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OKX Ventures Contributes to Ethereum MEV Solution Shutter Network

OKX Learn

Published on Jun 22, 2023

Updated on Apr 25, 2024

2 min read

HONG KONG, JUNE 22, 2023 - OKX Ventures, the investment arm of the second-largest crypto platform by trading volume and Web3 technology company OKX, is pleased to announce its strategic contribution to Shutter Network, an open-source project that aims to prevent malicious MEV and front running on Ethereum.

Malicious miner-extractable value (MEV) describes revenue that block producers extract by manipulating transactions. A subset of MEV is front-running, in which an attacker attempts to have their own transaction executed ahead of the one broadcast by users. MEV and front-running are recognized as some of the final unsolved fundamental problems in the blockchain space.

Shutter Network aims to solve for malicious MEV and front-running by allowing users to send encrypted transactions that are opaque to front runners. Shutter Network is additionally decentralized and gas-efficient.

OKX Ventures Founder Dora Yue said: “At OKX Ventures we are committed to building a sound and secure on-chain environment through considered investments in high-impact projects. We are confident that Shutter Network will continue to contribute to network stabilization and add further value amid the exponential growth of MEV.”

In May of 2023, Shutter Network launched Shutter protoDAO, which represents a significant step towards decentralization of Keypers nodes.

OKX Ventures will continue to support projects that seek to overcome obstacles to the mainstream adoption of blockchain technology.

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