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The Absence of Proposer Myopia - Research - The Flashbots Collective

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PBS is currently best studied on Ethereum where a decentralised validator set (and the coming of SLE) has lead to the assumption and generally observed behaviour that proposers will maximise their revenue for the next block. Before the merge, this meant that miners would build the most valuable possible block and since the merge it has meant accepting the highest bid. However, if a proposer knows that they will build several blocks in a row (or are in a continuous-time setting), they may be muc...

July 20, 2023, 10:16pm 1 PBS is currently best studied on Ethereum where a decentralised validator set (and the coming of SLE) has lead to the assumption and generally observed behaviour that proposers will maximise their revenue for the next block. Before the merge, this meant that miners would build the most valuable possible block and since the merge it has meant accepting the highest bid. However, if a proposer knows that they will build several blocks in a row (or are in a continuous-time setting), they may be much less myopic. Consider a single sequencer for an L2 who may delay the…

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