Интернализация MEV: ончейн-доход DEX с выгодой для пользователя | Making Money Onchain

Андрей Сеоев, Co-fouder и CEO MEV-X

Transcript

1. Интернализация MEV: ончейн-доход DEX с выгодой для пользователя Andrei Seoev 01.2026
2. Introduction Andrei Seoev Crypto enthusiast, developer, and researcher. Co-founder of ois.dev and mev-x.com Your experience with MEV? 0 – Never heard of MEV 1 – Know a bit about it 2 – Have researched MEV-related topics 3 – Active participant in the MEV industry
3. Market yield The market yield benchmark • U.S. 3-year Treasuries ~ 3.5% • Curve USDC-USDC pool ~ 3.8% • Ethena sUSDe APR ~ 5.0% In order to achieve yield that outperforms the benchmark, we must either: • take on additional risk • operate this as a full-time activity • build a competitive advantage or gain privileged access
4. Yield option: AMM Liquidity Providing Pros: • High potential yield Cons: • Exposure to Impermanent Loss • Active management required to maximize yield • Returns vary over time and depend on trading volume and liquidity depth
5. Impermanent Loss: Assets Hold vs Liquidity Providing
6. Can We Increase the Yield of Liquidity Provisioning? Common LP yield sources: • Trading fees • Incentives (farming, staking, points, etc.) Emerging LP yield source: • MEV Internalization Maximum Extractable Value is the maximum value that block producers (miners or validators) can obtain by including, reordering, or excluding transactions when producing a new block
7. MEV Strategies That Can Be Affected by a DEX • Sandwich attacks (negatively impact DEX users) • JIT liquidity provision (negatively impacts LPs) • Atomic arbitrage (negatively impacts no one; results from market inefficiencies) • Cross-venue arbitrage (CEX–DEX / cross-chain; negatively impacts no one; results from market inefficiencies)
8. Atomic Arbitrage How it works? 1. Buy asset at a lower price 2. Sell asset at a higher price 3. Execute all actions within a single transaction
9. Atomic Arbitrage examples: simplest arbitrage Length 2 arbitrage, with no bribe, no loan, no profit transfer to vault: • https://polygonscan.com/tx/0xc6591b9146938fd432ad0a87e2b00c8d50cfb6f420888050d7b8f4de6a8ddc4a • https://app.sentio.xyz/tx/137/0xc6591b9146938fd432ad0a87e2b00c8d50cfb6f420888050d7b8f4de6a8ddc4a MEV extracted* = Received Assets – Sent Assets MEV searcher profit = MEV extracted – TX fees MEV Extracted = 3.93831 BUSD - 3.93831 BUSD + 5.31387 WMATIC – 5.00175 WMATIC = 0 BUSD + 0.312117 WMATIC MEV Searcher Profit = 0.31211 WMATIC - 0.00853 WMATIC = 0.30358 WMATIC *Simplified definitions for explanation purposes only
10. Privileges Under DEX Control Privilege for lower fees The DEX can grant selected market participants lower or zero trading fees, or apply higher fees to specific trading pairs. Privilege over transaction ordering The DEX can grant access to backrunning or frontrunning of user transactions. Privilege to execute transactions The DEX can grant permissioned access to execute transactions within restricted pools.
11. Privilege for lower fees: Uniswap Proposal • https://gov.uniswap.org/t/unification-proposal/25881 • The Protocol Fee Discount Auction https://drive.google.com/file/d/1qhZFLTGOOHBx9OZW00dt5DzqEY0C3lhr/view In the current model, an MEV searcher may pay up to 100% of their profits to validators (block builders / miners) in order to realize an MEV opportunity. Under the proposed Protocol Fee Discount Auction model, short-term reduced trading fees are granted to the auction winner. As a result, an arbitrage opportunity becomes profitable only for the winning MEV searcher, who can avoid competition from other searchers at the block level. Key outcome: MEV value capture shifts from validators to the DEX.
12. Privilege for lower fees: CEX-DEX arbitrage
13. Privilege over transaction ordering: Atomic Arbitrage
14. Privilege over transaction ordering: Backrun capturing plugin • https://market.algebra.finance/plugin/mevx-backrun/ • https://mev-x-project.github.io/Homelander-docs/
15. Privilege to execute transactions: extra swap monetization Are there market conditions under which restricted pools outperform public pools? If so, what are they?
16. Q&A