MEV-Share architecture: builders, relays e a economia de MEV pós-Pectra
Análise técnica da arquitetura MEV moderna em Ethereum — papel de builders, relays, searchers e MEV-Share, com data sobre captura e redistribuição em 2026.
06/04/2026 · 7 min de leitura · MEV · Tecnologia · DeepDive · Flashbots
MEV em Ethereum: a stack
Pós-Merge (2022), Ethereum separou execution e consensus. Proposers (validators) propõem blocks mas geralmente outsource o building para specialized 'block builders'. Builders compõem o conteúdo do block (orden de txs, MEV extracted) e enviam ao proposer via 'relay' (MEV-Boost relay).
Esta arquitetura é called PBS (Proposer-Builder Separation). Inicialmente off-chain (via MEV-Boost middleware). Em 2024-2025, discussion para enshrining PBS (ePBS) no protocolo. Em maio 2026, ainda off-chain mas highly standardized.
Builders
Block builders são specialized actors that monetize MEV. Em maio 2026, top builders por share: Beaverbuild (28%), Titan Builder (24%), Rsync Builders (12%), bloXroute (10%), Builder0x69 (9%), outros (17%).
Builder revenue: vary by builder e MEV environment. Top builders em 2024-2025 capturaram cerca de $100-500M anualmente in MEV revenue (after distributing maior part to proposers via bids).
Centralization risk: top 2 builders (Beaverbuild + Titan) capturam 52% dos blocks. Significant for Ethereum decentralization concerns.
Relays
Relays são middleware between builders e proposers. They verify builder submissions, ensure builder paid the bid, deliver block to proposer.
Top relays em maio 2026: Flashbots, Ultra Sound, BloXroute Max Profit, Eden Network, Manifold.
Filtering: alguns relays filter OFAC-sanctioned transactions (Flashbots compliant — until 2024 controversy). Censorship-resistant relays (Ultra Sound, Agnostic) exist to counter.
Searchers
Searchers são individual actors/bots que identify MEV opportunities e submit profitable transaction bundles to builders. Builders include best bundles em their proposed block.
Searcher revenue: hard to estimate, mas estimated em $50-300M annually. Heavy competition — top searchers usar custom hardware, ASIC-accelerated geo-replication, etc.
MEV-Share
MEV-Share, launched by Flashbots em 2023, é mechanism where users can capture portion of MEV generated by their own transactions. Process: user submits tx through MEV-Share node, searchers see partial information (hint), submit bundles that include user's tx + their backrunning. Profit distribution: user receives e.g. 80% of backrunning profit; searcher 10%, validator/builder 10%.
Adoption: em maio 2026, MEV-Share processes cerca de 50-100k transactions diárias. User rebates total cerca de $5-15M anualmente in MEV captured back.
For comparison, naked MEV extraction by searchers (sem MEV-Share) é estimated at $300-500M annually em Ethereum L1.
Pectra impacts
Pectra hard fork (May 2025) included EIP-7251 (max effective balance 2048 ETH) - allowed validator consolidation. Doesn't affect MEV directly but reduces validator count = potentially more concentration em proposer side.
Future ePBS (Enshrined Proposer-Builder Separation): proposed for Osaka 2026-2027. Would move PBS into protocol natively, reducing reliance on MEV-Boost middleware. Standardizes MEV economics.
Riscos sistêmicos
Risk 1: builder centralization. Top 2 builders capturing >50% blocks é credit-positive concern para Ethereum neutrality. Multiple efforts (Flashbots SUAVE, distributed builders) attempt decentralize.
Risk 2: relay censorship. If majority relays filter certain transactions, equivalent to network-level censorship. Mitigation: censorship-resistant relays + validator-level opt-in.
Risk 3: MEV strategies harming UX. Sandwich attacks, oracle manipulations, JIT liquidity. Costs users $100M+ annually. Mitigation: MEV-Share, batch auctions (CoWswap), private mempools.
For OFFCODE users
OFFCODE spot trading não envolve MEV (centralized orderbook matching). Para DeFi exposure: use private mempools (Flashbots Protect RPC), use MEV-protected aggregators (CoWswap, 1inch Fusion).
For staking ETH: choose LSDs that share MEV rewards transparently (Lido, Rocket Pool distribute MEV-Boost profits to stakers; Coinbase keeps for itself except cbETH yield).
Aviso YMYL: MEV is evolving rapidly. Strategies that work today may not work tomorrow. Continue learning, use available protections, e size exposure responsibly.