Monman

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Notes on @bqbrady's excellent writeup on Solana market structure, which is a must-read for any DeFi builder or blockchain designer. Some wallets and custodial trading interfaces (collectively, "frontends") have off-chain commercial relationships with transaction landing services (i.e. PFOF). This results in some obvious dynamics (order flow has backrunning value, leading to juiced profits for frontends), some dangers (the flow is more valuable if the landing service allows sandwiching, but observers like @0xGhostLogs will notice and sound the alarm), and some less obvious effects, described here: 1. Frontends present users with a transaction to sign, so the user is always signing off on the fees they pay... but users don't understand how much is a reasonable priority fee and will probably sign anyway. This gives the frontend a ton of power to overcharge priority fees, most of which is rebated to them. Frontends could also directly add a fee, but then users might notice. Much easier to overcharge the priority fee, which looks like part of the protocol. Also much easier for frontends to do this with centralized landing services, compared to if they had to arrange this with each validator. 2. Users sign specific transactions, but they aren't committing to the transaction landing at a specific time. Slowing down the transactions increases the likelihood that the trade is ill-advised (i.e. that it either misses if the market moves in the direction of the trade, or reaches too deep if the market moves in its favor), thus increasing the value of that trade. This creates a perverse incentive for frontends to delay transactions. (Not clear from Benedict's writeup how much this is happening.) 3. Users trust routing apps to give them the best route. If an app gives a worse route, there may be more MEV from backrunning, which means a larger rebate for the app. Overall forces at play: - frontends have a lot of power in the ecosystem, because they control what parameters are presented to the user, as well as where flow gets routed (and what other traders are exposed to the flow before inclusion) - transaction landing services make it easier for frontends to negotiate rebates compared to decentralized block building - users don't have a good sense of what fees are necessary to land their transaction and can end up overpaying by many multiples - in the grander scheme, apps/frontends are motivated by user trust to not overcharge/delay/misroute, but in practice only independent data analysts enforce the loop

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