Popular MEV attacks, such as sandwich transactions, have netted attackers nearly $17 billion in the past 30 days.
Decentralized exchange aggregator ParaSwap is launching an intent-based trading protocol designed to mitigate an issue costing millions of dollars on crypto transactions daily: MEV attacks.
“MEV” refers to the “maximal extractable value,” in which validators use their ability to control the order, inclusion and execution of onchain transactions to profit from users. According to data from data platform EigenPhi, attackers have profited nearly $17 billion over the past 30 days from popular attacks such as sandwich transactions.
“MEV has cost users billions, contributing to a degraded user experience and making protocols less efficient in DeFi,” Mounir Benchemled, founder of ParaSwap, told Cointelegraph.