What is MEV? Maximal Extractable Value, Invisible Tax

Crypto News reports that Maximal Extractable Value (MEV) refers to the invisible competition that determines the transaction order in a block during each on-chain transaction, and entities controlling this order can extract value from it. MEV is called the hidden tax of cryptocurrency because most users are unaware that they are paying higher prices and fees.
The concept of MEV was originally "Miner Extractable Value," renamed "Maximal Extractable Value" after Ethereum shifted to proof of stake.
The existence of MEV stems from a simple fact of blockchain: transactions are not settled immediately after being sent but enter a waiting zone, and block producers decide the processing order of transactions.
Methods of extracting MEV include arbitrage, liquidation, and predatory sandwich attacks.
Although some MEV activities are considered beneficial, many directly harm the interests of ordinary users.
With the emergence of infrastructure like Flashbots, MEV competition has shifted from public chains to private, orderly auctions, aiming to reduce the impact on the network.