信号与战利品：跨链互操作时代的投机性预言机可提取价值
Signals and Spoils: Speculative Oracle Extractable Value in the Era of Cross-Chain Interoperability
AI总结：
研究跨链环境下投机性预言机可提取价值（OEV）的检测与利用，提出检测方法并在Arbitrum、Base、Optimism上发现大量投机清算，揭示预言机更新延迟可被用于跨链OEV提取。
摘要：
一种新的最大可提取价值（MEV）形式，称为投机性MEV，已在Layer-2区块链上出现。与以太坊主网不同，许多Layer-2系统缺乏公共mempool，迫使提取策略变得概率性：搜索者发送多个相同交易，希望率先捕获机会。这产生了大量交易垃圾，增加了费用并浪费了区块空间。我们研究了投机性预言机可提取价值（OEV），这是一种通过投机性回溯预言机价格更新来清算抵押不足贷款的MEV形式。我们提出了一种在野检测投机性清算的方法，并将其应用于Arbitrum、Base和Optimism。在2025年10月10日，我们在Aave上识别出64个投机性清算者（占所有检测到的清算者的57%）和831次成功的投机性清算（占三条链上所有成功清算的39%）。我们进一步研究了跨链预言机价格更新延迟差异是否可以被利用进行跨链OEV。具体来说，我们询问搜索者是否可以观察一条链上的预言机更新，并在另一条链上抢先清算机会。我们系统分析了Arbitrum、Base、Ethereum和Optimism上的Chainlink去中心化预言机网络（DON）配置（偏差阈值、心跳间隔和提交的价格观测）。我们的数据集包括63个Chainlink喂价、12,009次价格更新和超过100,000次预言机观测，与2,986次Aave清算相关。我们表明，独立的DON几乎同时消耗基本相同的链下价格数据，但在不同时间发布更新，从而创建了统计上可预测的跨链利用窗口。我们证明，Optimism上的Chainlink更新可以预测Arbitrum和Base上的后续更新，从而实现投机性跨链OEV提取。
英文摘要：
A new form of Maximal Extractable Value (MEV), termed speculative MEV, has emerged across Layer-2 blockchains. Unlike Ethereum mainnet, many Layer-2 systems lack a public mempool, forcing extraction strategies to become probabilistic: searchers emit multiple identical transactions hoping to capture an opportunity first. This generates substantial transaction spam, increasing fees and wasting block space. We investigate speculative Oracle Extractable Value (OEV), a form of MEV associated with liquidating undercollateralized loans via speculative backrunning of oracle price updates. We propose a methodology for detecting speculative liquidations in the wild and apply it across Arbitrum, Base, and Optimism. On October 10, 2025, we identify 64 speculative liquidators on Aave (57% of all detected liquidators) and 831 successful speculative liquidations (39% of all successful liquidations across the three chains). We further examine whether latency differences in oracle price feed updates across blockchains can be exploited for cross-chain OEV. Specifically, we ask whether a searcher can observe oracle updates on one chain and frontrun liquidation opportunities on another. We systematically analyze Chainlink Decentralized Oracle Network (DON) configurations (deviation thresholds, heartbeat intervals, and submitted price observations) across Arbitrum, Base, Ethereum, and Optimism. Our dataset comprises 63 Chainlink feeds, 12,009 price updates, and over 100,000 oracle observations linked to 2,986 Aave liquidations. We show that independent DONs consume largely identical off-chain price data nearly simultaneously yet publish updates at different times, creating statistically predictable cross-chain exploitation windows. We demonstrate that Chainlink updates on Optimism can predict subsequent updates on Arbitrum and Base, enabling speculative cross-chain OEV extraction.
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