# Panel I MEV: Fractalization of Block Building | Pragma Istanbul 2023

- Channel: [ETHGlobal](https://streameth.org/ethglobal)
- Date: 2024-10-09
- Duration: 51:21
- Topics: MEV, block building, intents, solvers, Searchers, PBS, Flashbots, Gauntlet, CoW Protocol, Titan Builder, Tokka Labs, Ethereum, decentralized infrastructure, proposer builder separation, order flow auction, RFQs, rollups, shared sequencers, vertical integration, DeFi UX, block auction, decentralized sequencing, smart order routing, intent architecture, onchain trading, Pragma Istanbul, transaction supply chain, MEV mitigation, builder oligopoly, L2 economics
- Watch: https://streameth.org/watch/yt-SUeBGrBiu7M
- YouTube: https://www.youtube.com/watch?v=SUeBGrBiu7M

## Description

What happens when the MEV supply chain starts to break apart? In this insightful panel from Pragma Istanbul 2023, industry leaders dive into the evolving architecture of Ethereum’s transaction pipeline. Tarun Chitra (Gauntlet), Anna George (CoW Protocol), Wee Howe Ang (Tokka Labs), Kubi Mensah (Titan Builder), and Tina Zhen (Flashbots) unpack the future of block building, solver strategy, Searcher competition, and the rise of intent-based systems.

The discussion explores whether intents are just glorified limit orders, how solvers differ from Searchers, the implications of builder verticalization, and whether block building itself will remain viable as solvers get smarter. Panelists reflect on the disaggregation trend post-PBS, what incentives are shifting as rollups and L2s mature, and how application-specific use cases are rewriting the rules of MEV extraction and mitigation. With opinions on decentralization, user experience, fair ordering, and technical bottlenecks, this is essential viewing for anyone working at the intersection of Ethereum infrastructure, MEV, and application-layer design.

00:00 Intro & panel context
00:52 MEV stack intros & 2023 surprises
06:30 Solvers vs Searchers clarified
08:39 Order flow auction mechanics
10:59 What defines a block builder
12:04 TradFi parallels in MEV roles
13:40 Market maker integration in building
14:54 MEV history: From spam to PBS
16:37 Disaggregation of the supply chain
17:18 Why intents are gaining traction
19:25 UX and inefficiencies in DeFi
21:19 Comeback of RFQs and private liquidity
23:36 POS economics & proposer yield
24:24 What is an intent (beyond limit orders)?
27:07 Non-financialized intent examples
28:35 Will intents centralize like PBS?
30:37 Can specialized solvers survive oligopoly?
33:26 Solvers vs Builders and user outcomes
36:59 Rollups, shared sequencers, and inclusion
38:12 Specialization and niche opportunities
40:45 Can coordinated specialists outcompete integrated Builders?
42:30 Strategy-driven specialization
44:43 Competitive pressure from Uniswap & aggregators
46:22 Should Builders accept exclusive order flow deals?
48:40 Who gets squeezed first—Builders or solvers?
50:11 Top 3 long-term Builder success factors
51:09 Outro & closing remarks

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🇹🇷 *Pragma Istanbul*
The sixth edition of Pragma took place in Istanbul in November 2023 with a curated series of high-quality talks that sparked thought and discussion. Pragma Istanbul 2023 was an opportunity discuss the future of web3 and reflect on the past. Watch the full Pragma Istanbul 2023 playlist here: https://youtube.com/playlist?list=PLXzKMXK2aHh4rHV1H4J7y0wDok4bIS17t&si=lb8ttkU1HS2tpnUP

ETHGlobal's Pragma series takes place in cities around the world, and is designed to be a different kind of event. Pragma is a one-stage conference with founders-only on stage, bringing together a small group of curated attendees and speakers to discuss the future of web3 and reflect on the past. 

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