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auction design 1ethereum 1mechanism design 1proposer-builder separation 1trusted execution environment 1

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1 paper

cs.GT2026

From PBS to ePBS: the Microstructure of Block Building

Jingyu Liu, Bolin Zhang, Lin William Cong +2

The paper studies Ethereum's new proposer‑builder separation (ePBS) as a two‑stage imperfect‑information auction, showing that it can create inefficiencies and revenue losses compa…