Boost+: Equitable, Incentive-Compatible Block Building
This paper proposes Boost+, a mechanism that decouples transaction collection and ordering to ensure equitable access and incentive-compatible truthful bidding for both builders and searchers, thereby addressing the centralization and efficiency issues plaguing Ethereum's current MEV-Boost ecosystem.
Original paper licensed under CC BY 4.0 (http://creativecommons.org/licenses/by/4.0/). This is an AI-generated explanation of the paper below. It is not written or endorsed by the authors. For technical accuracy, refer to the original paper. Read full disclaimer
The Problem: The "VIP Backdoor" in the Blockchain
Imagine a busy highway (the blockchain) where cars (transactions) need to get to their destination. The road has limited space, so only a certain number of cars can fit in each "block" of traffic.
In the current system (called MEV-Boost), there is a special group of people called Builders who get to decide which cars get on the road and in what order. They want to make the most money, so they try to pack the road with the most valuable cars.
However, a problem has developed called Integration.
- The Analogy: Imagine a race car driver (a "Searcher") who has a super-fast car. Instead of letting all the Builders see their car, they secretly hand it only to one specific Builder (say, "Builder Titan").
- The Result: Because Builder Titan has exclusive access to this super-fast car, they can always win the auction to build the next block. They become a monopoly. Other Builders can't compete because they don't have access to the best cars.
- The Consequence: This creates a "VIP Backdoor." It makes the system unfair, centralizes power in the hands of a few, and hides how money is actually moving around. It's like a restaurant where only the owner's friends get to order the best food, while everyone else gets leftovers.
The Solution: Boost+ (The "Open Kitchen" System)
The authors propose a new system called Boost+. Their goal is to close the VIP backdoor and make the kitchen open to everyone, while still making sure the chefs (Builders) want to cook the best meal possible.
Here is how it works, step-by-step:
1. The "Open Table" Rule
In Boost+, Searchers (the people with the cars) don't send their cars to a specific Builder. Instead, they put their cars on a public table inside a Trusted Execution Environment (TEE).
- The Analogy: Think of the TEE as a glass-walled kitchen. Everyone can see the ingredients (transactions) on the table, but no one can sneakily swap them or steal them while they are being cooked.
- The Rule: Every Builder gets to see the exact same list of cars. No one gets a private VIP list.
2. The "Default Chef" vs. The "Guest Chefs"
To ensure fairness, the system has a Default Algorithm (a "Default Chef"). This is a standard, fair recipe that anyone can use to arrange the cars.
- The Twist: Builders can still bring their own "Secret Recipes" (algorithms) to try and do a better job.
- The Competition: The system runs the Default Chef's recipe and all the Guest Chefs' recipes against the same list of cars.
- The Winner: The recipe that creates the most valuable block wins.
3. The "Honesty Bonus" (Incentive Compatibility)
The paper's biggest claim is that this system makes it smartest to be honest.
- For Builders: If a Builder tries to lie about how good their recipe is, they won't get paid more. In fact, the system is designed like a second-price auction. If you win, you only pay just enough to beat the second-best recipe. This means your best strategy is to bid your true value.
- For Searchers: If a Searcher tries to hide their car or lie about its value, they usually lose out.
- Special Case: If a car doesn't conflict with any other car (it's "conflict-free," like a car driving in an empty lane), the system guarantees that the Searcher gets their full value back, no matter what.
- The "Integration" Trap: Even if a Searcher tries to secretly team up with a Builder to hide their car, the math shows they actually lose money compared to just playing fair. The system makes "cheating" a losing strategy.
4. The "Conflict Groups" (The Traffic Jams)
The authors realized that some cars conflict with each other (e.g., two cars trying to use the same parking spot). Sorting these out is a math puzzle.
- The Research: They studied millions of real transactions and found that most "traffic jams" are actually very small. Usually, only a few cars are fighting over the same spot.
- The Solution: They built a "Default Chef" that groups these cars. If the group is small, it tries every possible order to find the best one. If the group is huge, it uses smart shortcuts.
- The Result: Their "Default Chef" actually finds the perfect arrangement of cars 53.2% of the time. When it doesn't find the perfect one, it's still very close to the best possible outcome.
Summary of the Paper's Claims
- Boost+ exists: It is a new system design that separates the collection of transactions from the ordering of them.
- It stops "Integration": By forcing all Builders to see the same transactions, it removes the advantage of having private VIP deals.
- It rewards honesty: The math (mechanism design) proves that for both Builders and Searchers, the best strategy is to tell the truth and play by the rules.
- It works in practice: The authors built a "Default Algorithm" based on real-world data. It is fast enough to run on a computer and finds the best solution more than half the time.
- It encourages innovation: Builders are still rewarded if they invent a better algorithm than the Default one, so they are motivated to keep improving.
In a nutshell: Boost+ turns the blockchain block-building process from a "secret club" where insiders win, into a "transparent marketplace" where the best algorithm wins, and everyone is rewarded for playing fair.
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