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1 Markets I: The Ecosystem and Exchange-Traded Marketsالأسواق عبر الإنترنت 2 Markets II: Rates, FX and Creditالأسواق عبر الإنترنت 3 Markets III: Commodities, Energy and Cryptoالأسواق عبر الإنترنت 4 Quantitative Methodsالأساليب عبر الإنترنت 5 Derivatives and Volatilityالمشتقات عبر الإنترنت 6 Rates, Credit, XVA and Riskالفائدة والائتمان والمخاطر عبر الإنترنت 7 Research Craft: Predictors, Backtests, Measurement, Portfoliosالبحث عبر الإنترنت 8 Strategies I: Equities and Futuresالاستراتيجيات عبر الإنترنت 9 Strategies II: Volatility, Relative Value, Macro and the Bank Desksالاستراتيجيات عبر الإنترنت 10 Microstructure and Executionالتنفيذ عبر الإنترنت 11 Market Making and High-Frequency Tradingصناعة السوق عبر الإنترنت 12 Machine Learning for Marketsتعلم الآلة عبر الإنترنت 13 Low-Latency Softwareالتكنولوجيا عبر الإنترنت 14 Networks, Hardware and Trading Infrastructureالتكنولوجيا عبر الإنترنت 15 Research, Data and Risk Platformsالتكنولوجيا عبر الإنترنت 16 The Desk and the Firmالشركة عبر الإنترنت 17 The Industry: Firms, Roles and Careersالمسارات المهنية عبر الإنترنت 18 The Interview Bookالمسارات المهنية عبر الإنترنت
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Quantitative Finance · المسرد

ما معنى Proposer–builder separation, block builder, MEV relay, transaction bundle؟

يُعرف أيضًا باسم: proposer--builder separation · block builder · MEV relay · transaction bundle

Definition 22.7 Markets III: Commodities, Energy and Crypto · الفصل 22 — Maximal Extractable Value

Proposer–builder separation is the division of block production between block builders, specialised parties that assemble the most valuable blocks from public transactions and private bundles and bid for the right to have them proposed, and proposers (validators) that choose the highest bid. An MEV relay is an intermediary that receives builders’ blocks, keeps their contents hidden from the proposer until it commits to propose, and forwards the best bid. A transaction bundle is an ordered list of transactions that a searcher submits to builders, to be included together and in that order, or not at all.

The supply chain of an Ethereum block under proposer–builder separation: searchers send bundles to builders, builders send blocks and bids to relays, and the proposer signs the most valuable block without seeing its contents first. Private order flow goes straight to builders. Schematic.
Figure 22.4. The supply chain of an Ethereum block under proposer–builder separation: searchers send bundles to builders, builders send blocks and bids to relays, and the proposer signs the most valuable block without seeing its contents first. Private order flow goes straight to builders. Schematic.
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