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MEV (Maximal Extractable Value) is extra value extractable by controlling transaction order, insertion, or censorship—first studied systematically in DeFi arbitrage and liquidations.

Common forms: DEX arbitrage, liquidation front-running, sandwich attacks—attackers wrap a user's swap to worsen execution price.

Builder markets like Flashbots aim to make MEV transparent and auction-based, reducing harm to users.

Roadmap PBS (Proposer-Builder Separation) splits block building from proposing; Glamsterdam plans in-protocol PBS to help L1 scale and improve MEV distribution.

For users: private RPCs, slippage controls, and MEV-aware wallets mitigate some risk; understanding MEV helps assess true DeFi interaction costs.