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
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