Who Owns Ethereum’s Most Valuable Data? — Recap of MEV Space #10
Ethereum’s past mistakes, present blind spots, and future frontiers.
Ethereum turns ten 🎂, and with it, the debates over who owns the chain’s most valuable data are louder than ever.
In MEV Space #10 — “Data, Drama & Decisions”, we pressed on the questions that cut to Ethereum’s core:
❓ Agenda Questions
When you think about your own work, what kinds of Ethereum data are you most focused on day-to-day? How do you actually use that data?
Looking back, what did Ethereum misread in the past when making pivotal decisions with imperfect data—and how does that shape how we build infra and research today?
Which data streams are most critical for builders today—and where do blind spots still slow us down?
How do we actually measure decentralization and credible neutrality? Do current metrics give builders confidence?
Who really owns Ethereum’s most valuable data pipelines? How does control over these flows shape not just access, but the balance of power for builders, searchers, and researchers?
Which frontier apps will absolutely break without stronger data pipelines—and who’s solving it?
These panelists gave their insights.
Thomas Thiery (soispoke, Researcher, Robust Incentive Group, Ethereum Foundation)
Sen Valitov (0x3face, Co-Founder, nuconstructxyz)
Irfan (i_shaix, Co-Founder, Interstate)
Co-host: Benjamin Hunter (philosowrapter, VP of Engineering, BTCS)
🔑 Key Takeaways
Data asymmetries in private orderflow concentrate leverage.
The scarce good is the interpretation layer—the ability to turn raw data into usable, curated insights.
We still have blind spots in real-time observability.
Protocol limits shape censorship resistance and validator–builder balance.
Shared concern: without better access, modeling, and accountability, we’re flying half-blind.
At root, it came down to two questions:
👉 Who has power?
👉 Who gets heard?
🎙️ How Speakers Answered
Kofi (Base)
Who has power: Those who can afford the compute and pipelines to transform raw Ethereum data into curated, low-latency interpreted datasets. Only a handful of providers have this ability today.
Who gets heard: The teams that produce—or can pay for—those insights. Their interpretations shape product decisions. Kofi warned of ecosystem risks if only a few can build/buy these insights, and called for democratizing access.
Thomas / soispoke.eth (Ethereum Foundation)
Who has power: Centralized block builders—and soon, centralized provers—hold immense leverage over inclusion and ordering. Thomas pointed to EIP-7805 (Fossil) as a way for validators to reassert inclusion rights.
Who gets heard: He argued more voices must “chime in” on upgrades and governance. Ethereum needs to widen who gets heard beyond builders, toward validators and community participants.
Sen (New Construct)
Who has power: Order-flow providers. Roughly 70% of MEV-relevant flow is private and highly centralized. Sen noted top players dominate, creating steep entry barriers.
Who gets heard: Those with access and BD leverage into private auctions. The “garage searcher” era is over—winners are those plugged into off-chain intent/RFQ venues and private pipes.
Irfan (Interstate)
Who has power: Centralized builders and parties with privileged private orderflow. Equal execution guarantees across searchers are “very hard” to enforce.
Who gets heard: At a minimum, validators should enforce baseline inclusion and censorship-resistance—for example through Fossil—so transactions “get a say” within N blocks, even if other fairness guarantees remain outside the protocol.
🌐 The Bigger Picture
Across the panel, the same tension emerged: data is power, and power determines whose voice shapes Ethereum’s future.
As private orderflow consolidates and builders gain leverage, the risk is clear: insight and influence concentrate in the hands of a few. The counterweight is equally clear: protocol-level guarantees, community-driven governance, and democratized access to Ethereum’s data interpretation layers.
The stakes are simple: if we want Ethereum’s next decade to be more decentralized than its last, we can’t let the most valuable data stay locked away.
Listen to the full recording here.
⏰ Stay tuned for MEV Space #11 — Data, Drama & Decisions (Part II): Where Are We and What’s Next.
⏰ Date & Time: 11 AM EST, Sept 3
📍 Where: Twitter/X Space
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