保护和运营弹性。

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，合法价值提取和市场操纵之间的区别仍然是一个关键问题。虽然 MEV 技术可以提高交易处理的效率，但它们也为恶意行为者提供了利用市场条件谋取个人利益的机会。

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 实践起源于以太坊生态系统中的理论讨论，矿工可以任意重新排序交易，以从有关未决合约执行的信息中获利。这些实践随着区块链向权益证明共识算法的转变而不断发展，验证器现在利用自动化机器人来扫描和复制高价值交易。

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 机器人可以抢先进行大额交易或利用价格波动，从而导致三明治攻击，从而伤害毫无戒心的投资者。套利机会也发挥着重要作用，机器人利用跨平台的微妙价格差异。

Market Abuse Concerns

市场滥用问题

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.

监管机构特别担心三明治攻击的可能性，这可能导致价格下滑并减少受害者的回报。这些攻击利用 MEV 机器人在大订单之前检测和执行交易，操纵价格，损害毫无戒心的参与者的利益。

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 实践可能会加剧市场失衡，为那些获得先进技术和信息的人提供优势。这引起了人们对市场参与者平等机会和交易过程完整性的担忧。

MEV on BSV Blockchain

BSV 区块链上的 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.

比特币中本聪愿景（BSV）区块链呈现了 MEV 的独特视角。凭借其高吞吐量和低交易费用，该网络最大限度地减少了基于盈利能力重新排序交易的动机。

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 智能合约功能是在链外执行的，降低了矿工对交易细节的可见性。虽然理论 MEV 技术将来可能会出现，但当前的网络设计极大地限制了它们的可行性。

Regulatory Implications

监管影响

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 提案标志着对 MEV 实践加强监管审查。数字资产服务提供商将有义务报告通过 MEV 监控发现的潜在市场滥用行为。这种监管方法旨在平衡市场创新与投资者保护和公平竞争。

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.

这些法规对更广泛的加密生态系统的影响仍有待观察。然而，他们强调需要全面了解 MEV 技术及其对市场完整性的潜在影响。

Conclusion

结论

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.

在加密货币市场背景下对最大可提取价值（MEV）的探索不断引发有关市场滥用和监管必要性的问题。随着行业的发展，监管机构可能会在建立保障措施以确保公平和透明的交易行为方面发挥关键作用。最终目标是培育一个可持续且蓬勃发展的数字资产生态系统，使投资者和更广泛的经济都受益。