Miners become block producers; the iterative evolution of the term reflects a subtle shift in the power structure — the sandwich is still there, but the knife work is more covert.

This article outlines the definition, origin, and mechanism of maximum extractable value (MEV): transactions wait for settlement on the chain, and block producers extract value by adjusting transaction order. MEV evolved from miner extractable value, now called maximum extractable value. Extraction methods include arbitrage, liquidation, and predatory sandwich attacks, which have both positive impacts and harm ordinary users. With the rise of infrastructure like Flashbots, MEV competition is shifting from public chains to private auctions to reduce network disruption.