Multi-block MEV

03/08/2023

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by   Johannes Rude Jensen, et al.

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Multi-block MEV denotes the practice of securing k-consecutive blocks in the attempt at extracting surplus value by manipulating transaction ordering. Following the implementation of proposer/builder separation (PBS) on Ethereum, savvy builders can secure consecutive block space by implementing targeted bidding strategies through relays. We collect data on all bids submitted by builders through relays, finding that 20.60 share single builder entities for consecutive sequences. Our results indicate that single builder entities are implementing super linear bidding strategies above market, to secure consecutive block space. By comparing the results to a simulation of naive builder behavior, we show that MMEV extraction may be common amongst leading builder entities.