Manifold Finance Introduces New MEV Protocol
Manifold Finance has developed a new maximal extractable value (MEV) protocol that aims to revolutionize the Ethereum ecosystem. Unlike the traditional “one winner per slot” model, this protocol allows for multiple winners in each auction slot.
The purpose of this new auction system is to enable advanced applications related to priority-sensitive transactions and multi-slot bidding for block builders. Manifold Finance believes that this transition will redefine how value is captured and distributed within the Ethereum network, with a specific focus on providing optimal MEV revenue for validators.
Competition with Flashbots
Manifold Finance’s MEV protocol is designed to compete with the existing MEV protocol offered by Flashbots. MEV refers to the additional value that blockchain validators can acquire by manipulating transaction order within blocks they produce. Ethereum validators, known as block builders, capture profits from MEV by determining transaction order and relaying it to validators.
Integration of mevETH
An integral feature of Manifold Finance’s new protocol is its integration of mevETH, a liquid staking token (LST) launched last month. Manifold Finance acts as the infrastructure partner for mevETH.
Since August, mevETH has seen over 28,000 ETH staked and has begun receiving rewards. Manifold Finance has also introduced a streamlined process for users to deposit ETH and mint mevETH directly through its platform.
Leadership and Advisors
The project is led by Leo Cheng, co-founder of Cream Finance, with Sam Bacha, founder of Manifold Finance and former contributor to Yearn Finance, serving as its chief architect.
In addition, notable figures from the Ethereum community, including Sam Kazemian from Frax and 0xMaki, have joined as advisors to the initiative.
Hot Take: Manifold Finance Revolutionizes MEV Protocol
Manifold Finance’s new MEV protocol has the potential to revolutionize the Ethereum ecosystem by introducing a multi-winner auction system. This innovative approach aims to optimize MEV revenue for validators and compete with existing protocols like Flashbots. With its integration of mevETH and streamlined processes for users, Manifold Finance is making it easier for participants to stake ETH and earn rewards. Led by experienced individuals from Cream Finance and Yearn Finance, the project has also attracted prominent advisors from the Ethereum community. The launch of this new protocol marks an exciting development in maximizing value within the Ethereum network.
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