Uniswap X Fillers of different profiles have varying volume distribution across trade size:

- Known big market makers fill a lot more volume when trade size go up, almost only seen at size >$1k
- MEV searchers support >50% of the volume when size < $10k

here is a spicy take 🌶️: You should prob not trade on solver auctions, but go to DEX aggregators, if your size is big enough.

on UniX
trades>$500k are filled by only 3 Market Makers,
trades>$1m are solely filled by SCP & Wintermute.

are prices really competitive when there are only 2 MMs quoting?

2 weeks ago we released a empirical study on Ethereum's Orderflow Market and Block Building competition!

It aims to illuminate market economics & secrets in the PBS/MEV world to a broader audience.

For whoever looking to acquire Orderflow - it is a treasure map 🗺️ for you!

🧵:

https://twitter.com/1462812538731745286/status/1815520545774944466

We observe that the Orderflow Market follows the Pareto rule:

While Retail Swap & Other Public flows occupies ~70% of the blockspace, they contribute to only 30% of total MEV value extracted by proposers.

It's time to talk about L2 MEV!

L2s activities surged after Dencun. As the cost goes down, more bot activities and spamming tactics appear. They cause 2 problems: gas congestions & high reverts.

On Base, BananaGun Telegram Bot users pay 43x‼️ higher gas price than other users! All the other Telegram Bots on Base show a similarly 20x higher gas price level.

Right after Dencun, Base avg gas fees quickly spiked over than its highest before the upgrade. The team has been scaling up throughout (gas target/s) a few times ever since: growthepie.xyz/fundamentals/t…

Today, ~15% of Ethereum Txs are landed thru Private Mempools.

Cross-checking txs seen by public mempools, we are able to observe the trend of Ethereum txs moving towards private channels over time - thru metrics across the Tx Settlement Stack on Ethereum. 👀

🧵👇 Over 50% of Non-toxic (uninformed) volume are settled thru private mempool.

Note that to estimate retail user's original requested volume so to measure actual demand, we:

1. deduped multihop volume router introduces when bridging illiquid pairs;
2. only included known routers..

Been seeing so many MEV/PBS related network health data after the merge — feels like we can use a registry to aggregate them 👇 for the analyzooooooors

Ahhhhh I’m threading 🧵: 1/ The Flashbots Transparency Dashboard ⚡️🤖
transparency.flashbots.net

They also open sourced the raw data set thru both data API and s3 downloads: flashbots.notion.site/Relay-API-Docu…