SoK: The Evolution of Maximal Extractable Value, From Miners to Cross-Chain
This SoK provides a structured understanding of MEV's evolution, its mitigations, and measurement challenges for blockchain researchers and developers, which is an incremental contribution to the field.
This paper systematically analyzes the historical evolution of Maximal Extractable Value (MEV) in blockchain systems across three distinct eras, from its origins as Miner Extractable Value in 2014 to its current manifestation as Cross-Chain MEV. It organizes fragmented literature into a unified chronological framework, distinguishing potential from realized extractable value and single-domain from cross-domain phenomena.
This Systematization of Knowledge (SoK) provides a comprehensive historical analysis of Maximal Extractable Value (MEV) in blockchain systems, tracing its conceptual evolution through three distinct eras. We organize the fragmented literature on MEV into a unified chronological framework, beginning with Era~I (August 2014 - August 2020), which introduced Miner Extractable Value from pmcgoohan's seminal Reddit warning through the ``Dark Forest'' recognition, covering Proof-of-Work systems with public mempools and Priority Gas Auctions. Era~II (August 2020 - April 2024) marks the generalization to Maximal Extractable Value, encompassing formal taxonomies, Realized Extractable Value, Proposer-Builder Separation, the Ethereum Merge, MEV-Boost, and the integration of non-atomic and CEX-DEX arbitrage. Era~III (April 2024, present) addresses the frontier of Cross-Chain MEV, beginning with early studies on Layer-2 ecosystems, where value extraction spans multiple blockchains, rollups, bridges, and sequencers. We present a conceptual taxonomy distinguishing potential from realized extractable value, and single-domain from cross-domain phenomena. Our systematization identifies mitigations that emerged in response to each era, highlights measurement challenges, and proposes a research agenda for standardized metrics, detection benchmarks, and cross-chain infrastructure design.