WEBVTT Kind: captions Language: en 00:00:00.000 --> 00:00:04.350 align:start position:0% foreign 00:00:04.350 --> 00:00:04.360 align:start position:0% 00:00:04.360 --> 00:00:13.249 align:start position:0% [Music] 00:00:13.249 --> 00:00:13.259 align:start position:0% 00:00:13.259 --> 00:00:17.510 align:start position:0% hi<00:00:13.799> everyone<00:00:14.120> uh<00:00:15.120> my<00:00:15.480> name<00:00:15.599> is<00:00:15.900> Jolene<00:00:16.619> and<00:00:17.279> I 00:00:17.510 --> 00:00:17.520 align:start position:0% hi everyone uh my name is Jolene and I 00:00:17.520 --> 00:00:20.630 align:start position:0% hi everyone uh my name is Jolene and I work<00:00:17.699> at<00:00:18.000> flashbots<00:00:18.600> research<00:00:19.020> and<00:00:19.980> today<00:00:20.220> I'm 00:00:20.630 --> 00:00:20.640 align:start position:0% work at flashbots research and today I'm 00:00:20.640 --> 00:00:22.570 align:start position:0% work at flashbots research and today I'm going<00:00:20.939> to<00:00:21.060> be<00:00:21.240> talking<00:00:21.600> to<00:00:21.840> you<00:00:21.960> about 00:00:22.570 --> 00:00:22.580 align:start position:0% going to be talking to you about 00:00:22.580 --> 00:00:25.070 align:start position:0% going to be talking to you about evaluating<00:00:23.580> the<00:00:24.119> architecture<00:00:24.779> called 00:00:25.070 --> 00:00:25.080 align:start position:0% evaluating the architecture called 00:00:25.080 --> 00:00:27.890 align:start position:0% evaluating the architecture called proposer<00:00:25.680> Builder<00:00:25.980> separation<00:00:26.779> given<00:00:27.779> the 00:00:27.890 --> 00:00:27.900 align:start position:0% proposer Builder separation given the 00:00:27.900 --> 00:00:29.750 align:start position:0% proposer Builder separation given the things<00:00:28.080> that<00:00:28.320> we've<00:00:28.560> learned<00:00:28.859> and<00:00:29.400> the 00:00:29.750 --> 00:00:29.760 align:start position:0% things that we've learned and the 00:00:29.760 --> 00:00:32.330 align:start position:0% things that we've learned and the insights<00:00:30.300> that<00:00:30.480> we've<00:00:30.900> gained<00:00:31.560> since<00:00:31.980> the 00:00:32.330 --> 00:00:32.340 align:start position:0% insights that we've gained since the 00:00:32.340 --> 00:00:35.810 align:start position:0% insights that we've gained since the deployment<00:00:32.759> of<00:00:33.420> math<00:00:34.079> boost<00:00:34.380> and<00:00:35.100> I'm<00:00:35.399> also 00:00:35.810 --> 00:00:35.820 align:start position:0% deployment of math boost and I'm also 00:00:35.820 --> 00:00:38.569 align:start position:0% deployment of math boost and I'm also happy<00:00:36.420> to<00:00:36.660> take<00:00:36.840> some<00:00:37.140> questions<00:00:37.380> at<00:00:38.280> the<00:00:38.460> end 00:00:38.569 --> 00:00:38.579 align:start position:0% happy to take some questions at the end 00:00:38.579 --> 00:00:41.270 align:start position:0% happy to take some questions at the end if<00:00:39.000> we<00:00:39.120> have<00:00:39.300> time<00:00:39.540> so<00:00:40.379> as<00:00:40.860> a<00:00:41.040> brief 00:00:41.270 --> 00:00:41.280 align:start position:0% if we have time so as a brief 00:00:41.280 --> 00:00:43.490 align:start position:0% if we have time so as a brief introduction<00:00:41.700> uh<00:00:42.420> what's<00:00:42.719> the<00:00:42.899> point<00:00:43.079> of<00:00:43.260> this 00:00:43.490 --> 00:00:43.500 align:start position:0% introduction uh what's the point of this 00:00:43.500 --> 00:00:47.389 align:start position:0% introduction uh what's the point of this how<00:00:44.040> are<00:00:44.219> PBS<00:00:44.879> and<00:00:45.120> mavoos<00:00:45.780> linked<00:00:46.140> or<00:00:46.800> how<00:00:47.160> are 00:00:47.389 --> 00:00:47.399 align:start position:0% how are PBS and mavoos linked or how are 00:00:47.399 --> 00:00:49.549 align:start position:0% how are PBS and mavoos linked or how are they<00:00:47.579> different<00:00:47.820> so<00:00:48.539> probably<00:00:48.780> most<00:00:49.200> of<00:00:49.379> you 00:00:49.549 --> 00:00:49.559 align:start position:0% they different so probably most of you 00:00:49.559 --> 00:00:51.410 align:start position:0% they different so probably most of you are<00:00:49.920> familiar<00:00:50.340> with<00:00:50.640> these<00:00:50.879> ideas<00:00:51.000> already 00:00:51.410 --> 00:00:51.420 align:start position:0% are familiar with these ideas already 00:00:51.420 --> 00:00:53.270 align:start position:0% are familiar with these ideas already but<00:00:52.020> just<00:00:52.140> to<00:00:52.260> make<00:00:52.440> sure<00:00:52.559> that<00:00:52.800> we're<00:00:52.980> all<00:00:53.100> on 00:00:53.270 --> 00:00:53.280 align:start position:0% but just to make sure that we're all on 00:00:53.280 --> 00:00:55.610 align:start position:0% but just to make sure that we're all on the<00:00:53.460> same<00:00:53.579> page<00:00:54.260> proposer<00:00:55.260> Builder 00:00:55.610 --> 00:00:55.620 align:start position:0% the same page proposer Builder 00:00:55.620 --> 00:00:58.310 align:start position:0% the same page proposer Builder separation<00:00:55.980> refers<00:00:56.640> to<00:00:57.300> an<00:00:57.840> architecture 00:00:58.310 --> 00:00:58.320 align:start position:0% separation refers to an architecture 00:00:58.320 --> 00:01:00.410 align:start position:0% separation refers to an architecture that<00:00:58.680> separates<00:00:59.100> the<00:00:59.340> functions<00:00:59.760> of<00:01:00.180> block 00:01:00.410 --> 00:01:00.420 align:start position:0% that separates the functions of block 00:01:00.420 --> 00:01:03.709 align:start position:0% that separates the functions of block building<00:01:00.800> and<00:01:01.800> block<00:01:02.219> proposing<00:01:02.879> within<00:01:03.480> the 00:01:03.709 --> 00:01:03.719 align:start position:0% building and block proposing within the 00:01:03.719 --> 00:01:07.670 align:start position:0% building and block proposing within the core<00:01:03.920> ethereum<00:01:04.920> protocol<00:01:05.360> so<00:01:06.360> instead<00:01:06.960> of<00:01:07.439> the 00:01:07.670 --> 00:01:07.680 align:start position:0% core ethereum protocol so instead of the 00:01:07.680 --> 00:01:09.590 align:start position:0% core ethereum protocol so instead of the block<00:01:07.860> proposer<00:01:08.640> in<00:01:09.119> this<00:01:09.240> case<00:01:09.360> the 00:01:09.590 --> 00:01:09.600 align:start position:0% block proposer in this case the 00:01:09.600 --> 00:01:11.450 align:start position:0% block proposer in this case the validator<00:01:10.020> going<00:01:10.560> to<00:01:10.799> the<00:01:10.860> mempool<00:01:11.220> and 00:01:11.450 --> 00:01:11.460 align:start position:0% validator going to the mempool and 00:01:11.460 --> 00:01:12.830 align:start position:0% validator going to the mempool and building<00:01:11.640> their<00:01:11.880> own<00:01:12.060> block<00:01:12.299> which<00:01:12.659> they 00:01:12.830 --> 00:01:12.840 align:start position:0% building their own block which they 00:01:12.840 --> 00:01:13.850 align:start position:0% building their own block which they would<00:01:13.020> then 00:01:13.850 --> 00:01:13.860 align:start position:0% would then 00:01:13.860 --> 00:01:16.609 align:start position:0% would then proposed<00:01:14.700> to<00:01:14.760> the<00:01:14.939> rest<00:01:15.000> of<00:01:15.180> the<00:01:15.299> network 00:01:16.609 --> 00:01:16.619 align:start position:0% proposed to the rest of the network 00:01:16.619 --> 00:01:18.890 align:start position:0% proposed to the rest of the network all<00:01:17.580> block<00:01:17.820> construction<00:01:18.180> would<00:01:18.780> be 00:01:18.890 --> 00:01:18.900 align:start position:0% all block construction would be 00:01:18.900 --> 00:01:21.109 align:start position:0% all block construction would be outsourced<00:01:19.560> to<00:01:20.100> actors<00:01:20.580> that<00:01:20.820> we<00:01:20.939> called 00:01:21.109 --> 00:01:21.119 align:start position:0% outsourced to actors that we called 00:01:21.119 --> 00:01:24.530 align:start position:0% outsourced to actors that we called block<00:01:21.420> Builders<00:01:21.900> so<00:01:22.619> the<00:01:22.799> idea<00:01:23.100> is<00:01:23.460> that<00:01:23.820> the 00:01:24.530 --> 00:01:24.540 align:start position:0% block Builders so the idea is that the 00:01:24.540 --> 00:01:26.149 align:start position:0% block Builders so the idea is that the only<00:01:24.720> thing<00:01:25.020> that<00:01:25.320> the<00:01:25.439> validator<00:01:25.799> would<00:01:26.040> have 00:01:26.149 --> 00:01:26.159 align:start position:0% only thing that the validator would have 00:01:26.159 --> 00:01:28.850 align:start position:0% only thing that the validator would have to<00:01:26.280> do<00:01:26.400> Under<00:01:26.640> full<00:01:26.880> PBS<00:01:27.420> would<00:01:27.960> be<00:01:28.140> to<00:01:28.500> choose 00:01:28.850 --> 00:01:28.860 align:start position:0% to do Under full PBS would be to choose 00:01:28.860 --> 00:01:31.730 align:start position:0% to do Under full PBS would be to choose the<00:01:29.159> highest<00:01:29.520> value<00:01:29.880> block<00:01:30.360> that's<00:01:31.140> presented 00:01:31.730 --> 00:01:31.740 align:start position:0% the highest value block that's presented 00:01:31.740 --> 00:01:33.830 align:start position:0% the highest value block that's presented to<00:01:31.979> it<00:01:32.159> when<00:01:32.700> it's<00:01:32.880> time<00:01:33.060> for<00:01:33.360> its<00:01:33.720> thought 00:01:33.830 --> 00:01:33.840 align:start position:0% to it when it's time for its thought 00:01:33.840 --> 00:01:37.190 align:start position:0% to it when it's time for its thought block<00:01:34.259> building<00:01:34.560> is<00:01:35.280> a<00:01:36.360> you<00:01:36.659> can<00:01:36.780> think<00:01:36.900> of<00:01:37.020> it 00:01:37.190 --> 00:01:37.200 align:start position:0% block building is a you can think of it 00:01:37.200 --> 00:01:39.130 align:start position:0% block building is a you can think of it as<00:01:37.320> like<00:01:37.500> a<00:01:37.680> revenue<00:01:37.920> generating<00:01:38.460> activity 00:01:39.130 --> 00:01:39.140 align:start position:0% as like a revenue generating activity 00:01:39.140 --> 00:01:41.569 align:start position:0% as like a revenue generating activity there<00:01:40.140> are<00:01:40.320> economies<00:01:40.680> of<00:01:40.860> scale<00:01:41.040> involved<00:01:41.460> in 00:01:41.569 --> 00:01:41.579 align:start position:0% there are economies of scale involved in 00:01:41.579 --> 00:01:43.910 align:start position:0% there are economies of scale involved in it<00:01:41.759> and<00:01:42.119> opportunities<00:01:42.780> for<00:01:43.259> things<00:01:43.740> like 00:01:43.910 --> 00:01:43.920 align:start position:0% it and opportunities for things like 00:01:43.920 --> 00:01:45.410 align:start position:0% it and opportunities for things like private<00:01:44.280> order<00:01:44.400> flow<00:01:44.700> that<00:01:44.939> might<00:01:45.060> give<00:01:45.240> you 00:01:45.410 --> 00:01:45.420 align:start position:0% private order flow that might give you 00:01:45.420 --> 00:01:47.870 align:start position:0% private order flow that might give you an<00:01:45.720> advantage<00:01:46.140> over<00:01:46.500> other<00:01:46.799> builders<00:01:47.280> so 00:01:47.870 --> 00:01:47.880 align:start position:0% an advantage over other builders so 00:01:47.880 --> 00:01:50.630 align:start position:0% an advantage over other builders so basically<00:01:48.299> there<00:01:48.840> are<00:01:49.140> incentives<00:01:49.860> for<00:01:50.340> Block 00:01:50.630 --> 00:01:50.640 align:start position:0% basically there are incentives for Block 00:01:50.640 --> 00:01:53.210 align:start position:0% basically there are incentives for Block Builders<00:01:51.180> to<00:01:51.659> centralize<00:01:52.320> and<00:01:52.619> to<00:01:52.799> become 00:01:53.210 --> 00:01:53.220 align:start position:0% Builders to centralize and to become 00:01:53.220 --> 00:01:55.370 align:start position:0% Builders to centralize and to become more<00:01:53.460> powerful<00:01:53.759> as<00:01:53.939> time<00:01:54.180> goes<00:01:54.479> on<00:01:54.600> so<00:01:55.200> that's 00:01:55.370 --> 00:01:55.380 align:start position:0% more powerful as time goes on so that's 00:01:55.380 --> 00:01:57.350 align:start position:0% more powerful as time goes on so that's a<00:01:55.560> trade-off<00:01:55.920> that<00:01:56.399> was<00:01:56.640> kind<00:01:56.820> of<00:01:56.939> known<00:01:57.180> about 00:01:57.350 --> 00:01:57.360 align:start position:0% a trade-off that was kind of known about 00:01:57.360 --> 00:02:01.010 align:start position:0% a trade-off that was kind of known about and<00:01:58.020> made<00:01:58.380> and<00:01:58.920> accepted<00:01:59.340> at<00:02:00.060> the<00:02:00.360> time<00:02:00.540> the 00:02:01.010 --> 00:02:01.020 align:start position:0% and made and accepted at the time the 00:02:01.020 --> 00:02:03.230 align:start position:0% and made and accepted at the time the PBS<00:02:01.439> would<00:02:01.680> take<00:02:01.860> this<00:02:02.159> centralizing<00:02:02.820> Force 00:02:03.230 --> 00:02:03.240 align:start position:0% PBS would take this centralizing Force 00:02:03.240 --> 00:02:06.530 align:start position:0% PBS would take this centralizing Force out<00:02:04.020> of<00:02:04.259> the<00:02:04.680> ethereum<00:02:05.159> consensus<00:02:05.700> layer<00:02:06.060> and 00:02:06.530 --> 00:02:06.540 align:start position:0% out of the ethereum consensus layer and 00:02:06.540 --> 00:02:08.389 align:start position:0% out of the ethereum consensus layer and put<00:02:06.780> it<00:02:06.899> into<00:02:07.020> the<00:02:07.200> Builder<00:02:07.500> Market 00:02:08.389 --> 00:02:08.399 align:start position:0% put it into the Builder Market 00:02:08.399 --> 00:02:09.889 align:start position:0% put it into the Builder Market and<00:02:09.060> then 00:02:09.889 --> 00:02:09.899 align:start position:0% and then 00:02:09.899 --> 00:02:12.710 align:start position:0% and then logically<00:02:10.739> the<00:02:11.580> only<00:02:11.760> kind<00:02:12.060> of<00:02:12.239> interface 00:02:12.710 --> 00:02:12.720 align:start position:0% logically the only kind of interface 00:02:12.720 --> 00:02:15.410 align:start position:0% logically the only kind of interface point<00:02:13.080> would<00:02:13.800> be<00:02:13.980> where<00:02:14.459> the<00:02:14.640> validator<00:02:15.060> is 00:02:15.410 --> 00:02:15.420 align:start position:0% point would be where the validator is 00:02:15.420 --> 00:02:16.790 align:start position:0% point would be where the validator is sending<00:02:15.720> these<00:02:15.959> calls<00:02:16.260> to<00:02:16.379> the<00:02:16.500> Builder 00:02:16.790 --> 00:02:16.800 align:start position:0% sending these calls to the Builder 00:02:16.800 --> 00:02:18.110 align:start position:0% sending these calls to the Builder Market<00:02:16.920> on<00:02:17.220> picking<00:02:17.520> the<00:02:17.640> best<00:02:17.700> block<00:02:17.940> that 00:02:18.110 --> 00:02:18.120 align:start position:0% Market on picking the best block that 00:02:18.120 --> 00:02:20.030 align:start position:0% Market on picking the best block that comes<00:02:18.360> back<00:02:18.480> like<00:02:18.780> I<00:02:18.900> said<00:02:19.020> so<00:02:19.560> the<00:02:19.680> idea<00:02:19.860> is 00:02:20.030 --> 00:02:20.040 align:start position:0% comes back like I said so the idea is 00:02:20.040 --> 00:02:22.610 align:start position:0% comes back like I said so the idea is that<00:02:20.280> kind<00:02:20.580> of<00:02:20.700> stuff<00:02:20.879> can<00:02:21.120> get<00:02:21.360> uh<00:02:22.080> very<00:02:22.500> ugly 00:02:22.610 --> 00:02:22.620 align:start position:0% that kind of stuff can get uh very ugly 00:02:22.620 --> 00:02:24.410 align:start position:0% that kind of stuff can get uh very ugly in<00:02:22.800> the<00:02:22.920> Builder<00:02:23.220> Market<00:02:23.400> but<00:02:23.819> we<00:02:24.000> don't<00:02:24.120> care 00:02:24.410 --> 00:02:24.420 align:start position:0% in the Builder Market but we don't care 00:02:24.420 --> 00:02:26.869 align:start position:0% in the Builder Market but we don't care because<00:02:25.080> the<00:02:25.440> core<00:02:25.620> of<00:02:25.800> ethereum<00:02:26.280> the 00:02:26.869 --> 00:02:26.879 align:start position:0% because the core of ethereum the 00:02:26.879 --> 00:02:30.229 align:start position:0% because the core of ethereum the consensus<00:02:27.540> layer<00:02:27.980> is<00:02:28.980> safe<00:02:29.220> from<00:02:29.640> the<00:02:29.879> effects 00:02:30.229 --> 00:02:30.239 align:start position:0% consensus layer is safe from the effects 00:02:30.239 --> 00:02:32.449 align:start position:0% consensus layer is safe from the effects of<00:02:30.360> Mev<00:02:30.959> so<00:02:31.260> where<00:02:31.379> does<00:02:31.560> Mev<00:02:31.860> boots<00:02:32.099> come<00:02:32.340> into 00:02:32.449 --> 00:02:32.459 align:start position:0% of Mev so where does Mev boots come into 00:02:32.459 --> 00:02:34.550 align:start position:0% of Mev so where does Mev boots come into this<00:02:32.640> and<00:02:32.940> how<00:02:33.120> is<00:02:33.239> this<00:02:33.420> related<00:02:33.720> so<00:02:34.200> meth 00:02:34.550 --> 00:02:34.560 align:start position:0% this and how is this related so meth 00:02:34.560 --> 00:02:37.430 align:start position:0% this and how is this related so meth boost<00:02:34.739> allows<00:02:35.459> validators<00:02:36.180> to<00:02:36.540> engage<00:02:36.959> in<00:02:37.260> an 00:02:37.430 --> 00:02:37.440 align:start position:0% boost allows validators to engage in an 00:02:37.440 --> 00:02:39.770 align:start position:0% boost allows validators to engage in an experimental<00:02:38.040> version<00:02:38.220> of<00:02:38.459> PBS<00:02:38.940> on<00:02:39.599> this 00:02:39.770 --> 00:02:39.780 align:start position:0% experimental version of PBS on this 00:02:39.780 --> 00:02:41.330 align:start position:0% experimental version of PBS on this Builder<00:02:40.140> market<00:02:40.319> so<00:02:40.920> it's<00:02:41.040> completely 00:02:41.330 --> 00:02:41.340 align:start position:0% Builder market so it's completely 00:02:41.340 --> 00:02:43.430 align:start position:0% Builder market so it's completely optional<00:02:41.760> but<00:02:42.120> if<00:02:42.239> you<00:02:42.360> have<00:02:42.480> a<00:02:42.599> validator<00:02:43.019> and 00:02:43.430 --> 00:02:43.440 align:start position:0% optional but if you have a validator and 00:02:43.440 --> 00:02:45.229 align:start position:0% optional but if you have a validator and you're<00:02:43.680> now<00:02:43.800> running<00:02:43.980> mob<00:02:44.400> boost<00:02:44.519> you<00:02:45.000> can<00:02:45.060> add 00:02:45.229 --> 00:02:45.239 align:start position:0% you're now running mob boost you can add 00:02:45.239 --> 00:02:48.050 align:start position:0% you're now running mob boost you can add Source<00:02:45.540> your<00:02:45.720> block<00:02:45.900> building<00:02:46.140> to<00:02:46.860> a<00:02:47.700> kind<00:02:48.000> of 00:02:48.050 --> 00:02:48.060 align:start position:0% Source your block building to a kind of 00:02:48.060 --> 00:02:50.270 align:start position:0% Source your block building to a kind of a<00:02:48.180> burgeoning<00:02:48.660> market<00:02:48.840> of<00:02:49.560> block<00:02:49.800> Builders 00:02:50.270 --> 00:02:50.280 align:start position:0% a burgeoning market of block Builders 00:02:50.280 --> 00:02:52.910 align:start position:0% a burgeoning market of block Builders relays<00:02:50.760> Searchers<00:02:51.239> that<00:02:52.140> are<00:02:52.260> all<00:02:52.440> competing 00:02:52.910 --> 00:02:52.920 align:start position:0% relays Searchers that are all competing 00:02:52.920 --> 00:02:54.949 align:start position:0% relays Searchers that are all competing to<00:02:53.280> give<00:02:53.400> you<00:02:53.519> the<00:02:53.760> best<00:02:53.879> block 00:02:54.949 --> 00:02:54.959 align:start position:0% to give you the best block 00:02:54.959 --> 00:02:57.290 align:start position:0% to give you the best block and<00:02:55.440> the<00:02:55.620> reason<00:02:55.739> that<00:02:56.280> this<00:02:56.700> happened<00:02:56.940> was 00:02:57.290 --> 00:02:57.300 align:start position:0% and the reason that this happened was 00:02:57.300 --> 00:02:58.670 align:start position:0% and the reason that this happened was because 00:02:58.670 --> 00:02:58.680 align:start position:0% because 00:02:58.680 --> 00:02:59.930 align:start position:0% because um if<00:02:59.160> you're<00:02:59.280> familiar<00:02:59.580> with<00:02:59.760> the<00:02:59.879> old 00:02:59.930 --> 00:02:59.940 align:start position:0% um if you're familiar with the old 00:02:59.940 --> 00:03:02.449 align:start position:0% um if you're familiar with the old flashbots<00:03:00.540> auction<00:03:00.780> this<00:03:01.560> wasn't<00:03:02.040> going<00:03:02.280> to 00:03:02.449 --> 00:03:02.459 align:start position:0% flashbots auction this wasn't going to 00:03:02.459 --> 00:03:04.490 align:start position:0% flashbots auction this wasn't going to work<00:03:02.640> after<00:03:03.300> the<00:03:03.540> merge<00:03:03.780> so<00:03:03.900> we<00:03:04.019> knew<00:03:04.200> that<00:03:04.319> we 00:03:04.490 --> 00:03:04.500 align:start position:0% work after the merge so we knew that we 00:03:04.500 --> 00:03:06.890 align:start position:0% work after the merge so we knew that we needed<00:03:04.739> to<00:03:05.040> kind<00:03:05.400> of<00:03:05.459> upgrade<00:03:06.180> it<00:03:06.300> and<00:03:06.480> do 00:03:06.890 --> 00:03:06.900 align:start position:0% needed to kind of upgrade it and do 00:03:06.900 --> 00:03:08.449 align:start position:0% needed to kind of upgrade it and do something<00:03:07.080> different<00:03:07.379> and<00:03:07.860> so<00:03:07.980> flashbots 00:03:08.449 --> 00:03:08.459 align:start position:0% something different and so flashbots 00:03:08.459 --> 00:03:10.190 align:start position:0% something different and so flashbots worked<00:03:08.700> with<00:03:08.760> the<00:03:08.879> ethereum<00:03:09.239> foundation 00:03:10.190 --> 00:03:10.200 align:start position:0% worked with the ethereum foundation 00:03:10.200 --> 00:03:11.570 align:start position:0% worked with the ethereum foundation um to<00:03:10.440> make<00:03:10.560> this<00:03:10.680> piece<00:03:10.980> of<00:03:11.040> Open<00:03:11.159> Source 00:03:11.570 --> 00:03:11.580 align:start position:0% um to make this piece of Open Source 00:03:11.580 --> 00:03:14.990 align:start position:0% um to make this piece of Open Source software<00:03:11.940> that<00:03:12.720> could<00:03:13.019> act<00:03:13.379> as<00:03:13.980> a<00:03:14.400> prototype 00:03:14.990 --> 00:03:15.000 align:start position:0% software that could act as a prototype 00:03:15.000 --> 00:03:16.369 align:start position:0% software that could act as a prototype for 00:03:16.369 --> 00:03:16.379 align:start position:0% for 00:03:16.379 --> 00:03:19.130 align:start position:0% for this<00:03:16.920> longer<00:03:17.280> term<00:03:17.480> Mev<00:03:18.480> solution<00:03:18.840> for 00:03:19.130 --> 00:03:19.140 align:start position:0% this longer term Mev solution for 00:03:19.140 --> 00:03:23.089 align:start position:0% this longer term Mev solution for ethereum<00:03:19.680> which<00:03:20.040> was<00:03:20.159> PBS<00:03:20.700> so<00:03:21.480> in<00:03:21.840> this<00:03:22.019> way<00:03:22.260> we 00:03:23.089 --> 00:03:23.099 align:start position:0% ethereum which was PBS so in this way we 00:03:23.099 --> 