{"id":"https://openalex.org/W4409671245","doi":"https://doi.org/10.1145/3696410.3714754","title":"Private Order Flows and Builder Bidding Dynamics: The Road to Monopoly in Ethereum's Block Building Market","display_name":"Private Order Flows and Builder Bidding Dynamics: The Road to Monopoly in Ethereum's Block Building Market","publication_year":2025,"publication_date":"2025-04-22","ids":{"openalex":"https://openalex.org/W4409671245","doi":"https://doi.org/10.1145/3696410.3714754"},"language":"en","primary_location":{"id":"doi:10.1145/3696410.3714754","is_oa":true,"landing_page_url":"https://doi.org/10.1145/3696410.3714754","pdf_url":"https://dl.acm.org/doi/pdf/10.1145/3696410.3714754","source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Proceedings of the ACM on Web Conference 2025","raw_type":"proceedings-article"},"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://dl.acm.org/doi/pdf/10.1145/3696410.3714754","any_repository_has_fulltext":null},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5067316676","display_name":"Siji Wang","orcid":null},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"Shuzheng Wang","raw_affiliation_strings":["The Hong Kong University of Science and Technology (Guangzhou), Guangzhou, China"],"affiliations":[{"raw_affiliation_string":"The Hong Kong University of Science and Technology (Guangzhou), Guangzhou, China","institution_ids":[]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5113903969","display_name":"Yue Huang","orcid":null},"institutions":[{"id":"https://openalex.org/I165932596","display_name":"National University of Singapore","ror":"https://ror.org/01tgyzw49","country_code":"SG","type":"education","lineage":["https://openalex.org/I165932596"]}],"countries":["SG"],"is_corresponding":false,"raw_author_name":"Yue Huang","raw_affiliation_strings":["National University of Singapore, Singapore, Singapore","The Hong Kong University of Science and Technology (Guangzhou), Guangzhou, China"],"affiliations":[{"raw_affiliation_string":"National University of Singapore, Singapore, Singapore","institution_ids":["https://openalex.org/I165932596"]},{"raw_affiliation_string":"The Hong Kong University of Science and Technology (Guangzhou), Guangzhou, China","institution_ids":[]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5061422599","display_name":"Wenqin Zhang","orcid":null},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Wenqin Zhang","raw_affiliation_strings":["The Hong Kong University of Science and Technology (Guangzhou), Guangzhou, China"],"affiliations":[{"raw_affiliation_string":"The Hong Kong University of Science and Technology (Guangzhou), Guangzhou, China","institution_ids":[]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5004718324","display_name":"Yuming Huang","orcid":"https://orcid.org/0000-0002-3101-7687"},"institutions":[{"id":"https://openalex.org/I165932596","display_name":"National University of Singapore","ror":"https://ror.org/01tgyzw49","country_code":"SG","type":"education","lineage":["https://openalex.org/I165932596"]}],"countries":["SG"],"is_corresponding":false,"raw_author_name":"Yuming Huang","raw_affiliation_strings":["National University of Singapore, Singapore, Singapore","The Hong Kong University of Science and Technology (Guangzhou), Guangzhou, China"],"affiliations":[{"raw_affiliation_string":"National University of Singapore, Singapore, Singapore","institution_ids":["https://openalex.org/I165932596"]},{"raw_affiliation_string":"The Hong Kong University of Science and Technology (Guangzhou), Guangzhou, China","institution_ids":[]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5101681119","display_name":"Xuechao Wang","orcid":"https://orcid.org/0000-0001-6918-2699"},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Xuechao Wang","raw_affiliation_strings":["The Hong Kong University of Science and Technology (Guangzhou), Guangzhou, China"],"affiliations":[{"raw_affiliation_string":"The Hong Kong University of Science and Technology (Guangzhou), Guangzhou, China","institution_ids":[]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5077270486","display_name":"Jing Tang","orcid":"https://orcid.org/0000-0002-0785-707X"},"institutions":[{"id":"https://openalex.org/I200769079","display_name":"Hong Kong University of Science and Technology","ror":"https://ror.org/00q4vv597","country_code":"HK","type":"education","lineage":["https://openalex.org/I200769079"]}],"countries":["HK"],"is_corresponding":false,"raw_author_name":"Jing