Ƙididdige Ƙimar Hakar Blockchain: Yaya Duhun Daji Yake?

Teburin Abubuwan Ciki

$540.54M

Jimlar BEV da aka Ciro

32 Watanni

Lokacin Bincike

11,289 Adireshi

Mahalarta BEV

4.1M USD

Mafi Girman Lokacin BEV Guda

1. Gabatarwa

Ƙimar Hakar Blockchain (BEV) tana wakiltar ƙalubale na asali ga tsaron kuɗin rarraba, inda ƴan ciniki masu dama ke cire ƙimar kuɗi daga kwangilolin wayo na DeFi ta hanyar tsara odar ma'amala. Tare da fiye da dala biliyan 90 da aka kulle a cikin ka'idojin DeFi, ƙwararrun kuɗaɗen don hakar BEV sun haifar da ingantaccen yanayin atomatik na robobin ciniki da kuma amfani da ma'adinai.

Bayyananniyar blockchains marasa izini ya zama takobi mai kaifi biyu: yayin da ake ba da damar ma'amaloli marasa amana, har ila yau yana fallasa damammaki masu riba ga ƴan wasan daji waɗanda za su iya gaba da ma'amaloli na halatta. Wannan bincike yana ba da cikakkiyar ƙididdiga ta farko na BEV a cikin hanyoyin hakar da yawa kuma yana kimanta haɗarin aiki ga tsaron yarjejeniyar blockchain.

2. Binciken Ƙimar Hakar Blockchain

2.1 Hanyoyin Hakar BEV

Manyan hanyoyin hakar BEV guda uku sun mamaye yanayin:

Hare-haren Cikin Tsakiya: Sanya ma'amaloli kafin da bayan ma'amalar wanda aka azabtar don ɗaukar bambance-bambancen farashi
Warware Basussuka: Yin amfani da matsayi maras ƙarfi a cikin ka'idojin ba da bashi
Cinikin Riba: Yin amfani da bambance-bambancen farashi a cikin kasuwannin musayar rarraba

2.2 Ƙididdigar BEV

Bincikenmu ya ƙunshi bayanan blockchain na watanni 32, wanda ya ƙunshi kayan musayar crypto 49,691 da kasuwannin kan sarkar 60,830. Jimlar BEV da aka ciro ya kai dala miliyan 540.54 wanda aka rarraba tsakanin adireshi 11,289.

Rarraba BEV Ta Nau'i:

Hare-haren Cikin Tsakiya: Hare-hare 750,529 suna haifar da $174.34M
Warware Basussuka: Ma'amaloli 31,057 suna haifar da $89.18M
Cinikin Riba: Ma'amaloli 1,151,448 suna haifar da $277.02M

3. Tsarin Fasaha

3.1 Gabaɗaya Algorithm ɗin Bot na Ciniki

Mun gabatar da ainihin algorithm na farko don gabaɗaya robobin ciniki waɗanda zasu iya maye gurbin ma'amalolin da ba a tabbatar da su ba tare da fahimtar ainihin ma'anar ma'amalar wanda aka azabtar ba:

Algorithm: Gabaɗaya Maimaita Ma'amala
Shigarwa: Tafkin ma'amalolin da ba a tabbatar da su, Farashin Gas G
Fitowa: Jerin ma'amala mai riba S

1. Sa ido kan mempool don shigowar ma'amaloli T_i
2. Ga kowane T_i, kwaikwayi aiwatarwa da kuma kimanta riba P_i
3. Idan P_i > bakin kofa θ:
   a. Gina ma'amalar gaba F tare da gas G' > G
   b. Gina ma'amalar baya B
   c. Ƙaddamar da jerin [F, T_i, B] zuwa cibiyar sadarwa
4. Maimaita don duk damammaki masu riba

Wannan algorithm ya haifar da kiyasin riba na ETH 57,037.32 ($35.37M USD) cikin watanni 32.

3.2 Tsarin Lissafi

Sharadin riba ga ma'adinai don tsaga sarkar za a iya bayyana shi azaman:

$$P_{BEV} > \frac{R_{block}}{\alpha} \times C_{fork}$$

Inda $P_{BEV}$ shine ƙimar da za a iya cirewa, $R_{block}$ shine ladan kullin, $\alpha$ shine rabon hashrate na ma'adinan, kuma $C_{fork}$ shine farashin tsagewa. Ga Ethereum, ma'adinai mai hankali tare da rabon hashrate na 10% zai tsaga idan BEV ya wuce ladan kullin sau 4.

4. Sakamakon Gwaji

4.1 Ƙididdigar Hakar BEV

Bincikenmu ya bayyana ƙididdigar hakar BEV mai ban mamaki:

Mafi girman lokacin BEV guda: $4.1M USD (616.6× ladan kullin Ethereum)
Hare-haren cikin tsakiya da aka watsa sirri: Hare-hare 240,053 suna haifar da $81.04M
Cinikin riba da aka watsa sirri: Lokuta 110,026 suna haifar da $82.75M
Yuwuwar maimaita ma'amala: Ma'amaloli 188,365 tare da ƙimar cirewa ta $35.37M

4.2 Illolin Tsaro

Tarin hakar BEV yana haifar da haɗari masu mahimmanci a matakin yarjejeniya. Tsarin watsa BEV na tsakiya suna ƙara tsananta waɗannan haɗarin ta hanyar ƙirƙirar wuraren gazawa da daidaitawa na tsakiya.

