What is the MeV bot strategy?

Could you please elaborate on the MeV bot strategy? I'm curious to understand how it works and what advantages it offers over other trading strategies. Is it specifically designed for cryptocurrency trading, or can it be applied to other financial markets as well? How does it make decisions and execute trades? Are there any risks associated with using this strategy, and how can traders mitigate them? I'd appreciate it if you could provide a concise yet comprehensive overview of the MeV bot strategy and its key features.