Last Friday’s SiliconValleyBank collapse led to an all-time high in ETH MEV rewards, cryptauxmargaux writes for this week’s Valid Points newsletter.
. Consequently, users rushed to cash out their USDC or move their crypto.
As the news of one of the largest stablecoin issuers in the crypto industry riled the markets, the movement of people’s crypto meant that there were more transactions available to generate MEV profits.in rewards worth about $13 million on March 11. This was more than twice as high as the last peak, which occurred during the FTX blowup on Nov. 9 when MEV rewards earned with Flashbots were 3,202 ETH or $5.5 million.
By March 12, MEV profits significantly decreased to regular levels, with MEV rewards via Flashbots bringing in 2,282 ETH.
Some Ethereum users that ran their own validators noted the gigantic increase in MEV over the weekend, hoping they could have their own share of the MEV rewards. Whenever there is massive news that affects financial markets, prices of coins move quickly and create opportunities for profit. Ethereum validators are no different when it comes to profiting off the contagion of ordinary bank runs.
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