Thanks to Caspar Schwarz-Schilling, Barnabé Monnot, Fahad Saleh, Thomas Thiery, and Davide Crapis for the discussions and feedback that led to this post. Thanks to the Shutter team and Luis Bezzenberger, in particular, for helpful conversations around encrypted mempools. Thanks to the organizers and participants of the CBER CtCe Conference, where I presented a version of what was to become this post. The banner image depicts the division of labor between highly sophisticated financial builders, more unsophisticated proposers (building on Justin Drake’s vision of Zen staking), and attesters noting what is being said.