In the post-Merge world, Ethereum transactions will flow through a very specific and orderly process. A powerful transaction supply chain is being constructed before our very eyes, and massive power structures are about to emerge.

The current state of the Ethereum transaction supply chain is blunt and naive. We all submit our transactions to the mempool, arbitrage bots descend and fight over the pennies of value, and then miners collate all these transactions to build a block.

In post-Merge Ethereum, this process gets codified and defined into the protocol. This fundamentally allows ETH stakers to harness the value capture at every step, ensuring that the value is passed to them at the end of the supply chain.

I’ve said it many times before, but I still haven’t said it enough: The best lens for a holistic understanding of crypto is through biology.