Mene ne MEV — Kuɗi Masu Dalili Ko Kuma Karɓar Ƙarfi?

Duk wanda ke ciniki a decentralized exchanges ya taɓa biyan MEV, wataƙila a wani lokaci ba tare da ya sani ba kwata-kwata. An tabbatar da hada-hadar (transaction). Token ya iso. Kuɗin gas fee ya yi daidai da kallo. Kuma a wani wuri a kan hanya, wani bot ya kwashe wata ƙima daga cikin hada-hadar wacce ba tasa ba ce. Ba satar fasaha (hack) ba ce. Ba matsalar manhaja (bug) ba ce. Wani ɓangare ne na tsarin da 'yan kalilan daga cikin masu amfani suka taɓa ji game da shi, kuma ba za su taɓa gani a fuskar tabbatarwa ba.

MEV na nufin Maximal Extractable Value (MEV). Shine ribar da za a iya cirewa daga wani block na blockchain ta hanyar ƙara wadanne hada-hadodi, a wane jeri, da kuma wadanne za a cire gaba ɗaya? Ko wane irin mutum ko tsari ke yanke waɗannan shawarwari — mai hakar ma'adinai (miner) a tsofaffin tsare-tsare, mai gina block (block builder) ko validator a tsarin zamani — yana da cikakken iko a kan kowace hada-hada a kowane block. Lokacin da aka mayar da wannan ikon hanyar samun kuɗi, shine MEV.

Wannan ba yana nufin cewa duk wanda ya fi tsada ba shi da dalili ba. Ayyuka na gaskiya suna haifar da tsada na gaskiya: kudin network fees, farashin gas, da biyan kudin samun fifiko (priority payments). Matsalar MEV ta fi zurfi: Shin ana cire wannan ƙimar ne da gangan, ko kuwa cirewa ce kawai ta yau da kullum? Amsar da ba kowa ke son ji ba ita ce, eh — amma ya danganta da nau'in MEV ɗin da kuke kallo.

Daga Ina Tunanin Ya Fito

Farkon amincewa a fili ga abin da muke kira a yau da MEV ya kasance a wani zaren tattaunawa na reddit daga wani mai amfani da sunan bogi pmcgoohan wanda ya bayyana wani yanayi, wanda aka wallafa a shekara ta 2014 inda mahakan Ethereum za su iya gani, ta hanyar mempool na jama'a (ɗakin jira na hada-hadar da ke jiran a ɗauka a sanya a cikin block) lokacin da wasu hada-hadodin ke jiran a tura su wanda hakan zai ba su damar yin front-running a kan waɗannan hada-hadodin. A wancan lokacin, wannan rubutun bai jawo hankali sosai ba. Matsalar ba ta taso a babban sikelin ba saboda tsarin yana da sabo sosai, kuma yawan ciniki (trading volumes) ya yi ƙanƙanta.

Wannan ya canza yayin da DeFi ta haɓaka. A shekara ta 2019, Phil Daian da wasu a Jami'ar Cornell sun tsara wannan ra'ayin a cikin wata takardar bincike mai taken "Flash Boys 2.0." Takardar ta bayyana abin da ta kira Priority Gas Auctions — gasar neman farashi kamar gwanjo tsakanin bots da nufin sanya hada-hadodinsu a gaban ko bayan wata hada-hada da aka nufa a layi, amma suna biyan ƙarin kuɗin gas a jere don samun fifiko. Binciken ya kiyasta cewa waɗannan hanyoyin suna kwashe miliyoyin daloli a kowane wata. Saboda Ethereum yana kan proof of work a wancan lokacin, mahaka ne ke tsara jerin hada-hada. Don haka, aka sa masa suna miner extractable value. Ethereum ya koma kan proof of stake a watan Satumba na 2022, wanda ya sa sunan ya canza daga Miner Extractable Value saboda ya nuna cewa validators ne ke da irin wannan iko a yanzu — amma gajeren sunan ya tsaya.