00:03:27.170 align:start position:0% ethereum which was PBS so in this way we are<00:03:23.340> able<00:03:23.700> to<00:03:23.959> test<00:03:25.040> this<00:03:26.040> idea<00:03:26.340> of<00:03:26.640> PBS 00:03:27.170 --> 00:03:27.180 align:start position:0% are able to test this idea of PBS 00:03:27.180 --> 00:03:30.110 align:start position:0% are able to test this idea of PBS through<00:03:27.840> mad<00:03:28.080> boost<00:03:28.319> rather<00:03:29.220> than<00:03:29.640> kind<00:03:30.060> of 00:03:30.110 --> 00:03:30.120 align:start position:0% through mad boost rather than kind of 00:03:30.120 --> 00:03:31.910 align:start position:0% through mad boost rather than kind of putting<00:03:30.420> it<00:03:30.540> in<00:03:30.599> the<00:03:30.780> protocol<00:03:31.019> and<00:03:31.739> then 00:03:31.910 --> 00:03:31.920 align:start position:0% putting it in the protocol and then 00:03:31.920 --> 00:03:34.910 align:start position:0% putting it in the protocol and then being<00:03:32.340> in<00:03:32.580> trouble<00:03:32.700> if<00:03:33.420> it<00:03:34.140> doesn't<00:03:34.319> work<00:03:34.620> or 00:03:34.910 --> 00:03:34.920 align:start position:0% being in trouble if it doesn't work or 00:03:34.920 --> 00:03:36.229 align:start position:0% being in trouble if it doesn't work or something<00:03:35.220> bad<00:03:35.459> happens 00:03:36.229 --> 00:03:36.239 align:start position:0% something bad happens 00:03:36.239 --> 00:03:38.210 align:start position:0% something bad happens here<00:03:36.780> is<00:03:36.900> a<00:03:37.019> quick<00:03:37.200> diagram<00:03:37.560> of<00:03:37.860> what<00:03:38.099> I'm 00:03:38.210 --> 00:03:38.220 align:start position:0% here is a quick diagram of what I'm 00:03:38.220 --> 00:03:40.070 align:start position:0% here is a quick diagram of what I'm talking<00:03:38.400> about<00:03:38.640> when<00:03:39.120> I<00:03:39.360> say<00:03:39.540> the<00:03:39.720> Builder 00:03:40.070 --> 00:03:40.080 align:start position:0% talking about when I say the Builder 00:03:40.080 --> 00:03:41.390 align:start position:0% talking about when I say the Builder Market 00:03:41.390 --> 00:03:41.400 align:start position:0% Market 00:03:41.400 --> 00:03:43.009 align:start position:0% Market um<00:03:41.459> and<00:03:41.879> I<00:03:42.060> really<00:03:42.360> just<00:03:42.540> want<00:03:42.720> to<00:03:42.840> go<00:03:42.900> through 00:03:43.009 --> 00:03:43.019 align:start position:0% um and I really just want to go through 00:03:43.019 --> 00:03:44.509 align:start position:0% um and I really just want to go through this<00:03:43.200> quickly<00:03:43.560> just<00:03:43.920> to<00:03:44.040> make<00:03:44.159> sure<00:03:44.340> that 00:03:44.509 --> 00:03:44.519 align:start position:0% this quickly just to make sure that 00:03:44.519 --> 00:03:46.309 align:start position:0% this quickly just to make sure that we're<00:03:44.640> all<00:03:44.819> on<00:03:45.000> the<00:03:45.120> same<00:03:45.239> page<00:03:45.480> because<00:03:45.780> the 00:03:46.309 --> 00:03:46.319 align:start position:0% we're all on the same page because the 00:03:46.319 --> 00:03:48.589 align:start position:0% we're all on the same page because the later<00:03:46.500> things<00:03:46.799> will<00:03:47.040> be<00:03:47.220> a<00:03:47.340> little<00:03:47.400> confusing 00:03:48.589 --> 00:03:48.599 align:start position:0% later things will be a little confusing 00:03:48.599 --> 00:03:50.869 align:start position:0% later things will be a little confusing um<00:03:48.659> if<00:03:48.959> you<00:03:49.019> don't<00:03:49.140> understand<00:03:49.319> this<00:03:49.739> so<00:03:50.519> what 00:03:50.869 --> 00:03:50.879 align:start position:0% um if you don't understand this so what 00:03:50.879 --> 00:03:52.729 align:start position:0% um if you don't understand this so what we<00:03:51.060> have<00:03:51.360> right<00:03:51.720> now<00:03:51.900> kind<00:03:52.200> of<00:03:52.319> on<00:03:52.440> the<00:03:52.620> left 00:03:52.729 --> 00:03:52.739 align:start position:0% we have right now kind of on the left 00:03:52.739 --> 00:03:54.289 align:start position:0% we have right now kind of on the left hand<00:03:52.920> side<00:03:53.099> is<00:03:53.340> a<00:03:53.519> validator<00:03:53.819> running<00:03:54.060> mode 00:03:54.289 --> 00:03:54.299 align:start position:0% hand side is a validator running mode 00:03:54.299 --> 00:03:56.270 align:start position:0% hand side is a validator running mode Boost<00:03:54.599> Mobile<00:03:55.080> Boost<00:03:55.379> allows<00:03:55.860> it<00:03:55.980> to<00:03:56.159> connect 00:03:56.270 --> 00:03:56.280 align:start position:0% Boost Mobile Boost allows it to connect 00:03:56.280 --> 00:03:58.490 align:start position:0% Boost Mobile Boost allows it to connect to<00:03:56.640> this<00:03:56.819> Builder<00:03:57.180> Market<00:03:57.299> if<00:03:57.959> the<00:03:58.080> validator 00:03:58.490 --> 00:03:58.500 align:start position:0% to this Builder Market if the validator 00:03:58.500 --> 00:04:01.009 align:start position:0% to this Builder Market if the validator is<00:03:58.739> not<00:03:58.860> running<00:03:58.980> move<00:03:59.340> boost<00:03:59.640> officially<00:04:00.480> it 00:04:01.009 --> 00:04:01.019 align:start position:0% is not running move boost officially it 00:04:01.019 --> 00:04:02.690 align:start position:0% is not running move boost officially it should<00:04:01.140> not<00:04:01.319> be<00:04:01.500> participating<00:04:02.099> in<00:04:02.580> this 00:04:02.690 --> 00:04:02.700 align:start position:0% should not be participating in this 00:04:02.700 --> 00:04:04.130 align:start position:0% should not be participating in this Builder<00:04:03.060> Market 00:04:04.130 --> 00:04:04.140 align:start position:0% Builder Market 00:04:04.140 --> 00:04:06.530 align:start position:0% Builder Market so<00:04:04.560> in<00:04:04.680> order<00:04:04.920> for<00:04:05.340> this<00:04:05.700> to<00:04:05.879> work<00:04:06.060> there<00:04:06.420> are 00:04:06.530 --> 00:04:06.540 align:start position:0% so in order for this to work there are 00:04:06.540 --> 00:04:07.850 align:start position:0% so in order for this to work there are certain<00:04:06.659> rules<00:04:07.019> that<00:04:07.200> need<00:04:07.319> to<00:04:07.440> be<00:04:07.560> carried 00:04:07.850 --> 00:04:07.860 align:start position:0% certain rules that need to be carried 00:04:07.860 --> 00:04:11.750 align:start position:0% certain rules that need to be carried out<00:04:08.040> in<00:04:08.280> the<00:04:08.400> Builder<00:04:08.700> market<00:04:08.840> so<00:04:09.840> over<00:04:10.200> on 00:04:11.750 --> 00:04:11.760 align:start position:0% out in the Builder market so over on 00:04:11.760 --> 00:04:14.390 align:start position:0% out in the Builder market so over on the<00:04:12.239> right<00:04:12.420> hand<00:04:12.540> side<00:04:12.799> we<00:04:13.799> start<00:04:13.920> with<00:04:14.220> the 00:04:14.390 --> 00:04:14.400 align:start position:0% the right hand side we start with the 00:04:14.400 --> 00:04:17.449 align:start position:0% the right hand side we start with the users<00:04:14.700> so<00:04:15.180> they<00:04:15.420> originate<00:04:16.079> transactions<00:04:16.919> and 00:04:17.449 --> 00:04:17.459 align:start position:0% users so they originate transactions and 00:04:17.459 --> 00:04:19.670 align:start position:0% users so they originate transactions and those<00:04:17.760> transactions<00:04:18.419> either<00:04:18.720> go<00:04:19.019> to<00:04:19.440> the 00:04:19.670 --> 00:04:19.680 align:start position:0% those transactions either go to the 00:04:19.680 --> 00:04:23.629 align:start position:0% those transactions either go to the public<00:04:19.799> mempool<00:04:20.540> on<00:04:21.540> the<00:04:21.660> top<00:04:21.860> or<00:04:22.860> maybe<00:04:23.220> some 00:04:23.629 --> 00:04:23.639 align:start position:0% public mempool on the top or maybe some 00:04:23.639 --> 00:04:25.850 align:start position:0% public mempool on the top or maybe some private<00:04:24.060> mempool<00:04:24.479> that<00:04:25.020> Searchers<00:04:25.560> or 00:04:25.850 --> 00:04:25.860 align:start position:0% private mempool that Searchers or 00:04:25.860 --> 00:04:28.670 align:start position:0% private mempool that Searchers or Builders<00:04:26.340> are<00:04:26.520> allowed<00:04:26.880> to<00:04:26.940> access 00:04:28.670 --> 00:04:28.680 align:start position:0% Builders are allowed to access 00:04:28.680 --> 00:04:30.530 align:start position:0% Builders are allowed to access um<00:04:29.160> and<00:04:29.400> then<00:04:29.580> we<00:04:29.699> have<00:04:29.820> Searchers<00:04:30.180> who<00:04:30.419> would 00:04:30.530 --> 00:04:30.540 align:start position:0% um and then we have Searchers who would 00:04:30.540 --> 00:04:32.210 align:start position:0% um and then we have Searchers who would be<00:04:30.660> monitoring<00:04:31.020> the<00:04:31.199> public<00:04:31.320> mempool<00:04:31.800> as<00:04:32.040> well 00:04:32.210 --> 00:04:32.220 align:start position:0% be monitoring the public mempool as well 00:04:32.220 --> 00:04:34.969 align:start position:0% be monitoring the public mempool as well as<00:04:32.400> any<00:04:32.940> private<00:04:33.479> sources<00:04:34.199> of<00:04:34.380> transactions 00:04:34.969 --> 00:04:34.979 align:start position:0% as any private sources of transactions 00:04:34.979 --> 00:04:37.249 align:start position:0% as any private sources of transactions that<00:04:35.100> they<00:04:35.220> have<00:04:35.479> and<00:04:36.479> they<00:04:36.900> would<00:04:37.139> be 00:04:37.249 --> 00:04:37.259 align:start position:0% that they have and they would be 00:04:37.259 --> 00:04:39.530 align:start position:0% that they have and they would be forwarding<00:04:37.800> their<00:04:37.979> bundles<00:04:38.340> along<00:04:38.699> to<00:04:39.120> these 00:04:39.530 --> 00:04:39.540 align:start position:0% forwarding their bundles along to these 00:04:39.540 --> 00:04:40.969 align:start position:0% forwarding their bundles along to these specialized<00:04:39.960> actors<00:04:40.320> that<00:04:40.500> we<00:04:40.620> call<00:04:40.740> block 00:04:40.969 --> 00:04:40.979 align:start position:0% specialized actors that we call block 00:04:40.979 --> 00:04:42.350 align:start position:0% specialized actors that we call block builders 00:04:42.350 --> 00:04:42.360 align:start position:0% builders 00:04:42.360 --> 00:04:45.290 align:start position:0% builders block<00:04:42.840> Builders<00:04:43.259> will<00:04:43.500> be<00:04:43.680> receiving<00:04:44.300> bundles 00:04:45.290 --> 00:04:45.300 align:start position:0% block Builders will be receiving bundles 00:04:45.300 --> 00:04:47.810 align:start position:0% block Builders will be receiving bundles from<00:04:45.660> Searchers<00:04:46.220> maybe<00:04:47.220> they're<00:04:47.520> also 00:04:47.810 --> 00:04:47.820 align:start position:0% from Searchers maybe they're also 00:04:47.820 --> 00:04:49.610 align:start position:0% from Searchers maybe they're also monitoring<00:04:48.180> the<00:04:48.300> public<00:04:48.419> mempool<00:04:48.900> maybe<00:04:49.320> they 00:04:49.610 --> 00:04:49.620 align:start position:0% monitoring the public mempool maybe they 00:04:49.620 --> 00:04:51.170 align:start position:0% monitoring the public mempool maybe they also<00:04:49.860> have<00:04:50.040> their<00:04:50.220> own<00:04:50.340> private<00:04:50.699> sources<00:04:51.000> of 00:04:51.170 --> 00:04:51.180 align:start position:0% also have their own private sources of 00:04:51.180 --> 00:04:53.210 align:start position:0% also have their own private sources of transactions<00:04:51.780> too<00:04:51.960> and<00:04:52.560> they<00:04:52.800> will<00:04:52.919> be<00:04:53.040> trying 00:04:53.210 --> 00:04:53.220 align:start position:0% transactions too and they will be trying 00:04:53.220 --> 00:04:55.129 align:start position:0% transactions too and they will be trying to<00:04:53.400> build<00:04:53.520> the<00:04:53.820> most<00:04:53.880> profitable<00:04:54.300> block<00:04:54.600> for<00:04:54.960> a 00:04:55.129 --> 00:04:55.139 align:start position:0% to build the most profitable block for a 00:04:55.139 --> 00:04:58.550 align:start position:0% to build the most profitable block for a slot<00:04:55.500> so<00:04:56.160> they'll<00:04:56.460> forward<00:04:56.639> blocks<00:04:57.180> to<00:04:57.560> relays 00:04:58.550 --> 00:04:58.560 align:start position:0% slot so they'll forward blocks to relays 00:04:58.560 --> 00:05:00.430 align:start position:0% slot so they'll forward blocks to relays and<00:04:59.040> the<00:04:59.160> relays<00:04:59.580> here 00:05:00.430 --> 00:05:00.440 align:start position:0% and the relays here 00:05:00.440 --> 00:05:03.350 align:start position:0% and the relays here it's<00:05:01.440> different<00:05:01.740> to 00:05:03.350 --> 00:05:03.360 align:start position:0% it's different to 00:05:03.360 --> 00:05:05.030 align:start position:0% it's different to if<00:05:03.720> you're<00:05:04.020> familiar<00:05:04.320> with<00:05:04.500> the<00:05:04.620> flashbots 00:05:05.030 --> 00:05:05.040 align:start position:0% if you're familiar with the flashbots 00:05:05.040 --> 00:05:06.650 align:start position:0% if you're familiar with the flashbots architecture<00:05:05.460> before<00:05:05.699> the<00:05:05.940> relay<00:05:06.240> here<00:05:06.419> kind 00:05:06.650 --> 00:05:06.660 align:start position:0% architecture before the relay here kind 00:05:06.660 --> 00:05:08.390 align:start position:0% architecture before the relay here kind of<00:05:06.720> has<00:05:06.840> a<00:05:07.020> different<00:05:07.139> role<00:05:07.500> so<00:05:08.040> it<00:05:08.100> allows 00:05:08.390 --> 00:05:08.400 align:start position:0% of has a different role so it allows 00:05:08.400 --> 00:05:10.430 align:start position:0% of has a different role so it allows validators<00:05:08.880> to<00:05:09.120> register<00:05:09.360> with<00:05:09.720> it<00:05:09.900> and<00:05:10.259> then 00:05:10.430 --> 00:05:10.440 align:start position:0% validators to register with it and then 00:05:10.440 --> 00:05:12.650 align:start position:0% validators to register with it and then when<00:05:10.620> a<00:05:10.800> validator<00:05:11.100> requests<00:05:11.699> a<00:05:11.880> block<00:05:12.060> for<00:05:12.479> a 00:05:12.650 --> 00:05:12.660 align:start position:0% when a validator requests a block for a 00:05:12.660 --> 00:05:14.810 align:start position:0% when a validator requests a block for a particular<00:05:12.960> slot<00:05:13.440> the<00:05:13.860> relay<00:05:14.160> will<00:05:14.460> forward 00:05:14.810 --> 00:05:14.820 align:start position:0% particular slot the relay will forward 00:05:14.820 --> 00:05:16.550 align:start position:0% particular slot the relay will forward the<00:05:15.120> block<00:05:15.300> that<00:05:15.600> has<00:05:15.840> the<00:05:16.080> highest<00:05:16.320> payment 00:05:16.550 --> 00:05:16.560 align:start position:0% the block that has the highest payment 00:05:16.560 --> 00:05:18.770 align:start position:0% the block that has the highest payment attached<00:05:17.280> to<00:05:17.520> it<00:05:17.639> and<00:05:18.000> then<00:05:18.180> that<00:05:18.360> validator 00:05:18.770 --> 00:05:18.780 align:start position:0% attached to it and then that validator 00:05:18.780 --> 00:05:20.870 align:start position:0% attached to it and then that validator will<00:05:19.080> receive<00:05:19.380> that<00:05:19.620> payment<00:05:19.919> for<00:05:20.340> proposing 00:05:20.870 --> 00:05:20.880 align:start position:0% will receive that payment for proposing 00:05:20.880 --> 00:05:22.909 align:start position:0% will receive that payment for proposing this<00:05:21.000> block<00:05:21.180> to<00:05:21.419> the<00:05:21.540> rest<00:05:21.660> of<00:05:21.780> the<00:05:21.900> network 00:05:22.909 --> 00:05:22.919 align:start position:0% this block to the rest of the network 00:05:22.919 --> 00:05:25.249 align:start position:0% this block to the rest of the network so<00:05:23.639> when<00:05:24.000> I<00:05:24.180> say<00:05:24.360> the<00:05:24.840> Builder<00:05:25.080> Market 00:05:25.249 --> 00:05:25.259 align:start position:0% so when I say the Builder Market 00:05:25.259 --> 00:05:27.770 align:start position:0% so when I say the Builder Market experiment<00:05:25.740> webmav<00:05:26.280> boost<00:05:26.520> this<00:05:27.300> is<00:05:27.479> what<00:05:27.660> I 00:05:27.770 --> 00:05:27.780 align:start position:0% experiment webmav boost this is what I 00:05:27.780 --> 00:05:30.469 align:start position:0% experiment webmav boost this is what I mean<00:05:28.160> uh<00:05:29.160> and<00:05:29.280> when<00:05:29.460> we<00:05:29.639> talk<00:05:29.759> about<00:05:29.940> full<00:05:30.240> and 00:05:30.469 --> 00:05:30.479 align:start position:0% mean uh and when we talk about full and 00:05:30.479 --> 00:05:33.110 align:start position:0% mean uh and when we talk about full and protocol<00:05:30.780> PBS<00:05:31.380> we<00:05:31.919> are<00:05:32.100> trying<00:05:32.280> to<00:05:32.520> figure<00:05:32.699> out 00:05:33.110 --> 00:05:33.120 align:start position:0% protocol PBS we are trying to figure out 00:05:33.120 --> 00:05:37.249 align:start position:0% protocol PBS we are trying to figure out a<00:05:33.720> version<00:05:33.900> of<00:05:34.259> this<00:05:34.580> that<00:05:35.580> has<00:05:35.940> the<00:05:36.600> important 00:05:37.249 --> 00:05:37.259 align:start position:0% a version of this that has the important 00:05:37.259 --> 00:05:40.129 align:start position:0% a version of this that has the important bits<00:05:37.800> that<00:05:38.400> enable<00:05:38.699> this<00:05:39.060> Market<00:05:39.300> kind<00:05:40.020> of 00:05:40.129 --> 00:05:40.139 align:start position:0% bits that enable this Market kind of 00:05:40.139 --> 00:05:42.469 align:start position:0% bits that enable this Market kind of baked<00:05:40.440> into<00:05:40.560> the<00:05:40.800> ethereum<00:05:41.220> protocol<00:05:41.580> so<00:05:42.240> that 00:05:42.469 --> 00:05:42.479 align:start position:0% baked into the ethereum protocol so that 00:05:42.479 --> 00:05:46.189 align:start position:0% baked into the ethereum protocol so that means<00:05:42.979> nomev<00:05:43.979> boost<00:05:44.160> and<00:05:45.120> probably<00:05:45.360> no<00:05:45.660> relays 00:05:46.189 --> 00:05:46.199 align:start position:0% means nomev boost and probably no relays 00:05:46.199 --> 00:05:47.749 align:start position:0% means nomev boost and probably no relays as<00:05:46.380> well 00:05:47.749 --> 00:05:47.759 align:start position:0% as well 00:05:47.759 --> 00:05:50.150 align:start position:0% as well um<00:05:47.820> so<00:05:48.120> the<00:05:48.300> question<00:05:48.419> that<00:05:48.720> I<00:05:48.900> wanted<00:05:49.080> to<00:05:49.560> ask 00:05:50.150 --> 00:05:50.160 align:start position:0% um so the question that I wanted to ask 00:05:50.160 --> 00:05:52.730 align:start position:0% um so the question that I wanted to ask and<00:05:50.520> kind<00:05:50.699> of<00:05:50.759> answer<00:05:51.000> try<00:05:51.600> to<00:05:51.780> answer<00:05:51.960> in<00:05:52.560> this 00:05:52.730 --> 00:05:52.740 align:start position:0% and kind of answer try to answer in this 00:05:52.740 --> 00:05:54.830 align:start position:0% and kind of answer try to answer in this presentation<00:05:53.160> is<00:05:53.580> how<00:05:54.000> is<00:05:54.120> this<00:05:54.419> experiment 00:05:54.830 --> 00:05:54.840 align:start position:0% presentation is how is this experiment 00:05:54.840 --> 00:05:57.230 align:start position:0% presentation is how is this experiment going<00:05:55.139> so<00:05:55.680> map<00:05:56.100> boost<00:05:56.400> in<00:05:56.639> this<00:05:56.759> early<00:05:56.880> version 00:05:57.230 --> 00:05:57.240 align:start position:0% going so map boost in this early version 00:05:57.240 --> 00:05:59.749 align:start position:0% going so map boost in this early version of<00:05:57.660> the<00:05:57.780> Builder<00:05:58.139> Market<00:05:58.320> have<00:05:58.919> been<00:05:59.160> it's 00:05:59.749 --> 00:05:59.759 align:start position:0% of the Builder Market have been it's 00:05:59.759 --> 00:06:02.150 align:start position:0% of the Builder Market have been it's been<00:06:00.000> alive<00:06:00.180> for<00:06:00.539> about<00:06:00.720> a<00:06:00.960> month<00:06:01.139> now<00:06:01.440> so<00:06:01.979> can 00:06:02.150 --> 00:06:02.160 align:start position:0% been alive for about a month now so can 00:06:02.160 --> 00:06:04.850 align:start position:0% been alive for about a month now so can we<00:06:02.400> tell<00:06:02.699> if<00:06:03.600> things<00:06:03.720> are<00:06:03.960> going<00:06:04.139> the<00:06:04.380> way<00:06:04.560> that 00:06:04.850 --> 00:06:04.860 align:start position:0% we tell if things are going the way that 00:06:04.860 --> 00:06:06.950 align:start position:0% we tell if things are going the way that they<00:06:05.100> thought<00:06:05.280> we<00:06:05.520> would<00:06:05.759> would<00:06:06.360> it<00:06:06.539> be<00:06:06.720> safe 00:06:06.950 --> 00:06:06.960 align:start position:0% they thought we would would it be safe 00:06:06.960 --> 00:06:10.150 align:start position:0% they thought we would would it be safe to<00:06:07.320> put<00:06:07.500> PBS<00:06:08.340> in<00:06:09.000> the<00:06:09.180> core<00:06:09.300> protocol<00:06:09.720> today 00:06:10.150 --> 00:06:10.160 align:start position:0% to put PBS in the core protocol today 00:06:10.160 --> 00:06:12.950 align:start position:0% to put PBS in the core protocol today you<00:06:11.160> know<00:06:11.280> as<00:06:11.520> this<00:06:11.699> experiment<00:06:12.120> is<00:06:12.479> without 00:06:12.950 --> 00:06:12.960 align:start position:0% you know as this experiment is without 00:06:12.960 --> 00:06:16.430 align:start position:0% you know as this experiment is without any<00:06:13.440> further<00:06:13.800> features<00:06:14.340> or<00:06:15.000> enhancements<00:06:15.960> and 00:06:16.430 --> 00:06:16.440 align:start position:0% any further features or enhancements and 00:06:16.440 --> 00:06:18.950 align:start position:0% any further features or enhancements and are<00:06:16.740> there<00:06:16.919> any<00:06:17.400> warning<00:06:18.120> signs<00:06:18.539> or<00:06:18.780> maybe 00:06:18.950 --> 00:06:18.960 align:start position:0% are there any warning signs or maybe 00:06:18.960 --> 00:06:21.770 align:start position:0% are there any warning signs or maybe early<00:06:19.199> indicators<00:06:19.919> of<00:06:20.699> things<00:06:21.120> that<00:06:21.600> we 00:06:21.770 --> 00:06:21.780 align:start position:0% early indicators of things that we 00:06:21.780 --> 00:06:23.570 align:start position:0% early indicators of things that we should<00:06:21.960> be<00:06:22.080> worried<00:06:22.380> about<00:06:22.860> when<00:06:23.340> I<00:06:23.460> was 00:06:23.570 --> 00:06:23.580 align:start position:0% should be worried about when I was 00:06:23.580 --> 00:06:26.150 align:start position:0% should be worried about when I was thinking<00:06:23.819> about<00:06:24.060> this<00:06:24.600> question<00:06:25.259> like<00:06:25.740> how 00:06:26.150 --> 00:06:26.160 align:start position:0% thinking about this question like how 00:06:26.160 --> 00:06:27.529 align:start position:0% thinking about this question like how could<00:06:26.340> we<00:06:26.460> tell<00:06:26.639> if<00:06:26.819> the<00:06:27.000> experiment<00:06:27.360> is 00:06:27.529 --> 00:06:27.539 align:start position:0% could we tell if the experiment is 00:06:27.539 --> 00:06:30.050 align:start position:0% could