MEV Space #11: How the Data Builders Define Reality

MEV Spaces

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MEV Space #11: How the Data Builders Define Reality

And How Private Orderflow and Misleading Dashboards Distort It.

EigenPhi

Sep 11, 2025

Transcript

MEV Space brings together the sharpest minds in crypto to dissect the evolving MEV landscape and beyond. This is the 2nd part of the Data on Ethereum series.

In MEV Space #10, we asked: who owns Ethereum’s most valuable data?

We heard about:

Data asymmetries in private orderflow.

The interpretation layer is a scarce good.
Blind spots in real-time observability.
Protocol limits around censorship resistance & validator-builder balance.
And a shared concern: without better access, better modeling, and better accountability—we’re flying half-blind.

In this episode, we asked questions, including:

What are the hard-to-measure, high-impact data streams in your day-to-day work?
A story of when better data would have changed your call—investment thesis, governance vote, builder strategy.
How do metrics, dashboards, and labels become gatekeepers? Are we overfitting to what’s legible rather than what’s meaningful?
How do flawed data assumptions create real governance problems?
What role should researchers and analysts play in upstreaming better metrics into DAO and protocol governance?
What’s a widely used dashboard, metric, or “insight” you think is misleading—and what should we look at instead?
What norms or infrastructure do we need to establish to maintain data credibility and prevent manipulation?

You will hear insights from these experts:

Danning Sui — Research Director, Pantera Capital. Previously data at Flashbots/0x/ConsenSys.
Ludwig Thouvenin — Co-founder & CEO, Sorella Labs; building Ångstrom DEX.
Jake Koch-Gallup — Research Analyst, Messari (Protocol Research; author on recent Messari reports).
hildobby (Hildebert Moulié) — Head of Data Science, Dragonfly; longtime Dune “wizard.”
Benjamin Hunter — VP of Engineering, BTCS.