A liquidation mints a fixed prize — the bonus on seized collateral. Three bars split it three ways: a gas war bleeds it to the block builder, private orderflow pockets it for the searcher, an OEV auction returns ~73% to the protocol. Drive size, bonus, competition; anchored to Chainlink SVR figures.
A DeFi liquidation mints a fixed prize, and for years it went to whoever won the gas war, not the protocol. Aave's own data shows Chainlink SVR routing $675M of liquidations and clawing ~$16M back. Inside the recapture-auction mechanics — SVR, Oval, API3 — and what they don't fix.