we tell if the experiment is working<00:06:27.720> I<00:06:28.319> started<00:06:28.620> thinking<00:06:28.919> about<00:06:29.100> PBS<00:06:29.819> as 00:06:30.050 --> 00:06:30.060 align:start position:0% working I started thinking about PBS as 00:06:30.060 --> 00:06:32.570 align:start position:0% working I started thinking about PBS as a<00:06:30.300> kind<00:06:30.479> of<00:06:30.600> an<00:06:30.900> organizational<00:06:31.500> principle<00:06:32.100> so 00:06:32.570 --> 00:06:32.580 align:start position:0% a kind of an organizational principle so 00:06:32.580 --> 00:06:34.670 align:start position:0% a kind of an organizational principle so it<00:06:32.699> seems<00:06:32.940> to<00:06:33.060> be<00:06:33.180> very<00:06:33.419> widely<00:06:33.840> accepted<00:06:34.319> that 00:06:34.670 --> 00:06:34.680 align:start position:0% it seems to be very widely accepted that 00:06:34.680 --> 00:06:37.189 align:start position:0% it seems to be very widely accepted that this<00:06:34.919> kind<00:06:35.100> of<00:06:35.220> clean<00:06:35.460> separation 00:06:37.189 --> 00:06:37.199 align:start position:0% this kind of clean separation 00:06:37.199 --> 00:06:39.890 align:start position:0% this kind of clean separation um<00:06:37.259> between<00:06:37.979> the<00:06:38.340> Mev<00:06:38.759> activity<00:06:39.180> on<00:06:39.539> the<00:06:39.780> rest 00:06:39.890 --> 00:06:39.900 align:start position:0% um between the Mev activity on the rest 00:06:39.900 --> 00:06:41.749 align:start position:0% um between the Mev activity on the rest of<00:06:40.020> ethereum<00:06:40.680> with<00:06:40.919> only<00:06:41.100> this<00:06:41.340> Market<00:06:41.580> in 00:06:41.749 --> 00:06:41.759 align:start position:0% of ethereum with only this Market in 00:06:41.759 --> 00:06:43.790 align:start position:0% of ethereum with only this Market in between<00:06:41.940> as<00:06:42.300> an<00:06:42.479> interface<00:06:42.780> point<00:06:43.020> is 00:06:43.790 --> 00:06:43.800 align:start position:0% between as an interface point is 00:06:43.800 --> 00:06:47.510 align:start position:0% between as an interface point is desirable<00:06:44.460> and<00:06:45.300> also<00:06:45.660> possible<00:06:46.139> so<00:06:47.039> it's 00:06:47.510 --> 00:06:47.520 align:start position:0% desirable and also possible so it's 00:06:47.520 --> 00:06:49.610 align:start position:0% desirable and also possible so it's probably<00:06:47.699> not<00:06:48.060> very<00:06:48.300> helpful<00:06:48.600> that<00:06:48.960> the<00:06:49.199> idea 00:06:49.610 --> 00:06:49.620 align:start position:0% probably not very helpful that the idea 00:06:49.620 --> 00:06:53.029 align:start position:0% probably not very helpful that the idea of<00:06:49.979> PBS<00:06:50.520> is<00:06:51.060> I<00:06:51.660> think<00:06:51.780> relatively<00:06:52.319> simple<00:06:52.620> and 00:06:53.029 --> 00:06:53.039 align:start position:0% of PBS is I think relatively simple and 00:06:53.039 --> 00:06:55.370 align:start position:0% of PBS is I think relatively simple and easy<00:06:53.220> to<00:06:53.520> understand<00:06:53.840> and<00:06:54.840> sometimes<00:06:55.139> we<00:06:55.319> can 00:06:55.370 --> 00:06:55.380 align:start position:0% easy to understand and sometimes we can 00:06:55.380 --> 00:06:56.990 align:start position:0% easy to understand and sometimes we can be<00:06:55.500> biased<00:06:55.919> towards<00:06:56.220> things<00:06:56.400> that<00:06:56.639> are<00:06:56.759> that 00:06:56.990 --> 00:06:57.000 align:start position:0% be biased towards things that are that 00:06:57.000 --> 00:06:58.490 align:start position:0% be biased towards things that are that are<00:06:57.180> like<00:06:57.240> that<00:06:57.419> when<00:06:57.660> the<00:06:57.840> real<00:06:58.020> problem<00:06:58.199> that 00:06:58.490 --> 00:06:58.500 align:start position:0% are like that when the real problem that 00:06:58.500 --> 00:07:01.070 align:start position:0% are like that when the real problem that we're<00:06:58.680> trying<00:06:58.860> to<00:06:59.100> address<00:06:59.479> is<00:07:00.479> much<00:07:00.780> more 00:07:01.070 --> 00:07:01.080 align:start position:0% we're trying to address is much more 00:07:01.080 --> 00:07:04.730 align:start position:0% we're trying to address is much more nuanced<00:07:01.800> and<00:07:02.400> complicated<00:07:03.440> so<00:07:04.440> the<00:07:04.560> previous 00:07:04.730 --> 00:07:04.740 align:start position:0% nuanced and complicated so the previous 00:07:04.740 --> 00:07:06.290 align:start position:0% nuanced and complicated so the previous question<00:07:05.100> kind<00:07:05.460> of<00:07:05.520> turned<00:07:05.819> into<00:07:05.880> these 00:07:06.290 --> 00:07:06.300 align:start position:0% question kind of turned into these 00:07:06.300 --> 00:07:08.570 align:start position:0% question kind of turned into these questions<00:07:06.419> is<00:07:07.020> abstracting<00:07:07.620> the<00:07:07.800> Mev<00:07:08.280> away 00:07:08.570 --> 00:07:08.580 align:start position:0% questions is abstracting the Mev away 00:07:08.580 --> 00:07:10.249 align:start position:0% questions is abstracting the Mev away from<00:07:09.120> the<00:07:09.300> core<00:07:09.479> protocol<00:07:09.840> a<00:07:10.139> good 00:07:10.249 --> 00:07:10.259 align:start position:0% from the core protocol a good 00:07:10.259 --> 00:07:12.770 align:start position:0% from the core protocol a good obstruction<00:07:10.560> or<00:07:10.979> does<00:07:11.100> it<00:07:11.280> leak<00:07:11.940> are<00:07:12.539> there 00:07:12.770 --> 00:07:12.780 align:start position:0% obstruction or does it leak are there 00:07:12.780 --> 00:07:14.629 align:start position:0% obstruction or does it leak are there more<00:07:13.020> interface<00:07:13.500> points<00:07:13.919> between<00:07:14.160> where<00:07:14.520> the 00:07:14.629 --> 00:07:14.639 align:start position:0% more interface points between where the 00:07:14.639 --> 00:07:16.809 align:start position:0% more interface points between where the Mev<00:07:15.060> is<00:07:15.240> happening<00:07:15.600> on<00:07:16.139> the<00:07:16.259> core<00:07:16.380> protocol 00:07:16.809 --> 00:07:16.819 align:start position:0% Mev is happening on the core protocol 00:07:16.819 --> 00:07:19.129 align:start position:0% Mev is happening on the core protocol then<00:07:17.819> people<00:07:18.120> would<00:07:18.360> lead<00:07:18.539> you<00:07:18.720> to<00:07:18.960> believe 00:07:19.129 --> 00:07:19.139 align:start position:0% then people would lead you to believe 00:07:19.139 --> 00:07:21.950 align:start position:0% then people would lead you to believe and<00:07:19.860> if<00:07:20.039> things<00:07:20.280> get<00:07:20.580> very<00:07:20.940> very<00:07:21.120> bad<00:07:21.419> in<00:07:21.780> the 00:07:21.950 --> 00:07:21.960 align:start position:0% and if things get very very bad in the 00:07:21.960 --> 00:07:24.770 align:start position:0% and if things get very very bad in the Builder<00:07:22.259> Market<00:07:22.380> maybe<00:07:22.919> imagine<00:07:23.539> a<00:07:24.539> very 00:07:24.770 --> 00:07:24.780 align:start position:0% Builder Market maybe imagine a very 00:07:24.780 --> 00:07:26.510 align:start position:0% Builder Market maybe imagine a very small<00:07:25.020> number<00:07:25.259> of 00:07:26.510 --> 00:07:26.520 align:start position:0% small number of 00:07:26.520 --> 00:07:28.670 align:start position:0% small number of very<00:07:27.060> powerful<00:07:27.419> very<00:07:27.780> centralized<00:07:28.199> actors 00:07:28.670 --> 00:07:28.680 align:start position:0% very powerful very centralized actors 00:07:28.680 --> 00:07:31.010 align:start position:0% very powerful very centralized actors that<00:07:29.220> dominate<00:07:29.580> block<00:07:29.759> building<00:07:30.060> are<00:07:30.780> there 00:07:31.010 --> 00:07:31.020 align:start position:0% that dominate block building are there 00:07:31.020 --> 00:07:33.770 align:start position:0% that dominate block building are there really<00:07:31.319> no<00:07:31.860> knock-on<00:07:32.340> effects<00:07:32.880> on<00:07:33.539> core 00:07:33.770 --> 00:07:33.780 align:start position:0% really no knock-on effects on core 00:07:33.780 --> 00:07:36.710 align:start position:0% really no knock-on effects on core ethereum<00:07:34.520> assuming<00:07:35.520> at<00:07:36.120> some<00:07:36.300> point<00:07:36.419> in<00:07:36.599> the 00:07:36.710 --> 00:07:36.720 align:start position:0% ethereum assuming at some point in the 00:07:36.720 --> 00:07:40.610 align:start position:0% ethereum assuming at some point in the future<00:07:36.900> we<00:07:37.860> have<00:07:38.039> a<00:07:38.639> full<00:07:38.819> and<00:07:39.060> protocol<00:07:39.300> PBS 00:07:40.610 --> 00:07:40.620 align:start position:0% future we have a full and protocol PBS 00:07:40.620 --> 00:07:43.610 align:start position:0% future we have a full and protocol PBS in<00:07:41.340> this<00:07:41.520> uh<00:07:41.940> in<00:07:42.060> protocol<00:07:42.360> PBS<00:07:42.840> world<00:07:43.020> I 00:07:43.610 --> 00:07:43.620 align:start position:0% in this uh in protocol PBS world I 00:07:43.620 --> 00:07:44.870 align:start position:0% in this uh in protocol PBS world I started<00:07:43.860> thinking<00:07:44.099> about<00:07:44.220> what<00:07:44.520> parts<00:07:44.699> of 00:07:44.870 --> 00:07:44.880 align:start position:0% started thinking about what parts of 00:07:44.880 --> 00:07:47.570 align:start position:0% started thinking about what parts of ethereum<00:07:45.300> are<00:07:45.479> still<00:07:45.660> influenced<00:07:46.080> by<00:07:46.259> Mev<00:07:46.800> and 00:07:47.570 --> 00:07:47.580 align:start position:0% ethereum are still influenced by Mev and 00:07:47.580 --> 00:07:49.670 align:start position:0% ethereum are still influenced by Mev and I<00:07:47.699> came<00:07:47.819> up<00:07:47.940> with<00:07:48.180> kind<00:07:48.419> of<00:07:48.599> two<00:07:48.960> families<00:07:49.440> of 00:07:49.670 --> 00:07:49.680 align:start position:0% I came up with kind of two families of 00:07:49.680 --> 00:07:51.830 align:start position:0% I came up with kind of two families of effects<00:07:50.099> so<00:07:50.520> the<00:07:50.699> first<00:07:50.819> order<00:07:51.060> effects<00:07:51.660> are 00:07:51.830 --> 00:07:51.840 align:start position:0% effects so the first order effects are 00:07:51.840 --> 00:07:53.930 align:start position:0% effects so the first order effects are kind<00:07:52.139> of<00:07:52.259> the<00:07:52.620> Direct<00:07:52.860> effects<00:07:53.460> on<00:07:53.699> the<00:07:53.819> core 00:07:53.930 --> 00:07:53.940 align:start position:0% kind of the Direct effects on the core 00:07:53.940 --> 00:07:56.809 align:start position:0% kind of the Direct effects on the core protocol<00:07:54.360> so<00:07:54.900> these<00:07:55.139> are<00:07:55.199> places<00:07:55.500> where<00:07:56.220> even 00:07:56.809 --> 00:07:56.819 align:start position:0% protocol so these are places where even 00:07:56.819 --> 00:07:59.029 align:start position:0% protocol so these are places where even though<00:07:57.060> this<00:07:57.360> Mev<00:07:57.780> is<00:07:57.960> supposedly<00:07:58.319> over<00:07:58.800> on 00:07:59.029 --> 00:07:59.039 align:start position:0% though this Mev is supposedly over on 00:07:59.039 --> 00:08:00.110 align:start position:0% though this Mev is supposedly over on the<00:07:59.160> other<00:07:59.280> side<00:07:59.400> of<00:07:59.580> the<00:07:59.699> room<00:07:59.819> and<00:08:00.000> it 00:08:00.110 --> 00:08:00.120 align:start position:0% the other side of the room and it 00:08:00.120 --> 00:08:03.770 align:start position:0% the other side of the room and it doesn't<00:08:00.240> affect<00:08:00.919> ethereum<00:08:01.919> it's<00:08:02.819> still<00:08:03.060> it 00:08:03.770 --> 00:08:03.780 align:start position:0% doesn't affect ethereum it's still it 00:08:03.780 --> 00:08:06.409 align:start position:0% doesn't affect ethereum it's still it still<00:08:03.960> influences<00:08:04.620> part<00:08:05.400> of<00:08:05.580> it<00:08:05.699> and<00:08:06.240> the 00:08:06.409 --> 00:08:06.419 align:start position:0% still influences part of it and the 00:08:06.419 --> 00:08:07.850 align:start position:0% still influences part of it and the other<00:08:06.539> type<00:08:06.720> are<00:08:06.900> more<00:08:07.080> kind<00:08:07.259> of<00:08:07.319> second<00:08:07.560> order 00:08:07.850 --> 00:08:07.860 align:start position:0% other type are more kind of second order 00:08:07.860 --> 00:08:10.450 align:start position:0% other type are more kind of second order effects<00:08:08.340> so<00:08:08.520> how<00:08:08.880> would<00:08:09.060> how<00:08:09.720> are<00:08:09.960> actors 00:08:10.450 --> 00:08:10.460 align:start position:0% effects so how would how are actors 00:08:10.460 --> 00:08:12.409 align:start position:0% effects so how would how are actors incentivized<00:08:11.460> to<00:08:11.580> try<00:08:11.699> and<00:08:11.880> influence<00:08:12.240> the 00:08:12.409 --> 00:08:12.419 align:start position:0% incentivized to try and influence the 00:08:12.419 --> 00:08:14.150 align:start position:0% incentivized to try and influence the base<00:08:12.599> layer<00:08:12.960> if<00:08:13.380> it<00:08:13.500> meant<00:08:13.740> that<00:08:13.860> they<00:08:13.979> could 00:08:14.150 --> 00:08:14.160 align:start position:0% base layer if it meant that they could 00:08:14.160 --> 00:08:16.730 align:start position:0% base layer if it meant that they could gain<00:08:14.599> more<00:08:15.599> favorable<00:08:15.960> conditions<00:08:16.560> for 00:08:16.730 --> 00:08:16.740 align:start position:0% gain more favorable conditions for 00:08:16.740 --> 00:08:17.809 align:start position:0% gain more favorable conditions for themselves 00:08:17.809 --> 00:08:17.819 align:start position:0% themselves 00:08:17.819 --> 00:08:20.510 align:start position:0% themselves so<00:08:18.539> my<00:08:19.139> idea<00:08:19.319> for<00:08:19.500> this<00:08:19.620> was<00:08:19.860> to<00:08:20.160> try<00:08:20.400> and 00:08:20.510 --> 00:08:20.520 align:start position:0% so my idea for this was to try and 00:08:20.520 --> 00:08:22.730 align:start position:0% so my idea for this was to try and identify<00:08:21.120> a<00:08:21.599> few<00:08:21.780> concrete<00:08:22.259> examples<00:08:22.620> of 00:08:22.730 --> 00:08:22.740 align:start position:0% identify a few concrete examples of 00:08:22.740 --> 00:08:24.770 align:start position:0% identify a few concrete examples of these<00:08:22.979> effects<00:08:23.280> and<00:08:23.940> then<00:08:24.120> kind<00:08:24.539> of<00:08:24.660> check 00:08:24.770 --> 00:08:24.780 align:start position:0% these effects and then kind of check 00:08:24.780 --> 00:08:26.749 align:start position:0% these effects and then kind of check data<00:08:25.259> to<00:08:25.379> see<00:08:25.560> if<00:08:25.800> there's<00:08:25.919> any<00:08:26.280> indication 00:08:26.749 --> 00:08:26.759 align:start position:0% data to see if there's any indication 00:08:26.759 --> 00:08:29.570 align:start position:0% data to see if there's any indication that<00:08:27.419> these<00:08:27.840> things<00:08:27.900> are<00:08:28.139> happening<00:08:28.500> already 00:08:29.570 --> 00:08:29.580 align:start position:0% that these things are happening already 00:08:29.580 --> 00:08:30.950 align:start position:0% that these things are happening already and<00:08:29.879> then<00:08:29.940> if<00:08:30.120> these<00:08:30.300> effects<00:08:30.539> were<00:08:30.720> to<00:08:30.780> get 00:08:30.950 --> 00:08:30.960 align:start position:0% and then if these effects were to get 00:08:30.960 --> 00:08:32.389 align:start position:0% and then if these effects were to get more<00:08:31.199> pronounced<00:08:31.680> as<00:08:31.860> the<00:08:32.039> Builder<00:08:32.279> Market 00:08:32.389 --> 00:08:32.399 align:start position:0% more pronounced as the Builder Market 00:08:32.399 --> 00:08:35.570 align:start position:0% more pronounced as the Builder Market develops<00:08:32.940> are<00:08:33.599> these<00:08:33.959> really<00:08:34.260> an<00:08:34.560> issue 00:08:35.570 --> 00:08:35.580 align:start position:0% develops are these really an issue 00:08:35.580 --> 00:08:37.969 align:start position:0% develops are these really an issue and<00:08:36.000> if<00:08:36.120> so<00:08:36.300> what<00:08:36.659> kind<00:08:36.839> of<00:08:36.959> medications<00:08:37.440> might 00:08:37.969 --> 00:08:37.979 align:start position:0% and if so what kind of medications might 00:08:37.979 --> 00:08:39.469 align:start position:0% and if so what kind of medications might we<00:08:38.219> need 00:08:39.469 --> 00:08:39.479 align:start position:0% we need 00:08:39.479 --> 00:08:41.269 align:start position:0% we need so<00:08:39.899> let's<00:08:40.080> have<00:08:40.320> a<00:08:40.440> look<00:08:40.560> at<00:08:40.740> the<00:08:40.860> first<00:08:40.979> kind 00:08:41.269 --> 00:08:41.279 align:start position:0% so let's have a look at the first kind 00:08:41.279 --> 00:08:43.490 align:start position:0% so let's have a look at the first kind what<00:08:41.940> parts<00:08:42.120> of<00:08:42.360> ethereum<00:08:42.839> are<00:08:43.320> still 00:08:43.490 --> 00:08:43.500 align:start position:0% what parts of ethereum are still 00:08:43.500 --> 00:08:45.829 align:start position:0% what parts of ethereum are still affected<00:08:43.860> by<00:08:44.099> Mev<00:08:44.640> under<00:08:44.940> fall<00:08:45.300> in<00:08:45.540> protocol 00:08:45.829 --> 00:08:45.839 align:start position:0% affected by Mev under fall in protocol 00:08:45.839 --> 00:08:47.990 align:start position:0% affected by Mev under fall in protocol PBS<00:08:46.380> so<00:08:46.860> it<00:08:46.980> might<00:08:47.100> be<00:08:47.220> more<00:08:47.399> than<00:08:47.519> this<00:08:47.700> but 00:08:47.990 --> 00:08:48.000 align:start position:0% PBS so it might be more than this but 00:08:48.000 --> 00:08:49.370 align:start position:0% PBS so it might be more than this but these<00:08:48.240> are<00:08:48.360> the<00:08:48.480> main<00:08:48.600> ones<00:08:48.839> that<00:08:49.019> I<00:08:49.140> came<00:08:49.260> up 00:08:49.370 --> 00:08:49.380 align:start position:0% these are the main ones that I came up 00:08:49.380 --> 00:08:51.949 align:start position:0% these are the main ones that I came up with<00:08:49.500> for<00:08:49.800> now<00:08:49.980> so<00:08:50.580> the<00:08:50.760> first<00:08:50.880> one<00:08:51.120> is<00:08:51.660> the 00:08:51.949 --> 00:08:51.959 align:start position:0% with for now so the first one is the 00:08:51.959 --> 00:08:54.050 align:start position:0% with for now so the first one is the contents<00:08:52.500> of<00:08:52.620> the<00:08:52.800> block<00:08:52.980> so<00:08:53.640> we<00:08:53.760> are<00:08:53.940> now 00:08:54.050 --> 00:08:54.060 align:start position:0% contents of the block so we are now 00:08:54.060 --> 00:08:55.430 align:start position:0% contents of the block so we are now getting<00:08:54.180> these<00:08:54.480> blocks<00:08:54.779> from<00:08:54.959> the<00:08:55.140> Builder 00:08:55.430 --> 00:08:55.440 align:start position:0% getting these blocks from the Builder 00:08:55.440 --> 00:08:57.530 align:start position:0% getting these blocks from the Builder market<00:08:55.620> so<00:08:56.160> now<00:08:56.279> all<00:08:56.519> transactions<00:08:57.240> in<00:08:57.360> the 00:08:57.530 --> 00:08:57.540 align:start position:0% market so now all transactions in the 00:08:57.540 --> 00:08:59.690 align:start position:0% market so now all transactions in the block<00:08:57.660> can<00:08:58.080> be<00:08:58.260> directly<00:08:58.620> influenced<00:08:59.100> by<00:08:59.220> Mev 00:08:59.690 --> 00:08:59.700 align:start position:0% block can be directly influenced by Mev 00:08:59.700 --> 00:09:02.090 align:start position:0% block can be directly influenced by Mev and<00:09:00.120> this<00:09:00.300> wasn't<00:09:00.480> the<00:09:00.720> case<00:09:00.899> before<00:09:01.200> because 00:09:02.090 --> 00:09:02.100 align:start position:0% and this wasn't the case before because 00:09:02.100 --> 00:09:04.070 align:start position:0% and this wasn't the case before because it<00:09:02.339> was<00:09:02.459> possible<00:09:02.760> for<00:09:03.060> minors<00:09:03.420> or<00:09:03.600> validators 00:09:04.070 --> 00:09:04.080 align:start position:0% it was possible for minors or validators 00:09:04.080 --> 00:09:06.949 align:start position:0% it was possible for minors or validators to<00:09:04.440> kind<00:09:04.560> of<00:09:04.620> opt<00:09:04.860> out<00:09:05.160> of<00:09:05.640> using<00:09:06.120> my<00:09:06.480> booster 00:09:06.949 --> 00:09:06.959 align:start position:0% to kind of opt out of using my booster 00:09:06.959 --> 00:09:10.910 align:start position:0% to kind of opt out of using my booster MAV<00:09:07.200> geeth<00:09:07.440> if<00:09:07.560> they<00:09:07.680> really<00:09:07.800> wanted<00:09:08.040> to<00:09:08.399> so 00:09:10.910 --> 00:09:10.920 align:start position:0% MAV geeth if they really wanted to so 00:09:10.920 --> 00:09:12.530 align:start position:0% MAV geeth if they really wanted to so in<00:09:11.580> the<00:09:11.700> future 00:09:12.530 --> 00:09:12.540 align:start position:0% in the future 00:09:12.540 --> 00:09:14.690 align:start position:0% in the future if<00:09:13.260> most<00:09:13.500> or<00:09:13.740> all<00:09:13.920> of<00:09:14.040> the<00:09:14.160> blocks<00:09:14.459> come<00:09:14.580> from 00:09:14.690 --> 00:09:14.700 align:start position:0% if most or all of the blocks come from 00:09:14.700 --> 00:09:16.370 align:start position:0% if most or all of the blocks come from the<00:09:14.820> Builder<00:09:15.120> Market<00:09:15.300> the<00:09:15.899> purpose<00:09:16.140> of<00:09:16.260> the 00:09:16.370 --> 00:09:16.380 align:start position:0% the Builder Market the purpose of the 00:09:16.380 --> 00:09:18.590 align:start position:0% the Builder Market the purpose of the builders<00:09:16.680> is<00:09:16.860> to<00:09:17.040> reorder<00:09:17.580> and<00:09:17.940> rearrange 00:09:18.590 --> 00:09:18.600 align:start position:0% builders is to reorder and rearrange 00:09:18.600 --> 00:09:20.570 align:start position:0% builders is to reorder and rearrange transactions<00:09:19.140> their<00:09:19.380> block<00:09:19.560> can<00:09:19.860> be<00:09:20.040> as 00:09:20.570 --> 00:09:20.580 align:start position:0% transactions their block can be as 00:09:20.580 --> 00:09:22.430 align:start position:0% transactions their block can be as profitable<00:09:21.000> as<00:09:21.240> possible<00:09:21.540> so<00:09:21.959> hopefully<00:09:22.200> that 00:09:22.430 --> 00:09:22.440 align:start position:0% profitable as possible so hopefully that 00:09:22.440 --> 00:09:23.930 align:start position:0% profitable as possible so hopefully that one's<00:09:22.740> kind<00:09:22.920> of<00:09:23.040> straightforward<00:09:23.519> this<00:09:23.760> kind 00:09:23.930 --> 00:09:23.940 align:start position:0% one's kind of straightforward this kind 00:09:23.940 --> 00:09:26.090 align:start position:0% one's kind of straightforward this kind of<00:09:24.000> idea<00:09:24.300> of<00:09:24.420> like<00:09:24.600> losing<00:09:24.959> control<00:09:25.140> of<00:09:25.500> plot 00:09:26.090 --> 00:09:26.100 align:start position:0% of idea of like losing control of plot 00:09:26.100 --> 00:09:27.769 align:start position:0% of idea of like losing control of plot content 00:09:27.769 --> 00:09:27.779 align:start position:0% content 00:09:27.779 --> 00:09:29.570 align:start position:0% content