“The price is the news” is an often used adage in crypto circles any time there is heightened engagement and awareness around a network following fast price action. It has become clear to me that the inverse of this statement is perhaps more profoundly true: “The news is the price.”

This essay assumes some familiarity with MEV. See Tokenizing MEV for a primer on Miner Extractable Value and the market structure between searchers and block producers.