An Incomplete Guide to PBS - with Mike Neuder and Chris Hager

Hasu and Jon bring on Mike Neuder (Ethereum Foundation) and Chris Hager (Flashbots) to discuss the design philosophy of proposer-builder separation (PBS). They first dive into the past and present implementations of PBS, including MEV-Geth and MEV-Boost on Ethereum. Then they discuss the future of PBS - whether PBS should be enshrined, protocol-enforced proposer commitments (PEPC), PBS on L2s, how to prevent censorship, and more. __ Timestamps: (00:00) Intro (01:12) What is PBS? (05:37) The History of PBS (08:43) MEV-Boost (10:18) Block Production in Proof-of-Work (11:31) Benefits of PBS (14:17) PBS Makes Based Rollups Viable (16:21) PEPC & Proposer Complexity (17:46) Other Builder Services (19:49) PBS & Regulation (22:48) Regulation & Encrypted Mempools (24:38) Division of Labor is Inevitable (26:15) Risks of PBS (29:03) Development of COre Protocol Software (33:31) PEPC, POB, & Alternatives to PBS (41:53) Decentralization vs. Usefulness Tradeoff (46:30) State of PBS in MEV-Boost (50:51) Optimistic Relays (52:09) Enshrined PBS (ePBS) (55:55) PBS on L2 (58:47) PEPC (01:05:25) Proposer Commitments & User Intents (01:09:03) Concluding Remarks (01:11:05) Recap (01:12:06) PEPC, PEPC-Boost, & MEV-Boost+ (01:18:44) PBS From First Principles (01:21:41) PBS is a Philosophy, Not an Implementation (01:25:44) To Enshrine, Or Not to Enshrine? (01:35:12) In-protocol vs. Out-of-protocol Development & Funding (01:50:16) Censorship & Proposer Agency (01:58:15) Outro & Disclaimer __ Hasu - Jon Charbonneau - Uncommon Core 2.0 - Mike Neuder - Chris Hager - __ Relays in a post-ePBS world - No free lunch – a new inclusion list design - Payload-timeliness committee (PTC) – an ePBS design - Notes on Proposer-Builder Separation (PBS) - PEPC FAQ - PEPC Open Problems - PBS Guild Proposal [v3 WIP] - MEV-Boost+/++ - __ Disclaimer: The material and information presented in this podcast is for general informational purposes only and should not be considered investment advice. The views, thoughts, and opinions expressed in this podcast are solely those of the speakers and are not the views of any entity or other person with whom the speaker is affiliated, including, without limitation, DBA Crypto, LLC. The “DBA Crypto” name and all forms thereof are the sole property of its owner, and its use does not imply endorsement of or opposition to any specific organization, product, or service.

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An Incomplete Guide to PBS - with Mike Neuder and Chris Hager is an episode from Uncommon Core by Uncommon Core 2.0.

This episode is 01:58:41 long.

This episode was published on Sep 2, 2023.

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