the<00:09:28.200> second<00:09:28.260> one<00:09:28.500> is<00:09:28.620> maybe<00:09:28.800> not<00:09:29.040> so<00:09:29.220> obvious 00:09:29.570 --> 00:09:29.580 align:start position:0% the second one is maybe not so obvious 00:09:29.580 --> 00:09:32.230 align:start position:0% the second one is maybe not so obvious so<00:09:30.300> the<00:09:30.779> contents<00:09:31.140> of<00:09:31.260> the<00:09:31.380> public<00:09:31.500> mempool 00:09:32.230 --> 00:09:32.240 align:start position:0% so the contents of the public mempool 00:09:32.240 --> 00:09:36.050 align:start position:0% so the contents of the public mempool are<00:09:33.240> influenced<00:09:33.839> by<00:09:34.019> Mev<00:09:34.500> Under<00:09:34.680> full<00:09:34.920> PBS<00:09:35.459> so 00:09:36.050 --> 00:09:36.060 align:start position:0% are influenced by Mev Under full PBS so 00:09:36.060 --> 00:09:38.990 align:start position:0% are influenced by Mev Under full PBS so how<00:09:36.360> can<00:09:36.540> that<00:09:36.720> be<00:09:36.959> well<00:09:37.680> in<00:09:38.160> a<00:09:38.339> world<00:09:38.459> where<00:09:38.760> we 00:09:38.990 --> 00:09:39.000 align:start position:0% how can that be well in a world where we 00:09:39.000 --> 00:09:42.050 align:start position:0% how can that be well in a world where we have<00:09:39.320> full-in<00:09:40.320> protocol<00:09:40.500> PBS<00:09:41.100> Builders<00:09:41.820> are 00:09:42.050 --> 00:09:42.060 align:start position:0% have full-in protocol PBS Builders are 00:09:42.060 --> 00:09:45.350 align:start position:0% have full-in protocol PBS Builders are incentivized<00:09:42.720> to<00:09:42.899> have<00:09:43.019> private<00:09:43.500> sources<00:09:43.920> of 00:09:45.350 --> 00:09:45.360 align:start position:0% incentivized to have private sources of 00:09:45.360 --> 00:09:46.910 align:start position:0% incentivized to have private sources of transactions<00:09:46.320> that<00:09:46.440> we<00:09:46.620> talked<00:09:46.860> about 00:09:46.910 --> 00:09:46.920 align:start position:0% transactions that we talked about 00:09:46.920 --> 00:09:48.949 align:start position:0% transactions that we talked about earlier<00:09:47.339> and<00:09:47.760> we<00:09:47.940> call<00:09:48.060> this<00:09:48.300> exclusive<00:09:48.779> order 00:09:48.949 --> 00:09:48.959 align:start position:0% earlier and we call this exclusive order 00:09:48.959 --> 00:09:51.710 align:start position:0% earlier and we call this exclusive order flow<00:09:49.260> so<00:09:49.920> if<00:09:50.220> Builders<00:09:50.640> are<00:09:50.940> competing<00:09:51.420> just 00:09:51.710 --> 00:09:51.720 align:start position:0% flow so if Builders are competing just 00:09:51.720 --> 00:09:53.710 align:start position:0% flow so if Builders are competing just on<00:09:51.839> the<00:09:52.019> contents<00:09:52.380> of<00:09:52.500> the<00:09:52.620> public<00:09:52.740> mempool 00:09:53.710 --> 00:09:53.720 align:start position:0% on the contents of the public mempool 00:09:53.720 --> 00:09:55.970 align:start position:0% on the contents of the public mempool there<00:09:54.720> is<00:09:55.019> and<00:09:55.440> there's<00:09:55.620> no<00:09:55.800> difference 00:09:55.970 --> 00:09:55.980 align:start position:0% there is and there's no difference 00:09:55.980 --> 00:09:58.009 align:start position:0% there is and there's no difference between<00:09:56.459> the<00:09:57.000> kinds<00:09:57.240> of<00:09:57.300> transactions<00:09:57.839> that 00:09:58.009 --> 00:09:58.019 align:start position:0% between the kinds of transactions that 00:09:58.019 --> 00:09:59.750 align:start position:0% between the kinds of transactions that they<00:09:58.140> have<00:09:58.260> available<00:09:58.440> to<00:09:58.860> them<00:09:59.040> then<00:09:59.519> their 00:09:59.750 --> 00:09:59.760 align:start position:0% they have available to them then their 00:09:59.760 --> 00:10:02.090 align:start position:0% they have available to them then their success<00:10:00.060> comes<00:10:00.480> down<00:10:00.660> to 00:10:02.090 --> 00:10:02.100 align:start position:0% success comes down to 00:10:02.100 --> 00:10:04.250 align:start position:0% success comes down to um maybe<00:10:02.339> their<00:10:02.580> algorithm<00:10:03.180> or<00:10:03.839> their 00:10:04.250 --> 00:10:04.260 align:start position:0% um maybe their algorithm or their 00:10:04.260 --> 00:10:06.110 align:start position:0% um maybe their algorithm or their trading<00:10:04.620> strategies<00:10:05.100> however<00:10:05.700> the<00:10:05.940> more 00:10:06.110 --> 00:10:06.120 align:start position:0% trading strategies however the more 00:10:06.120 --> 00:10:07.970 align:start position:0% trading strategies however the more order<00:10:06.300> flow<00:10:06.600> that<00:10:06.779> they<00:10:06.899> have<00:10:07.019> access<00:10:07.260> to<00:10:07.620> that 00:10:07.970 --> 00:10:07.980 align:start position:0% order flow that they have access to that 00:10:07.980 --> 00:10:11.090 align:start position:0% order flow that they have access to that other<00:10:08.220> builders<00:10:08.760> do<00:10:09.360> not<00:10:09.600> the<00:10:10.560> more<00:10:10.680> likely<00:10:10.980> it 00:10:11.090 --> 00:10:11.100 align:start position:0% other builders do not the more likely it 00:10:11.100 --> 00:10:12.829 align:start position:0% other builders do not the more likely it is<00:10:11.220> that<00:10:11.399> they<00:10:11.580> can<00:10:11.700> build<00:10:11.940> a<00:10:12.480> better<00:10:12.600> block 00:10:12.829 --> 00:10:12.839 align:start position:0% is that they can build a better block 00:10:12.839 --> 00:10:13.970 align:start position:0% is that they can build a better block with<00:10:13.260> that 00:10:13.970 --> 00:10:13.980 align:start position:0% with that 00:10:13.980 --> 00:10:17.030 align:start position:0% with that on<00:10:14.820> our<00:10:14.940> flashbots<00:10:15.600> we<00:10:16.380> generally<00:10:16.620> think<00:10:16.860> that 00:10:17.030 --> 00:10:17.040 align:start position:0% on our flashbots we generally think that 00:10:17.040 --> 00:10:18.889 align:start position:0% on our flashbots we generally think that order<00:10:17.220> flow<00:10:17.580> is<00:10:17.760> going<00:10:17.940> to<00:10:18.060> be<00:10:18.360> a<00:10:18.720> big 00:10:18.889 --> 00:10:18.899 align:start position:0% order flow is going to be a big 00:10:18.899 --> 00:10:22.070 align:start position:0% order flow is going to be a big differentiator<00:10:19.760> in<00:10:20.760> how<00:10:21.300> successful<00:10:21.779> block 00:10:22.070 --> 00:10:22.080 align:start position:0% differentiator in how successful block 00:10:22.080 --> 00:10:24.290 align:start position:0% differentiator in how successful block Builders<00:10:22.500> are<00:10:22.680> going<00:10:22.860> to<00:10:22.980> be<00:10:23.160> and<00:10:23.940> if<00:10:24.180> this 00:10:24.290 --> 00:10:24.300 align:start position:0% Builders are going to be and if this 00:10:24.300 --> 00:10:27.110 align:start position:0% Builders are going to be and if this order<00:10:24.480> flow<00:10:24.839> is<00:10:25.140> exclusive<00:10:25.680> in<00:10:26.100> that<00:10:26.279> it's 00:10:27.110 --> 00:10:27.120 align:start position:0% order flow is exclusive in that it's 00:10:27.120 --> 00:10:28.910 align:start position:0% order flow is exclusive in that it's going<00:10:27.300> to<00:10:27.480> a<00:10:27.600> private<00:10:27.839> mempool<00:10:28.260> instead<00:10:28.800> of 00:10:28.910 --> 00:10:28.920 align:start position:0% going to a private mempool instead of 00:10:28.920 --> 00:10:31.250 align:start position:0% going to a private mempool instead of the<00:10:29.640> public<00:10:29.760> mempool 00:10:31.250 --> 00:10:31.260 align:start position:0% the public mempool 00:10:31.260 --> 00:10:32.090 align:start position:0% the public mempool um 00:10:32.090 --> 00:10:32.100 align:start position:0% um 00:10:32.100 --> 00:10:33.829 align:start position:0% um it's<00:10:32.580> it's<00:10:32.760> not<00:10:33.000> going<00:10:33.120> into<00:10:33.300> the<00:10:33.480> public<00:10:33.600> Med 00:10:33.829 --> 00:10:33.839 align:start position:0% it's it's not going into the public Med 00:10:33.839 --> 00:10:35.930 align:start position:0% it's it's not going into the public Med pool<00:10:34.140> so<00:10:34.440> you<00:10:34.980> you<00:10:35.160> could<00:10:35.339> have<00:10:35.519> this 00:10:35.930 --> 00:10:35.940 align:start position:0% pool so you you could have this 00:10:35.940 --> 00:10:37.610 align:start position:0% pool so you you could have this situation<00:10:36.480> where 00:10:37.610 --> 00:10:37.620 align:start position:0% situation where 00:10:37.620 --> 00:10:40.250 align:start position:0% situation where um as<00:10:38.339> as<00:10:38.640> there<00:10:38.940> is<00:10:39.060> more<00:10:39.300> Mev<00:10:39.839> activity 00:10:40.250 --> 00:10:40.260 align:start position:0% um as as there is more Mev activity 00:10:40.260 --> 00:10:42.170 align:start position:0% um as as there is more Mev activity because 00:10:42.170 --> 00:10:42.180 align:start position:0% because 00:10:42.180 --> 00:10:44.569 align:start position:0% because the<00:10:43.140> the<00:10:43.440> Builder 00:10:44.569 --> 00:10:44.579 align:start position:0% the the Builder 00:10:44.579 --> 00:10:46.130 align:start position:0% the the Builder um 00:10:46.130 --> 00:10:46.140 align:start position:0% um 00:10:46.140 --> 00:10:47.870 align:start position:0% um what<00:10:46.500> is<00:10:46.800> happening<00:10:47.040> with<00:10:47.220> the<00:10:47.339> builders<00:10:47.640> is 00:10:47.870 --> 00:10:47.880 align:start position:0% what is happening with the builders is 00:10:47.880 --> 00:10:49.550 align:start position:0% what is happening with the builders is associated<00:10:48.360> with<00:10:48.540> this<00:10:48.720> Mev<00:10:49.140> than<00:10:49.380> the 00:10:49.550 --> 00:10:49.560 align:start position:0% associated with this Mev than the 00:10:49.560 --> 00:10:51.050 align:start position:0% associated with this Mev than the contents<00:10:49.920> of<00:10:49.980> the<00:10:50.100> public<00:10:50.220> mempool<00:10:50.640> might<00:10:50.880> get 00:10:51.050 --> 00:10:51.060 align:start position:0% contents of the public mempool might get 00:10:51.060 --> 00:10:52.670 align:start position:0% contents of the public mempool might get smaller 00:10:52.670 --> 00:10:52.680 align:start position:0% smaller 00:10:52.680 --> 00:10:54.290 align:start position:0% smaller um<00:10:52.800> and<00:10:52.980> then<00:10:53.100> the<00:10:53.279> last<00:10:53.459> one<00:10:53.700> which<00:10:54.000> kind<00:10:54.240> of 00:10:54.290 --> 00:10:54.300 align:start position:0% um and then the last one which kind of 00:10:54.300 --> 00:10:56.389 align:start position:0% um and then the last one which kind of relates<00:10:54.660> to<00:10:54.839> the<00:10:55.200> first<00:10:55.320> but<00:10:55.740> maybe<00:10:55.920> a<00:10:56.220> little 00:10:56.389 --> 00:10:56.399 align:start position:0% relates to the first but maybe a little 00:10:56.399 --> 00:10:58.190 align:start position:0% relates to the first but maybe a little bit<00:10:56.519> of<00:10:56.640> a<00:10:56.760> different<00:10:56.880> Focus 00:10:58.190 --> 00:10:58.200 align:start position:0% bit of a different Focus 00:10:58.200 --> 00:11:01.009 align:start position:0% bit of a different Focus um<00:10:58.260> blog<00:10:58.500> posters<00:10:58.920> as<00:10:59.700> block<00:11:00.180> proposers<00:11:00.720> used 00:11:01.009 --> 00:11:01.019 align:start position:0% um blog posters as block proposers used 00:11:01.019 --> 00:11:03.470 align:start position:0% um blog posters as block proposers used to<00:11:01.200> have<00:11:01.320> control<00:11:01.620> over 00:11:03.470 --> 00:11:03.480 align:start position:0% to have control over 00:11:03.480 --> 00:11:07.250 align:start position:0% to have control over um<00:11:03.540> what<00:11:04.519> the<00:11:05.519> contents<00:11:05.940> of<00:11:06.300> their<00:11:06.600> blog<00:11:06.959> would 00:11:07.250 --> 00:11:07.260 align:start position:0% um what the contents of their blog would 00:11:07.260 --> 00:11:10.610 align:start position:0% um what the contents of their blog would be<00:11:07.440> so<00:11:07.980> Under<00:11:08.220> full<00:11:08.579> PBS<00:11:09.480> there<00:11:10.019> used<00:11:10.260> to<00:11:10.500> be 00:11:10.610 --> 00:11:10.620 align:start position:0% be so Under full PBS there used to be 00:11:10.620 --> 00:11:12.829 align:start position:0% be so Under full PBS there used to be sorry<00:11:11.339> the<00:11:11.820> the<00:11:12.000> big<00:11:12.180> difference<00:11:12.360> would<00:11:12.720> be 00:11:12.829 --> 00:11:12.839 align:start position:0% sorry the the big difference would be 00:11:12.839 --> 00:11:14.870 align:start position:0% sorry the the big difference would be the<00:11:13.079> validators<00:11:13.680> will<00:11:13.980> now<00:11:14.160> accept<00:11:14.459> full 00:11:14.870 --> 00:11:14.880 align:start position:0% the validators will now accept full 00:11:14.880 --> 00:11:16.610 align:start position:0% the validators will now accept full Blocks<00:11:15.360> From<00:11:15.600> the<00:11:15.720> Block<00:11:15.839> Builders<00:11:16.320> and<00:11:16.500> that 00:11:16.610 --> 00:11:16.620 align:start position:0% Blocks From the Block Builders and that 00:11:16.620 --> 00:11:18.650 align:start position:0% Blocks From the Block Builders and that didn't<00:11:16.800> happen<00:11:17.040> before<00:11:17.279> so<00:11:17.640> in<00:11:17.880> the<00:11:18.000> old<00:11:18.180> kind 00:11:18.650 --> 00:11:18.660 align:start position:0% didn't happen before so in the old kind 00:11:18.660 --> 00:11:20.509 align:start position:0% didn't happen before so in the old kind of<00:11:18.779> flashbots<00:11:19.320> model<00:11:19.500> you<00:11:19.920> we<00:11:20.100> would<00:11:20.339> now 00:11:20.509 --> 00:11:20.519 align:start position:0% of flashbots model you we would now 00:11:20.519 --> 00:11:22.490 align:start position:0% of flashbots model you we would now never<00:11:21.000> have 00:11:22.490 --> 00:11:22.500 align:start position:0% never have 00:11:22.500 --> 00:11:24.829 align:start position:0% never have um full<00:11:22.800> blocks<00:11:23.279> coming<00:11:23.519> from 00:11:24.829 --> 00:11:24.839 align:start position:0% um full blocks coming from 00:11:24.839 --> 00:11:27.230 align:start position:0% um full blocks coming from um<00:11:24.899> external<00:11:25.680> sources 00:11:27.230 --> 00:11:27.240 align:start position:0% um external sources 00:11:27.240 --> 00:11:29.509 align:start position:0% um external sources um and<00:11:27.480> then<00:11:27.600> the<00:11:27.720> second<00:11:27.839> thing<00:11:28.140> is<00:11:28.380> that<00:11:28.740> uh 00:11:29.509 --> 00:11:29.519 align:start position:0% um and then the second thing is that uh 00:11:29.519 --> 00:11:31.610 align:start position:0% um and then the second thing is that uh I'm<00:11:29.880> not<00:11:30.060> sure<00:11:30.240> if<00:11:30.540> this<00:11:30.720> is<00:11:30.839> for<00:11:31.019> certain<00:11:31.260> yet 00:11:31.610 --> 00:11:31.620 align:start position:0% I'm not sure if this is for certain yet 00:11:31.620 --> 00:11:35.389 align:start position:0% I'm not sure if this is for certain yet but<00:11:32.459> we<00:11:33.060> think<00:11:33.240> that<00:11:33.899> you<00:11:34.620> know<00:11:34.680> Under<00:11:34.860> full<00:11:35.040> in 00:11:35.389 --> 00:11:35.399 align:start position:0% but we think that you know Under full in 00:11:35.399 --> 00:11:38.150 align:start position:0% but we think that you know Under full in protocol<00:11:35.700> PBS<00:11:36.240> there<00:11:37.019> may<00:11:37.200> not<00:11:37.320> be<00:11:37.500> an<00:11:37.860> option 00:11:38.150 --> 00:11:38.160 align:start position:0% protocol PBS there may not be an option 00:11:38.160 --> 00:11:40.430 align:start position:0% protocol PBS there may not be an option for<00:11:38.459> Builders<00:11:38.880> to<00:11:39.060> or<00:11:39.240> for<00:11:39.360> validators<00:11:39.839> to<00:11:40.200> opt 00:11:40.430 --> 00:11:40.440 align:start position:0% for Builders to or for validators to opt 00:11:40.440 --> 00:11:42.050 align:start position:0% for Builders to or for validators to opt out<00:11:40.620> of<00:11:40.860> that<00:11:40.920> so<00:11:41.160> you<00:11:41.339> might<00:11:41.459> have<00:11:41.640> no<00:11:41.820> choice 00:11:42.050 --> 00:11:42.060 align:start position:0% out of that so you might have no choice 00:11:42.060 --> 00:11:44.690 align:start position:0% out of that so you might have no choice but<00:11:42.360> to<00:11:42.600> get<00:11:42.899> your<00:11:43.079> blocks<00:11:43.500> from 00:11:44.690 --> 00:11:44.700 align:start position:0% but to get your blocks from 00:11:44.700 --> 00:11:48.230 align:start position:0% but to get your blocks from um<00:11:44.760> from<00:11:45.180> an<00:11:45.360> external<00:11:45.839> market<00:11:46.579> and<00:11:47.579> then<00:11:47.760> kind 00:11:48.230 --> 00:11:48.240 align:start position:0% um from an external market and then kind 00:11:48.240 --> 00:11:50.030 align:start position:0% um from an external market and then kind of<00:11:48.360> going<00:11:48.600> on<00:11:48.779> to<00:11:48.959> the<00:11:49.019> second<00:11:49.200> family<00:11:49.500> effects 00:11:50.030 --> 00:11:50.040 align:start position:0% of going on to the second family effects 00:11:50.040 --> 00:11:51.470 align:start position:0% of going on to the second family effects so<00:11:50.100> how<00:11:50.279> are<00:11:50.459> actors<00:11:50.760> in<00:11:50.940> the<00:11:51.060> Builder<00:11:51.360> Market 00:11:51.470 --> 00:11:51.480 align:start position:0% so how are actors in the Builder Market 00:11:51.480 --> 00:11:54.170 align:start position:0% so how are actors in the Builder Market incentivize<00:11:52.140> is<00:11:52.740> to<00:11:53.160> mess<00:11:53.519> with<00:11:53.820> the<00:11:54.060> base 00:11:54.170 --> 00:11:54.180 align:start position:0% incentivize is to mess with the base 00:11:54.180 --> 00:11:56.210 align:start position:0% incentivize is to mess with the base layer<00:11:54.600> the<00:11:55.019> consensus<00:11:55.500> layer<00:11:55.800> in<00:11:55.920> order<00:11:56.040> to 00:11:56.210 --> 00:11:56.220 align:start position:0% layer the consensus layer in order to 00:11:56.220 --> 00:11:58.310 align:start position:0% layer the consensus layer in order to gain<00:11:56.339> an<00:11:56.640> advantage<00:11:57.000> on<00:11:57.540> the<00:11:57.720> big<00:11:57.839> issue<00:11:58.200> that 00:11:58.310 --> 00:11:58.320 align:start position:0% gain an advantage on the big issue that 00:11:58.320 --> 00:11:59.690 align:start position:0% gain an advantage on the big issue that I<00:11:58.500> see<00:11:58.560> with<00:11:58.800> this<00:11:58.920> is<00:11:59.100> that<00:11:59.279> the<00:11:59.399> Builder 00:11:59.690 --> 00:11:59.700 align:start position:0% I see with this is that the Builder 00:11:59.700 --> 00:12:01.610 align:start position:0% I see with this is that the Builder Market<00:11:59.820> is<00:12:00.120> actually<00:12:00.360> out<00:12:00.600> of<00:12:00.779> protocol<00:12:01.079> so 00:12:01.610 --> 00:12:01.620 align:start position:0% Market is actually out of protocol so 00:12:01.620 --> 00:12:04.310 align:start position:0% Market is actually out of protocol so there's<00:12:01.800> nothing<00:12:02.040> enforcing<00:12:03.320> participants 00:12:04.310 --> 00:12:04.320 align:start position:0% there's nothing enforcing participants 00:12:04.320 --> 00:12:06.170 align:start position:0% there's nothing enforcing participants in<00:12:04.440> the<00:12:04.560> Builder<00:12:04.860> Market<00:12:04.980> to<00:12:05.459> stick<00:12:05.640> to<00:12:06.000> the 00:12:06.170 --> 00:12:06.180 align:start position:0% in the Builder Market to stick to the 00:12:06.180 --> 00:12:07.970 align:start position:0% in the Builder Market to stick to the structure<00:12:06.540> that<00:12:06.959> we<00:12:07.079> saw<00:12:07.260> in<00:12:07.500> the<00:12:07.680> diagram 00:12:07.970 --> 00:12:07.980 align:start position:0% structure that we saw in the diagram 00:12:07.980 --> 00:12:10.490 align:start position:0% structure that we saw in the diagram earlier<00:12:08.519> the<00:12:09.300> map<00:12:09.420> boost<00:12:09.720> architecture<00:12:10.260> that 00:12:10.490 --> 00:12:10.500 align:start position:0% earlier the map boost architecture that 00:12:10.500 --> 00:12:13.790 align:start position:0% earlier the map boost architecture that exists<00:12:10.980> is<00:12:11.519> kind<00:12:11.700> of<00:12:11.820> a<00:12:12.060> template<00:12:12.480> for<00:12:13.019> what<00:12:13.620> is 00:12:13.790 --> 00:12:13.800 align:start position:0% exists is kind of a template for what is 00:12:13.800 --> 00:12:15.949 align:start position:0% exists is kind of a template for what is safest<00:12:14.160> for<00:12:14.579> like<00:12:14.760> independent<00:12:15.480> ecosystem 00:12:15.949 --> 00:12:15.959 align:start position:0% safest for like independent ecosystem 00:12:15.959 --> 00:12:17.870 align:start position:0% safest for like independent ecosystem aligned<00:12:16.560> parties<00:12:16.740> like<00:12:16.920> flashbots<00:12:17.519> to<00:12:17.700> run 00:12:17.870 --> 00:12:17.880 align:start position:0% aligned parties like flashbots to run 00:12:17.880 --> 00:12:19.970 align:start position:0% aligned parties like flashbots to run under<00:12:18.600> a<00:12:18.839> certain<00:12:18.959> number<00:12:19.140> of<00:12:19.380> assumptions 00:12:19.970 --> 00:12:19.980 align:start position:0% under a certain number of assumptions 00:12:19.980 --> 00:12:22.850 align:start position:0% under a certain number of assumptions baked<00:12:20.760> into<00:12:20.880> it<00:12:21.120> in<00:12:21.779> reality<00:12:22.079> we<00:12:22.440> can't<00:12:22.560> stop 00:12:22.850 --> 00:12:22.860 align:start position:0% baked into it in reality we can't stop 00:12:22.860 --> 00:12:25.850 align:start position:0% baked into it in reality we can't stop anyone<00:12:23.279> from<00:12:23.579> using<00:12:24.200> for<00:12:25.200> example<00:12:25.500> their 00:12:25.850 --> 00:12:25.860 align:start position:0% anyone from using for example their 00:12:25.860 --> 00:12:27.889 align:start position:0% anyone from using for example their profits<00:12:26.339> to<00:12:26.579> buy<00:12:26.760> validators<00:12:27.300> their<00:12:27.540> profits 00:12:27.889 --> 00:12:27.899 align:start position:0% profits to buy validators their profits 00:12:27.899 --> 00:12:30.889 align:start position:0% profits to buy validators their profits from<00:12:28.019> building<00:12:28.579> creating<00:12:29.579> their<00:12:29.940> own<00:12:30.180> private 00:12:30.889 --> 00:12:30.899 align:start position:0% from building creating their own private 00:12:30.899 --> 00:12:33.889 align:start position:0% from building creating their own private version<00:12:31.140> of<00:12:31.620> mevust<00:12:32.160> or<00:12:33.060> offering<00:12:33.600> services 00:12:33.889 --> 00:12:33.899 align:start position:0% version of mevust or offering services 00:12:33.899 --> 00:12:37.190 align:start position:0% version of mevust or offering services around<00:12:34.680> Builders<00:12:35.519> or<00:12:36.120> other<00:12:36.600> parts<00:12:36.839> of<00:12:37.019> the 00:12:37.190 --> 00:12:37.200 align:start position:0% around Builders or other parts of the 00:12:37.200 --> 00:12:39.069 align:start position:0% around Builders or other parts of the system<00:12:37.380> and<00:12:37.860> as<00:12:38.040> we're<00:12:38.220> about<00:12:38.339> to<00:12:38.579> see 