Watch a comprehensive technical talk exploring how Ethereum's transition to Proof-of-Stake fundamentally transformed the economic relationships between protocol stakeholders. Delve into the complex web of protocol boundaries, validator responsibilities, and economic incentives in the post-Merge Ethereum ecosystem. Learn about principal agent problems, dynamic transaction pricing, EIP1559, proposal builder separation, and the implications of liquid staking. Examine the evolving builder market, censorship risks, net neutrality considerations, and the broader impact on protocol decentralization. Understand how these economic transformations affect network resources, validator rewards and penalties, and the future of cross-chain interactions. Gain insights into the technical and economic challenges of improving stake efficiency, restaking mechanisms, and maintaining protocol neutrality in the brave new builder world of Ethereum.
Redrawing Ethereum Economics: From Proof-of-Stake to Builder Separation
Ethereum Engineering Group via YouTube
Overview
Syllabus
Introduction
Ethereums complexity
Principal agent problem
Protocol to proposal problem
What does it mean to be a validator
Rewards and penalties
Ethereum Protocol
Network Resources
Validators
Dynamic Transaction Pricing
EIP1559
Proposal Builder Separation
Historical Perspective
Proof of Stake
Improving on Stake
NavBoost
The market
Yes and no
The Builder market
The benefits of out of protocol
The risk of censorship
The net neutrality argument
Builder separation
Protocol boundary
Protocol map
Decentralizing the Builder role
Decentralizing other chains
Liquid staking
Restaking
Out of Protocol
Taught by
Ethereum Engineering Group
