Value Capture Shifts

This lens is for systems that change who gets paid when a protocol creates scarce timing, routing, liquidation, sequencing, or data-delivery advantages.

Questions worth asking:

• What economic rent used to belong to miners, validators, relayers, market makers, or liquidators, and who captures it now?
• Does the system turn an implicit race into an explicit auction, router default, proxy layer, or payout rule?
• Who sets the revenue split, bidder access, fallback path, or eligibility rules?
• Does the shift reduce deadweight loss, or just move dependence to a new operator, committee, or middleware chokepoint?

Curated comparison set

• Explicit orderflow and liquidation-right auctions: flashbots-auction, timeboost, and api3-oev
• Oracle delivery and adapter policy layers: api3, chainlink-data-streams, and compound-open-price-feed
• Credit and liquidation systems where spread capture or backstop positioning matters: aave, morpho, and llamma

Adjacent lenses

• control-surfaces
• routing-and-defaults
• collateralized-money-markets

Keep the point sharp

• The interesting move is not just someone earns fees now; it is which race got formalized into an auction, router default, oracle premium, or liquidation privilege.
• Keep the note on rent relocation and rule-setting power, not on generic revenue models.