Why does exclusive order flow let two builders dominate 86% of Ethereum block production?
機会
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.
重要な理由
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.
機会をどう評価するか
Opportunity Scoreは測定値ではなく、私自身の見解です。どれほど痛みを伴うか、どれほど頻繁に影響を与えるか、そして今日時点で解決策がいかに少ないか。スコアが高いほど、構築する価値が高いと私は考えています。
それが現れたときにどれほどの痛みをもたらすか。
実際にどれほど頻繁に人々がそれに直面するか。
今日時点で、それに対する優れたツールがいかに少ないか。