Ethereum’s orderflow landscape is live again Same data. New home. And we can see one pattern stand out: private mempool now significantly dominate over public mempool. More from the flow🧵

2/ Dapps are striving to retain users by creating their own swap interfaces, powered by major routers via APIs. In this competitive interface landscape, @CoWSwap now leads in volume, overtaking previous leaders like Uniswap and 1inch. Its advantage is structural: solver competition consistently finds the best price for the user.

3/ About 74% of @CoWSwap’s volume is driven by algorithmic solvers focused on AMM liquidity. However, much of that flow still draws on the liquidity of Private Market Makers (PMMs) through RFQ systems. So even though algorithms dominate execution, PMMs remain a critical backbone of liquidity.

4/ Most of the flow no longer hits the public mempool - private one now handle most of the flow, offering better execution and MEV protection.

5/The block builders' market remains an oligopoly, but its composition is changing. Flashbots' BuilderNet has now surged into the top two, gaining significant market share.

You can now access Ethereum’s orderflow landscape at