Enter the MEV Void: the Rise of Flashbots

MEV originally stood for “miner extractable value” since it’s miners who race to create blocks in proof-of-work (PoW) blockchains like Bitcoin and Ethereum. But as Ethereum transitions to proof-of-stake (PoS) and other PoS chains gain market share, the term had to be updated since PoS chains replace miners with validators. It’s now been renamed to “maximal extractable value” to encompass all the various parties that create blocks.