This isn’t a pick-your-poison choice between PFOF and MEV. Both thrive on the transparency of user intent before execution. Encrypted transactions, like those on @Aptos, decouple ordering from visibility - hiding intent until the sequence is locked. This makes intent-based front-running and sandwiching structurally impossible by removing the information asymmetry required to exploit the user @drwconvexity @perkinscr97. x.com/averyching/status/203728...

Don Wilson
@drwconvexity
03-29
Payment for order flow requires an order to be either matched within the NBBO or routed to the best available price on a venue. The is a far cry from being able to trade in front of an order that is going to have market impact. I am not a fan of PFOF, but it is benign compared to
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