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While I think ePBS is the wrong direction for the protocol, in the interest of technical accuracy I have to defend it on one thing
While ePBS has an “optionality” problem, it doesn’t have a “free option” problem, because the builder’s payment is unconditional. The optionality makes the slot more valuable, so the builder should bid more in the auction
This still means there will be skipped blocks, and means more MEV is being extracted from users, but the value of the option accrues to the proposer, not the builder (if building is competitive)
23 tuntia sitten
Was surprised to hear that ePBS (EIP 7732) is considered likely to be scheduled for Glamsterdam on tomorrow’s ACD call, and particularly that it’s seen as a substitute for delayed execution (such as EIP 7886)
Have never heard a very good reason to do delayed execution at the consensus layer rather than the execution layer. Unlike EIP 7886, ePBS doesn’t help simplify builders—they still have to execute the full block to generate the state root
As many have pointed out, the optionality problem seems bad (8 seconds for a builder to cancel their block!). Even when the option isn’t exercised, this could add a lot of latency before users can see if their transaction was included
But it also just seems like yet another complex change that doesn’t do anything to help users, which I thought Ethereum was moving past
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