00:12:39.069 --> 00:12:39.079 align:start position:0% system and as we're about to see 00:12:39.079 --> 00:12:41.630 align:start position:0% system and as we're about to see measuring<00:12:40.079> what<00:12:40.260> comes<00:12:40.680> through<00:12:40.980> a<00:12:41.339> relay 00:12:41.630 --> 00:12:41.640 align:start position:0% measuring what comes through a relay 00:12:41.640 --> 00:12:43.490 align:start position:0% measuring what comes through a relay might<00:12:42.240> not<00:12:42.420> necessarily<00:12:42.959> be<00:12:43.079> the<00:12:43.320> full 00:12:43.490 --> 00:12:43.500 align:start position:0% might not necessarily be the full 00:12:43.500 --> 00:12:44.930 align:start position:0% might not necessarily be the full picture<00:12:43.680> of<00:12:44.160> what's<00:12:44.339> happening<00:12:44.639> in<00:12:44.820> the 00:12:44.930 --> 00:12:44.940 align:start position:0% picture of what's happening in the 00:12:44.940 --> 00:12:47.329 align:start position:0% picture of what's happening in the Builder<00:12:45.180> market<00:12:45.380> so<00:12:46.380> the<00:12:46.740> only<00:12:46.860> part<00:12:47.100> of<00:12:47.279> the 00:12:47.329 --> 00:12:47.339 align:start position:0% Builder market so the only part of the 00:12:47.339 --> 00:12:48.410 align:start position:0% Builder market so the only part of the Builder<00:12:47.639> Market<00:12:47.820> that's<00:12:48.060> in<00:12:48.240> the<00:12:48.300> core 00:12:48.410 --> 00:12:48.420 align:start position:0% Builder Market that's in the core 00:12:48.420 --> 00:12:51.230 align:start position:0% Builder Market that's in the core protocol<00:12:48.839> is<00:12:49.800> this<00:12:50.160> Builder<00:12:50.579> specification 00:12:51.230 --> 00:12:51.240 align:start position:0% protocol is this Builder specification 00:12:51.240 --> 00:12:54.530 align:start position:0% protocol is this Builder specification which<00:12:52.079> divines<00:12:52.860> like<00:12:53.220> the<00:12:53.579> API<00:12:53.940> calls<00:12:54.360> and 00:12:54.530 --> 00:12:54.540 align:start position:0% which divines like the API calls and 00:12:54.540 --> 00:12:57.829 align:start position:0% which divines like the API calls and sequence<00:12:55.139> between<00:12:55.440> the<00:12:55.620> validator<00:12:56.100> and<00:12:57.060> some 00:12:57.829 --> 00:12:57.839 align:start position:0% sequence between the validator and some 00:12:57.839 --> 00:12:59.629 align:start position:0% sequence between the validator and some software<00:12:58.139> that<00:12:58.260> looks<00:12:58.440> like<00:12:58.560> MAV<00:12:58.860> boost<00:12:59.040> on 00:12:59.629 --> 00:12:59.639 align:start position:0% software that looks like MAV boost on 00:12:59.639 --> 00:13:01.610 align:start position:0% software that looks like MAV boost on that<00:12:59.760> side<00:13:00.000> of<00:13:00.120> that<00:13:00.300> kind<00:13:00.660> of<00:13:00.779> anything<00:13:01.019> goes 00:13:01.610 --> 00:13:01.620 align:start position:0% that side of that kind of anything goes 00:13:01.620 --> 00:13:04.430 align:start position:0% that side of that kind of anything goes by<00:13:02.339> now<00:13:02.459> we've<00:13:02.820> identified<00:13:03.180> a<00:13:03.540> few<00:13:03.660> kind<00:13:04.320> of 00:13:04.430 --> 00:13:04.440 align:start position:0% by now we've identified a few kind of 00:13:04.440 --> 00:13:06.110 align:start position:0% by now we've identified a few kind of concrete<00:13:04.800> areas<00:13:05.100> where<00:13:05.279> we<00:13:05.459> think<00:13:05.519> that<00:13:05.700> Mev 00:13:06.110 --> 00:13:06.120 align:start position:0% concrete areas where we think that Mev 00:13:06.120 --> 00:13:07.370 align:start position:0% concrete areas where we think that Mev might<00:13:06.300> still<00:13:06.480> affect<00:13:06.720> the<00:13:06.839> core<00:13:07.019> protocol 00:13:07.370 --> 00:13:07.380 align:start position:0% might still affect the core protocol 00:13:07.380 --> 00:13:09.889 align:start position:0% might still affect the core protocol Under<00:13:07.680> full<00:13:07.980> PBS<00:13:08.519> so<00:13:09.000> what<00:13:09.120> can<00:13:09.360> we<00:13:09.480> do<00:13:09.660> with 00:13:09.889 --> 00:13:09.899 align:start position:0% Under full PBS so what can we do with 00:13:09.899 --> 00:13:11.990 align:start position:0% Under full PBS so what can we do with this<00:13:10.079> well<00:13:10.560> there<00:13:10.860> have<00:13:11.040> been<00:13:11.279> a<00:13:11.820> lot<00:13:11.940> of 00:13:11.990 --> 00:13:12.000 align:start position:0% this well there have been a lot of 00:13:12.000 --> 00:13:13.910 align:start position:0% this well there have been a lot of really<00:13:12.180> awesome<00:13:12.420> data<00:13:13.079> collection<00:13:13.320> efforts 00:13:13.910 --> 00:13:13.920 align:start position:0% really awesome data collection efforts 00:13:13.920 --> 00:13:15.829 align:start position:0% really awesome data collection efforts by<00:13:14.160> various<00:13:14.519> parties<00:13:14.820> in<00:13:15.060> the<00:13:15.180> ecosystem<00:13:15.540> in 00:13:15.829 --> 00:13:15.839 align:start position:0% by various parties in the ecosystem in 00:13:15.839 --> 00:13:17.990 align:start position:0% by various parties in the ecosystem in the<00:13:15.959> last<00:13:16.079> few<00:13:16.200> weeks<00:13:16.380> since<00:13:16.560> the<00:13:16.800> merge<00:13:17.100> what 00:13:17.990 --> 00:13:18.000 align:start position:0% the last few weeks since the merge what 00:13:18.000 --> 00:13:19.550 align:start position:0% the last few weeks since the merge what if<00:13:18.180> we<00:13:18.240> took<00:13:18.420> a<00:13:18.540> look<00:13:18.660> at<00:13:18.779> some<00:13:18.959> of<00:13:19.079> these<00:13:19.260> and 00:13:19.550 --> 00:13:19.560 align:start position:0% if we took a look at some of these and 00:13:19.560 --> 00:13:21.410 align:start position:0% if we took a look at some of these and see<00:13:19.800> if<00:13:19.920> there<00:13:20.160> are<00:13:20.279> any<00:13:20.399> clues<00:13:20.820> based<00:13:21.300> on 00:13:21.410 --> 00:13:21.420 align:start position:0% see if there are any clues based on 00:13:21.420 --> 00:13:22.970 align:start position:0% see if there are any clues based on these<00:13:21.779> areas<00:13:22.019> that<00:13:22.200> we've<00:13:22.380> identified<00:13:22.740> it 00:13:22.970 --> 00:13:22.980 align:start position:0% these areas that we've identified it 00:13:22.980 --> 00:13:25.250 align:start position:0% these areas that we've identified it that<00:13:23.459> this<00:13:23.639> prototype<00:13:24.120> Builder<00:13:24.420> market<00:13:24.600> via 00:13:25.250 --> 00:13:25.260 align:start position:0% that this prototype Builder market via 00:13:25.260 --> 00:13:27.350 align:start position:0% that this prototype Builder market via Mev<00:13:25.740> boost<00:13:25.920> is<00:13:26.220> starting<00:13:26.339> to<00:13:26.579> affect<00:13:27.060> the<00:13:27.240> core 00:13:27.350 --> 00:13:27.360 align:start position:0% Mev boost is starting to affect the core 00:13:27.360 --> 00:13:32.930 align:start position:0% Mev boost is starting to affect the core protocol<00:13:27.779> in<00:13:28.380> an<00:13:28.560> undesirable<00:13:29.100> way 00:13:32.930 --> 00:13:32.940 align:start position:0% 00:13:32.940 --> 00:13:34.670 align:start position:0% um<00:13:33.000> and<00:13:33.300> so<00:13:33.480> the<00:13:33.660> first<00:13:33.839> question<00:13:34.200> that<00:13:34.500> we 00:13:34.670 --> 00:13:34.680 align:start position:0% um and so the first question that we 00:13:34.680 --> 00:13:36.230 align:start position:0% um and so the first question that we want<00:13:34.740> to<00:13:34.920> ask<00:13:35.040> is<00:13:35.339> going<00:13:35.639> back<00:13:35.760> to<00:13:35.940> what<00:13:36.060> we 00:13:36.230 --> 00:13:36.240 align:start position:0% want to ask is going back to what we 00:13:36.240 --> 00:13:38.090 align:start position:0% want to ask is going back to what we identified<00:13:36.600> previously<00:13:37.200> how<00:13:37.800> much<00:13:37.920> block 00:13:38.090 --> 00:13:38.100 align:start position:0% identified previously how much block 00:13:38.100 --> 00:13:39.949 align:start position:0% identified previously how much block content<00:13:38.579> right<00:13:38.820> now<00:13:39.000> is<00:13:39.240> currently<00:13:39.540> decided 00:13:39.949 --> 00:13:39.959 align:start position:0% content right now is currently decided 00:13:39.959 --> 00:13:42.410 align:start position:0% content right now is currently decided by<00:13:40.079> the<00:13:40.200> Builder<00:13:40.500> market<00:13:40.680> so<00:13:41.519> here<00:13:41.760> is<00:13:41.940> a<00:13:42.120> graph 00:13:42.410 --> 00:13:42.420 align:start position:0% by the Builder market so here is a graph 00:13:42.420 --> 00:13:44.690 align:start position:0% by the Builder market so here is a graph that<00:13:43.200> measures<00:13:43.560> how<00:13:43.920> many<00:13:44.040> blocks<00:13:44.399> have<00:13:44.519> come 00:13:44.690 --> 00:13:44.700 align:start position:0% that measures how many blocks have come 00:13:44.700 --> 00:13:46.850 align:start position:0% that measures how many blocks have come from<00:13:44.820> relays<00:13:45.300> since<00:13:45.420> the<00:13:45.660> merge<00:13:45.959> so<00:13:46.560> as<00:13:46.740> you 00:13:46.850 --> 00:13:46.860 align:start position:0% from relays since the merge so as you 00:13:46.860 --> 00:13:47.990 align:start position:0% from relays since the merge so as you can<00:13:47.040> see 00:13:47.990 --> 00:13:48.000 align:start position:0% can see 00:13:48.000 --> 00:13:50.990 align:start position:0% can see um<00:13:48.060> as<00:13:48.300> of<00:13:48.420> today<00:13:48.600> we're<00:13:49.260> up<00:13:49.500> to<00:13:49.740> 60<00:13:49.980> percent<00:13:50.339> of 00:13:50.990 --> 00:13:51.000 align:start position:0% um as of today we're up to 60 percent of 00:13:51.000 --> 00:13:54.110 align:start position:0% um as of today we're up to 60 percent of blocks<00:13:51.540> coming<00:13:51.839> through<00:13:52.260> relays<00:13:53.040> and<00:13:53.700> I 00:13:54.110 --> 00:13:54.120 align:start position:0% blocks coming through relays and I 00:13:54.120 --> 00:13:56.509 align:start position:0% blocks coming through relays and I looked<00:13:54.420> at<00:13:54.480> these<00:13:54.839> this<00:13:55.380> graph<00:13:55.800> last<00:13:56.160> week<00:13:56.339> and 00:13:56.509 --> 00:13:56.519 align:start position:0% looked at these this graph last week and 00:13:56.519 --> 00:14:00.110 align:start position:0% looked at these this graph last week and it<00:13:56.639> was<00:13:56.760> about<00:13:57.000> 45<00:13:57.740> so<00:13:58.740> it's<00:13:59.100> increasing<00:13:59.639> uh 00:14:00.110 --> 00:14:00.120 align:start position:0% it was about 45 so it's increasing uh 00:14:00.120 --> 00:14:01.430 align:start position:0% it was about 45 so it's increasing uh quite<00:14:00.300> quickly 00:14:01.430 --> 00:14:01.440 align:start position:0% quite quickly 00:14:01.440 --> 00:14:03.530 align:start position:0% quite quickly and<00:14:01.980> again<00:14:02.160> it's<00:14:02.579> important<00:14:02.940> to<00:14:03.120> note<00:14:03.240> here 00:14:03.530 --> 00:14:03.540 align:start position:0% and again it's important to note here 00:14:03.540 --> 00:14:05.810 align:start position:0% and again it's important to note here that<00:14:04.139> this<00:14:04.440> might<00:14:04.740> not<00:14:04.920> be<00:14:05.160> the<00:14:05.399> full<00:14:05.519> picture 00:14:05.810 --> 00:14:05.820 align:start position:0% that this might not be the full picture 00:14:05.820 --> 00:14:09.050 align:start position:0% that this might not be the full picture so<00:14:06.420> many<00:14:06.600> of<00:14:06.839> these<00:14:07.079> dashboards<00:14:07.680> measure<00:14:08.459> what 00:14:09.050 --> 00:14:09.060 align:start position:0% so many of these dashboards measure what 00:14:09.060 --> 00:14:11.569 align:start position:0% so many of these dashboards measure what comes<00:14:09.420> from<00:14:09.540> relays<00:14:10.139> and<00:14:10.620> this<00:14:10.800> might<00:14:11.160> not<00:14:11.339> be 00:14:11.569 --> 00:14:11.579 align:start position:0% comes from relays and this might not be 00:14:11.579 --> 00:14:14.569 align:start position:0% comes from relays and this might not be an<00:14:11.940> accurate<00:14:12.300> reflection<00:14:12.779> of<00:14:13.740> what<00:14:14.160> blocks 00:14:14.569 --> 00:14:14.579 align:start position:0% an accurate reflection of what blocks 00:14:14.579 --> 00:14:17.030 align:start position:0% an accurate reflection of what blocks are<00:14:14.760> coming<00:14:14.940> from<00:14:15.300> the<00:14:16.019> Builder<00:14:16.320> Market<00:14:16.500> as<00:14:16.860> a 00:14:17.030 --> 00:14:17.040 align:start position:0% are coming from the Builder Market as a 00:14:17.040 --> 00:14:19.790 align:start position:0% are coming from the Builder Market as a whole<00:14:17.160> so<00:14:17.940> it's<00:14:18.600> probably<00:14:18.839> best<00:14:19.260> to<00:14:19.500> think<00:14:19.620> of 00:14:19.790 --> 00:14:19.800 align:start position:0% whole so it's probably best to think of 00:14:19.800 --> 00:14:20.569 align:start position:0% whole so it's probably best to think of this 00:14:20.569 --> 00:14:20.579 align:start position:0% this 00:14:20.579 --> 00:14:23.629 align:start position:0% this as<00:14:21.360> a<00:14:21.959> lower<00:14:22.320> bound 00:14:23.629 --> 00:14:23.639 align:start position:0% as a lower bound 00:14:23.639 --> 00:14:26.509 align:start position:0% as a lower bound on<00:14:24.540> how<00:14:24.779> much<00:14:24.959> block<00:14:25.260> content<00:14:25.800> is<00:14:26.100> coming<00:14:26.279> from 00:14:26.509 --> 00:14:26.519 align:start position:0% on how much block content is coming from 00:14:26.519 --> 00:14:28.610 align:start position:0% on how much block content is coming from the<00:14:26.700> Builder<00:14:27.000> Market<00:14:27.180> that<00:14:27.959> seems<00:14:28.320> to<00:14:28.380> be 00:14:28.610 --> 00:14:28.620 align:start position:0% the Builder Market that seems to be 00:14:28.620 --> 00:14:31.790 align:start position:0% the Builder Market that seems to be increasing<00:14:29.459> over<00:14:29.700> time<00:14:30.320> and<00:14:31.320> then<00:14:31.380> on<00:14:31.560> to<00:14:31.680> the 00:14:31.790 --> 00:14:31.800 align:start position:0% increasing over time and then on to the 00:14:31.800 --> 00:14:33.410 align:start position:0% increasing over time and then on to the second<00:14:31.980> question<00:14:32.220> so<00:14:32.459> is<00:14:32.700> the<00:14:32.820> public<00:14:32.940> mempool 00:14:33.410 --> 00:14:33.420 align:start position:0% second question so is the public mempool 00:14:33.420 --> 00:14:35.930 align:start position:0% second question so is the public mempool changing<00:14:33.839> since<00:14:34.079> math<00:14:34.320> boost<00:14:34.620> launched<00:14:35.040> so 00:14:35.930 --> 00:14:35.940 align:start position:0% changing since math boost launched so 00:14:35.940 --> 00:14:37.670 align:start position:0% changing since math boost launched so here<00:14:36.300> is<00:14:36.480> a<00:14:36.660> graph<00:14:36.839> of<00:14:37.139> the<00:14:37.320> count<00:14:37.440> of 00:14:37.670 --> 00:14:37.680 align:start position:0% here is a graph of the count of 00:14:37.680 --> 00:14:39.410 align:start position:0% here is a graph of the count of unconfirmed<00:14:38.339> transactions<00:14:38.820> in<00:14:38.940> the<00:14:39.060> mempool 00:14:39.410 --> 00:14:39.420 align:start position:0% unconfirmed transactions in the mempool 00:14:39.420 --> 00:14:41.389 align:start position:0% unconfirmed transactions in the mempool over<00:14:39.720> the<00:14:39.899> last<00:14:40.019> 30<00:14:40.199> days<00:14:40.500> and<00:14:41.040> if<00:14:41.160> we<00:14:41.279> look 00:14:41.389 --> 00:14:41.399 align:start position:0% over the last 30 days and if we look 00:14:41.399 --> 00:14:43.189 align:start position:0% over the last 30 days and if we look back<00:14:41.579> at<00:14:41.760> when<00:14:42.060> the<00:14:42.420> the<00:14:42.660> merge<00:14:43.019> happens 00:14:43.189 --> 00:14:43.199 align:start position:0% back at when the the merge happens 00:14:43.199 --> 00:14:45.650 align:start position:0% back at when the the merge happens September<00:14:43.740> 15th<00:14:44.339> it<00:14:45.000> it<00:14:45.240> looks<00:14:45.540> like 00:14:45.650 --> 00:14:45.660 align:start position:0% September 15th it it looks like 00:14:45.660 --> 00:14:47.210 align:start position:0% September 15th it it looks like something<00:14:45.959> may<00:14:46.320> be<00:14:46.500> different<00:14:46.680> so<00:14:46.980> the 00:14:47.210 --> 00:14:47.220 align:start position:0% something may be different so the 00:14:47.220 --> 00:14:48.949 align:start position:0% something may be different so the Baseline<00:14:47.639> seems<00:14:47.940> to<00:14:48.060> be<00:14:48.180> a<00:14:48.420> little<00:14:48.540> bit<00:14:48.720> lower 00:14:48.949 --> 00:14:48.959 align:start position:0% Baseline seems to be a little bit lower 00:14:48.959 --> 00:14:50.689 align:start position:0% Baseline seems to be a little bit lower and 00:14:50.689 --> 00:14:50.699 align:start position:0% and 00:14:50.699 --> 00:14:53.210 align:start position:0% and what<00:14:51.360> I<00:14:51.540> would<00:14:51.660> expect<00:14:51.779> to<00:14:52.079> see<00:14:52.260> over<00:14:52.500> time<00:14:52.800> if 00:14:53.210 --> 00:14:53.220 align:start position:0% what I would expect to see over time if 00:14:53.220 --> 00:14:55.129 align:start position:0% what I would expect to see over time if my<00:14:53.459> speculation<00:14:53.880> is<00:14:54.120> correct<00:14:54.480> is<00:14:54.899> this 00:14:55.129 --> 00:14:55.139 align:start position:0% my speculation is correct is this 00:14:55.139 --> 00:14:56.870 align:start position:0% my speculation is correct is this Baseline<00:14:55.680> kind<00:14:55.920> of<00:14:55.980> trending<00:14:56.339> downwards 00:14:56.870 --> 00:14:56.880 align:start position:0% Baseline kind of trending downwards 00:14:56.880 --> 00:14:58.310 align:start position:0% Baseline kind of trending downwards however<00:14:57.360> I<00:14:57.540> don't<00:14:57.660> think<00:14:57.779> I<00:14:57.899> could<00:14:58.019> say<00:14:58.139> at 00:14:58.310 --> 00:14:58.320 align:start position:0% however I don't think I could say at 00:14:58.320 --> 00:14:59.990 align:start position:0% however I don't think I could say at this<00:14:58.440> point<00:14:58.680> that<00:14:59.100> this<00:14:59.519> is<00:14:59.760> definitely 00:14:59.990 --> 00:15:00.000 align:start position:0% this point that this is definitely 00:15:00.000 --> 00:15:01.910 align:start position:0% this point that this is definitely because<00:15:00.300> of<00:15:00.480> Mev 00:15:01.910 --> 00:15:01.920 align:start position:0% because of Mev 00:15:01.920 --> 00:15:04.069 align:start position:0% because of Mev um<00:15:02.040> my<00:15:02.399> plan<00:15:02.519> is<00:15:02.760> to<00:15:02.940> to<00:15:03.180> keep<00:15:03.420> monitoring<00:15:03.899> this 00:15:04.069 --> 00:15:04.079 align:start position:0% um my plan is to to keep monitoring this 00:15:04.079 --> 00:15:06.170 align:start position:0% um my plan is to to keep monitoring this and<00:15:04.380> look<00:15:04.500> into<00:15:04.680> other<00:15:04.980> things<00:15:05.220> that<00:15:05.579> might<00:15:06.060> be 00:15:06.170 --> 00:15:06.180 align:start position:0% and look into other things that might be 00:15:06.180 --> 00:15:10.310 align:start position:0% and look into other things that might be affecting<00:15:06.540> the<00:15:06.660> mempool<00:15:07.019> since<00:15:07.560> the<00:15:07.800> merge 00:15:10.310 --> 00:15:10.320 align:start position:0% 00:15:10.320 --> 00:15:12.889 align:start position:0% and<00:15:10.740> the<00:15:10.920> next<00:15:11.100> question<00:15:11.579> is<00:15:12.060> linked<00:15:12.540> to<00:15:12.779> the 00:15:12.889 --> 00:15:12.899 align:start position:0% and the next question is linked to the 00:15:12.899 --> 00:15:15.949 align:start position:0% and the next question is linked to the idea<00:15:13.320> of<00:15:13.920> things<00:15:14.339> kind<00:15:14.639> of<00:15:14.760> getting<00:15:15.060> nasty<00:15:15.779> in 00:15:15.949 --> 00:15:15.959 align:start position:0% idea of things kind of getting nasty in 00:15:15.959 --> 00:15:17.449 align:start position:0% idea of things kind of getting nasty in the<00:15:16.079> Builder<00:15:16.380> market<00:15:16.560> and<00:15:16.920> if<00:15:17.160> there<00:15:17.339> are 00:15:17.449 --> 00:15:17.459 align:start position:0% the Builder market and if there are 00:15:17.459 --> 00:15:19.970 align:start position:0% the Builder market and if there are actors<00:15:17.880> with<00:15:18.480> big<00:15:18.899> advantages<00:15:19.380> that<00:15:19.740> they 00:15:19.970 --> 00:15:19.980 align:start position:0% actors with big advantages that they 00:15:19.980 --> 00:15:22.250 align:start position:0% actors with big advantages that they might<00:15:20.220> you<00:15:21.000> know<00:15:21.060> use<00:15:21.300> they<00:15:21.600> might<00:15:21.779> be<00:15:22.019> in<00:15:22.139> a 00:15:22.250 --> 00:15:22.260 align:start position:0% might you know use they might be in a 00:15:22.260 --> 00:15:23.870 align:start position:0% might you know use they might be in a position<00:15:22.380> to<00:15:22.740> use<00:15:22.920> those<00:15:23.160> to<00:15:23.399> start<00:15:23.579> to 00:15:23.870 --> 00:15:23.880 align:start position:0% position to use those to start to 00:15:23.880 --> 00:15:26.870 align:start position:0% position to use those to start to influence<00:15:24.300> the<00:15:24.480> base<00:15:24.660> layer<00:15:25.440> so<00:15:26.220> are<00:15:26.699> there 00:15:26.870 --> 00:15:26.880 align:start position:0% influence the base layer so are there 00:15:26.880 --> 00:15:28.970 align:start position:0% influence the base layer so are there early<00:15:27.180> indicators<00:15:28.019> that<00:15:28.260> Builders<00:15:28.800> are 00:15:28.970 --> 00:15:28.980 align:start position:0% early indicators that Builders are 00:15:28.980 --> 00:15:31.550 align:start position:0% early indicators that Builders are centralizing<00:15:29.639> so<00:15:30.360> this<00:15:30.899> chart<00:15:31.079> measures 00:15:31.550 --> 00:15:31.560 align:start position:0% centralizing so this chart measures 00:15:31.560 --> 00:15:33.410 align:start position:0% centralizing so this chart measures block<00:15:31.860> Builder's<00:15:32.399> success<00:15:32.639> since<00:15:32.880> the<00:15:33.120> merge 00:15:33.410 --> 00:15:33.420 align:start position:0% block Builder's success since the merge 00:15:33.420 --> 00:15:36.590 align:start position:0% block Builder's success since the merge so<00:15:34.199> percentage<00:15:34.800> of<00:15:35.040> blocks<00:15:35.519> that<00:15:35.639> landed<00:15:36.360> that 00:15:36.590 --> 00:15:36.600 align:start position:0% so percentage of blocks that landed that 00:15:36.600 --> 00:15:38.689 align:start position:0% so percentage of blocks that landed that came<00:15:36.720> from<00:15:36.899> a<00:15:37.079> particular<00:15:37.380> Builder<00:15:37.800> so<00:15:38.399> if<00:15:38.519> we 00:15:38.689 --> 00:15:38.699 align:start position:0% came from a particular Builder so if we 00:15:38.699 --> 00:15:41.389 align:start position:0% came from a particular Builder so if we think<00:15:38.820> of<00:15:39.000> that<00:15:39.240> 