Zhao Changpeng, the former CEO of Binance, posted a poll on X early this morning regarding the BNB chain’s Maximal Extractable Value (MEV) issues. In his post, he asked if the BNB should try to ‘eliminate/aggressively reduce the MEV issues?’
In response to his post, 82.6% of his community responded to ‘yes, make it go away’ while the rest wanted them to leave the issues as they were.
Users have lost over $300 million or 90,000 ETH due to exploitative practices. The eventual results of this vote could influence policies or innovations regarding MEV on the BNB chain.
MEV Manipulations on BNB Chain Demand Urgent Solutions
Maximal Extractable Value (MEV) refers to the gain miners and validators could make by changing the order, adding, or removing transactions from the blocks they create.
The ability to change the transaction order can leave the chain open to Sandwich Attacks, like those responsible for the $300 million loss in 2021.
This loss significantly affected the chain as a whole. According to a particular statistic, over 43,000 DEX traders were swindled in one week, corresponding to 35.5% of blocks processed on the BNB chain in April 2021.
The Plan for BNB Chain Moving Forward With Former CEO’s Poll
Considering the Maximum Extractable Value (MEV) issues, the BNB chain community continuously focuses on finding innovative and practical solutions.
One such innovation involves using privacy-protecting Remote Procedure Calls (RPCs), enabling the routing of transactions to a private mempool.
This solution reduces the possibility of threats, like Sandwich Attacks, that exploit price instability during transaction processing.
Decentralized Exchange Protocols also plan to introduce free MEV protection features to increase user security.
Another suggestion was to implement more relays on the BNB chain. This suggestion would ensure a balanced MEV ecosystem and breed more inclusive ideas. It could also help resolve the network’s operations’ ethics, centralization, and fairness concerns.
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