DeFi

Nasty solver vertical integration on UniswapX

Wintermute and SCP that take up 86% of UniswapX volume, are also searchers that direct all of their order flow to their own block builders, rsync-builder and Beaverbuild, that together takes up over ~43.5% of the block builder market share.

Research @ Delphi Digital, writing at distributedresearch.substack.com

you probably don’t think about liquidity enough // it is what it is  // build value, not valuation

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I'd say it holds true but not centralisation isn't as strong as UniswapX. Currently 3 solvers take up +50% of the volume on Cowswap.

Do you know if this is holding true (or was historically true) for CowSwap solvers as well?