OpenMEV Protocol Overview
🕵️ Full privacy
🛡️ Front running protection
💰 No more costly reverts
💰 Get rebated most of your transaction cost back
How OpenMEV works
The client publishes the serialized transaction signed (via
eth_signTransaction) by the user to our backend using the backend repeatedly publishes the transaction, each block, to participating miners, this includes Eden Network and Flash bots. Transaction status updates can be requested via JSON-RPC or automatically relayed to the client with the SDK. A user can cancel an unconfirmed transaction at any time for free, and reverted transactions cost no gas
- Strategy and Implementation details End-User information
- Help Desk and Troubleshooting
- Searcher Integration
- Formulas and Proofs
- Technical: Technical overview on a specific category
What is OpenMEV?
OpenMEV provides a trading proxy engine that is used to protect your transactions and maximize profits on the blockchain network. It aims to provide traders, arbitrageurs and block producers with an accessible, convenient and secure infrastructure for transactions.
More accessible: allow ordinary users to easily discover the trading risk and value on the blockchain network
More convenient: enable the arbitrage traders more opportunities to increase profits at a low cost More secure: make transactions on the blockchain network more secure and private.
What public services does OpenMEV provide?
Trading Proxy: A private trading proxy that supports private communication between traders and block producers, can be used for efficient transaction protection and value maximization.
OpenMEV Explorer: A set of tools used to improve the transparency of profit opportunities on the blockchain network and reduce information asymmetry.
Status of Services
The SushiSwap integration provides a service that realizes a profit by transaction batching for arbitrage by controlling transaction ordering.
Right now every user sends a transaction directly to the network mempool and thus gives away the arbitrage, front-running, and back-running opportunities to miners(or random bots).
OpenMEV provides a credibly neutral platform that enables the aggregation of transactions (batching) for the purposes of extracting MEV profits and returning them back to the traders.
"...that it is not just neutrality that is required here, it is credible neutrality. That is, it is not just enough for a mechanism to not be designed to favor specific people or outcomes over others; it’s also crucially important for a mechanism to be able to convince a large and diverse group of people that the mechanism at least makes that basic effort to be fair."
- Vitalik Buterin, credible neutrality as a guiding principle
This ethos is at the heart of OpenMEV. Part of establishing credible neutrality is having a clear and comprehensive rule book that regulates off-chain behavior and activities. Our assumption concerning governance is that methods and processes that work in legacy markets may not be applicable in adversarial environments such as permissionless blockchains. With that understanding it is important not to rely solely on such systems and mechanics long term.
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