IntroductionIn Part 2, we discussed the actors in the MEV ecosystem under PBS and why block builders are likely to compete on access to exclusive order flow, whether it’s transactions or MEV bundles. There are two key stakeholders we’ve left out of the MEV discussion: users and protocols. They too have bargaining power in this ecosystem. In Part 3, we analyze the competitive position of users and how they can capture the value they create.Payment for Order FlowRecall this diagram from Part 2....

IntroductionIn Part 2, we discussed the actors in the MEV ecosystem under PBS and why block builders are likely to compete on access to exclusive order flow, whether it’s transactions or MEV bundles. There are two key stakeholders we’ve left out of the MEV discussion: users and protocols. They too have bargaining power in this ecosystem. In Part 3, we analyze the competitive position of users and how they can capture the value they create.Payment for Order FlowRecall this diagram from Part 2....