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An Incomplete Guide to PBS - with Mike Neuder and Chris Hager
1时58分42秒
2023-09-02
Episode Summary
Voice Summary:
0:00:00

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. 


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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


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Hasu - https://twitter.com/hasufl


Jon Charbonneau - https://twitter.com/jon_charb


Uncommon Core 2.0 - https://twitter.com/UCC2_xyz


Mike Neuder - https://twitter.com/mikeneuder


Chris Hager - https://twitter.com/metachris


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Relays in a post-ePBS world - https://ethresear.ch/t/relays-in-a-post-epbs-world/16278


No free lunch – a new inclusion list design - https://ethresear.ch/t/no-free-lunch-a-new-inclusion-list-design/16389


Payload-timeliness committee (PTC) – an ePBS design - https://ethresear.ch/t/payload-timeliness-committee-ptc-an-epbs-design/16054


Notes on Proposer-Builder Separation (PBS) - https://barnabe.substack.com/p/pbs


PEPC FAQ - https://efdn.notion.site/PEPC-FAQ-0787ba2f77e14efba771ff2d903d67e4#41230925420345af84f31b50d806b8ed


PEPC Open Problems - https://docs.google.com/presentation/d/12kpwAXbZqUA0fu2HnZKSesVwO31ICbgIiacHd0EQ_fk/edit#slide=id.g2401d3821ec_1_0


PBS Guild Proposal [v3 WIP] - https://collective.flashbots.net/t/pbs-guild-proposal-v3-wip/2223


MEV-Boost+/++ - https://www.blog.eigenlayer.xyz/censorship-resistance-with-restaking/


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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.

Next Episode
SVM vs EVM

Hasu and Jon catchup on what’s new in the EVM (Ethereum Virtual Machine) and SVM (Solana Virtual Machine) worlds.




For the EVM, Ethereum has pushed vertical scaling efforts to other chains. This includes Monad, who is building a new EVM L1 with fundamental optimizations to improve scalability.




For the SVM, the Solana ecosystem continues to gain momentum across the board. Meanwhile, Eclipse is gearing up to launch their SVM Ethereum L2.




DBA is an investor in Eclipse Laboratories, Inc. and SOL. Jon has material personal investments in SOL, JitoSOL, ETH, stETH, and TIA. Hasu has material personal investments in ETH and Monad.


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Timestamps:


(00:00) Intro


(00:25) Catch up


(00:56) VM Performance Improvements


(02:32) Solana & Eclipse


(04:26) DA vs Execution Bottlenecks


(05:53) Rollups & Parallel Execution


(07:10) Breakpoint


(08:29) Solana & Eclipse – Competitive or Complementary?


(12:48) Ethereum & Solana Funds


(13:33) DBA Research Club


(15:01) What is a VM?


(16:33) Optimistic Parallel Execution vs. Access Lists


(23:45) Solana Resource Pricing


(25:03) Local Fee Markets


(30:48) Liveness Failures


(31:58) A Bottleneck vs. *The* Bottleneck


(35:39) State Growth


(41:29) Weak Statelessness


(45:33) State Expiry & State Rent


(51:10) Solana Un-merklizes State


(51:55) Client Level Optimizations


(53:45) Optimizations for New vs. Old Chains


(57:17) Will Everyone Converge?


(01:00:36) Outro


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Hasu - https://twitter.com/hasufl


Jon Charbonneau - https://twitter.com/jon_charb


Uncommon Core 2.0 - https://twitter.com/UCC2_xyz




Ethereum - https://twitter.com/ethereum


Solana - https://twitter.com/solana


Eclipse - https://twitter.com/EclipseFND


Monad - https://twitter.com/monad_xyz


__


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.



1时01分03秒 2023-12-07
Host
Single Episode:11
2023-09-02