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Front-running attacks, which benefit from advanced knowledge of pendingtransactions, have proliferated in the blockchain space since the emergence ofdecentralized finance. Front-running causes devastating losses to honestparticipants and continues to endanger the fairness of the ecosystem. Wepresent Flash Freezing Flash Boys (F3B), a blockchain architecture thataddresses front-running attacks by using threshold cryptography. In F3B, a usergenerates a symmetric key to encrypt their transaction, and once the underlyingconsensus layer has finalized the transaction, a decentralizedsecret-management committee reveals this key. F3B mitigates front-runningattacks because, before the consensus group finalizes it, an adversary can nolonger read the content of a transaction, thus preventing the adversary frombenefiting from advanced knowledge of pending transactions. Unlike othermitigation systems, F3B properly ensures that all unfinalized transactions,even with significant delays, remain private by adopting per-transactionprotection. Furthermore, F3B addresses front-running at the execution layer;thus, our solution is agnostic to the underlying consensus algorithm andcompatible with existing smart contracts. We evaluated F3B on Ethereum with amodified execution layer and found only a negligible (0.026%) increase intransaction latency, specifically due to running threshold decryption with a128-member secret-management committee after a transaction is finalized; thisindicates that F3B is both practical and low-cost.

F3B: A Low-Overhead Blockchain Architecture with Per-Transaction Front-Running Protection