Tang","raw_affiliation_strings":["The Hong Kong University of Science and Technology (Guangzhou), Guangzhou, China and The Hong Kong University of Science and Technology, Hong Kong, Hong Kong"],"affiliations":[{"raw_affiliation_string":"The Hong Kong University of Science and Technology (Guangzhou), Guangzhou, China and The Hong Kong University of Science and Technology, Hong Kong, Hong Kong","institution_ids":["https://openalex.org/I200769079"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":6,"corresponding_author_ids":["https://openalex.org/A5067316676"],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":9.7524,"has_fulltext":true,"cited_by_count":3,"citation_normalized_percentile":{"value":0.97464597,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":96,"max":97},"biblio":{"volume":null,"issue":null,"first_page":"2144","last_page":"2157"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10270","display_name":"Blockchain Technology Applications and Security","score":0.9962999820709229,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},"topics":[{"id":"https://openalex.org/T10270","display_name":"Blockchain Technology Applications and Security","score":0.9962999820709229,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},{"id":"https://openalex.org/T13342","display_name":"Art History and Market Analysis","score":0.9150999784469604,"subfield":{"id":"https://openalex.org/subfields/1213","display_name":"Visual Arts and Performing Arts"},"field":{"id":"https://openalex.org/fields/12","display_name":"Arts and Humanities"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/block","display_name":"Block (permutation group theory)","score":0.7150471806526184},{"id":"https://openalex.org/keywords/bidding","display_name":"Bidding","score":0.693361222743988},{"id":"https://openalex.org/keywords/monopoly","display_name":"Monopoly","score":0.6806286573410034},{"id":"https://openalex.org/keywords/order","display_name":"Order (exchange)","score":0.6142396926879883},{"id":"https://openalex.org/keywords/computer-science","display_name":"Computer science","score":0.45166826248168945},{"id":"https://openalex.org/keywords/industrial-organization","display_name":"Industrial organization","score":0.444486141204834},{"id":"https://openalex.org/keywords/microeconomics","display_name":"Microeconomics","score":0.3714478611946106},{"id":"https://openalex.org/keywords/business","display_name":"Business","score":0.32665830850601196},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.296117901802063},{"id":"https://openalex.org/keywords/finance","display_name":"Finance","score":0.2193765640258789},{"id":"https://openalex.org/keywords/mathematics","display_name":"Mathematics","score":0.13784033060073853}],"concepts":[{"id":"https://openalex.org/C2777210771","wikidata":"https://www.wikidata.org/wiki/Q4927124","display_name":"Block (permutation group theory)","level":2,"score":0.7150471806526184},{"id":"https://openalex.org/C9233905","wikidata":"https://www.wikidata.org/wiki/Q3276328","display_name":"Bidding","level":2,"score":0.693361222743988},{"id":"https://openalex.org/C2781127519","wikidata":"https://www.wikidata.org/wiki/Q43637","display_name":"Monopoly","level":2,"score":0.6806286573410034},{"id":"https://openalex.org/C182306322","wikidata":"https://www.wikidata.org/wiki/Q1779371","display_name":"Order (exchange)","level":2,"score":0.6142396926879883},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.45166826248168945},{"id":"https://openalex.org/C40700","wikidata":"https://www.wikidata.org/wiki/Q1411783","display_name":"Industrial organization","level":1,"score":0.444486141204834},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.3714478611946106},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.32665830850601196},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.296117901802063},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.2193765640258789},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.13784033060073853},{"id":"https://openalex.org/C2524010","wikidata":"https://www.wikidata.org/wiki/Q8087","display_name":"Geometry","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1145/3696410.3714754","is_oa":true,"landing_page_url":"https://doi.org/10.1145/3696410.3714754","pdf_url":"https://dl.acm.org/doi/pdf/10.1145/3696410.3714754","source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Proceedings of the ACM on Web Conference 