Blockchain Regulation and MEVA: Exploring Future Blockchain Infrastructure

In the world of blockchain, code is law. This characteristic makes block builders play a crucial role in the blockchain ecosystem. Their decisions directly affect the performance and reliability of the blockchain, thereby impacting user experience. For example, when a certain well-known public chain experiences an interruption, users are unable to conduct any transaction operations, highlighting the importance of block building.

Block builders are responsible for selecting transactions from the memory pool and constructing blocks, which are then propagated across the network to reach consensus. Different blockchain platforms use different block construction mechanisms, which are designed by their respective development teams.

MEV and MEVA

MEV (Maximal Extractable Value) is a term used in the industry to describe potential profits in block ordering. Block builders may manipulate transaction order to maximize their own benefits, which can harm users' interests. To address this issue, the Miner Extractable Value Auction infrastructure (MEVA) has emerged. MEVA aims to optimize the stability, competitiveness, and decentralization of gas fees.

On a certain mainstream public blockchain, the currently widely adopted method is the Proposer-Builder Separation (PBS). This model divides the block production process into multiple roles: users, block producers, relayers, block proposers, and searchers. By decentralizing interests, this mechanism encourages parties to share information, promotes competitive block building, and ensures the profitability of blocks. However, this method also has issues such as the centralization of block production.

Challenges of the New Generation Blockchain

A new emerging high-performance public chain plans to process 10,000 transactions per second, with a block time of only 1 second, and achieve single-slot finality. This design brings three major challenges: state uncertainty, limited block simulation time, and execution uncertainty. These challenges require the development of an architecture that can ensure both a low transaction failure rate and profitability for block builders.

The future development of MEVA

With the testnet of the new public chain about to go live, the relevant team is developing the MEVA system to adapt to this high-performance environment. They plan to release the initial version during the testnet period, focusing on guiding seekers and block builders to participate in block space auctions, as well as facilitating validator experiments and stress testing.

In addition, liquid staking is also an important development direction for the MEVA platform. This model allows users to stake tokens and receive a portion of the validator rewards, which is expected to bring considerable income to the platform.

With the continuous evolution of Blockchain technology, the design and implementation of MEVA will continue to face challenges. The development team needs to continuously innovate to ensure a good user experience and the profitability of block builders. In the future testing phase, broad participation and feedback will be crucial for refining the system, preparing for the mainnet, and developing more features (such as RPC protection against sandwich attacks and analytical dashboards).