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With the advancement of blockchain technology and growing concerns about the vulnerabilities and mistrust in centralized financial services, decentralized finance (DeFi) and decentralized exchanges (DEXs) have emerged as promising alternatives. This paper delves into the challenges and issues within DeFi, with a particular focus on Uniswap. We highlight the susceptibility to Maximal Extractable Value (MEV) attacks, providing a background on the current state of DeFi and DEXs. Our approach includes a detailed transaction analysis on Uniswap to identify and analyze MEV attack patterns, alongside a method for detecting bots. The results offer critical insights into the nature of various attacks in DEXs and the correlation between internal and external blockchain events and MEV attack patterns. This research provides valuable guidelines for enhancing DEX security and mitigating MEV risks, serving as an essential resource for stakeholders in the DeFi ecosystem.
Choi et al. (Sat,) studied this question.