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cs.GT2025
From Competition to Centralization: The Oligopoly in Ethereum Block Building Auctions
Fei Wu, Thomas Thiery, Stefanos Leonardos +1
Block production on the Ethereum blockchain has adopted an auction-based mechanism known as Proposer--Builder Separation (PBS), where validators outsource block creation to builder…
cs.GT2024
Strategic Bidding Wars in On-chain Auctions
Fei Wu, Thomas Thiery, Stefanos Leonardos +1
The Ethereum block-building process has changed significantly since the emergence of Proposer-Builder Separation. Validators access blocks through a marketplace, where block builde…