Thanks for your earlier reply on MEV extraction!
I was curious about how this encrypted mempool approach compares to the private mempools we have today on Ethereum.
When using a private mempool a user needs to trust the mempool provider / builder not to sandwich which is similar to trusting the key provider. In BuilderNet or Relay Block Merging, multiple private mempools can be merged if the private mempool providers trust each other which sounds similar to the Key Provider Trust Graph.
A key benefit to me of encrypted mempools is that it could improve the builder market as it could potentially reduce the ability of builders to acquire private order flow since users do not need to use private order flow. I’m curious if that advantage holds in this design as well since the key providers are in some ways similar to private mempools.