·5 min read
Backrun Arbitrage Isn't the Problem. Misallocated Capture Rights Are.
On the distinction between adversarial extraction and post-trade value, and why protocol-level execution changes the allocation.
MEVDeFiArbitrageProtocol Design
On the distinction between adversarial extraction and post-trade value, and why protocol-level execution changes the allocation.
Quantifying protocol-level value leakage and why current mitigations fall short.