Understanding the 4337 MEV Supply Chain

Blocknative Ethereum Web3

I recently published a breakdown of how the adoption of ERC-4337 will impact the current MEV supply chain on Ethereum. If you are interested in diving deeper into the world of ERC-4337 and MEV, you can read the full post on HackMD.

The high-level summary of the post can be found below:

  • In the beginning, Ethereum had a single public venue for transactions: the mempool. As use of the network has evolved, more complex tx venues have developed with some network actors keeping their own private mempools.
  • 4337 is set to accelerate this trend of alt mempools. Once widely adopted, ERC-4337 will create alternate “user operation” mempools. This will have the effect of fragmenting public sources of MEV opportunities. 
  • 4337 will add 2 new actors to the MEV supply chain, “bundlers” and “paymasters”, both of which have functionality that may be subsumed by searchers, builders, and OFAs (order flow auctions).
  • OFAs will also most likely provide support for user operations.
  • 4337 alt mempools may be laying the groundwork for a global intent gossiping layer, which if equipped with sufficient cryptography, could allow for general purposes solvers to match a users intent to a relevant counterparty intent before even hitting the chain.



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