Stripe is testing a new US dollar-backed stablecoin product for businesses outside the U.S., U.K., and Europe, aiming to expand the dollar's global footprint.

Daily top performer — Pudgy Penguins (PENGU)

S&P 500 futures dipped as over 180 S&P companies prepare to report earnings this week, following a 4.59% gain last week amid easing US-China trade tensions. Gold prices dipped to around $3,310 as easing US-China trade tensions reduced safe-haven demand, though recession fears may limit further losses ahead of key US economic data releases. Fed hawkishness may cap gains. CoinDesk Indices, which tracks the broader crypto market, fell 0.72% in the past 24 hours, while Bitcoin and Ether dropped 0.19% and 1.07%, respectively. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is PENGU, rising by 27.5%, following Pudgy Penguins' recent expansion into multiple industries and their celebration of World Penguin Day.

Pudgy Penguins (PENGU), launched in July 2021, is a popular NFT collection known for its cute artwork. It has expanded into physical products like toys, generating over $10 million in sales, and the collection now holds a market cap of over $1.19 billion. Pudgy Penguins and $PENGU were recently 

 as a fitspo in Wisdom Kaye's content, marking a major milestone for their influence across industries. Additionally, last Saturday, the brand celebrated 

, highlighting its continued growth and impact beyond the NFT space. This showcases Pudgy Penguins' expanding presence and reach in multiple sectors.

Check out the latest prices, charts, and data of 

 a new US dollar-backed stablecoin product for businesses outside the U.S., U.K., and Europe, aiming to expand the dollar's global footprint. This follows Stripe's acquisition of Bridge, a stablecoin payment network, which competes with the SWIFT system. Stripe has a history with crypto and recently introduced stablecoin payments in over 70 countries. The company sees this new product as a decade-long ambition, with the stablecoin market growing significantly in 2025.

BTC spot ETFs saw $3.06B of net inflows for the week ending 25 April 2025, with $2.97B from non-GBTC products and $94M from GBTC. Since inception, ETFs have accumulated $38.4B in net flows, with non-GBTC products contributing $61.1B and GBTC seeing $22.7B of outflows.

GiveRep, a decentralized reputation protocol on Sui, has 

 a points program where users can earn Reputation Points by tweeting about GiveRep and its Loyalty projects to qualify for an upcoming airdrop. A minimum of 100 X (Twitter) followers is required, and participants may also earn bonus airdrops from partner projects.

Beginner

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Stripe launches testing for global stablecoin payments after Bridge acquisition

Initia is a blockchain ecosystem that unifies Layer 1 security with customizable Layer 2 rollups through its Interwoven Stack architecture. Learn more here.

 ecosystem forces developers to choose between security and customization, while fragmenting liquidity across isolated chains. Enter Initia (INIT), a groundbreaking protocol that reimagines blockchain architecture by seamlessly integrating 

This article examines Initia's Interwoven Stack architecture, its innovative economic features and the INIT token's utility and distribution, and considers whether this ambitious ecosystem redesign represents a promising investment opportunity following its recent mainnet launch.

 is a blockchain ecosystem that unifies Layer 1 security with customizable Layer 2 rollups through its Interwoven Stack architecture, enabling developers to build specialized application chains without sacrificing interoperability or liquidity or requiring deep infrastructure expertise.

Initia emerged in 2022 when Stanford Liu and Ezaan "Zon" Mangalji left Terraform Labs to tackle blockchain's fragmentation challenges. They later added ecosystem lead OmniscientAsian from Sino Global Capital to help create a more streamlined blockchain infrastructure.

The project quickly gained investor backing, starting with Binance Labs' pre-seed funding in October 2023. This was followed by a $7.5 million seed round led by Delphi Digital and Hack VC, then a $2.5 million community round and a $14 million Series A that valued Initia at $350 million by late 2024.

Initia aims to eliminate the traditional security/customization trade-off in blockchain by creating a unified ecosystem that allows both to coexist. By establishing a central hub for all rollups, the project combines the advantages of monolithic security with the flexibility of modularity, thereby eliminating the fragmentation that currently plagues blockchain systems.

The platform's integrated stack simplifies blockchain development with pre-built solutions that work together seamlessly. Users benefit from Initia's Universal Accounts system, which provides a consistent experience across all connected chains, eliminating the need for multiple wallets or managing different tokens for gas fees.