Flashbots wata ƙungiya ce ta bincike da ci gaba da aka kafa a ƙarshen shekara ta 2020 don ƙoƙarin fitar da wannan matsalar a fili da kuma samar da ƙarin tsare-tsaren mafita. Hujjar ita ce cewa cirewar MEV da ba ta da tsari — ware bots da ke tura tayin gas a cikin mempool na jama'a, suna makalewa da ƙara kuɗaɗe ga kowa a hanyar sadarwa — ya fi ma cirewa da aka tsara ta hanyoyin jama'a muni. MEV-Boost, wanda Flashbots suka haɓaka, software ce ta buɗaɗɗen tushe (open-source) wacce ta bai wa validators zaɓin karɓar tubalan da aka riga aka tsara daga ƙwararrun masu gina blocks maimakon gina nasu tubalan da karɓar mafi girman tayin a kowane wuri. Lokacin da Ethereum ya koma proof of stake, an ƙaddamar da MEV-Boost a watan Satumba na 2022 kuma sauran ɓangarorin tsarin sun dace da sauri. Daga ƙarshe, MEV-Boost ya zo ya zama matsakaici ga kusan 90% na dukkan tubalan Ethereum a daidai lokacin da tsarin ya daidaita.

Alkaluman da suka taru a bayan wannan tsarin ba ƙanana ba ne. Daga lokacin Merge (Satumba 2022) har zuwa Yuni 2024 cirewar MEV ya yi daidai da 526,207 ETH — kusan $2.1b a farashin wancan lokacin. Wannan ba ƙima ba ce ta hasashe. Kuɗi ne na gaske da suka canza hannu daga wani rukuni na mutane zuwa wani, tare da bambancin dalilai dangane da yadda aka tattara su.

Bots Masu Ba Sa Yin Bacci

Harin sandwich attack shine mafi bayyanar misali na wane tsari ne ya cancanci lakabin karɓar ƙarfi (extortion). Don fahimtar yadda wannan ke aiki, muna buƙatar sanin gaskiya ɗaya ta tsari game da yawancin blockchains na jama'a: mempool a bayyane yake ga kowa. Hada-hadar da ke jiran canjin tokens a decentralized exchange tana bayyane ga duk wanda ke kallon hanyar sadarwar — har sai an tabbatar da ita. Tana nan, tana nuna niyyarku, adadin canjin da kuma yardar canjin farashi (slippage).

Wani sandwich bot yana karanta wannan alamar kuma ya sanya oda a cikin block ɗin guda ɗaya. Bot ɗin yana sanya odar saya a gaban ku kuma ya sayi token ɗin da kuke saya, wanda hakan zai sa farashin ya tashi kaɗan. Wannan yana aiwatar da hada-hadar ku a farashin bogi kuma mai hauhawa, ma'ana za ku karɓi ƙarancin tokens fiye da yadda za ku karɓa ba tare da shisshigi ba. Daga nan yana sayar da abin da ya saya nan da nan bayan hada-hadar ku, yana kwashe banbancin da ya kirkira a farashin. Wannan duka aikin yana faruwa da sauri fiye da yadda kowane ɗan adam zai iya mayar da martani — ba a daƙiƙa ba, amma a cikin tsara jeri na block guda ɗaya (daƙiƙa 12 akan Ethereum; < daƙiƙa 1 akan Solana).

Wani takamaiman misali daga Maris 2025 ya nuna yadda wannan zai iya hauhawa sosai. Wani mai ciniki ya yi ƙoƙarin canza $220,764 na USDC don USDT a kan Uniswap v3 — musayar stablecoin wacce a ƙarƙashin yanayi na al'ada zai kasance daga cikin mafi ƙarancin haɗari da za a iya tunani. Wani MEV bot ya yi front-run a kan hada-hadar kuma ya ƙare da kwashe ruwan liquidity na pool ɗin yana barin wannan ɗan kasuwa da $5,271 na USDT kawai — asarar da ta wuce 98% a cikin daƙiƙa takwas. A fadin walat ɗin Ethereum da yawa, an bayar da rahoton cewa an kai wa wannan ɗan kasuwar hari sau shida a wannan ranar, inda ya yi asarar kusan $480,000 gaba ɗaya.

