Summary Points
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MEV Elimination: BITE Protocol is the first solution to eradicate Maximal Extractable Value (MEV) at the consensus level, tackling issues like front-running and sandwich attacks.
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Innovative Encryption: Utilizing Blockchain Integrated Threshold Encryption, BITE protects transaction contents before block finalization, ensuring true privacy and fairness.
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Transformative Impact: This protocol aims to equalize the playing field for all blockchain participants, enhancing fairness comparable to traditional finance while retaining decentralization.
- Industry Revolution: BITE will significantly enhance decentralized exchanges, lending protocols, and NFT marketplaces, promoting user-centric applications and mass adoption of Web3 technologies.
[PRESS RELEASE – San Francisco, CA, May 8th, 2025]
SKALE Labs has unveiled the BITE Protocol to tackle a significant issue in the blockchain industry: Maximal Extractable Value (MEV). This new protocol aims to eliminate unwelcome tactics like front-running and sandwich attacks, which have resulted in over $1.8 billion in losses since 2020.
BITE, which stands for Blockchain Integrated Threshold Encryption, takes a groundbreaking approach by addressing MEV at the consensus level. In contrast to prior efforts that merely skimmed the surface, BITE integrates threshold encryption directly into the blockchain’s core. This innovation ensures that no party, including validators, can access transaction details before finalization. In doing so, BITE offers enhanced transaction privacy and equity.
Jack O’Holleran, CEO and Co-Founder of SKALE, emphasized that BITE Protocol represents a pivotal moment for blockchain technology. He stated that it could render existing Layer 1 technologies outdated. By encrypting consensus and eradicating MEV, BITE transforms the landscape from exploitation to fairness—ensuring that every participant receives the same information simultaneously. This shift brings blockchain transactions closer to the expected fairness in traditional finance while preserving decentralization.
The protocol’s influence extends to decentralized exchanges, NFT marketplaces, and beyond. It is crucial for industries that rely on transaction integrity, such as lending platforms and on-chain games. BITE stands to enhance user experiences by providing a fairer playing field, which traditional finance has long offered.
As blockchain technology evolves, BITE could herald a new era marked by true privacy and transaction fairness. The implications for developers and businesses are profound. SKALE Labs is committed to empowering innovation while redefining standards within the blockchain ecosystem.
For further information, visit: SKALE’s Blog.
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