Blockchain

Why does exclusive order flow let two builders dominate 86% of Ethereum block production?

Oportunidad

Private order flow agreements between wallets, apps, and a small number of builders give those builders a structural informational advantage that compounds over time. Beaverbuild and Titan Builder produced roughly 86% of Ethereum mainnet blocks during a two-week period in early 2025, and the Herfindahl-Hirschman Index for block building rose from around 0.2 in late 2023 to 0.35 by mid-2024. ePBS moves the builder-proposer auction on-chain but does not break the exclusive deal pipeline: a builder holding the majority of private flow still wins most auctions after the protocol change. BuilderNet is a voluntary countermeasure without on-chain enforcement, and as of January 2026 it produced only 25.5% of blocks. The feedback loop is self-reinforcing: only builders with high market share attract exclusive flow, and only those with exclusive flow consistently win.

Por qué importa

A two-builder effective monopoly at L1 means those two entities can reorder or delay any transaction on the chain, regardless of what the consensus protocol says.

Cómo evalúo la oportunidad

La Puntuación de Oportunidad es mi propia lectura, no una medición: cuánto duele, con qué frecuencia aparece y qué tan poco existe para resolverlo hoy. Un valor más alto significa que creo que vale más la pena construirlo.

Gravedad9/10

Cuánto dolor causa cuando aparece.

Frecuencia9/10

Con qué frecuencia la gente se topa con ello.

Espacio en blanco7/10

Qué tan pocas herramientas buenas existen para ello hoy.