60<00:15:39.600> that<00:15:40.380> we<00:15:40.560> saw<00:15:40.800> in<00:15:41.279> the 00:15:41.389 --> 00:15:41.399 align:start position:0% think of that 60 that we saw in the 00:15:41.399 --> 00:15:43.430 align:start position:0% think of that 60 that we saw in the diagram<00:15:41.820> a<00:15:42.120> few<00:15:42.240> slides<00:15:42.480> ago 00:15:43.430 --> 00:15:43.440 align:start position:0% diagram a few slides ago 00:15:43.440 --> 00:15:47.689 align:start position:0% diagram a few slides ago how<00:15:44.339> many<00:15:44.519> of<00:15:44.760> that<00:15:45.000> 60<00:15:45.560> came<00:15:46.560> from<00:15:47.100> a 00:15:47.689 --> 00:15:47.699 align:start position:0% how many of that 60 came from a 00:15:47.699 --> 00:15:49.069 align:start position:0% how many of that 60 came from a particular<00:15:48.060> Builder 00:15:49.069 --> 00:15:49.079 align:start position:0% particular Builder 00:15:49.079 --> 00:15:52.670 align:start position:0% particular Builder and<00:15:49.560> the<00:15:49.800> orange<00:15:49.920> one<00:15:50.160> is<00:15:50.279> flashbots<00:15:51.240> so<00:15:52.139> that 00:15:52.670 --> 00:15:52.680 align:start position:0% and the orange one is flashbots so that 00:15:52.680 --> 00:15:54.290 align:start position:0% and the orange one is flashbots so that doesn't<00:15:52.980> really<00:15:53.339> look<00:15:53.579> great<00:15:53.760> right<00:15:54.060> now 00:15:54.290 --> 00:15:54.300 align:start position:0% doesn't really look great right now 00:15:54.300 --> 00:15:57.590 align:start position:0% doesn't really look great right now however<00:15:55.160> if<00:15:56.160> you<00:15:56.279> look<00:15:56.399> closely<00:15:56.760> it<00:15:57.180> does<00:15:57.300> seem 00:15:57.590 --> 00:15:57.600 align:start position:0% however if you look closely it does seem 00:15:57.600 --> 00:16:00.110 align:start position:0% however if you look closely it does seem like<00:15:57.839> flashbots<00:15:58.740> is<00:15:59.100> losing<00:15:59.519> its<00:15:59.760> lead<00:15:59.880> a 00:16:00.110 --> 00:16:00.120 align:start position:0% like flashbots is losing its lead a 00:16:00.120 --> 00:16:02.210 align:start position:0% like flashbots is losing its lead a little<00:16:00.240> bit<00:16:00.360> as<00:16:00.720> time<00:16:01.019> goes<00:16:01.320> on<00:16:01.440> or<00:16:01.860> as<00:16:02.040> some 00:16:02.210 --> 00:16:02.220 align:start position:0% little bit as time goes on or as some 00:16:02.220 --> 00:16:04.009 align:start position:0% little bit as time goes on or as some other<00:16:02.339> people<00:16:02.519> have<00:16:02.699> pointed<00:16:03.060> out<00:16:03.180> to<00:16:03.360> me<00:16:03.480> that 00:16:04.009 --> 00:16:04.019 align:start position:0% other people have pointed out to me that 00:16:04.019 --> 00:16:06.769 align:start position:0% other people have pointed out to me that the<00:16:04.320> non-flashbot<00:16:05.100> slice<00:16:05.519> looks<00:16:06.480> as<00:16:06.600> though 00:16:06.769 --> 00:16:06.779 align:start position:0% the non-flashbot slice looks as though 00:16:06.779 --> 00:16:09.050 align:start position:0% the non-flashbot slice looks as though it<00:16:07.079> might<00:16:07.260> be<00:16:07.560> kind<00:16:08.100> of<00:16:08.160> diversifying<00:16:08.940> a 00:16:09.050 --> 00:16:09.060 align:start position:0% it might be kind of diversifying a 00:16:09.060 --> 00:16:10.069 align:start position:0% it might be kind of diversifying a little<00:16:09.180> bit 00:16:10.069 --> 00:16:10.079 align:start position:0% little bit 00:16:10.079 --> 00:16:11.629 align:start position:0% little bit but<00:16:10.620> the<00:16:10.920> point<00:16:10.980> that<00:16:11.160> I'm<00:16:11.279> trying<00:16:11.459> to<00:16:11.579> make 00:16:11.629 --> 00:16:11.639 align:start position:0% but the point that I'm trying to make 00:16:11.639 --> 00:16:13.430 align:start position:0% but the point that I'm trying to make with<00:16:11.820> this<00:16:12.000> is<00:16:12.180> that<00:16:12.360> it<00:16:12.540> doesn't<00:16:12.779> look<00:16:13.079> like 00:16:13.430 --> 00:16:13.440 align:start position:0% with this is that it doesn't look like 00:16:13.440 --> 00:16:16.189 align:start position:0% with this is that it doesn't look like flashbots<00:16:14.399> you<00:16:15.000> know<00:16:15.120> is 00:16:16.189 --> 00:16:16.199 align:start position:0% flashbots you know is 00:16:16.199 --> 00:16:18.410 align:start position:0% flashbots you know is as<00:16:16.680> the<00:16:16.920> dominant<00:16:17.279> Builder<00:16:17.639> has<00:16:18.000> a<00:16:18.240> lead 00:16:18.410 --> 00:16:18.420 align:start position:0% as the dominant Builder has a lead 00:16:18.420 --> 00:16:22.009 align:start position:0% as the dominant Builder has a lead that's<00:16:19.019> growing<00:16:19.860> and<00:16:20.040> growing<00:16:20.339> over<00:16:20.579> time 00:16:22.009 --> 00:16:22.019 align:start position:0% that's growing and growing over time 00:16:22.019 --> 00:16:23.509 align:start position:0% that's growing and growing over time um<00:16:22.079> but<00:16:22.260> this<00:16:22.500> is<00:16:22.620> probably<00:16:22.860> another<00:16:23.160> good 00:16:23.509 --> 00:16:23.519 align:start position:0% um but this is probably another good 00:16:23.519 --> 00:16:27.769 align:start position:0% um but this is probably another good thing<00:16:23.760> to<00:16:24.120> keep<00:16:24.480> an<00:16:24.600> eye<00:16:24.779> on 00:16:27.769 --> 00:16:27.779 align:start position:0% 00:16:27.779 --> 00:16:28.610 align:start position:0% um 00:16:28.610 --> 00:16:28.620 align:start position:0% um 00:16:28.620 --> 00:16:30.650 align:start position:0% um and<00:16:29.100> so<00:16:29.220> when<00:16:29.399> I<00:16:29.519> talked<00:16:29.760> about<00:16:29.820> actors<00:16:30.360> trying 00:16:30.650 --> 00:16:30.660 align:start position:0% and so when I talked about actors trying 00:16:30.660 --> 00:16:32.509 align:start position:0% and so when I talked about actors trying to<00:16:30.779> influence<00:16:31.139> core<00:16:31.320> ethereum<00:16:31.800> in<00:16:32.040> ways<00:16:32.399> that 00:16:32.509 --> 00:16:32.519 align:start position:0% to influence core ethereum in ways that 00:16:32.519 --> 00:16:34.550 align:start position:0% to influence core ethereum in ways that we<00:16:32.699> haven't<00:16:32.940> thought<00:16:33.420> of<00:16:33.600> yet<00:16:33.839> I<00:16:34.320> think<00:16:34.380> the 00:16:34.550 --> 00:16:34.560 align:start position:0% we haven't thought of yet I think the 00:16:34.560 --> 00:16:36.350 align:start position:0% we haven't thought of yet I think the big<00:16:34.740> one<00:16:34.920> for<00:16:35.160> me<00:16:35.279> is<00:16:35.459> whether<00:16:35.639> Builders<00:16:36.180> and 00:16:36.350 --> 00:16:36.360 align:start position:0% big one for me is whether Builders and 00:16:36.360 --> 00:16:38.930 align:start position:0% big one for me is whether Builders and validators<00:16:36.839> will<00:16:37.320> eventually<00:16:37.800> decide<00:16:38.339> not<00:16:38.699> to 00:16:38.930 --> 00:16:38.940 align:start position:0% validators will eventually decide not to 00:16:38.940 --> 00:16:41.629 align:start position:0% validators will eventually decide not to bother<00:16:39.240> with<00:16:39.899> the<00:16:40.500> out<00:16:40.740> of<00:16:40.860> protocol<00:16:41.160> Builder 00:16:41.629 --> 00:16:41.639 align:start position:0% bother with the out of protocol Builder 00:16:41.639 --> 00:16:43.550 align:start position:0% bother with the out of protocol Builder market<00:16:41.759> and<00:16:42.420> just<00:16:42.600> start<00:16:42.720> making<00:16:42.959> deals<00:16:43.380> with 00:16:43.550 --> 00:16:43.560 align:start position:0% market and just start making deals with 00:16:43.560 --> 00:16:45.650 align:start position:0% market and just start making deals with each<00:16:43.740> other<00:16:43.860> directly<00:16:44.399> and<00:16:45.000> this<00:16:45.180> is<00:16:45.300> the<00:16:45.540> kind 00:16:45.650 --> 00:16:45.660 align:start position:0% each other directly and this is the kind 00:16:45.660 --> 00:16:47.930 align:start position:0% each other directly and this is the kind of<00:16:45.839> activity<00:16:46.259> that's<00:16:46.860> much<00:16:47.399> more<00:16:47.639> difficult 00:16:47.930 --> 00:16:47.940 align:start position:0% of activity that's much more difficult 00:16:47.940 --> 00:16:50.090 align:start position:0% of activity that's much more difficult to<00:16:48.300> see<00:16:48.420> we<00:16:49.079> really<00:16:49.259> need<00:16:49.560> to<00:16:49.680> keep<00:16:49.860> in<00:16:49.980> mind 00:16:50.090 --> 00:16:50.100 align:start position:0% to see we really need to keep in mind 00:16:50.100 --> 00:16:51.829 align:start position:0% to see we really need to keep in mind that<00:16:50.339> the<00:16:50.459> Builder<00:16:50.759> market<00:16:50.940> so<00:16:51.420> this<00:16:51.660> thing 00:16:51.829 --> 00:16:51.839 align:start position:0% that the Builder market so this thing 00:16:51.839 --> 00:16:53.269 align:start position:0% that the Builder market so this thing that<00:16:52.019> validators<00:16:52.500> are<00:16:52.680> able<00:16:52.860> to<00:16:52.980> send<00:16:53.100> their 00:16:53.269 --> 00:16:53.279 align:start position:0% that validators are able to send their 00:16:53.279 --> 00:16:55.069 align:start position:0% that validators are able to send their requests<00:16:53.639> to<00:16:53.699> at<00:16:53.940> the<00:16:54.060> moment<00:16:54.180> on<00:16:54.600> what<00:16:54.779> goes 00:16:55.069 --> 00:16:55.079 align:start position:0% requests to at the moment on what goes 00:16:55.079 --> 00:16:57.290 align:start position:0% requests to at the moment on what goes through<00:16:55.199> Mev<00:16:55.620> boost<00:16:55.800> on<00:16:56.040> the<00:16:56.160> relays<00:16:56.579> is<00:16:57.120> not 00:16:57.290 --> 00:16:57.300 align:start position:0% through Mev boost on the relays is not 00:16:57.300 --> 00:16:58.550 align:start position:0% through Mev boost on the relays is not the<00:16:57.600> same<00:16:57.720> thing 00:16:58.550 --> 00:16:58.560 align:start position:0% the same thing 00:16:58.560 --> 00:17:00.829 align:start position:0% the same thing so<00:16:59.279> what<00:16:59.639> we<00:16:59.759> would<00:16:59.880> need<00:17:00.060> to<00:17:00.240> find<00:17:00.420> out<00:17:00.600> here 00:17:00.829 --> 00:17:00.839 align:start position:0% so what we would need to find out here 00:17:00.839 --> 00:17:03.290 align:start position:0% so what we would need to find out here is<00:17:01.139> if<00:17:01.440> there<00:17:01.860> is<00:17:02.339> a<00:17:02.519> way<00:17:02.639> to<00:17:02.820> tell<00:17:02.940> if<00:17:03.120> there 00:17:03.290 --> 00:17:03.300 align:start position:0% is if there is a way to tell if there 00:17:03.300 --> 00:17:06.770 align:start position:0% is if there is a way to tell if there are<00:17:03.420> blocks<00:17:03.779> produced<00:17:04.620> via<00:17:05.299> some<00:17:06.299> external 00:17:06.770 --> 00:17:06.780 align:start position:0% are blocks produced via some external 00:17:06.780 --> 00:17:08.449 align:start position:0% are blocks produced via some external source<00:17:07.140> that<00:17:07.559> are<00:17:07.740> not<00:17:07.860> going<00:17:08.040> through<00:17:08.220> math 00:17:08.449 --> 00:17:08.459 align:start position:0% source that are not going through math 00:17:08.459 --> 00:17:10.370 align:start position:0% source that are not going through math boost<00:17:08.699> or<00:17:08.939> a<00:17:09.179> relay<00:17:09.419> and<00:17:09.780> I<00:17:09.900> think<00:17:10.020> this<00:17:10.199> is 00:17:10.370 --> 00:17:10.380 align:start position:0% boost or a relay and I think this is 00:17:10.380 --> 00:17:12.710 align:start position:0% boost or a relay and I think this is possible<00:17:10.740> but<00:17:11.400> and<00:17:11.819> managed<00:17:12.240> to<00:17:12.299> do<00:17:12.419> it<00:17:12.540> in 00:17:12.710 --> 00:17:12.720 align:start position:0% possible but and managed to do it in 00:17:12.720 --> 00:17:13.970 align:start position:0% possible but and managed to do it in time<00:17:12.900> for<00:17:13.079> this<00:17:13.199> talk 00:17:13.970 --> 00:17:13.980 align:start position:0% time for this talk 00:17:13.980 --> 00:17:16.549 align:start position:0% time for this talk but<00:17:14.459> by<00:17:14.939> examining<00:17:15.540> this<00:17:15.720> number<00:17:15.900> over<00:17:16.260> time 00:17:16.549 --> 00:17:16.559 align:start position:0% but by examining this number over time 00:17:16.559 --> 00:17:18.710 align:start position:0% but by examining this number over time we<00:17:16.980> could<00:17:17.160> deduce<00:17:17.640> that<00:17:17.939> perhaps<00:17:18.299> Builders 00:17:18.710 --> 00:17:18.720 align:start position:0% we could deduce that perhaps Builders 00:17:18.720 --> 00:17:20.270 align:start position:0% we could deduce that perhaps Builders are<00:17:18.900> being<00:17:19.020> connected<00:17:19.500> directly<00:17:20.040> to 00:17:20.270 --> 00:17:20.280 align:start position:0% are being connected directly to 00:17:20.280 --> 00:17:22.370 align:start position:0% are being connected directly to validators<00:17:20.900> bypassing<00:17:21.900> the<00:17:22.140> relay 00:17:22.370 --> 00:17:22.380 align:start position:0% validators bypassing the relay 00:17:22.380 --> 00:17:24.409 align:start position:0% validators bypassing the relay components<00:17:23.040> entirely<00:17:23.579> because<00:17:24.000> if<00:17:24.179> you're<00:17:24.299> a 00:17:24.409 --> 00:17:24.419 align:start position:0% components entirely because if you're a 00:17:24.419 --> 00:17:26.750 align:start position:0% components entirely because if you're a big<00:17:24.540> party<00:17:24.720> with<00:17:25.079> a<00:17:25.260> lot<00:17:25.319> of<00:17:25.439> order<00:17:25.620> flow<00:17:26.040> and 00:17:26.750 --> 00:17:26.760 align:start position:0% big party with a lot of order flow and 00:17:26.760 --> 00:17:29.390 align:start position:0% big party with a lot of order flow and either<00:17:27.059> access<00:17:27.480> to<00:17:27.780> a<00:17:27.959> lot<00:17:28.020> of<00:17:28.140> validators<00:17:28.620> or 00:17:29.390 --> 00:17:29.400 align:start position:0% either access to a lot of validators or 00:17:29.400 --> 00:17:32.330 align:start position:0% either access to a lot of validators or perhaps<00:17:30.179> the<00:17:30.780> means<00:17:31.140> to<00:17:31.320> acquire<00:17:31.740> validators 00:17:32.330 --> 00:17:32.340 align:start position:0% perhaps the means to acquire validators 00:17:32.340 --> 00:17:34.190 align:start position:0% perhaps the means to acquire validators you<00:17:32.880> don't<00:17:33.000> need<00:17:33.120> to<00:17:33.299> participate<00:17:33.780> in<00:17:33.960> all 00:17:34.190 --> 00:17:34.200 align:start position:0% you don't need to participate in all 00:17:34.200 --> 00:17:35.870 align:start position:0% you don't need to participate in all this<00:17:34.380> relay<00:17:34.860> and<00:17:35.039> Builder<00:17:35.400> competition 00:17:35.870 --> 00:17:35.880 align:start position:0% this relay and Builder competition 00:17:35.880 --> 00:17:39.409 align:start position:0% this relay and Builder competition business<00:17:36.320> so<00:17:37.320> I<00:17:37.980> think<00:17:38.100> we<00:17:38.340> want<00:17:38.460> to<00:17:38.640> keep<00:17:38.940> as 00:17:39.409 --> 00:17:39.419 align:start position:0% business so I think we want to keep as 00:17:39.419 --> 00:17:42.409 align:start position:0% business so I think we want to keep as much<00:17:39.600> of<00:17:39.780> this<00:17:40.020> activity<00:17:40.740> in<00:17:41.460> the<00:17:41.640> light<00:17:41.820> as 00:17:42.409 --> 00:17:42.419 align:start position:0% much of this activity in the light as 00:17:42.419 --> 00:17:43.270 align:start position:0% much of this activity in the light as possible 00:17:43.270 --> 00:17:43.280 align:start position:0% possible 00:17:43.280 --> 00:17:45.350 align:start position:0% possible this<00:17:44.280> is<00:17:44.340> something<00:17:44.520> that<00:17:44.760> I<00:17:44.880> think<00:17:44.940> is<00:17:45.120> really 00:17:45.350 --> 00:17:45.360 align:start position:0% this is something that I think is really 00:17:45.360 --> 00:17:49.970 align:start position:0% this is something that I think is really important<00:17:45.780> and<00:17:46.620> will<00:17:46.980> continue<00:17:47.220> to<00:17:47.580> work<00:17:47.760> on 00:17:49.970 --> 00:17:49.980 align:start position:0% 00:17:49.980 --> 00:17:52.430 align:start position:0% so<00:17:50.700> looking<00:17:51.179> at<00:17:51.480> the<00:17:51.660> indicators<00:17:52.080> that<00:17:52.260> we 00:17:52.430 --> 00:17:52.440 align:start position:0% so looking at the indicators that we 00:17:52.440 --> 00:17:54.710 align:start position:0% so looking at the indicators that we found<00:17:52.559> are<00:17:53.220> these<00:17:53.520> things<00:17:53.640> actually<00:17:54.000> problems 00:17:54.710 --> 00:17:54.720 align:start position:0% found are these things actually problems 00:17:54.720 --> 00:17:56.630 align:start position:0% found are these things actually problems if<00:17:55.200> the<00:17:55.380> trends<00:17:55.740> that<00:17:55.860> we<00:17:56.100> identified 00:17:56.630 --> 00:17:56.640 align:start position:0% if the trends that we identified 00:17:56.640 --> 00:17:58.549 align:start position:0% if the trends that we identified continue<00:17:57.120> and<00:17:57.600> possibly<00:17:57.960> become<00:17:58.320> more 00:17:58.549 --> 00:17:58.559 align:start position:0% continue and possibly become more 00:17:58.559 --> 00:18:01.850 align:start position:0% continue and possibly become more pronounced<00:17:59.240> what<00:18:00.240> negative<00:18:00.780> effects<00:18:01.380> on 00:18:01.850 --> 00:18:01.860 align:start position:0% pronounced what negative effects on 00:18:01.860 --> 00:18:06.169 align:start position:0% pronounced what negative effects on ethereum<00:18:02.820> could<00:18:03.059> we<00:18:03.179> expect 00:18:06.169 --> 00:18:06.179 align:start position:0% 00:18:06.179 --> 00:18:08.750 align:start position:0% so<00:18:06.600> we<00:18:06.840> saw<00:18:07.020> previously<00:18:07.620> that<00:18:08.220> we<00:18:08.520> are 00:18:08.750 --> 00:18:08.760 align:start position:0% so we saw previously that we are 00:18:08.760 --> 00:18:11.390 align:start position:0% so we saw previously that we are currently<00:18:09.179> around<00:18:09.539> 60<00:18:09.900> of<00:18:10.559> ethereum<00:18:11.039> blocks 00:18:11.390 --> 00:18:11.400 align:start position:0% currently around 60 of ethereum blocks 00:18:11.400 --> 00:18:13.130 align:start position:0% currently around 60 of ethereum blocks now<00:18:11.580> coming<00:18:11.760> from<00:18:11.940> the<00:18:12.059> Builder<00:18:12.360> market<00:18:12.539> so 00:18:13.130 --> 00:18:13.140 align:start position:0% now coming from the Builder market so 00:18:13.140 --> 00:18:15.950 align:start position:0% now coming from the Builder market so extrapolating<00:18:13.860> from<00:18:14.160> this<00:18:14.340> should<00:18:15.059> we<00:18:15.299> be 00:18:15.950 --> 00:18:15.960 align:start position:0% extrapolating from this should we be 00:18:15.960 --> 00:18:18.830 align:start position:0% extrapolating from this should we be worried<00:18:16.380> if<00:18:16.860> 90<00:18:17.280> of<00:18:17.940> blocks<00:18:18.360> are<00:18:18.480> coming<00:18:18.660> from 00:18:18.830 --> 00:18:18.840 align:start position:0% worried if 90 of blocks are coming from 00:18:18.840 --> 00:18:20.870 align:start position:0% worried if 90 of blocks are coming from the<00:18:18.960> Builder<00:18:19.260> market<00:18:19.440> and<00:18:20.220> I<00:18:20.400> think<00:18:20.520> the<00:18:20.760> main 00:18:20.870 --> 00:18:20.880 align:start position:0% the Builder market and I think the main 00:18:20.880 --> 00:18:22.850 align:start position:0% the Builder market and I think the main problem<00:18:21.120> with<00:18:21.480> this<00:18:21.660> is<00:18:21.900> censorship<00:18:22.380> and 00:18:22.850 --> 00:18:22.860 align:start position:0% problem with this is censorship and 00:18:22.860 --> 00:18:24.650 align:start position:0% problem with this is censorship and hopefully<00:18:23.160> you<00:18:23.400> can<00:18:23.520> see<00:18:23.700> by<00:18:24.059> now<00:18:24.299> why 00:18:24.650 --> 00:18:24.660 align:start position:0% hopefully you can see by now why 00:18:24.660 --> 00:18:27.409 align:start position:0% hopefully you can see by now why censorship<00:18:25.260> is<00:18:25.919> the<00:18:26.520> big<00:18:26.700> kind<00:18:27.000> of<00:18:27.059> topical 00:18:27.409 --> 00:18:27.419 align:start position:0% censorship is the big kind of topical 00:18:27.419 --> 00:18:29.450 align:start position:0% censorship is the big kind of topical issue<00:18:27.840> with<00:18:28.080> PBS<00:18:28.559> that<00:18:28.740> a<00:18:28.919> lot<00:18:28.980> of<00:18:29.100> people<00:18:29.160> are 00:18:29.450 --> 00:18:29.460 align:start position:0% issue with PBS that a lot of people are 00:18:29.460 --> 00:18:31.730 align:start position:0% issue with PBS that a lot of people are talking<00:18:29.880> about<00:18:30.179> if<00:18:30.900> the<00:18:31.080> centralizing 00:18:31.730 --> 00:18:31.740 align:start position:0% talking about if the centralizing 00:18:31.740 --> 00:18:33.710 align:start position:0% talking about if the centralizing Dynamics<00:18:32.160> that<00:18:32.340> we're<00:18:32.520> expecting<00:18:33.059> start<00:18:33.480> to 00:18:33.710 --> 00:18:33.720 align:start position:0% Dynamics that we're expecting start to 00:18:33.720 --> 00:18:36.169 align:start position:0% Dynamics that we're expecting start to play<00:18:33.900> out<00:18:34.080> it's<00:18:34.860> possible<00:18:35.280> that<00:18:35.700> you<00:18:35.940> know<00:18:36.000> 90 00:18:36.169 --> 00:18:36.179 align:start position:0% play out it's possible that you know 90 00:18:36.179 --> 00:18:38.270 align:start position:0% play out it's possible that you know 90 plus<00:18:36.720> of<00:18:36.960> blocks<00:18:37.320> start<00:18:37.440> to<00:18:37.620> come<00:18:37.740> from<00:18:37.980> a<00:18:38.160> few 00:18:38.270 --> 00:18:38.280 align:start position:0% plus of blocks start to come from a few 00:18:38.280 --> 00:18:41.990 align:start position:0% plus of blocks start to come from a few actors<00:18:38.880> and<00:18:39.780> as<00:18:40.020> we<00:18:40.200> know<00:18:40.380> it's<00:18:41.220> it's<00:18:41.520> easier 00:18:41.990 --> 00:18:42.000 align:start position:0% actors and as we know it's it's easier 00:18:42.000 --> 00:18:44.270 align:start position:0% actors and as we know it's it's easier to<00:18:42.480> censor<00:18:43.020> at<00:18:43.380> the<00:18:43.559> Block<00:18:43.679> Builder<00:18:44.100> level 00:18:44.270 --> 00:18:44.280 align:start position:0% to censor at the Block Builder level 00:18:44.280 --> 00:18:46.669 align:start position:0% to censor at the Block Builder level than<00:18:44.760> it<00:18:44.940> is<00:18:45.120> to<00:18:45.299> censor<00:18:45.720> at<00:18:46.080> the<00:18:46.260> consensus 00:18:46.669 --> 00:18:46.679 align:start position:0% than it is to censor at the consensus 00:18:46.679 --> 00:18:49.130 align:start position:0% than it is to censor at the consensus level<00:18:46.860> we<00:18:47.760> also<00:18:47.940> saw<00:18:48.120> that<00:18:48.299> there<00:18:48.480> seems<00:18:48.840> to<00:18:48.900> be 00:18:49.130 --> 00:18:49.140 align:start position:0% level we also saw that there seems to be 00:18:49.140 --> 