Skale launches BITE protocol to eliminate malicious MEV attacks

PANews reported on May 9th that according to The Block, Layer1 blockchain SKALE launched a new consensus layer solution called the BITE protocol, aimed at eliminating malicious MEV attacks. The protocol uses threshold encryption technology to encrypt transactions before they enter the memory pool and only decrypt them after block confirmation, thereby blocking validators' ability to obtain transaction information in advance for front-running or sandwich attacks. The innovation of the BITE protocol lies in introducing traditional financial transaction sequencing mechanisms into blockchain, avoiding validators' profit from information asymmetry through built-in encryption protection at the consensus layer. The SKALE CEO stated that this is a more thorough solution compared to existing private memory pool approaches.