A fadin dukkan tsarin, waɗannan alkaluma ne masu girma. A cewar bayanai daga EigenPhi, tsakanin watannin Nuwamba 2024 da Oktoba 2025, an sami nasarar hare-haren sandwich attack sama da 95,000 akan Ethereum wanda ya haifar da asarar kusan $60 miliyan ga yan kasuwa a waɗancan watannin. Cirewar kowane wata ya kai kusan $10 miliyan a ƙarshen 2024, kafin ya faɗi zuwa kusan $2.5 miliyan a watan Oktoba 2025 yayin da ribar ta ragu saboda gasa tsakanin bots. Misali, tsakanin Maris 2024 da Mayu 2025, bots na sandwich sun kwashe $370 miliyan-$500 miliyan daga masu amfani a Solana. Haɓakar alkaluma tsakanin Ethereum da Solana yana nuna bambancin yanayin hanyoyin sadarwa guda biyu, inda hada-hadodi masu sauri da ƙarancin tsada ke ba da damar samun ƙarin riba mai yawa na hare-haren sandwich attack a Solana.

Matsalar Auna Ƙididdiga — ta cancanci a ambace ta daban. Duk da haka, MEV yana da matuƙar wuyar aunawa daidai. Yayin da realized MEV — abin da bots da magina ke kamawa a zahiri — a ka'ida yana bayyane a on-chain, muna buƙatar manyan kayan aikin bincike don fahimtar waɗanne hada-hadodi ke tsara cirewar da aka nufa daga tsarin da aka shirya. Mempool kuma yana da wani ɓangare na sirri — ayyuka kamar Flashbots suna ba masu amfani damar ƙaddamar da hada-hadodi ta hanyar private relays, guje wa mempool na jama'a don haka ba za a iya gani ta hanyar bots na sandwich ba amma kuma a wani ɓangare ba a iya gani ta hanyar masu binciken MEV.

A watan Yulin 2025, Hukumar Kula da Harkokin Tsaro da Kasuwanni ta Turai (European Securities and Markets Authority) ta fitar da wani rahoto game da tasirin MEV a kasuwannin crypto inda ta yarda cewa "bayanai da ake da su dangane da MEV suna da ƙaranci kuma sau da yawa suna tare da gagarumin shubuha" — yarda ce daga ɗaya daga cikin manyan hukumomin da ke ƙoƙarin tsara wani abu da a halin yanzu ba a iya karantawa sosai koda kuwa an ware manyan albarkatu wajen nazarin sa.

MEV: Mai Rudarwa Lokacin Da Tsarin Ke Aiki

Ba dukkan MEV ne ke da cutarwa ba. Irin wannan damar ta yin hare-haren sandwich attack ita ma tana haifar da damar arbitrage, kuma su biyun sun bambanta a tsari ta fuskar tasirin su ga sauran mahalarta.

Arbitrage MEV yana aiki kamar haka: Decentralized exchanges suna tsara farashin kadarori ta hanyar lissafin adadin da ke cikin liquidity pools nasu ta hanyar algorithm. Don haka, idan babban ciniki ya canza wannan adadin a musaya ɗaya, anan ne farashin ke tafiya ba sauran musayoyi ba. Arbitrage bot yana lura da wannan bambancin, kuma ya aiwatar da oda don siyan token ɗin a musayar da ya faɗi a farashi kuma ya sayar da shi a inda yake da tsada a yanzu, yana kwashe bambancin. Asalin ɗan kasuwar ba ya fuskantar matsala − arbitrage ɗin yana faruwa ne a bayansu, ba a kusa da su ba. Kuma tasirin kasuwa yana da daidaitawa sosai: haɗuwar farashin ta hanyar musayoyi yana ƙaruwa, yana rage yiwuwar cewa masu amfani na yau da kullun za su fuskanci mummunan aiwatarwa kawai ta hanyar rashin samun damar bayanan da suka wuce lokaci.

EigenPhi ya kuma bibiyi ribar sa ta arbitrage daga Satumba 2022 zuwa Satumba 2025, tare da matsakaicin kusan $3.37 miliyan a cikin kwanaki 30 akan Ethereum a watan Satumba 2025. Bots na arbitrage yawanci suna biyan validators tips na kashi 50 zuwa kashi 60 bayan ribar su. Wannan shine MEV da ke aiki kamar harajin ingancin kasuwa, maimakon kwashewa ta ƙarfi. A cikin rahotonta na 2025, ESMA ta fito fili ta bayyana cewa "arbitrage MEV yana ba da gudummawa wajen rufe gibin farashi a wuraren ciniki, wanda a ka'ida ya kamata ya rage rarrabuwar kasuwa da inganta tsarin kasuwa."