By introducing economic alignment mechanisms such as the 

, Initia creates an environment in which developers can focus solely on innovation in their applications. This shift away from infrastructure concerns toward product development aims to enhance capital efficiency and drive broader adoption of blockchain.

Initia fuses Layer 1 (L1) and Layer 2 (L2) technologies into a unified architecture with three distinct components. The foundation is Initia L1, built on Cosmos SDK, which functions as the orchestration layer. This base provides security, governance and interoperability.

Above this foundation, Interwoven Rollups (Minitias) provide developers with customizable Layer 2 environments, allowing them to select their preferred virtual machine (

, Move or Wasm), define unique gas token systems and implement specialized transaction ordering mechanisms. 

Binding everything together is the Interwoven Stack, a comprehensive framework that provides all necessary tools for building and deploying rollups without requiring developers to source and integrate disparate components.

The system leverages optimistic rollups through the OPinit Stack to achieve remarkable transaction speeds (up to 10,000 

) while maintaining security. Transactions processed via L2 rollups are submitted to Initia’s L1 for finalization, with data availability secured through 

Initia provides the following core features that work together to simplify development and unify the blockchain ecosystem.

Initia L1 serves as the foundational layer and central coordination hub for the entire ecosystem. Built on the Cosmos SDK with CometBFT and MoveVM, it provides essential services, including network security, governance mechanisms and liquidity solutions through InitiaDEX.

 (also known as Minitias) are flexible Layer 2 blockchains built on top of Initia L1. These rollups rely on the orchestration layer for security and data settlement, operating without native 

 while enabling advanced rollup functionalities.

Developers can customize their rollups by selecting from multiple virtual machines and defining their own gas token and fee structure. This flexibility enables application-specific optimizations and economic models, at the same time maintaining seamless interoperability within the broader Initia ecosystem.

The Interwoven Stack is Initia's comprehensive, all-in-one solution, designed to empower developers in building and deploying rollups with unmatched ease. Instead of requiring developers to research and piece together numerous components — such as wallets, explorers and 

 — the Stack provides everything needed right out of the box.

At the core of this framework is OPinit Stack, designed exclusively for optimistic rollups within the Cosmos ecosystem. It includes mechanisms for fraudproofs and rollback capabilities and supports multiple virtual machines, which allows developers to focus solely on building their applications, rather than configuring complex infrastructure.

The Vested Interest Program (VIP) is Initia's novel incentive alignment mechanism that’s designed to address common issues in multi-rollup ecosystems. It addresses the misalignment of incentives for high-activity 

 (DApps), the economic underutilization of the native token and the inefficient distribution of protocol-level incentives.

VIP programmatically rewards valuable economic activities by allocating INIT tokens to rollups that create innovative applications, and to users who perform beneficial actions. This approach ensures that rollup teams, users and token holders all share aligned interests in the ecosystem's long-term success.

 (DEX) built on the Initia L1, functioning as the central liquidity hub for all Interwoven Rollups. It features Balancer-style weighted pools for diverse asset pairs, and 

 pools for assets with closely correlated prices, ensuring an optimal trading experience.

Enshrined Liquidity is Initia's solution to the traditional dilemma in 

 (PoS) systems, whereby token holders must choose between either staking for security or providing liquidity. It allows governance-whitelisted InitiaDEX liquidity positions (INIT-TOKEN pairs) to function as staking assets alongside the native INIT token.

Users can earn both staking rewards and trading fees from a single position, dramatically improving capital efficiency. To qualify, LP tokens must include INIT as part of the pair (with at least 50% weight for Balancer pools) and receive 

 approval, which also determines reward weight distribution among all whitelisted tokens.

Minitswap eliminates the days-long waiting periods typically required by optimistic bridges when moving assets from rollups to Layer 1s. Users can instantly swap their rollup tokens for L1 assets through liquid trading pairs, creating a frictionless experience for asset transfers throughout the Initia ecosystem.

 offers a unified interface for managing assets across multiple rollups, thereby facilitating cross-chain transfers and accessing DApps. By abstracting multichain complexity into a single interface, users can navigate the entire Initia ecosystem without confronting technical barriers or fragmented experiences.

