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170 - Burning MEV with Justin Drake and Dom
Bankless
The Ethereum Protocol's Mechanism for Quantifying MEV
EIP1559 is a mechanism that can instantiate what is the market rate for gas on chain. It's all external demand that the protocol can be aware of and then do whatever we want with it, which is exciting stuff. And now basically MEV is this ultra-refined type of oil. This high-octane rocket fuel, jet fuel, or formula,. The one fuel that is used to fuel a very sophisticated engine, which is this MEV engine. We need to know how much to burn and how much to smooth, correct? Yes.
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