Proposer-Builder Separation
Proposer-builder separation (PBS) splits block production in two: specialized *builders* compete to assemble the most profitable block (extracting MEV), wh
Proposer-builder separation (PBS) splits block production in two: specialized *builders* compete to assemble the most profitable block (extracting MEV), while the *proposer* (validator) simply picks the best bid — blind to its contents. Validators earn MEV revenue without running extraction operations themselves.
Why it matters
PBS democratized validator returns (solo stakers earn like professionals) at the cost of concentrating *builder* power in a handful of sophisticated shops — moving centralization pressure one layer sideways rather than removing it. Whether that trade is healthy is the live MEV decentralization debate, and censorship resistance of the builder relay set is the metric to watch.