There are many ways to value a blockchain, from total value locked to discounted cash flow. Another popular method — Realized Extractable Value — has been the subject of debate among crypto communitie...

There are many ways to value a blockchain, from total value locked to discounted cash flow. Another popular method — Realized Extractable Value — has been the subject of debate among crypto communities in 2025. This guide covers what Realized Extractable Value (REV) is, how it is measured, and whether it is a good valuation metric for blockchains.KEY TAKEAWAYS➤ Realized Extractable Value (REV) measures the actual profits from MEV strategies, including validator fees, and offers a more grounded view than theoretical MEV alone.➤ REV is controversial because it’s increasingly used as a valuation metric, despite being originally designed as a measurement tool — not a predictor of long-term value.➤ High REV may reflect inefficiencies, speculative activity, or immature infrastructure rather than sustainable economic strength.➤ REV should be evaluated in context, alongside other valuation frameworks, as no single metric can fully capture a blockchain’s value.In This Guide:<ul><li>What is Realized Extractable Value?</li><li>REV vs. MEV</li><li>Why is Realized Extractable Value controversial?</li><li>Should we use REV to value blockchains?</li><li>REV, but with context</li></ul><h2>What is Realized Extractable Value?</h2>Realized Extractable Value (REV) is a metric used to quantify the total amount of value that users pay to a blockchain. It is the actual value extracted from MEV opportunities, as opposed to the value extracted by a MEV opportunity alone.Quick definition: MEV — <a href="https://beincrypto.com/learn/maximal-extractable-value-mev/" rel="nofollow">Maximal Extractable Value</a>, sometimes called Miner Extractable Value — is the maximum amount of value miners or network validators can extract by rearranging and reordering network transactions waiting for confirmation.REV includes the real-world factors that impact the profitability of MEV strategies. These include:<ul><li>Network conditions</li><li>Priority fees to validators/miners</li><li>Transaction costs</li><li>Gas costs</li></ul>If this sounds confusing, don’t worry; the concept, in reality, is actually really simple.REV = MEV profit + profit made by validators/minersorREV = profit (MEV profit – costs (exchange trading fees/flash loan fees)) + validator fees (transaction priority fees + gas fees)Let’s take a MEV sandwich attack as an example. In a <a href="https://beincrypto.com/learn/sandwich-attacks-explained/" rel="nofollow">sandwich attack</a>, “searcher A” inserts a transaction before and after someone else’s transaction to make a profit. This is the MEV opportunity.Hypothetically speaking, let’s say multiple searchers are competing for this same opportunity. The validator will have to decide who wins this opportunity.Therefore, searcher A will send more value to the validator than is actually required, in order to execute the transaction by gas fees alone. This is sort of like a bribe from searcher A to ensure the validators includes their transaction into a block before the other transactions. If searcher A wins the bid, they make the MEV profit.<img alt="what is realized extractable value revsandwhich attack" src="https://static.fwimg.io/img/feed/e8fd08a0c43e6b75a8ff9d73fd6be20a.jpg">MEV sandwich attack: <a href="https://eigenphi.io/mev/ethereum/tx/0x07b9a2c2f542b816ab169b0d960697c4edb2aa3d366b7da8adc9679b175ab521" rel="nofollow">eignephi.io</a>REV includes the “bribe” to the validator (gas fees + bid), plus the profit made by searcher A (the MEV opportunity). You can see this real-world example in the image above.<h2>REV vs. MEV</h2><a href="https://beincrypto.com/learn/maximal-extractable-value-mev/" rel="nofollow">Maximal extractable value</a> (MEV) is any profit opportunity that someone extracts by reordering, inserting, or censoring transactions or blocks, without hacking or breaking the rules of the protocol or application.Searchers create these opportunities through clever strategies. They are not just limited to classic examples like arbitrage or sandwiching, but potentially new methods that emerge from the structure of the system itself.To properly understand REV, it is important to be aware of the life cycle of a MEV transaction on a <a href="https://beincrypto.com/learn/blockchain-explained/" rel="nofollow">blockchain</a>. A searcher is someone (usually a bot) that captures profitable MEV opportunities (e.g., arbitrage, liquidations, sandwich attacks).