Liquidations suna wakiltar rukuni na uku. Ka'idojin bada rance kamar Aave da Compound suna da kwatankwacin ba da rance a DeFi, saboda dole ne masu amfani su ajiye jinginar da ta fi ƙimar abin da suka samu don su kasance da ƙarfi. Lokacin da farashin jingina ya faɗi ƙasa da wani matakin, don guje wa asarar da ke taruwa ga protocol ɗin, dole ne wani ya zo ya rufe wannan matsayin. Tunda bots na MEV suna gasa don yin wannan, suna lura da adadin jingina a kowane lokaci kuma suna tura hada-hadar liquidation yayin da ake rufe matsayin daidai bisa ƙa'ida, suna samun kyautar liquidation a madadin haka. Kamar yadda yake tare da yawancin idan ba duk ka'idojin ciniki ba, wannan aiki ne na kasuwa wanda protocol ɗin kanta take buƙata don yin ingantaccen ciniki. Idan babu bots masu sauri da ke yin liquidation, ka'idojin rance za su riƙa ɗaukar munanan bashi. MEV ɗin da aka samu daga aikin lada ce ta samar da sabis ɗin da tsarin ya dogara da shi.

Wannan bambancin yana da mahimmanci saboda rarraba duk MEV a matsayin karɓar ƙarfi (extortion) yana ɓatar da rabin labarin. Amfani da hare-haren sandwich attack yana karkatar da ƙima daga masu amfani zuwa bot ba tare da samar da wani sabis a madadin haka ba. Arbitrage da liquidations ayyuka ne na kasuwa na ainihi waɗanda dole ne wani ya yi koda kuwa akwai ko babu MEV kamar yadda ake tsammani a yanzu. Suna buƙatar a maye gurbinsu da hanyoyi daban-daban, waɗanda ko dai suna da tsada sosai, ko kuma aiki marar dogaro.

PBS, MEV Burn Da Tsarin Da Ke Mulkinsu

Martanin fasaha ga MEV ya haifar da tarin ababen more rayuwa waɗanda yawancin masu amfani ba za su taɓa gani a kusa ba, duk da haka su ne kashin bayan kowace hada-hada da suke gudanarwa.

A tushen tsarin, muna da Proposer-Builder Separation ko PBS a matsayin babban canjin tsari. Wannan ƙirar ta saba wa daidaito a ainihin yanayinta — inda validator guda ɗaya da ke gabatar da block shi ma ke da alhakin gina shi, zaɓar hada-hadodi da tsara su, yana haɓaka ƙima. Ya ƙarfafa kuma ya ba validators damar cire MEV don amfanin kansu kai tsaye, amma kuma yana da tasirin matsa lamba zuwa centralization: ta hanyar ƙirƙirar fage mafi haɓaka na cirewar MEV fiye da abin da za a iya gudanarwa ba tare da manyan dabarun ci gaban software ba — kuma alakar kasuwa mai ƙarfin babban birnin tana da fa'idodi masu yawa — manyan masu aiki masu wadata za su iya karɓar hayar tattalin arziki daga ƙananan waɗanda da ba za su kasance ba.

PBS tana raba ayyukan. Anan ƙwararrun masu gina block suna gasa don cike block ɗin da ya fi riba, kuma validators kawai suna zaɓar tayin mafi girma kuma su gabatar da shi. Ana kama MEV ta mai ginin ta hanyar tsara hada-hada kuma validator ne ke karɓar biyan tayin. Wannan shine abin da MEV-Boost ke cimmawa amma a waje da ka'idar Ethereum, yana aiki azaman middleware ba sifa ta asali ba. Kodayake wannan tsarin yana aiki, yana ƙara sharuɗɗan amana: Dole ne Validators su amince da tsarin relay tsakanin magina da validators ta hanyar da ba za su yi aiki da mugunta ba. Misalin wannan haɗarin shine mugun validator ɗin da ya sace kusan $25 miliyan daga bots na MEV guda biyar ta hanyar amfani da wani bug a cikin MEV-Boost relay a shekara ta 2023.

