The MEV (Maximal Extractable Value) landscape has evolved drastically from its early days when first described in the "Ethereum is a Dark Forest" blog post and depicted as convoluted and opportunistic bots lurking on the sideline, ready to exploit any minimal profitable opportunity at the expense of regular users. The original MEV ecosystem, which gave the term a somewhat negative connotation, represents today a far more sophisticated infrastructure and key component of the Ethereum network which is vital for its long-term sustainability, offering powerful tools for institutions useful for risk management, efficiency, and innovation. This talk traces MEV’s journey from its Wild West origins to its current role as an essential component of blockchain infrastructure.

The discussion begins with a brief history of MEV, highlighting the early challenges of the Ethereum design to ensure fairness and the pivotal role of initiatives like Flashbots and its architecture in reshaping the landscape. We then explore how the infrastructure is evolving into an institutional playground, focusing on underrated use cases beyond traditional arbitrage opportunities.

Key examples include the use of private transactions to safeguard sensitive trades, sponsored transactions to ensure seamless user experiences, and liquidation protection strategies to mitigate risks in volatile markets. These applications not only empower institutions to integrate MEV components into their core business but also contribute to a more equitable and distributed Ethereum ecosystem.

The talk emphasizes the dual value of MEV infrastructure as a business opportunity and a tool for functional improvements, urging institutions to onboard ethically and strategically. Leveraging MEV not only provides a competitive advantage to its users but also foster fairness and efficiency and promotes the development of the Ethereum ecosystem toward a more mature and institution-friendly landscape, while changing once for all the original negative connotation associated to MEV.