The Ethereum network is facing a potential crisis from miners’ plans to reorganize the blockchain.

Ethereum blockchain in crisis MEV

Twitter user Edgar Arout and a developer are intensifying their efforts to exploit the Miner Extractable Value (MEV) vulnerability in the Ethereum protocol. This will include chain refactoring to take advantage of users’ high transaction fees.

Here is the repo – https://t.co/UQrxqtt6mw

Seekers – open all questions for your design on the API – what should the Uncle Reorg’s RPC look like?

aka – {“parent”: , remove_txns: array, new_txns: array}

– Edgar (Էդգար) (@EdgarArout) July 9, 2021

“Define all of your design problems on the API – however you want, the reorganization of the block looks like this … “

MEV refers to a miner’s ability to indicate when, how, and where transactions are placed in a block. This process can be used to extract additional revenue per block by reorganizing transactions within the block in different ways.

“MEV encompasses both regular profits from transaction fees, block bonuses and” unconventional “profits from reordering transactions, inserting transactions and transaction moderation in the block that the miners create,” he wrote in a post.

MEV arbitrage strategies mostly include bots that identify the outstanding transaction in the Ethereum meme pool and target it in a targeted manner. The process usually waits for a matching transaction and then copies that transaction with a higher gas price to be executed before the sender.

Flashbots is a group that documents and researches the growing use of arbitrage bots in the blockchain. They say competing bots charge transaction fees for early block placement and execution.

Based on the team’s work, they concluded that the process poses a risk to consensus-level security and thus poses a “real threat to Ethereum”.

But in reality, Edgar Arout’s proposal will help miners refactor the Ethereum blockchain to extract as many MEVs as possible.

Community Say what?

Unsurprisingly, this has met with strong resistance from the Ethereum community.

Members have a voice like the famous Chainlink advocate. “Chain link God“Criticized the proposal as” not a good idea “.

“Helping miners reorganize the Ethereum blockchain at some point in the past to extract MEVs is not a good idea. Not only does this result in a worse user experience (more confirmations), but it can destabilize the chain if there is a large MEV opportunity and the chain pauses because miners are looking for it.

SushiSwap. Mudit Gupta Core Developer suppose i think could be a lot worse. Such a revamped service could result in miners monetizing DeFi attacks for themselves or even for carpet pullers.

Gupta compared it to a 51% attack, but as a product. However, he admits that the community is powerless to stop EdgarArout from proceeding with his plan. Plus, it can only minimize the chance of an attack.

“This is basically a 51 percent attack that was introduced as a product. We can’t stop people from creating / making it available. What we can do is make it less possible. Removing rewards for orphaned blocks and increasing rewards for normal blocks can help. “

At home at home

According to Forkast

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