2025","raw_type":"proceedings-article"},{"id":"pmh:oai:repository.hkust.edu.hk:1783.1-160615","is_oa":false,"landing_page_url":"http://repository.hkust.edu.hk/ir/Record/1783.1-160615","pdf_url":null,"source":{"id":"https://openalex.org/S4306401796","display_name":"Rare & Special e-Zone (The Hong Kong University of Science and Technology)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I200769079","host_organization_name":"Hong Kong University of Science and Technology","host_organization_lineage":["https://openalex.org/I200769079"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Conference paper"}],"best_oa_location":{"id":"doi:10.1145/3696410.3714754","is_oa":true,"landing_page_url":"https://doi.org/10.1145/3696410.3714754","pdf_url":"https://dl.acm.org/doi/pdf/10.1145/3696410.3714754","source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Proceedings of the ACM on Web Conference 2025","raw_type":"proceedings-article"},"sustainable_development_goals":[{"score":0.6100000143051147,"id":"https://metadata.un.org/sdg/11","display_name":"Sustainable cities and communities"}],"awards":[{"id":"https://openalex.org/G1121271761","display_name":null,"funder_award_id":"Program","funder_id":"https://openalex.org/F4320321001","funder_display_name":"National Natural Science Foundation of China"},{"id":"https://openalex.org/G1231421488","display_name":null,"funder_award_id":"under","funder_id":"https://openalex.org/F4320321001","funder_display_name":"National Natural Science Foundation of China"},{"id":"https://openalex.org/G1477544716","display_name":null,"funder_award_id":"Guangdong","funder_id":"https://openalex.org/F4320321001","funder_display_name":"National Natural Science Foundation of China"},{"id":"https://openalex.org/G1560154075","display_name":null,"funder_award_id":"2024A03","funder_id":"https://openalex.org/F4320321001","funder_display_name":"National Natural Science Foundation of China"},{"id":"https://openalex.org/G2087396116","display_name":null,"funder_award_id":"China","funder_id":"https://openalex.org/F4320321001","funder_display_name":"National Natural Science Foundation of China"},{"id":"https://openalex.org/G2390730835","display_name":null,"funder_award_id":"2023A1515110131","funder_id":"https://openalex.org/F4320337111","funder_display_name":"Basic and Applied Basic Research Foundation of Guangdong Province"},{"id":"https://openalex.org/G3317480652","display_name":null,"funder_award_id":"Science","funder_id":"https://openalex.org/F4320321001","funder_display_name":"National Natural Science Foundation of China"},{"id":"https://openalex.org/G380298712","display_name":null,"funder_award_id":"U22B2060","funder_id":"https://openalex.org/F4320321001","funder_display_name":"National Natural Science Foundation of China"},{"id":"https://openalex.org/G3845753876","display_name":null,"funder_award_id":"2023A03J0667","funder_id":"https://openalex.org/F4320330743","funder_display_name":"Guangzhou Municipal Science and Technology Bureau"},{"id":"https://openalex.org/G391238517","display_name":null,"funder_award_id":", and","funder_id":"https://openalex.org/F4320321001","funder_display_name":"National Natural Science Foundation of China"},{"id":"https://openalex.org/G4020255992","display_name":null,"funder_award_id":"Project","funder_id":"https://openalex.org/F4320321001","funder_display_name":"National Natural Science Foundation of China"},{"id":"https://openalex.org/G5939423041","display_name":null,"funder_award_id":"Technology","funder_id":"https://openalex.org/F4320321001","funder_display_name":"National Natural Science Foundation of China"},{"id":"https://openalex.org/G5994120800","display_name":null,"funder_award_id":"Natural","funder_id":"https://openalex.org/F4320321001","funder_display_name":"National Natural Science Foundation of China"},{"id":"https://openalex.org/G6536786679","display_name":null,"funder_award_id":"A1515110","funder_id":"https://openalex.org/F4320337111","funder_display_name":"Basic and Applied Basic Research Foundation of Guangdong Province"},{"id":"https://openalex.org/G6639867748","display_name":null,"funder_award_id":"2023A03","funder_id":"https://openalex.org/F4320321001","funder_display_name":"National Natural Science Foundation of China"},{"id":"https://openalex.org/G7723461095","display_name":null,"funder_award_id":"2023A151511","funder_id":"https://openalex.org/F4320337111","funder_display_name":"Basic and Applied Basic Research Foundation of Guangdong