5. Binciken Tsarin Watsa BEV

Sabbin tsare-tsaren watsa BEV na tsakiya suna wakiltar canji na asali a cikin yanayin hakar BEV. Waɗannan tsare-tsaren:

Ƙirƙiri wuraren daidaitawa na tsakiya don hakar BEV
Ƙara ƙwararrun kuɗaɗen ma'adinai don sake tsara sarkar
Rage bayyananne a cikin odar ma'amala
Mai yuwuwa ba da damar manyan hare-haren yarjejeniya

Bincikenmu ya nuna cewa tsare-tsaren watsawa sun ɗauki muhimmiyar ƙimar BEV: Hare-haren cikin tsakiya 240,053 da aka watsa sirri ($81.04M), warware basussuka 1,956 da aka watsa sirri ($10.69M), da cinikin riba 110,026 da aka watsa sirri ($82.75M).

6. Ayyuka da Jagorori na Gaba

Yanayin BEV yana ci gaba da haɓaka tare da ci gaba masu mahimmanci da yawa:

Maganganun Fasaha

Ayyukan jeri na gaskiya da tsare-tsaren ƙaddamarwa-bayyanawa
Ƙirar sirri don sirrin ma'amala
Hanyoyin yarjejeniya masu sanin MEV (misali, rabuwar mai gabatarwa da mai gini na Ethereum)

La'akari da Ka'idoji

Rarraba hakar BEV a ƙarƙashin dokokin tsaro
Dokokin hana gaba da gudu don ka'idojin DeFi
Bukatun bayyananne don ƙimar hakar ma'adinai

Mafita a Matakin Yarjejeniya

Ingantaccen ƙira na mai sayar da kasuwa ta atomatik
Odar ma'amala bisa lokaci
Kasuwoyin ginin kulli na rarraba

7. Bayanan Kula

Qin, K., Zhou, L., & Gervais, A. (2021). Quantifying Blockchain Extractable Value: How dark is the forest?
Daian, P., et al. (2020). Flash Boys 2.0: Frontrunning, Transaction Reordering, and Consensus Instability in Decentralized Exchanges.
Torres, C. I., et al. (2021). Frontrunner Jones and the Raiders of the Dark Forest: An Empirical Study of Frontrunning on the Ethereum Blockchain.
Zhou, L., et al. (2021). High-Frequency Trading on Decentralized On-Chain Exchanges.
Eskandir, S., et al. (2022). The Distributed Network of Transparent Dishonesty.
Buterin, V. (2021). Proposal for mitigating MEV in Ethereum 2.0.
Goldman Sachs Research (2022). DeFi and the Future of Finance.
IMF Working Paper (2022). Decentralized Finance and Financial Stability.

Binciken Kwararre: Rikicin Tsaron BEV

Maganar Gaskiya

Wannan bincike ya fallasa aibi na asali a cikin tsarin tattalin arzikin blockchain: BEV ba riba kawai ba ce ta dama—ta zama barazana ga tsarin wanda ke mai da ma'adinai masu hankali su zama masu haɗari. Adadin cirewar dala miliyan 540 yana da ban tsoro, amma ainihin labarin shine lokacin guda na dala miliyan 4.1 wanda ya ninka ladan kullin sau 616—hujja cewa ƙwararrun kuɗaɗen don sake tsara sarkar sun riga sun yi yawa sosai.

Sarkar Dalili

Sarkar dalili tana da ban tsoro sosai: bayyananniyar mempools → ganuwar ma'amaloli masu riba → atomatik gaba da gudu → daidaitawar watsawa ta tsakiya → ƙwararrun kuɗaɗen ma'adinai don tsaga. Kamar yadda takardar CycleGAN ta nuna canjin yanki, BEV tana mai da ma'adinai masu gaskiya su zama ƴan wasan daji masu cirewa. Lissafin ba ya ƙaryata—lokacin da BEV ya wuce $P_{BEV} > \frac{R_{block}}{\alpha} \times C_{fork}$, tsaro ya rushe.

Abubuwan Haske da Kurakurai

Abubuwan Haske: Gabaɗaya algorithm ɗin bot na ciniki wani ci gaba ne—yana nuna cewa za a iya sarrafa hakar BEV ta atomatik ba tare da fahimtar ma'anar ma'amala ba, yana haifar da barazana mai girma. Bayanan watanni 32 suna ba da shaida maras musu game da girman matsalar.

Kurakurai: Takardar ta rage darajar abubuwan da suka shafi ka'idoji. Kamar yadda Hukumar Kula da Kwanciyar hankali ta Kudi ta ta yi gargadi game da banki na inuwa, BEV tana wakiltar tsarin kuɗi mai kama da wanda ba shi da kulawa. Tsarin watsawa na tsakiya suna sake ƙirƙirar ainihin masu shiga tsakani waɗanda blockchain ke nufi kawar da su.

Gargaɗin Aiki

Ƙungiyoyin yarjejeniya dole ne su aiwatar da rage MEV YANZU—ba daga baya ba. Rabuwar mai gabatarwa da mai gini a cikin Ethereum 2.0 farawa ne, amma bai isa ba. Muna buƙatar mempools ɓoyayye, ayyukan jeri na gaskiya, da rashin ƙarfafa tattalin arziki don cirewa. Masu ka'idoji yakamata su kula da watsawar BEV na tsakiya kamar tafkunan duhu—tare da buƙatun bayyananne. Daji ba kawai duhu bane yake; yana da daji sosai, kuma bishiyoyin suna koyon farauta.