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Recently, the Ethereum blockchain changed its consensus algorithm from Proof-of-Work (PoW) to Proof-of-Stake (PoS). This change has greatly reduced overall energy consumption but has paved the way for the profiling of numerous mechanisms and actors that can operate off-chain to achieve Maximal Extractable Value (MEV). This raises questions about how transparent such a scenario is, both from the point of view of block validation power and from the point of view of the rewards achieved by distinct actors within the platform. To address this concern and to mitigate potential negative externalities, a permissionless ecosystem has recently been proposed that should be transparent and fair for the extraction of MEV. In this article, after briefly describing the new ecosystem, we conduct an in-depth analysis of Ethereum blocks and other information about the actors operating in the ecosystem, to highlight potential critical situations.
Mancino et al. (Fri,) studied this question.