Manifold Finance Unveils New MEV Protocol for ETH Staking
Manifold Finance, a major player in the MEV subsector, has announced its latest project: a revolutionary maximal extractable value (MEV) protocol that aims to redefine ETH staking. Unlike the current “one winner per slot” model in Ethereum, this new protocol introduces an innovative auction system that allows for multiple winners in each auction slot. This groundbreaking system has the potential to transform priority-sensitive transactions and multi-slot bidding for block builders, while also prioritizing value creation for validators.
The MEV Protocol, developed collaboratively by pioneers in ETH staking services and Ethereum infrastructure, seeks to redefine the dynamics of value capture and distribution within the Ethereum network. The protocol is designed to enhance network security, promote diversity among validators, and maximize value while advancing network decentralization.
“The Ethereum landscape is far from neutral. These ‘threats’ from MEV are not the existential risks that many portray them to be, but rather subtle tactics in an ongoing battle for supremacy,” the developers said in a blog post.
The MEV Auction System and mevETH
At its core, the MEV Protocol introduces mevETH, a unique Liquid Staking Token (LST) that focuses on optimizing value for validators. A key innovation is the MEV Auction system, which allows for multiple winners per slot, challenging the traditional one-winner model used by Flashbots. This shift enables advanced applications like priority-sensitive transactions, multi-slot bidding for block builders, and ERC-20 token restaking.
MEV refers to the additional value that blockchain validators can extract by manipulating transaction order within the blocks they produce. Block builders on Ethereum determine the transaction order and relay it to Ethereum validators.
MEV Protocol’s Progress and Leadership
Since its launch, mevETH has seen over 28,000 ETH staked and has already started receiving rewards. The platform also offers a streamlined process for users to deposit ETH and mint mevETH directly.
Leading the project is Leo Cheng, co-founder of Cream Finance, with Sam Bacha, the founder of Manifold Finance and a former contributor to Yearn Finance, serving as chief architect. Notably, the initiative has enlisted guidance from prominent figures in the Ethereum community, including Sam Kazemian, the founder of Frax Finance, and 0xMaki of LayerZero.
Hot Take: Redefining ETH Staking with MEV Protocol
Manifold Finance’s MEV Protocol introduces an innovative auction system that challenges the traditional one-winner model in Ethereum. By allowing for multiple winners per slot, the protocol opens up new possibilities for priority-sensitive transactions and multi-slot bidding for block builders. This groundbreaking approach prioritizes value creation for validators and aims to enhance network security and decentralization. With mevETH at its core, the MEV Protocol aims to redefine the dynamics of value capture and distribution within the Ethereum network. With its team of industry experts and advisors, Manifold Finance is set to revolutionize ETH staking with this game-changing protocol.
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