Initia's bridge technology enables secure token transfers between Initia L1 and rollups using an optimistic bridge model. The OPinit Bridge leverages Cosmos SDK modules, and operates through two key components that work in tandem to ensure system integrity.

The Executor handles token movements, output submissions and data relay, while the Challenger monitors for invalid proposals and provides security oversight. This balanced architecture delivers verifiable cross-chain communication that maintains the integrity of both L1 and L2 chains while enabling reliable asset transfers throughout the Initia ecosystem.

Initia reached a major milestone with its successful mainnet launch on Apr 24, 2025. Before then, the project had completed several critical developments, including the MiniEVM and MiniMove frameworks, the deployment of InitiaDEX and the implementation of the innovative Vested Interest Program.

The immediate post-launch phase is focusing on expanding the ecosystem by onboarding strategic partner projects across 

 and enterprise sectors. This expansion demonstrates Initia's versatility as it builds a network of interconnected Interwoven Rollups that leverage the platform's unified infrastructure.

The INIT airdrop will distribute 50 million tokens, representing 5% of the total supply, to early supporters and community members. This allocation is strategically divided across three main categories: testnet participants (89.46%), social contributors (6.04%) and Interwoven Stack partners (4.50%).

The largest portion (44.7 million INIT) is being designated for the 194,294 users who participated in Initia's public testnet campaigns, particularly those who engaged with interactive 

 activities. Additional allocations target users from partner ecosystems, including LayerZero, IBC and milkTIA holders.

Following the mainnet launch on Apr 24, 2025, eligible participants will have a 30-day claim window to secure their tokens. This airdrop serves as both a community-building initiative and a strategic token distribution to those most likely to contribute to the ecosystem's growth.

INIT is the native token of the Initia ecosystem, with a fixed total supply of 1 billion. Initial circulating supply at launch was 148.75 million INIT, representing 14.88% of the total supply. The token’s distribution is strategically designed to ensure long-term sustainability and broad community engagement.

INIT enables staking to secure the network, powers governance decisions for protocol changes, facilitates cross-rollup operations between different Minitias and provides liquidity through InitiaDEX. This utility-driven model ties INIT's value directly to ecosystem activity and adoption.

Looking to trade Initia tokens? Bybit now offers the INITUSDT Perpetual contract following the recent mainnet launch. To get started, you'll need to create a Bybit account, fund it with cryptocurrency and navigate to the 

While Initia represents a groundbreaking approach to blockchain scalability through its interwoven architecture and unified liquidity model, investors must carefully weigh its significant growth potential against relevant risk factors.

Initia shows promising potential with its comprehensive ecosystem approach and significant financial backing. In addition, growing demand for scalable blockchain infrastructure that doesn't sacrifice security or customization provides a favorable market environment. However, potential investors should 

 and consider their individual risk tolerance.

Initia revolutionizes blockchain architecture by creating a multichain environment in which thousands of appchains can coexist harmoniously through modularity and orchestration. With established financial backing and over 16 appchains already onboarded at mainnet launch, Initia could transform the way blockchain applications are built, deployed and interconnected.

Intermediate

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Initia (INIT): The Interwoven Stack behind scalable rollups

Apr 28, 2025: Our weekly Institutional Insights explores the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

 explores the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

Weekly highlight — US-Sino trade conflicts cool down

China is considering suspending its 125% tariff on certain US imports, including medical equipment and industrial chemicals like ethane, due to the economic impact of the trade war. Discussions are also underway to waive tariffs on aircraft leases, which are financially burdensome for airlines.

This potential move has boosted investor optimism, with Asian shares rising and the yuan recovering losses. Analysts view this as a step toward de-escalation, although significant differences between the US and China remain.

The proposed exemptions align with recent US tariff exclusions on electronics, highlighting the intertwined nature of the two economies. Chinese companies reliant on US goods, such as advanced medical equipment and ethane, have reported some shipments arriving without tariffs.

While the list of potential exemptions is still being finalized, authorities have requested companies submit customs codes for necessary goods. Reports suggest China may also waive tariffs on at least eight semiconductor-related products, excluding memory chips, which could impact companies such as Micron Technology.

Overall, while investor interest grows, relations between the two nations still face challenges, with China demanding the US revoke unilateral tariffs before resuming trade talks.

