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Proposer-builder separation
Proposer-builder separation (PBS) splits Ethereum block production into two jobs: specialized builders assemble blocks and bid to have them used, and the validator chosen as proposer picks the most profitable bid. An arrangement like this runs outside the protocol today; building it into the protocol is still research.
What it means for you. It shapes which transactions get in and in what order. Builders compete to profit from transaction ordering, which is how a swap with loose slippage settings can be sandwiched; and if a few builders dominate, they could leave certain transactions out, which the proposed inclusion lists are designed to counter.
Sources: ethereum.org: Proposer-builder separation, ethereum.org: Maximal extractable value (MEV) · checked 4 October 2026
MEV
MEV (maximal extractable value) is the profit that can be made by choosing which transactions go into a block and in what order, beyond normal fees and rewards. A common form is the sandwich: someone sees a large pending trade, buys just before it and sells just after.
What it means for you. If your swap is sandwiched, you get a worse price than you expected, up to the slippage limit you set. A wide slippage tolerance on a public pending trade gives more room for this.
Source: ethereum.org: Maximal extractable value · checked 4 October 2026