{"document_id":"BLC-STUDY-0085","slug":"flash-boys-2","title":"Flash Boys 2.0: Frontrunning, Transaction Reordering, and Consensus Instability in Decentralized Exchanges","authors":"Philip Daian, Steven Goldfeder, Tyler Kell, Yunqi Li, Xueyuan Zhao, Iddo Bentov, Lorenz Breidenbach and Ari Juels","year":2019,"date_label":"2019","publisher":"Philip Daian, Steven Goldfeder, Tyler Kell, Yunqi Li, Xueyuan Zhao, Iddo Bentov, Lorenz Breidenbach and Ari Juels","paper_type":"Design paper","category":"Markets","topics":["Markets"],"source_url":"https://arxiv.org/abs/1904.05234","source_label":"arXiv:1904.05234","legacy_pdf_path":null,"sha256":null,"sha256_note":"No hash is published. This build does not store those PDF bytes, so a checksum would be invented. Where a legacy path exists, it points at the Internet Archive copy of the old library.","version":"Source cited by the 2019 study. The study is the reading. This page does not add a second essay.","doi":null,"rights_status":"Official external source only","source_status":"Official source","use_status":"Metadata and commentary only. The reading is the study page.","licence":null,"licence_label":"No licence recorded. Rights status under review.","full_text":null,"full_text_reason":"Full text is not published on this page. Public availability is not a licence to republish a document. Blockchain Lab has not recorded a licence that permits an HTML transcription, a training set, or a retrieval corpus of the paper. Text on this page is Blockchain Lab's own wording, or a pointer to a study that is also Blockchain Lab's wording.","editorial_line":"A measurement paper. Miners and bots reorder and insert transactions around DEX trades. The authors name miner-extractable value and show priority gas auctions. It is not a trading manual, and it is not a claim that any strategy here is available or profitable now.","canonical_url":"https://blockchainlab.com/whitepaper/flash-boys-2","record_url":"https://blockchainlab.com/research/corpus/papers/flash-boys-2","study_url":"https://blockchainlab.com/whitepaper/flash-boys-2","last_reviewed":"2026-10-01","last_checked":"2026-10-01","relationships":[{"rel":"Canonical reading","label":"Flash Boys 2.0 study","href":"/whitepaper/flash-boys-2"},{"rel":"Related paper","label":"Uniswap","href":"/whitepaper/uniswap-v2"},{"rel":"Related paper","label":"0x","href":"/whitepaper/zero-x"},{"rel":"Related paper","label":"Uniswap v4","href":"/whitepaper/uniswap-v4"}]}