Traders have heavily invested in Cantor Equity Partners Inc, a blank-check company merging with Twenty One Capital Inc., which is backed by Tether, Bitfinex and SoftBank. Since the April 22 merger announcement, Cantor's stock has surged 197%, closing at $31.50 on Friday.

The merger includes a convertible debt offering, potentially leading to a market capitalization of about $12 billion that would far exceed the estimated $4 billion value of the Bitcoin it’s expected to hold. This would reflect strong demand for crypto-related investments.

Analysts note that investing in such vehicles is akin to betting on Bitcoin's growth. Public special-purpose acquisition company (SPAC) shareholders are projected to own 2.7% of the new company, while major stakeholders like Tether and SoftBank will have substantial shares. Overall, the market is optimistic about this collaboration in the digital asset space.

Advanced

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Weekly Institutional Insights: Trade conflicts cool down as crypto SPAC sees popularity

Our weekly crypto derivatives analytics report delves into macro events; the current state of crypto and trading signals from spot trading volume; and futures, options and perpetual contracts.

At the start of the week, Bitcoin showed signs of decoupling from US equities. However, US president Trump's positive remarks about the US-China trade war (which had included a 145% tariff on Chinese goods) triggered a relief rally across markets. As a result, BTC has resumed moving up with US equities. 

This rally has led to a rise in short-tenor implied volatility and a recovery in BTC’s put-call skew, indicating that traders are seeking upside exposure.

Please check out the report’s highlights.

Perp open interest rises across the board

Perpetual open interest increased significantly this week across various tokens, especially ETH. Perpetual trading volumes also rose. Notably, Ap 7, 2025 recorded the highest trade volume of the month, following Trump's comment, "Forget markets for a second, we have all the advantages."

BTC option open interest shows a mixed picture; put-call skew in short tenor sends positive signals

President Trump’s recent willingness to negotiate a trade deal with China’s President Xi triggered a relief rally across asset classes, including crypto. Bitcoin had already risen 7% since Apr 21, 2025, prior to Trump's comments. Despite this rally, open interest in puts has outpaced calls, with options volume remaining relatively balanced. 

It's unclear if the demand for puts reflects a hedge against downside risks, or a bet against the upward movement. Meanwhile, perpetual funding rates are providing limited insight into sentiment. However, the recovery of the put-call skew at short tenors indicates that traders are seeking upside exposure to the rally — and are willing to pay for it.

ETH unexpectedly outperforms BTC in this relief rally

ETH's response to the recent crypto market recovery has diverged from previous trends: it outperformed BTC in spot prices, a rarity in past rallies, and open interest in calls exceeds that in puts — opposite to BTC's trend. In addition, ETH call open interest is nearly double that of puts, with calls dominating options volumes. This suggests traders anticipate ETH will reduce its significant underperformance against both BTC and other “ETH killers” like SUI and SOL. Additionally, the spot rally has led to another term structure inversion for ETH.

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Bybit X Block Scholes crypto derivatives analytics report (Apr 24, 2025): Put-call skew recovers at short tenors, showing reviving sentiment

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Trading

Maximal extractable value (MEV) is a strategy by which miners, validators and searchers insert, censor and reorder transactions to optimize their profitability.

 are verified through the work of miners or validators. They must be rewarded for their hard work, as well as for their use of required resources, and they will logically give preference to user transactions that offer greater compensation. This means that higher transaction fees and block rewards often result in those transactions being completed faster. To further optimize profits, block producers may strategically manipulate the system. Collectively, these strategies are referred to as maximal extractable value.

Maximal extractable value (MEV) is a strategy that miners, validators and searchers use to optimize their profitability by inserting, censoring and reordering transactions. While MEV reflects profits for them, it has negative consequences for users and networks.

The term “maximal extractable value,” or MEV, first came to light in 2021, but it has actually been used in blockchain transactions for far longer. MEV originally referred to “miner extractable value” because it describes the extra value that is strategically available to miners on a proof of work (

) network through transaction fees and block rewards. More specifically, the added value comes from ordering, including and excluding transactions in a block. Today, however, many networks use a proof of stake (

) system rather than PoW. The tasks completed by miners in a PoW environment are completed by validators in a PoS environment. For this reason, MEV now means maximal extractable value. 

 ecosystems, so it’s most commonly associated with MEV. Ethereum’s 

 resulted in this change in the acronym’s wording.

