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The price of agency

The price of agency

Incentives with a side of Ethereum
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More pictures about proposers and builders

In the beginning, there was nothing. Then a protocol appeared.
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Reconsidering the market structure of PBS

It’s been a while since I wrote about PBS last, and given the activity on that front over the recent months, this feels like a good time to jump back in. Some of it here is more unstructured thoughts, grasping for connections that aren’t quite clear yet but feel already decent enough to discuss.
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Semantics of Staking 3: Advanced Constructions

Many thanks to Anders Elowsson for initial discussions prompting these series of posts and for his many helpful comments on the text. Thank you also to the many reviewers whom I have bothered too much with this, and who have provided comments on previous posts or parts of the current one. Photo by William Priess on Unsplash.
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Semantics of Staking 2: Re-staking

Many thanks to Anders Elowsson for initial discussions prompting these series of posts and for his many helpful comments on the text. Thanks also to Caspar Schwarz-Schilling, Julian Ma, Thomas Thiery, Davide Crapis, Mike Neuder, Drew Van der Werff, Kydo and many others for discussions and comments on the text.Photo by Robert Katzki on Unsplash.
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Semantics of Staking 1: Liquefaction

Many thanks to Anders Elowsson for initial discussions prompting these series of posts and for his many helpful comments on the text. Thanks also to Caspar Schwarz-Schilling, Julian Ma, Thomas Thiery, Davide Crapis, Mike Neuder, Drew Van der Werff, Kydo and many others for discussions and comments on the text.Cover photo by Pawel Czerwinski on Unsplash.