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The current Proposer-Builder Separation (PBS) equilibrium has several builders with different backgrounds winning blocks consistently. This paper considers how that equilibrium will shift when transactions are sold privately via order flow auctions (
Externí odkaz:
http://arxiv.org/abs/2305.19150
Publikováno v:
NBER Working Papers; Sep2024, Issue 32883-33010, p1-38, 39p