Block producers have full discretion over reordering, including and excluding transactions through their efforts. The orders with the highest transaction fees are selected by the block producers first so that they can optimize profits. Because they’re fully responsible for how they produce blocks, they can manipulate placement to optimize their return through various MEV strategies. One of the many strategies they can use involves identifying a large transaction that may impact the value of a specific cryptocurrency. 

By placing orders both directly in front of and behind that large transaction, they can profit from the expected price increase. While this and other MEV strategies are profitable for block producers, they have negative consequences for blockchain users. One of these consequences is inflated 

. MEV may also destabilize a blockchain network and have other negative effects.

With proof of work consensus, miners extracted roughly 60% of MEV profits. The remaining MEV revenue went to MEV searchers. Searchers continue to be involved in PoS blockchains. They look for extractable value on the blockchain, often paying high gas fees to extract maximum value from transactions. In fact, searchers may pay gas fees of more than 90% of their income to ensure the profitability of specific transactions. 

Searchers can profit by reviewing transactions and strategically grouping them together in bundles. These bundles may also include other transactions in the 

, and the bundled transactions can then be executed in a specific sequence. Often, they utilize complex algorithms executed by bots.

There are several strategies that searchers may use to extract a profit. They can utilize bots to scour pending transactions, generally focusing on larger transactions. In addition to using these MEV strategies, searchers have used priority gas auctions, or 

, which essentially involve bidding up gas fees through the use of 

Unfortunately, PGAs have brought many negative outcomes. For example, failed attempts took up block space that others could have used. By spamming transactions, node operators’ loads increased. There were also huge gas price fluctuations, and miners not using searchers were at a competitive advantage.

There are numerous ways to optimize MEV extraction. Searchers and bots actively review pending transactions to identify opportunities that are ripe for value extraction. Each of these MEV strategies is utilized in specific scenarios. In addition to the strategies mentioned below, rarer gambits like 

 may be used when specific situations are presented. Let’s look at the more common MEV strategies that are used.

Of all the MEV strategies, DEX arbitrage is the most common, whereby bots actively monitor prices on many exchanges. When they detect a differential in pricing across exchanges, they conduct trades to capitalize accordingly. By simply conducting transaction reordering or order insertion, additional profits may be generated through the price differential. 

However, the impact of arbitrage on other traders is negative. This is because the bots quickly bid up gas fees to ensure profitability, making trades less profitable for other traders. 

 may also affect users' trading activities.

, a bot is used to look for token pair listings that present opportunities for profits. When a pair is identified, the bot moves a pending transaction directly between the pair listing. This enables it to have priority over others when purchasing tokens. Other traders will only have access to the tokens that the bot didn’t buy. After the purchase, the bot holds the tokens until they’ve appreciated in value to a certain level, and then the tokens are sold to generate a profit.

Bots may also use an MEV strategy known as 

. If a large trade is detected by a bot, the bot copies the trade and adds a higher gas fee to it. By doing so, it gives that large trade a higher placement than others in the queue. As a result, the price of the digital asset being purchased increases. This creates additional profit when the digital asset is later sold.

 is used by searchers as well as block producers. Users are now able to borrow against their digital assets, and this leverage may provide them with opportunities for additional gains. In the event that the value of a collateralized asset falls below a predetermined price, the collateral is liquidated to mitigate losses for the lenders. Rewards may be paid for the transactions that cause the value to fall and the liquidation to be executed. Bots are used to identify high-risk leveraged positions, and they strategically liquidate other users’ collateral and pay off the lenders. By doing so, the searchers may receive the protocol reward. In some cases, they may be able to purchase the assets that they liquidate at a discount. This enables them to then quickly sell the assets for a profit.

, also referred to as a sandwich attack or sandwiching, is an MEV strategy in which two bots are used to essentially surround a targeted transaction. A large transaction has the potential to move a token’s price. Therefore, the bots are used — one to place an order before the large transaction, and another order after the transaction. By doing so, the searcher can exploit the transaction to generate a profit.

