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MEV
2026-09-29 07:01:10

MEV Doesn’t Disappear. It Changes Form Across Market Structures

Jascha Samadi argues that the right question is not whether a market has MEV, but who controls the pricing power over transaction ordering. In his framing, ordering value behaves like conserved energy: whenever a ledger processes valuable shared state in sequence, execution order carries economic value. That value can be auctioned, hidden, burned, or renamed, but it does not vanish. The article compares four settings. Ethereum turns ordering value into a visible market through searchers, builders, relays, validators, and proposer-builder separation. Canton removes the public market around ordering, but not the discretion itself, shifting it toward synchronizer operators within a permissioned and privacy-heavy architecture. Traditional finance, in Samadi’s view, spent decades burying the same rent inside payment for order flow, dark pools, and last look, with enforcement records exposing how hidden ordering advantages were monetized over time. Hyperliquid, by contrast, is presented as a case that formalizes execution priority through public auctions and then burns the fees, pushing the proceeds into a public pool rather than private bilateral arrangements. His conclusion is narrow but sharp: every venue that orders valuable state transitions produces ordering value. The real distinction between systems is whether that value is openly priced, who captures it, and whether the resulting rents are observable and redistributed or quietly absorbed by whoever sits closest to the sequencer.

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MEV Doesn’t Disappear. It Changes Form Across Market Structures
Flowra launches open order flow auction system for Solana validators
MEV
2026-08-07 07:15:04

Greenfield says MEV now accounts for 66%-80% of Ethereum priority-fee spending as wallet rebates reshape incentives

Greenfield Capital’s latest on-chain study of Ethereum’s block-building market says MEV-related strategies have overtaken Telegram trading bots as the largest source of priority-fee spending, now accounting for roughly 66% to 80% of weekly outlays. The report argues that this is not just a rotation in order flow. It reflects a broader rewrite of how value is created, routed and captured across Ethereum’s block-production stack. The study also points to a second shift at the wallet layer. Greenfield says rebate structures tied to order flow auctions, or OFAs, may be pushing users to tolerate materially higher priority fees than before. MetaMask users, for example, are estimated to have gone from paying about $0.15 in average priority fees per transaction in early 2024 to around $1.20, while GMGN users are paying more than $2.10 on average. Because these rebates are often settled later and off-chain, the report says observed on-chain fees may represent an upper bound on what users are effectively paying. Greenfield breaks MEV into three major categories — statistical arbitrage, sandwiching and atomic arbitrage — and finds distinct market structures in each. Wintermute and jaredfromsubway remain central players in statistical arbitrage and sandwiching, while atomic arbitrage appears far more fragmented. The firm says the findings are based entirely on public on-chain data accessed through Dune Analytics and do not constitute investment advice.

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Greenfield says MEV now accounts for 66%-80% of Ethereum priority-fee spending as wallet rebates reshape incentives
Ethereum
2026-08-07 06:33:08

Ethereum’s priority fee market is splitting into distinct order-flow businesses, with MEV now leading spend

A new report from Greenfield Capital argues that Ethereum’s priority fee market should not be viewed as a single pool of demand. Instead, it is made up of separate order-flow segments with very different economic drivers, including MEV, Telegram trading bots, wallet trades, DEX frontends, smart-contract interactions, and solver-based systems. Based on onchain data, the study says the center of gravity has shifted sharply since 2024: retail-led Telegram bot activity no longer dominates priority fee spending, while MEV-related flow now accounts for roughly 66% to 80% of weekly spend. The report breaks MEV into three major categories — statistical arbitrage, sandwiching, and atomic arbitrage — and finds that each behaves differently in terms of concentration, opportunity frequency, and fee intensity. Statistical arbitrage remains the largest segment by DEX volume and fee outlay, sandwich activity has fallen from its earlier peak but recently picked up again, and atomic arbitrage has become more prominent and remains structurally fragmented. The study also highlights the rise of wallet-layer monetization and order flow auctions, arguing that priority fee rebates may distort how onchain data reflects users’ real willingness to pay. Among retail-facing products, MetaMask Swaps stands out for much higher average per-trade priority fees than in early 2024, while GMGN has emerged as a notable new spender after expanding to Ethereum mainnet. Greenfield says these trends matter because execution-layer rewards from builder auctions are one of the few validator revenue streams directly tied to demand for blockspace.

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Ethereum’s priority fee market is splitting into distinct order-flow businesses, with MEV now leading spend