Province"},{"id":"https://openalex.org/G7726157001","display_name":null,"funder_award_id":"Grant No.","funder_id":"https://openalex.org/F4320321001","funder_display_name":"National Natural Science Foundation of China"}],"funders":[{"id":"https://openalex.org/F4320321001","display_name":"National Natural Science Foundation of China","ror":"https://ror.org/01h0zpd94"},{"id":"https://openalex.org/F4320330743","display_name":"Guangzhou Municipal Science and Technology Bureau","ror":null},{"id":"https://openalex.org/F4320337111","display_name":"Basic and Applied Basic Research Foundation of Guangdong Province","ror":null}],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4409671245.pdf","grobid_xml":"https://content.openalex.org/works/W4409671245.grobid-xml"},"referenced_works_count":23,"referenced_works":["https://openalex.org/W2096109831","https://openalex.org/W2517744317","https://openalex.org/W2535029869","https://openalex.org/W3016124762","https://openalex.org/W3120405143","https://openalex.org/W3121650482","https://openalex.org/W3122428314","https://openalex.org/W3149239394","https://openalex.org/W3152829963","https://openalex.org/W3155854917","https://openalex.org/W3167877708","https://openalex.org/W4220884837","https://openalex.org/W4281638018","https://openalex.org/W4287203512","https://openalex.org/W4367047373","https://openalex.org/W4385080392","https://openalex.org/W4387880972","https://openalex.org/W4388857350","https://openalex.org/W4389037628","https://openalex.org/W4396735717","https://openalex.org/W4396759381","https://openalex.org/W4409657429","https://openalex.org/W6998864510"],"related_works":["https://openalex.org/W2355561715","https://openalex.org/W2355326491","https://openalex.org/W2389286292","https://openalex.org/W2360751371","https://openalex.org/W2387920521","https://openalex.org/W2389754756","https://openalex.org/W2382224273","https://openalex.org/W2056866955","https://openalex.org/W3172345227","https://openalex.org/W1495212362"],"abstract_inverted_index":{"Ethereum,":[0],"as":[1],"a":[2,7,194],"representative":[3],"of":[4,19,25,68,86,100,113,140,179,218],"Web3,":[5],"adopts":[6],"novel":[8],"framework":[9],"called":[10],"Proposer":[11],"Builder":[12],"Separation":[13],"(PBS)":[14],"to":[15,31,40,76,127,138,171,208,224],"prevent":[16],"the":[17,23,51,59,65,98,109,141,173,210,216,225],"centralization":[18,217],"block":[20,43,60,79,142,166,219],"profits":[21,44,88,220],"in":[22,61,193,203],"hands":[24],"institutional":[26,222],"Ethereum":[27,122],"stakers.":[28,49],"Introducing":[29],"builders":[30,69,82,147,158,184],"generate":[32],"blocks":[33,123,150],"based":[34],"on":[35,121],"public":[36,71],"transactions,":[37],"PBS":[38,101,202],"aims":[39],"ensure":[41],"that":[42,133,145,157,201],"are":[45,83,168],"distributed":[46],"among":[47,53],"all":[48,78],"Through":[50],"auction":[52,111],"builders,":[54],"only":[55],"one":[56],"will":[57,148,185],"win":[58,172],"each":[62],"slot.":[63],"Ideally,":[64],"equilibrium":[66],"strategy":[67],"under":[70],"information":[72],"would":[73],"lead":[74],"them":[75],"bid":[77],"profits.":[80,180],"However,":[81],"now":[84],"capable":[85],"extracting":[87],"from":[89,124,221],"private":[90,103,134,161,189],"order":[91,104,135,162,190],"flows.":[92,105],"In":[93,181],"this":[94],"paper,":[95],"we":[96,107,117,155],"explore":[97],"effect":[99],"with":[102,151,159],"Specifically,":[106],"propose":[108],"asymmetry":[110],"model":[112],"MEV-Boost":[114],"auction.":[115],"Moreover,":[116],"conduct":[118],"empirical":[119],"study":[120],"January":[125],"2023":[126],"May":[128],"2024.":[129],"Our":[130,198],"analysis":[131],"indicates":[132],"flows":[136,163],"contribute":[137],"54.59%":[139],"value,":[143],"indicating":[144],"different":[146,152],"build":[149],"valuations.":[153],"Interestingly,":[154],"find":[156],"more":[160,169,188],"(i.e.,":[164],"higher":[165],"valuations)":[167],"likely":[170],"block,":[174],"while":[175],"retain":[176],"larger":[177],"proportion":[178],"return,":[182],"such":[183],"further":[186],"attract":[187],"flows,":[191],"resulting":[192],"monopolistic":[195,226],"market":[196],"gradually.":[197],"findings":[199],"reveal":[200],"current":[204],"stage":[205],"is":[206],"unable":[207],"balance":[209],"profit":[211],"distribution,":[212],"which":[213],"just":[214],"transits":[215],"stakers":[223],"builder.":[227]},"counts_by_year":[{"year":2025,"cited_by_count":3}],"updated_date":"2026-03-27T05:58:40.876381","created_date":"2025-10-10T00:00:00"}