On blockchain networks like Ethereum, decentralized validation underpins the entire ecosystem. Yet paradoxically, the highly-technical process of constructing the blocks that store transactions may be quietly accruing influence in the hands of just a few.

According to an analysis by Ethereum researcher Thomas Thiery, block building has evolved into a high-stakes strategic arena. Specialized builders now utilize proprietary algorithms, privileged partnerships, and micro-optimized arbitrage strategies to maximize profits and the probability of block rights.

By quantifying bid timing, latency optimization, order flow sources, and transaction bundles, Thiery’s work exposes the competitive dynamics eroding Ethereum’s decentralized ethos.

The data proves that economic incentives drive …