SKALE Labs has launched the BITE Protocol to address the complex problem of Maximal/Miner Extractable Value (MEV), which has led to an estimated loss of $1.8 billion since 2020. This protocol is designed to provide higher transaction privacy and fairness within blockchain networks.
The BITE Protocol aims to eliminate unfair practices in blockchain by encrypting transactions before they enter the mempool. Jack O’Holleran, the CEO of SKALE Labs, emphasizes that this could revolutionize L1 blockchain technology, fostering a more balanced and equitable environment for users.
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