# Research Pulse #76

By [Raef](https://paragraph.com/@raef) · 2022-08-09

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### “Towards a Theory of Maximal Extractable Value I: Constant Function Market Makers" by Kshitij Kulkarni, Theo Diamandis, and Tarun Chitra

> **_TLDR:_**
> 
> *   MEV once stood for Miner Extractable Value but the advent of new value extraction strategies has broadened its scope beyond mining.
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> *   This paper formulates the notion of Maximal Extractable Value mathematically to include not only transaction ordering but also block reorg attacks akin to those presented in Flashboys 2.0, the seminal MEV paper.
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> *   In addition to interesting mathematical models depicting MEV, this paper also features important design insights for MEV extractors and CFMM implementers alike.
>     

More articles, etc. etc. etc.

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*Originally published on [Raef](https://paragraph.com/@raef/research-pulse-76)*