A halin yanzu, mafita mafi tsawo ana kiranta Enshrined PBS, ko ePBS kuma wannan zai haɗa proposer-builder separation kai tsaye a cikin ainihin ka'idar Ethereum wanda zai ba shi damar yanke dogaro da relays na amintattun ɓangarori na uku. EIP-7732, shawarar ePBS an tabbatar da ita a matsayin babban jigo don haɓakar Glamsterdam na 2026 na Ethereum. Tunanin amana da ke kan tsarin relay na yanzu zai koma zuwa garantin cryptographic na matakin ka'ida a ƙarƙashin ePBS: magina ba za su iya yaudarar proposers ba kuma proposers ba za su iya satar tubalan magina ba saboda tilasta rabuwar da aka gina a cikin ka'idar kanta.

Kodayake akwai hanyoyin warwarewa da yawa, MEV burn yana magance matsalar rarraba MEV: idan ba za a iya kawar da MEV ba, waye ya kamata ya same shi? A halin yanzu, kudaden shiga na MEV suna tafiya kai tsaye zuwa ga magina da validators. MEV burn zai tura wani ɓangare na wannan don a ƙone shi — kwatankwacin yadda EIP-1559 ke ƙona kuɗin asali (base fees) da rage yawan wadatar Ethereum — yana canza abin da a halin yanzu tallafi ne na sirri ga kwararrun 'yan wasa zuwa kayan amfanin jama'a mallakar dukkan masu riƙe da ETH. Kuna iya kiran sa ba-kai-ba, sai dai a wannan yanayin hujjar da ke gaba ita ce tana hana mutane ƙwarin gwiwar gina blocks da kyau don haka yana haifar da lalacewar ingancin aiwatarwa.

Flashbots, tare da Beaverbuild da Nethermind, sun ƙirƙiri BuilderNet a watan Nuwamba 2024. Maimakon babban magini ɗaya ya samar da yawancin tubalan, yana bawa tsarin tarayya damar gina tubalan tare ta amfani da Amintattun Wuraren Kisa (Trusted Execution Environments) — amintattun wuraren hardware waɗanda ke raba tarin hada-hadodi a asirce. Wannan kuma zai yi nufin daidaita fa'idar da masu yin kasuwa ke samu daga keɓaɓɓun kwangilolin kwararar oda na sirri tare da manyan magina. Tun lokacin da aka ƙaddamar da shi a farkon 2025, Titan Builder ya riƙe kusan 52% na dukkan kasuwar gina block.

Wadannan suna zayyana matsalar da kowane tsari a cikin wannan tsarin ke son warwarewa:

Matsar da cirewar MEV daga validators na ɗaiɗaiku zuwa gasar kasuwar magina, yana ba da damar samun lada na kowa amma yana gabatar da dogaro ga amintar relay.

ePBS (EIP-7732): shigar da gwanjon builder-proposer a cikin matakin ka'idar Ethereum, cire zato na amintar relay.

MEV burn: sake rarraba ƙimar da aka cire daga magina da validators ta hanyar rage wadata ga dukkan masu riƙe da ETH.

Private mempools + Flashbots Protect: kowa na iya ba da mempool na sirri don kare masu amfani da shi daga sandwiching, ɓoye niyyar hada-hada kafin sanyawa a cikin block.

BuilderNet: kamar ProposerDraft, yana ƙoƙarin raba ikon gina block kanta ta hanyar ba da damar haɗin gwiwar tushen TEE na bangarori da yawa.

Wadannan hanyoyin suna kai hari ga matakai daban-daban na matsala ɗaya. Kowane ɗaya ba zai iya warware shi gaba ɗaya ba amma tare suna ba da amsar injiniyanci ga mahalli mai haɗari wanda har zuwa wani mataki yana wanzuwa saboda yadda blockchains na jama'a ke aiki.

Mene ne Ma'anar Duk Wannan Ga Mutum Na Yau Da Kullun?

'Yan kalilan daga cikin masu amfani ne ke buƙatar yin aiki a kansa akai-akai; MEV ba ilimi bane da yawancin masu amfani ke da ikon ko sha'awar aiwatarwa. Akwai yanayi kaɗan kawai, duk da haka, inda saninsa ke da tasiri kai tsaye kan yadda wani abu yake kuma ya kamata a san su.

