Ethereum
MEV has spread to Bitcoin, in more subtle forms than on Ethereum
We can of course see the same type of arbitrage with AMMs, albeit in a slightly different form. Let’s say you heard about SHIB early on and wanted to buy it before it was available on a centralized exchange. Since it wasn’t on an exchange, you used an Ethereum-based AMM (SHIB was created on Ethereum as an ERC-20 token), and you clicked the buttons to make your SHIB token purchase. When you place that order, it gets bundled into a big batch of Ethereum transactions that are offered. Some of those transactions might be people buying stuff online with USDC, but a lot of them are swaps for tokens like SHIB, WIF, or PEPE.