A major risk threatening the ongoing decentralization of consensus networks is the economics around miner extractable value (MEV), sophisticated tricks to extract profit from the ability to choose the contents of the next block. A simple example of MEV is arbitraging all on-chain decentralized exchanges against price movements that have happened since the previous block. While normal PoS rewards are reasonably egalitarian, as single validators earn the same rate of return as powerful pools, there are significant economies of scale in finding sophisticated MEV extraction opportunities. A pool that is 10x bigger will have 10x more opportunities to extract MEV but it will also be able to spend much more effort on making proprietary optimizations to extract more out of each opportunity. In addition to this problem, MEV also complicates decentralized pooling, as in a decentralized pool there would still need to be one entity packaging and proposing the block, and they can easily secretly extract MEV without sharding that revenue with the pool itself.
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