MEVA: The New Rule Maker of the Blockchain World

In the development of blockchain technology, regulation has always been a crucial topic. Unlike traditional financial markets, the "law" in the blockchain world is determined by code writers. This power is particularly evident among block builders at the very bottom layer of blockchain architecture.

The role of block builders is to select transactions from the memory pool and assemble blocks, which are then propagated throughout the network to achieve consensus. Different blockchain platforms have different block building mechanism designs. For example, the mainstream solution on Ethereum is provided by a certain company, while other companies dominate on some emerging public chains.

MEVA (Miner Extractable Value Auction Infrastructure) is a framework designed to address potential issues in the block construction process. Its primary goal is to achieve stability, competitiveness, and decentralization of gas fees. MEVA encourages stakeholders to increase positive impacts and reduce negative impacts in the block construction process through a rational economic incentive mechanism.

In the Ethereum network, a widely adopted solution is the proposer-builder separation (PBS). This mechanism breaks down the block building process into multiple roles: users, block producers, relayers, block proposers, and seekers. By decentralizing interests, this approach promotes a fairer and more efficient block building process. However, this method also faces the risk of centralization, as some major block builders have captured a large portion of the market share.

A certain emerging public chain plans to launch a high-performance EVM-compatible layer 1 Blockchain that can process 10,000 transactions per second, with a block time of only 1 second. This design brings some unique challenges, including state uncertainty, limited block simulation time window, and execution uncertainty.

In response to these challenges, a professional team is developing a new MEVA solution. The team members have extensive experience in high-frequency trading, quantitative hedge funds, and the cryptocurrency industry. They plan to launch a liquidity staking protocol on the testnet of the new public blockchain and release the initial version of the MEVA system.

The goal of this project is to ensure a good user experience and a profitable Block building process. During the testnet phase, the team invited various parties to participate in testing and provide feedback in preparation for the mainnet launch. Future development plans include protecting RPC against sandwich attacks and developing analytical dashboards, among others.

The development of MEVA represents an important advancement in blockchain technology regarding internal governance and efficiency optimization. With the emergence of more innovative solutions, we can expect to see the blockchain ecosystem become more efficient, equitable, and secure.