MEV strategies can also be used with NFTs. Searchers can scour the NFT market for lucrative opportunities and utilize bots to execute those transactions. For example, they may identify an NFT that’s priced below market value. By knowing the true value of the NFT, they can often outbid others. In some instances, searchers have purchased entire NFT collections at the base price to take advantage of reselling opportunities.

Maximal extraction value is a reasonable product of block validation because producers understandably want to optimize their gains. While the attention is often on how MEV negatively impacts other users and the network, there are a few key advantages to consider as well. 

Block producers serve an essential purpose on Ethereum and other blockchains. The blockchains simply cannot function without their efforts to verify transactions. However, their services aren’t available for free. Gas fees and other incentives are used to reward them for their efforts. In many cases, this is how block producers earn their living. 

The fees are also essential for purchasing the powerful machines required to mine a block. More than that, these fees and incentives can actually be used to promote faster transaction processing, providing users with a way to manipulate the placement of their transactions for faster processing.

Ethereum’s PoS consensus allows any user who stakes 32 ETH to create a node and become a validator. Previously, with PoW, this wasn’t possible. But users with enough ETH can now take advantage of MEV profits. While this possibility is available to far more users than it once was, it’s important to note that MEV still requires exceptional skill. Some users who have enough tokens to stake may not have the technological expertise required.

As a result of MEV, block producers and searchers can improve the system by correcting inefficiencies. For example, price corrections can be made quickly through their focus on 

. In addition, their efforts identify riskier loans, and help lenders recoup their assets on these loans sooner. MEV is often viewed as having negative consequences for users, but it benefits other users in various ways.

While MEV has its advantages, it also creates several problematic issues. In fact, as early as 2014, significant flaws of MEV were known. These disadvantages impact other blockchain users, as well as the blockchain itself. 

Because block producers have full control over the ordering and inclusion of transactions, they can draw power from users without their knowledge. This may impact users’ confidence in placing transactions on the blockchain. MEV also adds extra transactions to the network, which results in network congestion. As a result, slippage may be more of a problem. Destabilization may also be a concern if reordering the previous block’s transactions is more profitable than working on the next block.

Some MEV opportunities, including sandwiching and front-running, result in escalating transaction prices and slower processing of other users’ transactions. As a result, some users may overpay for their transactions, resulting in decreased profitability. In addition, by adjusting the ordering of transactions, slippage can also impact the profitability of some transactions.

It’s important to note that some of the impacts of MEV can be avoided. For example, 

 users can place off-chain trade orders with specified order preferences. By placing all orders in a single batch, all transactions have the same price. This eliminates the financial gain that’s otherwise available from reordering transactions.

When Ethereum operated using a PoW consensus, miners had full control of the selection of transactions and their aggregation into blocks. They alone decided in which order to process pending transactions. Because the system was designed to optimize miners’ profits, selection and transaction ordering naturally gave preference to transactions with higher fees. That’s why MEV meant “miner extractable value.”

On Sep 15, 2022, Ethereum completed its migration from PoW to PoS in what is referred to as the Merge. Post-Merge, validators now do the work that miners did with PoW. They are responsible for authenticating transactions, and they receive rewards for doing so. Hence, MEV now means “maximal extractable value” and applies to all block producers, rather than only to miners. 

MEV serves an essential role in the functionality of blockchains via the process of validating transactions. However, it’s well-known that significant disadvantages must be addressed. As mentioned, some of the negative effects of MEV can be bypassed when DApp users place off-chain trade orders. Some blockchains have addressed MEV’s problems. For example, Chainlink uses 

, or Fair Sequencing Services. FSS promotes predictability and equitability in time ranking. It also leverages 

MEV continues to impact blockchains and their users. Thus far, there are limited strategies available for users to mitigate the full effects of MEV. At the same time, only select blockchains have implemented protocols to ensure that manipulation by block producers and searchers doesn’t negatively affect other users. With this in mind, MEV will continue to be a hot topic in the industry, and more comprehensive strategies must be identified and implemented to block providers from profiting without negative consequences.

Blockchain providers strategically and financially benefit from maximal extraction value strategies, but their actions have negative ramifications for networks and their users. Improvements are necessary to ensure that networks can continue to function efficiently and fairly for all involved.

What Is Maximal Extractable Value (MEV) & How Does It Work?

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What Is Maximal Extractable Value (MEV) & How Does It Work?

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