Na farko shine yardar canjin farashi (slippage tolerance). Kowane DEX swap yana da saitaccen tsari na yadda kuke son yarda da farashin da ya fi wanda aka fada muku muni. Idan kuka saita wannan da yawa, zai zama mai sauƙi sosai ga hare-haren sandwich attack — bot ɗin da ya yi front-run a kan cinikinku kwanan nan ya san cewa kun ba su sararin yin hakan! Idan kuka saita naku da ƙasa sosai, to a cikin yanayi mai canzawa hada-hadar ku na iya komawa baya (revert). Duk waɗannan saitunan suna buƙatar kyakkyawar fahimtar ma'auratan token, zurfin pool da kuma halin da hanyar sadarwa take ciki wanda ba a iya gani a sarari a cikin UI.

Na biyu shine routing (hanyar tafiya). Lokacin da kuka ƙaddamar da hada-hada a cikin mempool na jama'a, niyyarku tana bayyane ga kowane MEV bot da ke kallon hanyar sadarwar. Flashbots Protect hanya ce ta RPC ta sirri kyauta gaba ɗaya don Ethereum, tana tura hada-hadodinku ta hanyar ababen more rayuwa na sirri da aka ɓoye daga mempool na jama'a da kuma bots na sandwich. Dangane da tsarin multisig, CoW Protocol yana da MEV Blocker tare da irin wannan kariya ga sarƙoƙi daban-daban. Don haka hanyar routing ta sirri ta gudanar da fiye da 50% na duk hada-hadodin Ethereum a farkon shekara ta 2025.

Na uku shine girman ciniki (trade sizing). Manyan ciniki akan liquidity pools marasa zurfi sune manyan abubuwan da sandwich ke nema. Rarraba babban canji zuwa ƙanana yana sa tasirin farashin kowace hada-hada ya ragu don haka rage ribar hari. Don tantance kyakkyawan aiwatarwa masu tara DEX kamar CoW Protocol da 1inch suna tura ciniki a fadin pools da yawa, don haka rage fallasa ga MEV.

EigenPhi yana buga bayanai da bincike masu gudana game da MEV a fadin sarƙoƙi, kuma rahoton ESMA da aka ambata a sama yana gabatar da mafi kyawun tsarin tsari wanda za a iya amfani da shi don faɗaɗa tunani a ƙarshen Yulin 2025 dangane da rahotannin da aka gabatar akan, "Tasirin MEV ga kasuwannin crypto". Mafi kyawun sashi — idan kuna ginawa a on-chain, ko a babban juzu'i, to ba zaɓi bane fahimtar wannan kayan aikin: shine bambanci tsakanin karɓar farashin da ba a gani a banza, da kuma fahimtar daga inda suka fito.

Netts Workspace wani dandamali ne na ƙwararru da ke tsara sarrafa Energy na samar da TRON wanda aka tsara ta hanyar atomatik ga masu amfani da hanyar sadarwa ta TRON waɗanda ke son irin wannan ikon a kan farashin kayan aikinsu ba tare da rikitarwa na MEV-Boost da kasuwannin magina ba. Kayan aikin wannan sabon dandamali, hayar da hannu tare da ka'idojin sarrafa kansa mai wayo, yanayin masauki (host mode) don adiresoshin da ake amfani da su akai-akai da cikakken API don haɗa TRON Energy cikin tsarin aiki na musamman, duk suna magance irin wannan matsala akan TRON: tabbatarwa ta atomatik cewa kowace hada-hada tana da kayayyakin da take buƙata dangane da duka Energy da Bandwidth — a farashi mai kyau ba tare da tsoma bakin nema na hannu na yau da kullun ba. Ka'idojin daidai da rage MEV akan Ethereum suna aiki daidai anan, kuma idan kai mai haɓakawa ne da ke ginawa akan TRON kuma kana buƙatar samar da Energy mai dorewa a sikelin da ya dace, to API don Tron Energy da kayan aikin sarrafa adiresoshi da yawa zasu kasance masu dacewa musamman yayin da yake cire jinkirin ɗan adam wanda ke haifar da gibi a tsakani.