🎙️ Crypto’s Existential Threat | MEV Panel

Phil Daian, Georgios Konstantopoulos, Charlie Noyes

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Phil Daian is a researcher and software engineer and is leading the charge into mapping MEV with the Flashbots Project. Georgios Konstantopoulos and Charlie Noyes are both partners at Paradigm.

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Bankless Podcast 66: Crypto’s Existential Threat

MEV Panel: Charlie Noyes, Phil Daian, & Georgios Konstantopolous

May 21, 2021

In this episode of the Bankless Podcast, we bring on big-brain experts behind projects like Paradigm and Flashbots to explain the complex but critical topic of MEV - commonly known as Miner Extractable Value. However, as discussed in this episode, Maximum Extractable Value is a more appropriate descriptor. MEV is arguably the single most important unsolved problem in the crypto space.

In the context of incentives and network security, MEV generally refers to the ability of miners & validators to take advantage of their position as securers of the network. Blocks are verified by single entities, and these block producers have tremendous power when they are the ones adding a particular block to the blockchain. We refer to this instance as ‘God-Mode,’ in which a node has the power to assemble & order transactions at will. The threat here is the potential gaps between what is best for the network and what is best for the node.

As an internal and unbounded threat to blockchains, solving the problems that MEV presents is critical to maintaining proper consensus, ensuring decentralization and permissionless access. We take a deep dive into potential solutions, and the impact of EIP-1559 and Proof-of-Stake on MEV. Dive in to learn why despite the challenges ahead, Charlie says:

“In the absence of certainty, I’m willing to take the optimistic perspective.”


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Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.


Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.