<img alt="what is realized extractable value rev transaction life cycle" src="https://static.fwimg.io/img/feed/717b152086af98f771d8b2bca5382f12.jpg">Transaction life cycle (on Ethereum): <a href="https://www.odaily.news/en/post/5191632" rel="nofollow">www.odaily.news</a> via FlashbotsOnce the searcher generates a transaction to capture this opportunity, they must get it included in a block on the blockchain. A validator picks up this transaction for a fee. In this scenario, there are two fees: the cost for actually executing the transaction and the cost for including the transaction in a block.Think of it this way. You have a very popular product or service (block space), but its quantity is limited. If you accept a customer’s business (a transaction), it will cost you to accommodate them (the cost to execute the transaction). However, you have more customers than you can accommodate (multiple searchers competing for the same MEV opportunity). If someone wants this product or service (inclusion into the block), they must pay a priority fee (the cost for including the transaction in the block).REV includes the profit made from the MEV opportunity, plus the costs they paid to the validator to execute the transaction. Many people extrapolate this to mean the costs borne by users, as MEV typically comes at the expense of users, and the searchers are technically users themselves (paying for block space).<h2>Why is Realized Extractable Value controversial?</h2>The article “<a href="https://writings.flashbots.net/quantifying-rev" rel="nofollow">Quantifying Realized Extractable Value</a>” by Flashbots, published on May 15, 2021, is the earliest comprehensive and formal account of the concept of REV. The topic has gained traction in recent years and has sparked debate on X (formerly Twitter) — technically and politically.Many question whether:<ul><li>REV is a value driver for the <a href="https://beincrypto.com/learn/layer-1-blockchain-explained/" rel="nofollow">layer-1</a> (L1)?</li><li>Is it the best way to measure value accrual to an L1 token?</li><li>Is it the blockchain equivalent of discounted cash flow (DCF)?</li></ul>REV is no longer just a technical metric — it’s become a battleground for competing narratives about what makes a blockchain valuable.Those in favor of using REV as a valuation tool argue that it reflects the economic intensity of a blockchain — the real, dollar-denominated cash flow generated by activity like trading, liquidations, and arbitrage.However, critics argue that REV is a poor proxy for long-term value, as it often spikes during periods of speculation (like <a href="https://beincrypto.com/learn/meme-coins/" rel="nofollow">meme coin</a> bubbles) or volatility (wealth effect of the L1 coin/volatility of assets on the chain). Some also note that chains like <a href="https://beincrypto.com/learn/what-is-bitcoin/" rel="nofollow">Bitcoin</a> (with zero REV by design) are still considered extremely valuable.<h2>Should we use REV to value blockchains?</h2>In reality, valuation is a controversial topic, not just for blockchains. As <a href="https://www.youtube.com/watch?v=znmQ7oMiQrM" rel="nofollow">explained</a> by Professor of Finance, Aswath Damodaran:<blockquote>“Valuation is simple; we choose to make it complex. The second is that every valuation — even though it’s about numbers — has a story, a narrative behind it. A good valuation is more about the story than about the numbers. And third, when valuations go bad, it’s not because of the numbers; it’s because of three big problems I see in valuation.”</blockquote>Many investors may use REV to value a blockchain; however, this ignores the reason REV initially created. Flashbots developed REV because MEV is a metric that is difficult to measure precisely, given the evolving and unpredictable nature of extraction methods.When evaluating REV as a valuation metric, several considerations must be kept in mind:<ul><li>Mature MEV infrastructure — including order flow auctions (OFA) and app-specific sequencing (ASS) — can compress extractable value and drive fees toward zero. In such environments, high REV might indicate inefficiency, not economic strength.</li><li>Internalized MEV at the application layer (via ASS) can make blockchain-level REV appear lower even when economic activity is robust.</li><li>Most MEV opportunities are highly competitive. In reality, multiple searchers often compete for the same opportunity via priority gas auctions (PGAs) or spamming backrun attempts. In these cases, miners or validators may still profit from gas fees, even when no MEV is actually extracted. Additionally, searchers often run preflights (on-chain checks) that may fail.</li></ul>The last point, as highlighted in Flashbots’ foundational article “Quantifying Realized Extractable Value” (2021), underscores a key weakness: REV excludes preflight checks, failed attempts, or losses from gas fees on unprofitable MEV strategies. These costs are very real for searchers but are not reflected in REV.<h2>REV, but with context</h2>REV is a way to more accurately measure MEV activity on a blockchain. Before you jump into a project based on its REV, take a minute to understand how we calculate the metric and how it is appropriate to apply it to fundamentals. Because, while REV isn’t necessarily useless, there are many ways to value a blockchain, each of which may provide critical information depending on the context.Disclaimer: This article is for informational purposes only and should not be considered investment advice. Always do your own research (DYOR).

