Prediction #1: Front-ends increasingly capture value

As the MEV supply chain matures, value is increasingly captured by whoever owns exclusive order-flow. The reason is simple. Anyone downstream of order-flow origination — DEXs, searchers, builders, validators etc. — will experience more competition for the same order-flow. Conversely, the originator of that order-flow (i.e., front-ends) retains an inherent monopoly in the MEV supply chain.

This suggests that the only stakeholder that can increase their take rate without losing meaningful market share is front-ends — specifically those that own “fee-insensitive” order-flow (e.g. wallets).

Emerging primitives such as conditional liquidity should accelerate this trend as well.

Prediction #2: DePin’s total market cap grows 5x in 2025

Market leaders like Helium and Hivemapper begin to see network effects approach escape velocity.

DAWN emerges as DePin’s