Season 6 | Episode 4

In today's episode we are joined by Xin Wan, researcher at Uniswap Labs, and Robert Miller, Product Lead at Flashbots, to explore the world of Order Flow Auctions (OFAs). They discuss different OFA designs like Uniswap X, Flashbots MEV-Geth, and traditional order books, analyzing capital efficiency, fairness, and susceptibility to manipulation. Xin and Robert also detail key auction parameters around permissioning, bid selection, information revelation, and credible neutrality. Looking forward, they explore how OFAs and intent-based infrastructure could simplify cross-chain interoperability and abstract complexity for end users.

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Timestamps:

(00:00) Introduction

(01:49) Interview Start: Xin and Robert

(02:26) What are Order Flow Auctions?

(08:33) Market Structure of Order Flow Auctions

(15:03) “Maverick Ad”

(16:17) Taking DEX Components Offchain

(23:22) Why Uniswap Chose an Offchain RFQ System

(28:01) The Role of Private RPCs

(32:32) Design Space for Auctions

(47:02) Price Impact of Information Availability

(55:33) Use case of Intents

(1:03:28) Outro 

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Resources:

On the Design of MEV Marketplaces by Robert Miller

https://medium.com/flashbots/on-the-design-of-mev-marketplaces-8829bf897858

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Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.