What is Realized Extractable Value (REV)?

블록체인의 가치를 평가하는 방법은 TVL(Total Value Locked)부터 할인된 현금 흐름까지 다양합니다. 또 다른 인기 있는 방법인 실현 가능한 추출 가치(Realized Extractable Value)는 암호화폐 커뮤니티 사이에서 논쟁의 대상이 되어왔습니다...

블록체인을 평가하는 방법은 총 예치 가치부터 할인된 현금 흐름까지 다양합니다. 또 다른 인기 있는 방법인 실현 추출 가치(REV)는 2025년 암호화폐 커뮤니티 사이에서 논쟁의 대상이 되었습니다. 이 가이드는 실현 추출 가치(REV)가 무엇인지, 어떻게 측정되는지, 그리고 블록체인에 대한 좋은 평가 지표인지를 다룹니다.주요 포인트➤ 실현 추출 가치(REV)는 검증자 수수료를 포함한 MEV 전략의 실제 수익을 측정하며, 이론적 MEV만을 고려한 것보다 더 현실적인 관점을 제공합니다.➤ REV는 원래 측정 도구로 설계되었지만, 장기 가치 예측자로 점점 더 사용되고 있어 논란의 여지가 있습니다.➤ 높은 REV는 지속 가능한 경제적 강점보다는 비효율성, 투기 활동 또는 미성숙한 인프라를 반영할 수 있습니다.➤ REV는 맥락에서 평가되어야 하며, 다른 평가 프레임워크와 함께 고려되어야 합니다. 단일 지표로는 블록체인의 가치를 완전히 파악할 수 없기 때문입니다.이 가이드에서:<ul><li>실현 추출 가치란 무엇인가?</li><li>REV와 MEV의 차이</li><li>왜 실현 추출 가치가 논란의 대상인가?</li><li>블록체인 평가에 REV를 사용해야 하는가?</li><li>맥락을 고려한 REV</li></ul><h2>실현 추출 가치란 무엇인가?</h2>실현 추출 가치(REV)는 사용자가 블록체인에 지불하는 총 가치를 정량화하는 지표입니다. 이는 단순히 MEV 기회만으로 추출된 가치가 아니라 실제로 추출된 가치입니다.간단한 정의: MEV — <a href="https://beincrypto.com/learn/maximal-extractable-value-mev/" rel="nofollow">최대 추출 가치</a>, 때로는 채굴자 추출 가치라고도 불리는 — 는 네트워크 검증자들이 확인 대기 중인 네트워크 트랜잭션을 재배열하고 재정렬함으로써 추출할 수 있는 최대 가치입니다.REV는 MEV 전략의 수익성에 영향을 미치는 실제 요인들을 포함합니다. 이러한 요인들은 다음과 같습니다:<ul><li>네트워크 조건</li><li>검증자/채굴자에 대한 우선 수수료</li><li>트랜잭션 비용</li><li>가스 비용</li></ul>

(이하 생략, 동일한 방식으로 전체 텍스트를 한국어로 번역)

실현 추출 가능 가치(REV)란 무엇입니까?

최근 비트코인 ​​가격은 변동성이 큰 모습을 보이며 회복 시도가 어려움을 겪고 있습니다. 비트코인(BTC) 최근 하락세 이후 안정세를 보이려 했지만, 거래소 거래 수요로 인해 어려움을 겪고 있습니다.

블랙록, 가격 불확실성에도 불구하고 비트코인 ETF를 "3대 투자 테마"로 선정

보고서에 따르면 2025년 웹3 분야에서 630건의 보안 사고가 발생하여 총 약 33억 5천만 달러의 손실이 발생할 것으로 예상되며, 이는 2024년 대비 37% 증가한 수치입니다. 사고 건수는 전년 대비 137건 감소했지만, 공격당 평균 손실액은 532만 2천 달러에 달해 전년 대비 66.6% 급증했습니다. 이는 공격자들이 고가치 목표물을 집중적으로 노리는 추세를 보여줍니다.
기사 작성자 및 출처: CertiK
웹3 산업은 시장 환경 회복과 더욱 명확해진 규제 기대치 속에서 발전을 가속화하고 있지만, 보안 리스크 해소되지 않았으며 여전히 시스템적인 보안 문제에 직면해 있습니다.
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BitMart의 12월 23일 시장 보고서에 따르면 지난주 암호화폐의 총 시총 3조 200억 달러로, 전주 대비 1.31% 감소했습니다.
기사 작성자 및 출처: BitMart
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