AnalysisBT-2026-0212
The ordering supply chain professionalised
Extraction moved from opportunistic scripts to an industry with tiers and contracts.
SpansAISECFIN
7 minAlgorithmic & AI Trading
Searching, building and relaying are now distinct businesses with distinct margins. Value that once accrued to whoever was fastest is increasingly split by negotiated arrangement.
For an ordinary user this is mildly good — competition among builders returns some of it. For protocol designers it means neutrality assumptions need restating.