MEVsystem

The MEVsystem is a proposal for a decentralized, community-driven on-chain governance system designed for the Ethereum blockchain. MEV stands for Maximum Extractable Value, which refers to the value that can be extracted by a set of automated trading strategies on the Ethereum network.

The MEVsystem aims to provide a framework for users to participate in the governance of the Ethereum network, allowing them to propose, vote on, and execute on-chain transactions that optimize the network's performance. This is achieved through a decentralized, on-chain governance mechanism that enables users to propose and vote on MEV-aware transactions.

The MEVsystem has several key components, including a proposed on-chain governance framework, a set of standardized MEV-aware transaction formats, and a system for identifying and rewarding on-chain transaction optimizers. The proposal also includes a framework for governing the MEVsystem itself, ensuring that the system remains decentralized and community-driven.

The MEVsystem has been developed in response to concerns about the growing use of Flashbots transactions on the Ethereum network. These transactions use algorithms to prioritize and execute trades on the network, extracting MEV from the system. While Flashbots transactions have improved the network's overall efficiency, they have also raised concerns about centralization and censorship.

The MEVsystem aims to provide a decentralized alternative to Flashbots transactions, allowing users to participate in the governance of the Ethereum network and optimizing its performance in a decentralized and community-driven way. The proposal is still in the development stage, and its implementation is expected to require significant community engagement and testing.