Phil Does Security | MEV… wat do?

Some of you may be familiar with the perspective that MEV extraction is theft. In this article, I’m going to go deep into my personal arguments for why extracting MEV in cryptocurrencies isn’t like theft, why it is a critical metric for network security in any distributed system secured by economic incentives (yes, including centralized ones), and what we should do about MEV in the next 3-5 years as a community. I will argue that MEV is fundamental, and that no known magic wand exists for remedying the problem.