To protect users, Ethereum projects band together

Ethereum's price rose in anticipation of the Shanghai and Capella upgrades, which would help corporations lower user fees.

To protect users, Ethereum projects band together
To protect users, Ethereum projects band together

Around 27 important Ethereum projects have banded together to develop MEV Blocker, a solution that tries to reduce the amount of value collected from its customers, also known as maximum extractable value (MEV), Ethereum’s invisible tax.

MEV is a transaction charge placed on users of decentralized finance (DeFi). MEV bots may hijack in-progress transactions, such as Ether exchanges, nonfungible token (NFT) purchases, and Ethereum name service registrations, and raise user pricing. CoW Swap, Agnostic Relay, and Beaver Build created MEV Blocker as a free and censorship-resistant solution to combat the pervasive “$1.3 billion issue” in the Ethereum ecosystem.

As launch partners, a total of 27 Ethereum projects, including Balancer, Gnosis DAO, Shapeshift, and StakeDAO, joined the effort. Martin Koppelmann, CEO of Gnosis, explains the motivation behind the launch of MEV Blocker:

“With the launch of MEV Blocker, users can profit from the backrunning opportunities they create. Today all of that money is taken by the searcher, but why shouldn’t it be split with the people who create the value?”

Users of any Ethereum-based decentralized application may protect themselves against frontrunning and sandwiching by adding MEV Blocker as a custom remote procedure call endpoint to their bitcoin wallet. This will allow the users’ bitcoin wallets to act as MEV Blocker’s endpoints. According to the official statement, MEV Blocker would “restore power to Ethereum users” by returning at least 90 percent of the proceeds from successful bids to the users. Also, the validators will get 10 percent of those earnings as an incentive for their participation.

The expectation of the planned Shanghai and Capella improvements led to a rise in the price of ETH at a time when businesses are making significant efforts to lower user fees.

Ether surpassed $1,900 on April 5 for the first time in over seven months. Nonetheless, it is vital to note that the price of ETH decreased significantly after the merge was executed on September 15, 2022.


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