00:18:52.430 align:start position:0% level we also saw that there seems to be a<00:18:49.799> decrease<00:18:49.980> in<00:18:50.580> transaction<00:18:51.059> volume<00:18:51.660> in<00:18:52.260> the 00:18:52.430 --> 00:18:52.440 align:start position:0% a decrease in transaction volume in the 00:18:52.440 --> 00:18:54.770 align:start position:0% a decrease in transaction volume in the public<00:18:52.500> man<00:18:52.740> pool<00:18:52.980> post<00:18:53.160> merge<00:18:53.580> and<00:18:54.179> if<00:18:54.480> that 00:18:54.770 --> 00:18:54.780 align:start position:0% public man pool post merge and if that 00:18:54.780 --> 00:18:56.930 align:start position:0% public man pool post merge and if that speculation<00:18:55.380> is<00:18:55.679> correct<00:18:55.919> and<00:18:56.280> it<00:18:56.580> turns<00:18:56.820> out 00:18:56.930 --> 00:18:56.940 align:start position:0% speculation is correct and it turns out 00:18:56.940 --> 00:18:58.789 align:start position:0% speculation is correct and it turns out that<00:18:57.120> this<00:18:57.299> is<00:18:57.419> a<00:18:57.539> symptom<00:18:57.720> of<00:18:58.140> transactions 00:18:58.789 --> 00:18:58.799 align:start position:0% that this is a symptom of transactions 00:18:58.799 --> 00:19:00.830 align:start position:0% that this is a symptom of transactions being<00:18:59.039> diverted<00:18:59.820> from<00:19:00.000> the<00:19:00.179> public<00:19:00.360> mempool 00:19:00.830 --> 00:19:00.840 align:start position:0% being diverted from the public mempool 00:19:00.840 --> 00:19:03.110 align:start position:0% being diverted from the public mempool and<00:19:01.080> into<00:19:01.260> private<00:19:01.620> pools<00:19:01.980> what<00:19:02.520> implication 00:19:03.110 --> 00:19:03.120 align:start position:0% and into private pools what implication 00:19:03.120 --> 00:19:04.850 align:start position:0% and into private pools what implication might<00:19:03.720> this<00:19:03.960> have 00:19:04.850 --> 00:19:04.860 align:start position:0% might this have 00:19:04.860 --> 00:19:07.490 align:start position:0% might this have and<00:19:05.760> one<00:19:06.120> of<00:19:06.179> the<00:19:06.299> solutions<00:19:06.660> that<00:19:07.200> people 00:19:07.490 --> 00:19:07.500 align:start position:0% and one of the solutions that people 00:19:07.500 --> 00:19:09.409 align:start position:0% and one of the solutions that people propose 00:19:09.409 --> 00:19:09.419 align:start position:0% propose 00:19:09.419 --> 00:19:11.810 align:start position:0% propose um or<00:19:10.260> maybe<00:19:10.860> one<00:19:11.160> of<00:19:11.280> the<00:19:11.400> kind<00:19:11.640> of 00:19:11.810 --> 00:19:11.820 align:start position:0% um or maybe one of the kind of 00:19:11.820 --> 00:19:13.669 align:start position:0% um or maybe one of the kind of additional<00:19:12.480> features<00:19:12.840> that<00:19:13.080> people<00:19:13.260> want<00:19:13.559> to 00:19:13.669 --> 00:19:13.679 align:start position:0% additional features that people want to 00:19:13.679 --> 00:19:16.430 align:start position:0% additional features that people want to see<00:19:13.860> for<00:19:14.640> math<00:19:14.880> boost<00:19:15.120> or<00:19:15.360> full<00:19:15.660> PBS<00:19:16.080> is<00:19:16.260> this 00:19:16.430 --> 00:19:16.440 align:start position:0% see for math boost or full PBS is this 00:19:16.440 --> 00:19:18.470 align:start position:0% see for math boost or full PBS is this idea<00:19:16.679> of<00:19:16.799> a<00:19:16.980> fallback<00:19:17.340> solution<00:19:17.760> so<00:19:18.360> that 00:19:18.470 --> 00:19:18.480 align:start position:0% idea of a fallback solution so that 00:19:18.480 --> 00:19:20.450 align:start position:0% idea of a fallback solution so that would<00:19:18.660> be<00:19:18.840> allowing<00:19:19.620> you<00:19:20.160> know<00:19:20.220> if<00:19:20.340> something 00:19:20.450 --> 00:19:20.460 align:start position:0% would be allowing you know if something 00:19:20.460 --> 00:19:22.130 align:start position:0% would be allowing you know if something goes<00:19:20.760> wrong<00:19:20.880> you<00:19:21.120> allow<00:19:21.360> your<00:19:21.539> validator<00:19:21.900> to 00:19:22.130 --> 00:19:22.140 align:start position:0% goes wrong you allow your validator to 00:19:22.140 --> 00:19:23.870 align:start position:0% goes wrong you allow your validator to build<00:19:22.260> blocks<00:19:22.679> locally<00:19:22.980> and<00:19:23.400> then<00:19:23.520> compare 00:19:23.870 --> 00:19:23.880 align:start position:0% build blocks locally and then compare 00:19:23.880 --> 00:19:26.330 align:start position:0% build blocks locally and then compare those<00:19:24.120> to<00:19:24.299> Builder<00:19:24.660> Market<00:19:24.840> blocks<00:19:25.380> that<00:19:25.980> have 00:19:26.330 --> 00:19:26.340 align:start position:0% those to Builder Market blocks that have 00:19:26.340 --> 00:19:28.010 align:start position:0% those to Builder Market blocks that have been<00:19:26.640> produced<00:19:27.059> and<00:19:27.360> then<00:19:27.539> you<00:19:27.660> would<00:19:27.840> only 00:19:28.010 --> 00:19:28.020 align:start position:0% been produced and then you would only 00:19:28.020 --> 00:19:30.230 align:start position:0% been produced and then you would only accept<00:19:28.320> the<00:19:29.160> Builder<00:19:29.400> Market<00:19:29.580> blocks<00:19:30.000> under 00:19:30.230 --> 00:19:30.240 align:start position:0% accept the Builder Market blocks under 00:19:30.240 --> 00:19:33.169 align:start position:0% accept the Builder Market blocks under certain<00:19:30.600> circumstances<00:19:31.260> so<00:19:32.220> the<00:19:32.460> issue<00:19:32.880> here 00:19:33.169 --> 00:19:33.179 align:start position:0% certain circumstances so the issue here 00:19:33.179 --> 00:19:36.350 align:start position:0% certain circumstances so the issue here would<00:19:33.840> be<00:19:34.080> if<00:19:34.500> the<00:19:34.740> public<00:19:34.919> mempool<00:19:35.580> you<00:19:36.240> know 00:19:36.350 --> 00:19:36.360 align:start position:0% would be if the public mempool you know 00:19:36.360 --> 00:19:38.029 align:start position:0% would be if the public mempool you know maybe<00:19:36.660> got<00:19:36.960> so<00:19:37.200> small<00:19:37.380> that<00:19:37.620> effective 00:19:38.029 --> 00:19:38.039 align:start position:0% maybe got so small that effective 00:19:38.039 --> 00:19:40.490 align:start position:0% maybe got so small that effective fallback<00:19:38.460> Solutions<00:19:38.940> like<00:19:39.660> this<00:19:39.840> either 00:19:40.490 --> 00:19:40.500 align:start position:0% fallback Solutions like this either 00:19:40.500 --> 00:19:41.990 align:start position:0% fallback Solutions like this either weren't<00:19:40.919> possible 00:19:41.990 --> 00:19:42.000 align:start position:0% weren't possible 00:19:42.000 --> 00:19:44.029 align:start position:0% weren't possible or<00:19:42.660> relied<00:19:43.080> on<00:19:43.260> the<00:19:43.320> validator<00:19:43.740> being 00:19:44.029 --> 00:19:44.039 align:start position:0% or relied on the validator being 00:19:44.039 --> 00:19:46.370 align:start position:0% or relied on the validator being altruistic<00:19:44.820> in<00:19:45.360> that<00:19:45.539> building<00:19:45.780> from<00:19:46.140> the 00:19:46.370 --> 00:19:46.380 align:start position:0% altruistic in that building from the 00:19:46.380 --> 00:19:47.690 align:start position:0% altruistic in that building from the public<00:19:46.500> mempool 00:19:47.690 --> 00:19:47.700 align:start position:0% public mempool 00:19:47.700 --> 00:19:51.310 align:start position:0% public mempool alone<00:19:48.240> is<00:19:49.140> completely<00:19:50.100> not<00:19:50.700> competitive 00:19:51.310 --> 00:19:51.320 align:start position:0% alone is completely not competitive 00:19:51.320 --> 00:19:53.270 align:start position:0% alone is completely not competitive compared<00:19:52.320> to 00:19:53.270 --> 00:19:53.280 align:start position:0% compared to 00:19:53.280 --> 00:19:55.549 align:start position:0% compared to um the<00:19:53.700> Builder<00:19:54.000> Market 00:19:55.549 --> 00:19:55.559 align:start position:0% um the Builder Market 00:19:55.559 --> 00:19:57.890 align:start position:0% um the Builder Market um<00:19:55.640> and<00:19:56.640> for<00:19:56.760> this<00:19:56.940> so<00:19:57.240> we<00:19:57.419> still<00:19:57.539> don't<00:19:57.720> know 00:19:57.890 --> 00:19:57.900 align:start position:0% um and for this so we still don't know 00:19:57.900 --> 00:19:59.990 align:start position:0% um and for this so we still don't know if<00:19:58.140> this<00:19:58.320> is<00:19:58.440> happening<00:19:58.799> yet<00:19:58.980> but<00:19:59.520> if<00:19:59.700> it<00:19:59.820> did 00:19:59.990 --> 00:20:00.000 align:start position:0% if this is happening yet but if it did 00:20:00.000 --> 00:20:01.669 align:start position:0% if this is happening yet but if it did happen<00:20:00.179> that<00:20:00.480> we<00:20:00.660> end<00:20:00.840> up<00:20:00.900> with<00:20:01.080> builders<00:20:01.440> that 00:20:01.669 --> 00:20:01.679 align:start position:0% happen that we end up with builders that 00:20:01.679 --> 00:20:03.650 align:start position:0% happen that we end up with builders that have<00:20:01.799> ad<00:20:02.039> size<00:20:02.340> profits<00:20:02.880> it<00:20:03.059> might<00:20:03.240> make<00:20:03.419> sense 00:20:03.650 --> 00:20:03.660 align:start position:0% have ad size profits it might make sense 00:20:03.660 --> 00:20:05.750 align:start position:0% have ad size profits it might make sense for<00:20:04.080> Builders<00:20:04.559> to<00:20:04.740> start<00:20:04.980> staking<00:20:05.580> their 00:20:05.750 --> 00:20:05.760 align:start position:0% for Builders to start staking their 00:20:05.760 --> 00:20:07.669 align:start position:0% for Builders to start staking their profits<00:20:06.120> and<00:20:06.179> running<00:20:06.360> validators<00:20:06.900> and<00:20:07.440> there 00:20:07.669 --> 00:20:07.679 align:start position:0% profits and running validators and there 00:20:07.679 --> 00:20:09.230 align:start position:0% profits and running validators and there might<00:20:07.799> be<00:20:07.919> entities<00:20:08.280> that<00:20:08.640> own<00:20:08.880> a<00:20:09.059> lot<00:20:09.120> of 00:20:09.230 --> 00:20:09.240 align:start position:0% might be entities that own a lot of 00:20:09.240 --> 00:20:11.150 align:start position:0% might be entities that own a lot of validators<00:20:09.720> already<00:20:10.020> that<00:20:10.559> want<00:20:10.860> to<00:20:11.039> start 00:20:11.150 --> 00:20:11.160 align:start position:0% validators already that want to start 00:20:11.160 --> 00:20:13.450 align:start position:0% validators already that want to start block<00:20:11.400> building<00:20:11.700> and<00:20:12.360> there's<00:20:12.539> likely<00:20:12.840> to<00:20:13.020> be 00:20:13.450 --> 00:20:13.460 align:start position:0% block building and there's likely to be 00:20:13.460 --> 00:20:15.890 align:start position:0% block building and there's likely to be a<00:20:14.460> business<00:20:14.580> model<00:20:14.940> where<00:20:15.299> Builders<00:20:15.720> can 00:20:15.890 --> 00:20:15.900 align:start position:0% a business model where Builders can 00:20:15.900 --> 00:20:17.570 align:start position:0% a business model where Builders can offer<00:20:16.260> services<00:20:16.559> based<00:20:17.160> on<00:20:17.220> how<00:20:17.460> many 00:20:17.570 --> 00:20:17.580 align:start position:0% offer services based on how many 00:20:17.580 --> 00:20:20.210 align:start position:0% offer services based on how many validators<00:20:18.179> that<00:20:18.419> they<00:20:18.600> own<00:20:18.780> so<00:20:19.620> I<00:20:19.980> don't<00:20:20.100> know 00:20:20.210 --> 00:20:20.220 align:start position:0% validators that they own so I don't know 00:20:20.220 --> 00:20:22.850 align:start position:0% validators that they own so I don't know if<00:20:20.340> anyone<00:20:20.640> saw<00:20:20.940> Alex<00:20:21.360> Stokes<00:20:21.960> talk<00:20:22.620> yesterday 00:20:22.850 --> 00:20:22.860 align:start position:0% if anyone saw Alex Stokes talk yesterday 00:20:22.860 --> 00:20:24.950 align:start position:0% if anyone saw Alex Stokes talk yesterday on<00:20:23.280> block<00:20:23.520> building<00:20:23.700> after<00:20:24.000> the<00:20:24.179> merge<00:20:24.480> but<00:20:24.840> he 00:20:24.950 --> 00:20:24.960 align:start position:0% on block building after the merge but he 00:20:24.960 --> 00:20:27.110 align:start position:0% on block building after the merge but he had<00:20:25.140> a<00:20:25.320> slide<00:20:25.559> with<00:20:25.799> like<00:20:26.039> a<00:20:26.280> giant<00:20:26.580> list<00:20:26.760> of 00:20:27.110 --> 00:20:27.120 align:start position:0% had a slide with like a giant list of 00:20:27.120 --> 00:20:28.970 align:start position:0% had a slide with like a giant list of different<00:20:27.419> ways<00:20:27.900> that<00:20:28.200> you<00:20:28.559> know<00:20:28.620> block 00:20:28.970 --> 00:20:28.980 align:start position:0% different ways that you know block 00:20:28.980 --> 00:20:30.470 align:start position:0% different ways that you know block Builders<00:20:29.400> could<00:20:29.580> monetize<00:20:29.940> this<00:20:30.240> kind<00:20:30.360> of 00:20:30.470 --> 00:20:30.480 align:start position:0% Builders could monetize this kind of 00:20:30.480 --> 00:20:33.590 align:start position:0% Builders could monetize this kind of relationship<00:20:31.220> and<00:20:32.240> decentralizing<00:20:33.240> the 00:20:33.590 --> 00:20:33.600 align:start position:0% relationship and decentralizing the 00:20:33.600 --> 00:20:36.049 align:start position:0% relationship and decentralizing the Builder<00:20:34.020> role<00:20:34.320> itself<00:20:34.620> might<00:20:35.580> not<00:20:35.820> be 00:20:36.049 --> 00:20:36.059 align:start position:0% Builder role itself might not be 00:20:36.059 --> 00:20:38.870 align:start position:0% Builder role itself might not be feasible<00:20:36.480> here<00:20:36.780> as<00:20:37.500> we're<00:20:37.919> kind<00:20:38.220> of<00:20:38.340> out<00:20:38.760> of 00:20:38.870 --> 00:20:38.880 align:start position:0% feasible here as we're kind of out of 00:20:38.880 --> 00:20:40.970 align:start position:0% feasible here as we're kind of out of protocol<00:20:39.240> at<00:20:39.660> this<00:20:39.780> point<00:20:39.960> and<00:20:40.559> therefore 00:20:40.970 --> 00:20:40.980 align:start position:0% protocol at this point and therefore 00:20:40.980 --> 00:20:44.210 align:start position:0% protocol at this point and therefore Limited<00:20:41.940> in<00:20:42.120> what<00:20:42.419> we<00:20:42.840> can<00:20:43.080> force<00:20:43.500> Builders<00:20:43.980> to 00:20:44.210 --> 00:20:44.220 align:start position:0% Limited in what we can force Builders to 00:20:44.220 --> 00:20:46.010 align:start position:0% Limited in what we can force Builders to do 00:20:46.010 --> 00:20:46.020 align:start position:0% do 00:20:46.020 --> 00:20:48.409 align:start position:0% do we've<00:20:46.679> identified<00:20:47.160> a<00:20:47.700> few<00:20:47.880> different<00:20:48.059> things 00:20:48.409 --> 00:20:48.419 align:start position:0% we've identified a few different things 00:20:48.419 --> 00:20:51.409 align:start position:0% we've identified a few different things that<00:20:49.200> if<00:20:49.799> left<00:20:49.980> unchecked<00:20:50.580> might<00:20:51.000> cause<00:20:51.179> US 00:20:51.409 --> 00:20:51.419 align:start position:0% that if left unchecked might cause US 00:20:51.419 --> 00:20:54.169 align:start position:0% that if left unchecked might cause US problems<00:20:51.840> down<00:20:52.080> the<00:20:52.320> road<00:20:52.940> and<00:20:53.940> I<00:20:54.059> think 00:20:54.169 --> 00:20:54.179 align:start position:0% problems down the road and I think 00:20:54.179 --> 00:20:55.610 align:start position:0% problems down the road and I think there's<00:20:54.299> good<00:20:54.539> awareness<00:20:54.900> around<00:20:55.140> most<00:20:55.440> of 00:20:55.610 --> 00:20:55.620 align:start position:0% there's good awareness around most of 00:20:55.620 --> 00:20:57.409 align:start position:0% there's good awareness around most of these<00:20:55.799> already<00:20:55.980> especially<00:20:56.760> the<00:20:57.000> censorship 00:20:57.409 --> 00:20:57.419 align:start position:0% these already especially the censorship 00:20:57.419 --> 00:20:59.289 align:start position:0% these already especially the censorship resistance<00:20:57.900> schemes<00:20:58.320> which<00:20:58.679> is<00:20:58.799> very<00:20:58.919> topical 00:20:59.289 --> 00:20:59.299 align:start position:0% resistance schemes which is very topical 00:20:59.299 --> 00:21:01.370 align:start position:0% resistance schemes which is very topical but<00:21:00.299> there<00:21:00.360> are<00:21:00.480> a<00:21:00.539> few<00:21:00.660> other<00:21:00.780> things<00:21:01.080> that 00:21:01.370 --> 00:21:01.380 align:start position:0% but there are a few other things that 00:21:01.380 --> 00:21:03.830 align:start position:0% but there are a few other things that given<00:21:01.740> these<00:21:01.980> early<00:21:02.160> indicators<00:21:02.880> might<00:21:03.419> also 00:21:03.830 --> 00:21:03.840 align:start position:0% given these early indicators might also 00:21:03.840 --> 00:21:05.210 align:start position:0% given these early indicators might also be 00:21:05.210 --> 00:21:05.220 align:start position:0% be 00:21:05.220 --> 00:21:07.430 align:start position:0% be um a<00:21:05.880> priority 00:21:07.430 --> 00:21:07.440 align:start position:0% um a priority 00:21:07.440 --> 00:21:09.169 align:start position:0% um a priority so 00:21:09.169 --> 00:21:09.179 align:start position:0% so 00:21:09.179 --> 00:21:10.730 align:start position:0% so censorship<00:21:09.780> resistance<00:21:10.200> I<00:21:10.380> think<00:21:10.500> we<00:21:10.620> know 00:21:10.730 --> 00:21:10.740 align:start position:0% censorship resistance I think we know 00:21:10.740 --> 00:21:12.130 align:start position:0% censorship resistance I think we know about<00:21:10.799> that<00:21:11.039> already 00:21:12.130 --> 00:21:12.140 align:start position:0% about that already 00:21:12.140 --> 00:21:14.450 align:start position:0% about that already something<00:21:13.140> called<00:21:13.440> transaction<00:21:13.919> inclusion 00:21:14.450 --> 00:21:14.460 align:start position:0% something called transaction inclusion 00:21:14.460 --> 00:21:16.310 align:start position:0% something called transaction inclusion lists<00:21:14.700> I<00:21:14.880> believe<00:21:15.000> is<00:21:15.179> being<00:21:15.360> actively<00:21:15.840> worked 00:21:16.310 --> 00:21:16.320 align:start position:0% lists I believe is being actively worked 00:21:16.320 --> 00:21:18.230 align:start position:0% lists I believe is being actively worked on<00:21:16.380> by<00:21:16.860> flashbots<00:21:17.580> and<00:21:17.700> other<00:21:17.820> people<00:21:18.000> in<00:21:18.179> the 00:21:18.230 --> 00:21:18.240 align:start position:0% on by flashbots and other people in the 00:21:18.240 --> 00:21:20.330 align:start position:0% on by flashbots and other people in the ethereum<00:21:18.660> ecosystem 00:21:20.330 --> 00:21:20.340 align:start position:0% ethereum ecosystem 00:21:20.340 --> 00:21:21.529 align:start position:0% ethereum ecosystem um 00:21:21.529 --> 00:21:21.539 align:start position:0% um 00:21:21.539 --> 00:21:23.510 align:start position:0% um many<00:21:22.200> it's<00:21:22.440> over<00:21:22.620> the<00:21:22.860> other<00:21:22.980> things<00:21:23.100> many<00:21:23.400> of 00:21:23.510 --> 00:21:23.520 align:start position:0% many it's over the other things many of 00:21:23.520 --> 00:21:25.190 align:start position:0% many it's over the other things many of the<00:21:23.640> effects<00:21:23.940> that<00:21:24.000> I<00:21:24.179> talked<00:21:24.419> about<00:21:24.480> can<00:21:24.960> be 00:21:25.190 --> 00:21:25.200 align:start position:0% the effects that I talked about can be 00:21:25.200 --> 00:21:28.850 align:start position:0% the effects that I talked about can be lessened<00:21:25.820> if<00:21:26.820> we<00:21:27.059> take<00:21:27.539> steps<00:21:28.020> to<00:21:28.200> ensure<00:21:28.559> that 00:21:28.850 --> 00:21:28.860 align:start position:0% lessened if we take steps to ensure that 00:21:28.860 --> 00:21:31.490 align:start position:0% lessened if we take steps to ensure that things<00:21:29.039> can't<00:21:29.460> get<00:21:29.820> very<00:21:30.240> centralized<00:21:31.200> and 00:21:31.490 --> 00:21:31.500 align:start position:0% things can't get very centralized and 00:21:31.500 --> 00:21:34.190 align:start position:0% things can't get very centralized and ugly<00:21:31.620> in<00:21:31.860> the<00:21:31.980> Builder<00:21:32.280> market<00:21:32.539> so<00:21:33.539> trying<00:21:33.960> to 00:21:34.190 --> 00:21:34.200 align:start position:0% ugly in the Builder market so trying to 00:21:34.200 --> 00:21:36.190 align:start position:0% ugly in the Builder market so trying to figure<00:21:34.380> out<00:21:34.799> how<00:21:35.220> to<00:21:35.460> effectively 00:21:36.190 --> 00:21:36.200 align:start position:0% figure out how to effectively 00:21:36.200 --> 00:21:39.529 align:start position:0% figure out how to effectively decentralize<00:21:37.200> the<00:21:37.440> Builder<00:21:37.799> role<00:21:38.419> might<00:21:39.419> be 00:21:39.529 --> 00:21:39.539 align:start position:0% decentralize the Builder role might be 00:21:39.539 --> 00:21:41.750 align:start position:0% decentralize the Builder role might be important<00:21:40.020> while<00:21:40.679> also<00:21:40.980> keeping<00:21:41.340> in<00:21:41.520> mind 00:21:41.750 --> 00:21:41.760 align:start position:0% important while also keeping in mind 00:21:41.760 --> 00:21:44.870 align:start position:0% important while also keeping in mind that<00:21:42.240> a<00:21:42.659> decentralized<00:21:43.320> builder<00:21:43.740> has<00:21:44.340> to<00:21:44.580> be 00:21:44.870 --> 00:21:44.880 align:start position:0% that a decentralized builder has to be 00:21:44.880 --> 00:21:46.669 align:start position:0% that a decentralized builder has to be competitive 00:21:46.669 --> 00:21:46.679 align:start position:0% competitive 00:21:46.679 --> 00:21:49.250 align:start position:0% competitive compared<00:21:47.460> to<00:21:47.700> a<00:21:47.880> centralized<00:21:48.299> builder<00:21:48.780> in 00:21:49.250 --> 00:21:49.260 align:start position:0% compared to a centralized builder in 00:21:49.260 --> 00:21:51.470 align:start position:0% compared to a centralized builder in order<00:21:49.380> to<00:21:49.620> make<00:21:49.799> any<00:21:49.980> difference 00:21:51.470 --> 00:21:51.480 align:start position:0% order to make any difference 00:21:51.480 --> 00:21:54.130 align:start position:0% order to make any difference another<00:21:52.080> thing<00:21:52.500> that<00:21:52.860> I<00:21:53.100> think<00:21:53.159> is<00:21:53.400> important 00:21:54.130 --> 00:21:54.140 align:start position:0% another thing that I think is important 00:21:54.140 --> 00:21:57.409 align:start position:0% another thing that I think is important are<00:21:55.140> mechanisms<00:21:55.799> to<00:21:56.039> ensure<00:21:56.400> that<00:21:56.820> Under<00:21:57.059> full 00:21:57.409 --> 00:21:57.419 align:start position:0% are mechanisms to ensure that Under full 00:21:57.419 --> 00:21:59.990 align:start position:0% are mechanisms to ensure that Under full in<00:21:57.780> protocol<00:21:58.080> PBS<00:21:58.679> validators<00:21:59.520> can<00:21:59.820> still 00:21:59.990 --> 00:22:00.000 align:start position:0% in protocol PBS validators can still 00:22:00.000 --> 00:22:02.149 align:start position:0% in protocol PBS validators can still build<00:22:00.179> their<00:22:00.419> own<00:22:00.539> block<00:22:00.780> or<00:22:01.380> perhaps<00:22:01.679> augment 00:22:02.149 --> 00:22:02.159 align:start position:0% build their own block or perhaps augment 00:22:02.159 --> 00:22:04.010 align:start position:0% build their own block or perhaps augment blocks<00:22:02.640> that<00:22:02.760> they<00:22:02.940> receive<00:22:03.240> and<00:22:03.720> the<00:22:03.900> reason 00:22:04.010 --> 00:22:04.020 align:start position:0% blocks that they receive and the reason 00:22:04.020 --> 00:22:05.930 align:start position:0% blocks that they receive and the reason that<00:22:04.260> this<00:22:04.440> is<00:22:04.679> important<00:22:04.980> is<00:22:05.340> that<00:22:05.520> a<00:22:05.700> lot<00:22:05.820> of 00:22:05.930 --> 00:22:05.940 align:start position:0% that this is important is that a lot of 00:22:05.940 --> 00:22:08.510 align:start position:0% that this is important is that a lot of these<00:22:06.240> kind<00:22:06.360> of<00:22:06.539> extreme<00:22:07.200> effects<00:22:07.740> that<00:22:08.340> we 00:22:08.510 --> 00:22:08.520 align:start position:0% these kind of extreme effects that we 00:22:08.520 --> 00:22:11.510 align:start position:0% these kind of extreme effects that we extrapolated<00:22:09.260> assume<00:22:10.260> that<00:22:10.440> Under<00:22:10.679> full<00:22:11.039> PBS 00:22:11.510 --> 00:22:11.520 align:start position:0% extrapolated assume that Under full PBS 00:22:11.520 --> 00:22:13.789 align:start position:0% extrapolated assume that Under full PBS 100<00:22:11.820> of<00:22:12.299> proposers<00:22:12.840> will<00:22:13.080> be<00:22:13.200> getting<00:22:13.380> blocks 00:22:13.789 --> 00:22:13.799 align:start position:0% 100 of proposers will be getting blocks 00:22:13.799 --> 00:22:15.710 align:start position:0% 100 of proposers will be getting blocks from<00:22:13.919> the<00:22:14.100> Builder<00:22:14.400> market<00:22:14.580> so<00:22:15.179> this<00:22:15.360> would<00:22:15.539> be 00:22:15.710 --> 00:22:15.720 align:start position:0% from the Builder market so this would be 00:22:15.720 --> 00:22:19.490 align:start position:0% from the Builder market so this would be a<00:22:16.140> way<00:22:16.260> to<00:22:16.620> kind<00:22:16.799> of<00:22:17.400> get<00:22:17.940> back<00:22:18.120> control<00:22:18.419> of 00:22:19.490 --> 00:22:19.500 align:start position:0% a way to kind of get back control of 00:22:19.500 --> 00:22:21.230 align:start position:0% a way to kind of get back control of that<00:22:19.919> block<00:22:20.220> content 00:22:21.230 --> 00:22:21.240 align:start position:0% that block content 00:22:21.240 --> 00:22:24.529 align:start position:0% that block content and<00:22:21.960> then<00:22:22.140> if<00:22:22.740> at<00:22:22.919> all<00:22:23.100> possible<00:22:23.539> reducing 00:22:24.529 --> 00:22:24.539 align:start position:0% and then if at all possible reducing 00:22:24.539 --> 00:22:26.690 align:start position:0% and then if at all possible reducing incentives<00:22:25.260> from<00:22:25.740> validators<00:22:26.340> and<00:22:26.520> block 00:22:26.690 --> 00:22:26.700 align:start position:0% incentives from validators and block 00:22:26.700 --> 00:22:28.610 align:start position:0% incentives from validators and block Builders<00:22:27.059> to<00:22:27.179> work<00:22:27.360> together 00:22:28.610 --> 00:22:28.620 align:start position:0% Builders to work together 00:22:28.620 --> 00:22:29.870 align:start position:0% Builders to work together um<00:22:28.679> is<00:22:28.919> something<00:22:29.159> else<00:22:29.340> that<00:22:29.520> I<00:22:29.640> think<00:22:29.760> is 00:22:29.870 --> 00:22:29.880 align:start position:0% um is something else that I think is 00:22:29.880 --> 00:22:31.730 align:start position:0% um is something else that I think is important<00:22:30.240> and<00:22:30.780> following<00:22:31.200> on<00:22:31.320> from<00:22:31.559> that 00:22:31.730 --> 00:22:31.740 align:start position:0% important and following on from that 00:22:31.740 --> 00:22:34.010 align:start position:0% important and following on from that working<00:22:32.340> on<00:22:32.760> the<00:22:32.940> ability<00:22:33.179> to<00:22:33.600> monitor<00:22:33.840> the 00:22:34.010 --> 00:22:34.020 align:start position:0% working on the ability to monitor the 00:22:34.020 --> 00:22:36.110 align:start position:0% working on the ability to monitor the Builder<00:22:34.380> Market<00:22:34.559> as<00:22:34.980> a<00:22:35.159> whole<00:22:35.280> by<00:22:35.760> putting 00:22:36.110 --> 00:22:36.120 align:start position:0% Builder Market as a whole by putting 00:22:36.120 --> 00:22:38.270 align:start position:0% Builder Market as a whole by putting something<00:22:36.419> in<00:22:36.900> the<00:22:37.020> protocol<00:22:37.320> that<00:22:37.919> can<00:22:38.100> tell 00:22:38.270 --> 00:22:38.280 align:start position:0% something in the protocol that can tell 00:22:38.280 --> 00:22:40.490 align:start position:0% something in the protocol that can tell whether<00:22:38.640> blocks<00:22:39.120> have<00:22:39.299> been<00:22:39.480> built<00:22:39.840> locally 00:22:40.490 --> 00:22:40.500 align:start position:0% whether blocks have been built locally 00:22:40.500 --> 00:22:43.789 align:start position:0% whether blocks have been built locally or<00:22:41.039> not 00:22:43.789 --> 00:22:43.799 align:start position:0% 00:22:43.799 --> 00:22:47.090 align:start position:0% so<00:22:44.520> that's<00:22:45.419> pretty<00:22:45.659> much<00:22:45.840> it<00:22:46.200> thank<00:22:46.860> you<00:22:46.980> very 00:22:47.090 --> 00:22:47.100 align:start position:0% so that's pretty much it thank you very 00:22:47.100 --> 00:22:49.070 align:start position:0% so that's pretty much it thank you very much<00:22:47.280> for<00:22:47.520> coming<00:22:47.700> I'm<00:22:48.360> wondering<00:22:48.659> if<00:22:48.780> there's 00:22:49.070 --> 00:22:49.080 align:start position:0% much for coming I'm wondering if there's 00:22:49.080 --> 00:22:51.169 align:start position:0% much for coming I'm wondering if there's a<00:22:49.440> method<00:22:49.919> where<00:22:50.100> some<00:22:50.580> of<00:22:50.700> these<00:22:50.880> solutions 00:22:51.169 --> 00:22:51.179 align:start position:0% a method where some of these solutions 00:22:51.179 --> 00:22:53.210 align:start position:0% a method where some of these solutions could<00:22:51.480> be<00:22:51.600> made<00:22:51.840> by<00:22:52.080> the<00:22:52.260> community<00:22:52.440> and<00:22:52.980> be 00:22:53.210 --> 00:22:53.220 align:start position:0% could be made by the community and be 00:22:53.220 --> 00:22:55.490 align:start position:0% could be made by the community and be somewhat<00:22:53.580> attached<00:22:54.059> to<00:22:54.120> something<00:22:54.539> like<00:22:54.840> math 00:22:55.490 --> 00:22:55.500 align:start position:0% somewhat attached to something like math 00:22:55.500 --> 00:22:58.549 align:start position:0% somewhat attached to something like math boost<00:22:55.860> kind<00:22:56.700> of<00:22:56.760> almost<00:22:56.880> like<00:22:57.240> a<00:22:57.600> module<00:22:58.320> that 00:22:58.549 --> 00:22:58.559 align:start position:0% boost kind of almost like a module that 00:22:58.559 --> 00:23:01.789 align:start position:0% boost kind of almost like a module that you<00:22:58.679> can<00:22:58.860> add<00:22:59.460> if<00:22:59.700> you<00:22:59.820> opt<00:23:00.059> in<00:23:00.299> yeah 00:23:01.789 --> 00:23:01.799 align:start position:0% you can add if you opt in yeah 00:23:01.799 --> 00:23:03.350 align:start position:0% you can add if you opt in yeah um<00:23:01.919> I<00:23:02.220> think<00:23:02.340> I<00:23:02.520> think<00:23:02.640> that's<00:23:02.820> a<00:23:03.000> really<00:23:03.179> great 00:23:03.350 --> 00:23:03.360 align:start position:0% um I think I think that's a really great 00:23:03.360 --> 00:23:06.110 align:start position:0% um I think I think that's a really great idea<00:23:03.799> uh<00:23:04.799> I<00:23:05.159> think<00:23:05.280> it<00:23:05.460> depends<00:23:05.820> on<00:23:06.000> the 00:23:06.110 --> 00:23:06.120 align:start position:0% idea uh I think it depends on the 00:23:06.120 --> 00:23:08.270 align:start position:0% idea uh I think it depends on the solution<00:23:06.480> math<00:23:07.200> boost<00:23:07.440> at<00:23:07.620> the<00:23:07.740> moment<00:23:07.860> is<00:23:08.100> a 00:23:08.270 --> 00:23:08.280 align:start position:0% solution math boost at the moment is a 00:23:08.280 --> 00:23:10.690 align:start position:0% solution math boost at the moment is a fairly<00:23:08.580> lightweight<00:23:09.179> piece<00:23:09.539> of<00:23:09.659> software<00:23:10.080> and 00:23:10.690 --> 00:23:10.700 align:start position:0% fairly lightweight piece of software and 00:23:10.700 --> 00:23:13.430 align:start position:0% fairly lightweight piece of software and we<00:23:11.700> have<00:23:11.820> thought<00:23:12.000> of<00:23:12.240> these<00:23:12.419> things<00:23:12.600> a<00:23:13.260> lot<00:23:13.380> of 00:23:13.430 --> 00:23:13.440 align:start position:0% we have thought of these things a lot of 00:23:13.440 --> 00:23:15.310 align:start position:0% we have thought of these things a lot of the<00:23:13.559> things<00:23:13.740> that<00:23:13.980> we<00:23:14.100> want<00:23:14.220> to<00:23:14.340> do<00:23:14.460> with<00:23:14.940> like 00:23:15.310 --> 00:23:15.320 align:start position:0% the things that we want to do with like 00:23:15.320 --> 00:23:17.690 align:start position:0% the things that we want to do with like transaction<00:23:16.320> lists<00:23:16.860> and<00:23:17.039> other<00:23:17.280> things<00:23:17.520> like 00:23:17.690 --> 00:23:17.700 align:start position:0% transaction lists and other things like 00:23:17.700 --> 00:23:18.970 align:start position:0% transaction lists and other things like that<00:23:17.820> require 00:23:18.970 --> 00:23:18.980 align:start position:0% that require 00:23:18.980 --> 00:23:21.590 align:start position:0% that require knowledge<00:23:19.980> of<00:23:20.220> State<00:23:20.520> of<00:23:20.820> the<00:23:20.940> ethereum<00:23:21.360> State 00:23:21.590 --> 00:23:21.600 align:start position:0% knowledge of State of the ethereum State 00:23:21.600 --> 00:23:23.690 align:start position:0% knowledge of State of the ethereum State on<00:23:22.080> map<00:23:22.260> boost<00:23:22.500> just<00:23:22.740> doesn't<00:23:22.919> have<00:23:23.100> that<00:23:23.340> but 00:23:23.690 --> 00:23:23.700 align:start position:0% on map boost just doesn't have that but 00:23:23.700 --> 00:23:25.430 align:start position:0% on map boost just doesn't have that but I<00:23:23.820> think<00:23:23.940> that<00:23:24.179> there<00:23:24.480> are<00:23:24.780> definitely<00:23:25.200> maybe 00:23:25.430 --> 00:23:25.440 align:start position:0% I think that there are definitely maybe 00:23:25.440 --> 00:23:27.110 align:start position:0% I think that there are definitely maybe some<00:23:25.679> other<00:23:25.860> things<00:23:26.159> and<00:23:26.520> other<00:23:26.700> ways<00:23:27.000> that 00:23:27.110 --> 00:23:27.120 align:start position:0% some other things and other ways that 00:23:27.120 --> 00:23:30.110 align:start position:0% some other things and other ways that mebus<00:23:27.600> can<00:23:27.900> be<00:23:28.020> improved<00:23:28.559> and 00:23:30.110 --> 00:23:30.120 align:start position:0% mebus can be improved and 00:23:30.120 --> 00:23:32.029 align:start position:0% mebus can be improved and um you<00:23:30.720> may<00:23:30.840> have<00:23:30.960> already<00:23:31.020> seen<00:23:31.260> we're<00:23:31.559> also 00:23:32.029 --> 00:23:32.039 align:start position:0% um you may have already seen we're also 00:23:32.039 --> 00:23:33.409 align:start position:0% um you may have already seen we're also trying<00:23:32.159> to<00:23:32.280> make<00:23:32.400> math<00:23:32.640> boost<00:23:32.880> more<00:23:33.120> of<00:23:33.179> a<00:23:33.299> kind 00:23:33.409 --> 00:23:33.419 align:start position:0% trying to make math boost more of a kind 00:23:33.419 --> 00:23:35.149 align:start position:0% trying to make math boost more of a kind of<00:23:33.539> community<00:23:33.659> effort<00:23:34.140> as<00:23:34.320> well<00:23:34.500> and<00:23:34.919> take 00:23:35.149 --> 00:23:35.159 align:start position:0% of community effort as well and take 00:23:35.159 --> 00:23:37.250 align:start position:0% of community effort as well and take Solutions<00:23:35.580> and<00:23:35.940> from<00:23:36.179> from<00:23:36.419> other<00:23:36.780> other 00:23:37.250 --> 00:23:37.260 align:start position:0% Solutions and from from other other 00:23:37.260 --> 00:23:39.649 align:start position:0% Solutions and from from other other parties<00:23:37.740> yeah 00:23:39.649 --> 00:23:39.659 align:start position:0% parties yeah 00:23:39.659 --> 00:23:41.510 align:start position:0% parties yeah hi<00:23:40.140> Jolene<00:23:40.559> thank<00:23:40.860> you<00:23:40.980> that<00:23:41.159> was<00:23:41.340> a<00:23:41.400> great 00:23:41.510 --> 00:23:41.520 align:start position:0% hi Jolene thank you that was a great 00:23:41.520 --> 00:23:44.510 align:start position:0% hi Jolene thank you that was a great talk<00:23:41.700> just<00:23:42.539> wondering<00:23:43.020> the<00:23:43.380> the<00:23:44.100> um<00:23:44.100> solution 00:23:44.510 --> 00:23:44.520 align:start position:0% talk just wondering the the um solution 00:23:44.520 --> 00:23:46.430 align:start position:0% talk just wondering the the um solution where<00:23:44.700> you<00:23:44.880> allow<00:23:45.120> Builders 00:23:46.430 --> 00:23:46.440 align:start position:0% where you allow Builders 00:23:46.440 --> 00:23:48.230 align:start position:0% where you allow Builders um<00:23:46.500> sorry<00:23:46.620> validators<00:23:47.220> to<00:23:47.580> augment<00:23:47.880> the<00:23:48.059> block 00:23:48.230 --> 00:23:48.240 align:start position:0% um sorry validators to augment the block 00:23:48.240 --> 00:23:50.870 align:start position:0% um sorry validators to augment the block doesn't<00:23:49.080> that<00:23:49.260> still<00:23:49.440> require<00:23:49.740> or<00:23:50.280> still<00:23:50.520> rely 00:23:50.870 --> 00:23:50.880 align:start position:0% doesn't that still require or still rely 00:23:50.880 --> 00:23:53.029 align:start position:0% doesn't that still require or still rely on<00:23:51.000> them<00:23:51.120> being<00:23:51.539> altruistic 00:23:53.029 --> 00:23:53.039 align:start position:0% on them being altruistic 00:23:53.039 --> 00:23:55.190 align:start position:0% on them being altruistic like<00:23:53.400> isn't<00:23:53.760> there<00:23:53.880> is<00:23:54.120> there 00:23:55.190 --> 00:23:55.200 align:start position:0% like isn't there is there 00:23:55.200 --> 00:23:56.630 align:start position:0% like isn't there is there is<00:23:55.559> there<00:23:55.740> a<00:23:55.799> situation<00:23:56.100> where<00:23:56.280> it<00:23:56.460> just 00:23:56.630 --> 00:23:56.640 align:start position:0% is there a situation where it just 00:23:56.640 --> 00:23:58.070 align:start position:0% is there a situation where it just doesn't<00:23:56.760> make<00:23:57.059> sense<00:23:57.299> because<00:23:57.539> it's<00:23:57.780> so<00:23:57.960> much 00:23:58.070 --> 00:23:58.080 align:start position:0% doesn't make sense because it's so much 00:23:58.080 --> 00:23:59.690 align:start position:0% doesn't make sense because it's so much more<00:23:58.260> profitable<00:23:58.679> and<00:23:58.919> not<00:23:59.100> much<00:23:59.280> goes<00:23:59.640> into 00:23:59.690 --> 00:23:59.700 align:start position:0% more profitable and not much goes into 00:23:59.700 --> 00:24:02.090 align:start position:0% more profitable and not much goes into public<00:23:59.940> Med<00:24:00.120> pool<00:24:00.360> perhaps<00:24:00.840> yeah 00:24:02.090 --> 00:24:02.100 align:start position:0% public Med pool perhaps yeah 00:24:02.100 --> 00:24:03.950 align:start position:0% public Med pool perhaps yeah um<00:24:02.220> I<00:24:02.520> I<00:24:02.700> think<00:24:02.880> I<00:24:03.179> think<00:24:03.299> you're<00:24:03.539> completely 00:24:03.950 --> 00:24:03.960 align:start position:0% um I I think I think you're completely 00:24:03.960 --> 00:24:05.990 align:start position:0% um I I think I think you're completely correct<00:24:04.740> about<00:24:04.980> that<00:24:05.220> in<00:24:05.580> terms<00:24:05.880> of 00:24:05.990 --> 00:24:06.000 align:start position:0% correct about that in terms of 00:24:06.000 --> 00:24:08.390 align:start position:0% correct about that in terms of incentives<00:24:06.659> and<00:24:06.960> I<00:24:07.200> generally<00:24:07.740> think<00:24:08.039> that 00:24:08.390 --> 00:24:08.400 align:start position:0% incentives and I generally think that 00:24:08.400 --> 00:24:10.430 align:start position:0% incentives and I generally think that it's<00:24:09.059> it's<00:24:09.240> really<00:24:09.480> important<00:24:09.900> for<00:24:10.080> us<00:24:10.200> to 00:24:10.430 --> 00:24:10.440 align:start position:0% it's it's really important for us to 00:24:10.440 --> 00:24:11.870 align:start position:0% it's it's really important for us to kind<00:24:10.559> of<00:24:10.620> design<00:24:10.799> these<00:24:11.159> things<00:24:11.220> in<00:24:11.460> a<00:24:11.520> way<00:24:11.640> to 00:24:11.870 --> 00:24:11.880 align:start position:0% kind of design these things in a way to 00:24:11.880 --> 00:24:13.370 align:start position:0% kind of design these things in a way to make<00:24:12.000> sure<00:24:12.179> that<00:24:12.419> people<00:24:12.539> aren't<00:24:12.840> missing<00:24:13.260> out 00:24:13.370 --> 00:24:13.380 align:start position:0% make sure that people aren't missing out 00:24:13.380 --> 00:24:15.049 align:start position:0% make sure that people aren't missing out by<00:24:13.860> doing<00:24:14.100> things<00:24:14.340> that<00:24:14.520> are<00:24:14.640> good<00:24:14.760> for<00:24:14.880> the 00:24:15.049 --> 00:24:15.059 align:start position:0% by doing things that are good for the 00:24:15.059 --> 00:24:16.610 align:start position:0% by doing things that are good for the protocol 00:24:16.610 --> 00:24:16.620 align:start position:0% protocol 00:24:16.620 --> 00:24:19.850 align:start position:0% protocol um<00:24:16.679> so<00:24:17.640> yeah<00:24:18.480> but<00:24:18.720> I<00:24:18.900> I<00:24:19.020> think 00:24:19.850 --> 00:24:19.860 align:start position:0% um so yeah but I I think 00:24:19.860 --> 00:24:22.730 align:start position:0% um so yeah but I I think one<00:24:20.700> maybe<00:24:20.940> one<00:24:21.299> example<00:24:21.600> of<00:24:22.020> where<00:24:22.320> this<00:24:22.500> has 00:24:22.730 --> 00:24:22.740 align:start position:0% one maybe one example of where this has 00:24:22.740 --> 00:24:25.370 align:start position:0% one maybe one example of where this has actually<00:24:23.100> worked<00:24:23.880> well<00:24:24.059> is<00:24:24.539> around<00:24:24.960> the<00:24:25.200> time 00:24:25.370 --> 00:24:25.380 align:start position:0% actually worked well is around the time 00:24:25.380 --> 00:24:28.010 align:start position:0% actually worked well is around the time of<00:24:25.500> the<00:24:25.679> merge<00:24:26.039> uh<00:24:26.760> when<00:24:27.059> there<00:24:27.419> were<00:24:27.539> some<00:24:27.780> was 00:24:28.010 --> 00:24:28.020 align:start position:0% of the merge uh when there were some was 00:24:28.020 --> 00:24:29.450 align:start position:0% of the merge uh when there were some was there<00:24:28.200> some<00:24:28.380> problem<00:24:28.500> with<00:24:28.740> my<00:24:28.919> Boost<00:24:29.220> or 00:24:29.450 --> 00:24:29.460 align:start position:0% there some problem with my Boost or 00:24:29.460 --> 00:24:31.789 align:start position:0% there some problem with my Boost or something<00:24:29.640> and<00:24:30.059> a<00:24:30.360> lot<00:24:30.480> of<00:24:30.600> people<00:24:30.840> said<00:24:31.559> that 00:24:31.789 --> 00:24:31.799 align:start position:0% something and a lot of people said that 00:24:31.799 --> 00:24:33.470 align:start position:0% something and a lot of people said that you<00:24:32.039> know<00:24:32.100> they<00:24:32.280> weren't<00:24:32.520> going<00:24:32.760> to<00:24:32.940> run<00:24:33.120> math 00:24:33.470 --> 00:24:33.480 align:start position:0% you know they weren't going to run math 00:24:33.480 --> 00:24:34.909 align:start position:0% you know they weren't going to run math boost<00:24:33.720> so<00:24:33.960> it<00:24:34.080> was<00:24:34.140> more<00:24:34.260> kind<00:24:34.500> of<00:24:34.620> like<00:24:34.740> a 00:24:34.909 --> 00:24:34.919 align:start position:0% boost so it was more kind of like a 00:24:34.919 --> 00:24:37.250 align:start position:0% boost so it was more kind of like a social<00:24:35.159> like<00:24:35.520> altruistic<00:24:36.179> thing<00:24:36.360> so<00:24:36.720> I<00:24:37.140> think 00:24:37.250 --> 00:24:37.260 align:start position:0% social like altruistic thing so I think 00:24:37.260 --> 00:24:39.049 align:start position:0% social like altruistic thing so I think ethereum<00:24:37.799> is<00:24:37.980> kind<00:24:38.159> of<00:24:38.220> special<00:24:38.400> enough<00:24:38.700> in 00:24:39.049 --> 00:24:39.059 align:start position:0% ethereum is kind of special enough in 00:24:39.059 --> 00:24:40.669 align:start position:0% ethereum is kind of special enough in that<00:24:39.840> um 00:24:40.669 --> 00:24:40.679 align:start position:0% that um 00:24:40.679 --> 00:24:42.529 align:start position:0% that um it<00:24:41.039> does<00:24:41.340> happen<00:24:41.520> that<00:24:41.880> people<00:24:42.059> have<00:24:42.299> an 00:24:42.529 --> 00:24:42.539 align:start position:0% it does happen that people have an 00:24:42.539 --> 00:24:44.750 align:start position:0% it does happen that people have an interest<00:24:42.720> in<00:24:43.380> in<00:24:43.679> the<00:24:43.860> protocol<00:24:44.100> and<00:24:44.400> want<00:24:44.640> to 00:24:44.750 --> 00:24:44.760 align:start position:0% interest in in the protocol and want to 00:24:44.760 --> 00:24:47.090 align:start position:0% interest in in the protocol and want to do<00:24:44.940> the<00:24:45.120> right<00:24:45.240> thing<00:24:45.419> by<00:24:45.720> it<00:24:45.900> but<00:24:46.559> you're 00:24:47.090 --> 00:24:47.100 align:start position:0% do the right thing by it but you're 00:24:47.100 --> 00:24:48.830 align:start position:0% do the right thing by it but you're completely<00:24:47.640> correct<00:24:47.940> yeah<00:24:48.120> if<00:24:48.360> it<00:24:48.480> got<00:24:48.600> to<00:24:48.720> the 00:24:48.830 --> 00:24:48.840 align:start position:0% completely correct yeah if it got to the 00:24:48.840 --> 00:24:50.570 align:start position:0% completely correct yeah if it got to the case<00:24:48.960> where<00:24:49.200> it's<00:24:49.320> just<00:24:49.500> not<00:24:49.679> profitable<00:24:50.220> to 00:24:50.570 --> 00:24:50.580 align:start position:0% case where it's just not profitable to 00:24:50.580 --> 00:24:52.010 align:start position:0% case where it's just not profitable to augment<00:24:51.000> your<00:24:51.240> block<00:24:51.419> we'll<00:24:51.720> have<00:24:51.840> to<00:24:51.960> think 00:24:52.010 --> 00:24:52.020 align:start position:0% augment your block we'll have to think 00:24:52.020 --> 00:24:54.559 align:start position:0% augment your block we'll have to think of<00:24:52.200> something<00:24:52.380> else