San Francisco, CA; September 14, 2022
Blocknative, the real-time Web3 infrastructure company, announces the Blocknative MEV Relay for the new network category of block builders generated by Ethereum's Merge.
On the verge of the Ethereum Merge, we see a powerful new network actor emerge–the block builder. The migration from Proof-of-Work to Proof-of-Stake separates two critical infrastructure roles—block building and block proposing—in what is known as Proposer/Builder Separation (PBS). Block builders will assemble transactions from the pending transaction pool (mempool) into blocks and relay those blocks to the “proposing” validator. Until PBS is enshrined in the network’s protocol, block relays are fundamental to the proto-PBS created directly post-Merge.
The separation of these two roles significantly reduces the technical requirements for validators while creating a high technical bar for block builders. The process of profitably ordering these transactions into block candidates for inclusion requires real-time access to mempool data, advanced algorithms, and the ability to quickly and accurately simulate prospective blocks. PBS minimizes centralizing pressures by enabling a variety of block builders to connect with validators, opening up new market opportunities. Open MEV-boost relays will play a key role in diversifying block builders.
Blocknative is proud to contribute to the decentralization of Ethereum block building infrastructure, and the addition of our public block relay reinforces our shared vision of network neutrality. The Blocknative MEV Relay operates in a highly reliable, transparent, real-time blockchain infrastructure. The peer-reviewed, open-source software is now available as a public good. Because of the high degree of trust placed on relays, Blocknative’s relay supports monitoring APIs for maximum transparency to ensure all validators can monitor the relay’s behavior. The relay is easy to use, requiring only one component to stand up and no external services.
Matt Cutler, Blocknative co-founder and CEO, shared, "Decentralization is critical at every level of the Ethereum network – including block building. Today, our team is opening up access to Blocknative’s real-time Web3 infrastructure in an effort to enable virtually any network participant to become a block builder. Ultimately, our goal is to drive block builder diversity and equitable value recirculation throughout the Web3 transaction supply chain."
The inception of block building creates an opportunity to recirculate value to other players in the network, including users. This is why Blocknative believes that, in the future, your wallet may pay you to use it. #ShareTheMEV #merge
To learn more about block building and Blocknative’s MEV Relay, visit https://www.blocknative.com/block-building, & https://docs.blocknative.com/blocknative-relay/mev-relay-instructions-for-ethereum-validators, & https://github.com/blocknative/dreamboat. To learn more about block builders, listen to Bankless Podcast 125: Ethereum's Hidden Power Structures https://www.blocknative.com/ethereums-power-structures-podcast
MEV is an unexpected black hole in the ethereum security budget and PBS is our best shot at mitigating its effects. I'm excited to announce that @blocknative we're helping slay the beast by open sourcing our relay implementation dreamboat🛳️ https://t.co/ubSy7jdGRd— dmarz || foamysky.eth (@_danielmarzec) September 13, 2022
For media inquiries, please contact Phil LeRoy at (310) 260-7901 or Phil(at)MelrosePR(dot)com.
Blocknative is the real-time Web3 infrastructure company that enables users to see the future and act on pre-chain insights. Blocknative delivers Web3’s most accurate gas fee prediction, enables prescient decisions, and improves transaction outcomes. Blocknative democratizes access to mempool data across multiple chains, including Ethereum, Polygon, and Gnosis Chain, empowering users to see what is happening and what will happen next on leading public blockchain networks. Founded in 2018, Blocknative powers many forward-thinking Web3 developers, Defi protocols, and core infrastructure projects, including Curve, Ledger, MetaMask Compound, Synthetix, Bancor, Gitcoin, Aavegotchi, Polygon Foundation, and the Ethereum Foundation.
Blocknative's proven & powerful enterprise-grade infrastructure makes it easy for builders and traders to work with mempool data.Visit ethernow.xyz