在先进先出区块链上玩 MEV 博弈
Playing the MEV Game on a First-Come-First-Served Blockchain
AI总结：
本文研究 Algorand 等 FCFS 区块链上的 MEV 提取博弈，提出适配时间约束的套利检测算法，并通过网络层实验揭示降低与高质押提议者关联中继的连接延迟是获取最优执行位置的关键策略。
摘要：
自去中心化金融活动激增以来，最大可提取价值（MEV）搜索在以太坊区块链上日益受到关注。在以太坊中，MEV 提取主要依赖于向区块提议者支付费用。然而，在先进先出（FCFS）区块链网络中，重点转向延迟优化，类似于传统金融中的高频交易。本文阐述了 FCFS 网络（特别是 Algorand）中 MEV 提取博弈的动态。我们引入了一种针对 FCFS 网络独特时间约束的套利检测算法，并评估其有效性。此外，我们的实验研究了 Algorand 网络层中潜在的优化方案，以确保获得最优执行位置。我们的分析表明，虽然相关交易池的状态在中位数上大约每六个区块更新一次，但在 Algorand 上以区块状态级别追求 MEV 并不可行，因为套利机会通常在其出现的区块内即被执行。我们的算法在不同时间约束下的表现凸显了时机在套利发现中的重要性。此外，我们的网络层实验识别出 Algorand FCFS 网络的关键交易优先级策略，其中最重要的是降低与那些与高质押提议者连接良好的中继节点之间的连接延迟。
英文摘要：
Maximal Extractable Value (MEV) searching has gained prominence on the Ethereum blockchain since the surge in Decentralized Finance activities. In Ethereum, MEV extraction primarily hinges on fee payments to block proposers. However, in First-Come-First-Served (FCFS) blockchain networks, the focus shifts to latency optimizations, akin to High-Frequency Trading in Traditional Finance. This paper illustrates the dynamics of the MEV extraction game in an FCFS network, specifically Algorand. We introduce an arbitrage detection algorithm tailored to the unique time constraints of FCFS networks and assess its effectiveness. Additionally, our experiments investigate potential optimizations in Algorand's network layer to secure optimal execution positions. Our analysis reveals that while the states of relevant trading pools are updated approximately every six blocks on median, pursuing MEV at the block state level is not viable on Algorand, as arbitrage opportunities are typically executed within the blocks they appear. Our algorithm's performance under varying time constraints underscores the importance of timing in arbitrage discovery. Furthermore, our network-level experiments identify critical transaction prioritization strategies for Algorand's FCFS network. Key among these is reducing latency in connections with relays that are well-connected to high-staked proposers.
机构、总结、中文摘要均由AI分析而来，可能存在错误，请以论文正文为准。
