{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,8,23]],"date-time":"2025-08-23T00:08:16Z","timestamp":1755907696758,"version":"3.44.0"},"publisher-location":"New York, NY, USA","reference-count":32,"publisher":"ACM","license":[{"start":{"date-parts":[[2024,11,14]],"date-time":"2024-11-14T00:00:00Z","timestamp":1731542400000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":["dl.acm.org"],"crossmark-restriction":true},"short-container-title":[],"published-print":{"date-parts":[[2024,11,14]]},"DOI":"10.1145\/3677052.3698629","type":"proceedings-article","created":{"date-parts":[[2024,11,14]],"date-time":"2024-11-14T06:38:06Z","timestamp":1731566286000},"page":"813-821","update-policy":"https:\/\/doi.org\/10.1145\/crossmark-policy","source":"Crossref","is-referenced-by-count":0,"title":["To Compete or Collude: Bidding Incentives in Ethereum Block Building Auctions"],"prefix":"10.1145","author":[{"ORCID":"https:\/\/orcid.org\/0009-0004-5717-0219","authenticated-orcid":false,"given":"Fei","family":"Wu","sequence":"first","affiliation":[{"name":"King's College London, UK"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-4998-3100","authenticated-orcid":false,"given":"Thomas","family":"Thiery","sequence":"additional","affiliation":[{"name":"Ethereum Foundation, PT"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-1498-1490","authenticated-orcid":false,"given":"Stefanos","family":"Leonardos","sequence":"additional","affiliation":[{"name":"King's College London, UK"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-1464-1215","authenticated-orcid":false,"given":"Carmine","family":"Ventre","sequence":"additional","affiliation":[{"name":"King's College London, UK"}]}],"member":"320","published-online":{"date-parts":[[2024,11,14]]},"reference":[{"key":"e_1_3_2_1_1_1","unstructured":"Data Always. 2023. The Influence of CeFi-DeFi Arbitrage on Order-Flow Auction Bid Profiles. https:\/\/ethresear.ch\/t\/the-influence-of-cefi-defi-arbitrage-on-order-flow-auction-bid-profiles\/17258. Accessed: 2024-04-29."},{"key":"e_1_3_2_1_2_1","unstructured":"Maryam Bahrani Pranav Garimidi and Tim Roughgarden. 2024. Centralization in Block Building and Proposer-Builder Separation. arxiv:2401.12120\u00a0[cs.GT] https:\/\/arxiv.org\/abs\/2401.12120"},{"key":"e_1_3_2_1_3_1","volume-title":"A next-generation smart contract and decentralized application platform. white paper 3, 37","author":"Vitalik Buterin","year":"2014","unstructured":"Vitalik Buterin 2014. A next-generation smart contract and decentralized application platform. white paper 3, 37 (2014), 2\u20131."},{"key":"e_1_3_2_1_4_1","volume-title":"Combining GHOST and casper. arXiv preprint arXiv:2003.03052","author":"Vitalik Buterin","year":"2020","unstructured":"Vitalik Buterin 2020. Combining GHOST and casper. arXiv preprint arXiv:2003.03052 (2020)."},{"key":"e_1_3_2_1_5_1","unstructured":"Philip Daian 2019. Flash Boys 2.0: Frontrunning Transaction Reordering and Consensus Instability in Decentralized Exchanges. arxiv:1904.05234\u00a0[cs.CR] https:\/\/arxiv.org\/abs\/1904.05234"},{"key":"e_1_3_2_1_6_1","unstructured":"Ethereum. 2022. Honest Validator - Ethereum Consensus Specifications. https:\/\/github.com\/ethereum\/consensus-specs\/tree\/dev\/specs. Accessed: 2024-04-13."},{"key":"e_1_3_2_1_7_1","unstructured":"Ethereum. 2022. The Merge. https:\/\/ethereum.org\/en\/roadmap\/merge\/. Accessed: 2024-04-29."},{"key":"e_1_3_2_1_8_1","unstructured":"Ethereum. 2024. Proposer-Builder Separation. https:\/\/ethereum.org\/en\/roadmap\/pbs\/. Accessed: 2024-04-29."},{"key":"e_1_3_2_1_9_1","unstructured":"Flashbots. 2022. MEV-Boost. https:\/\/docs.flashbots.net\/flashbots-mev-boost\/. Accessed: 2024-04-29."},{"key":"e_1_3_2_1_10_1","unstructured":"Flashbots. 2024. Mempool Dumpster. https:\/\/github.com\/flashbots\/mempool-dumpster Accessed: 2024-04-08."},{"key":"e_1_3_2_1_11_1","unstructured":"Flashbots and Dune. 2024. Mempool Hygrometer. https:\/\/dune.com\/flashbots\/mempool-hygrometer Accessed: 2024-04-08."},{"key":"e_1_3_2_1_12_1","doi-asserted-by":"publisher","DOI":"10.4230\/LIPIcs.AFT.2023.20"},{"key":"e_1_3_2_1_13_1","unstructured":"Quintus Kilbourn. 2022. Order flow auctions and centralisation I - a warning. https:\/\/writings.flashbots.net\/order-flow-auctions-and-centralisation. Accessed: 2024-04-23."},{"key":"e_1_3_2_1_14_1","unstructured":"Quintus Kilbourn. 2023. Order flow auctions and centralisation II - order flow auctions. https:\/\/writings.flashbots.net\/order-flow-auctions-and-centralisation-II. Accessed: 2024-04-23."},{"key":"e_1_3_2_1_15_1","volume-title":"OpenSpiel: A Framework for Reinforcement Learning in Games. CoRR abs\/1908.09453","author":"Marc Lanctot","year":"2019","unstructured":"Marc Lanctot 2019. OpenSpiel: A Framework for Reinforcement Learning in Games. CoRR abs\/1908.09453 (2019). arxiv:1908.09453\u00a0[cs.LG] http:\/\/arxiv.org\/abs\/1908.09453"},{"key":"e_1_3_2_1_16_1","unstructured":"Angela Lu. 2024. Illuminating The Order Flow Landscape. https:\/\/writings.flashbots.net\/illuminate-the-order-flow. Accessed: 2024-04-23."},{"key":"e_1_3_2_1_17_1","unstructured":"Michael Neuder. 2023. Bid cancellations considered harmful. https:\/\/ethresear.ch\/t\/bid-cancellations-considered-harmful\/15500. Accessed: 2024-04-23."},{"key":"e_1_3_2_1_18_1","unstructured":"Alexandre Obadia Alejo Salles Lakshman Sankar Tarun Chitra Vaibhav Chellani and Philip Daian. 2021. Unity is Strength: A Formalization of Cross-Domain Maximal Extractable Value. arxiv:2112.01472\u00a0[cs.CR]"},{"key":"e_1_3_2_1_19_1","volume-title":"\u03b1 -rank: Multi-agent evaluation by evolution. Scientific reports 9, 1","author":"Omidshafiei Shayegan","year":"2019","unstructured":"Shayegan Omidshafiei, Christos Papadimitriou, Georgios Piliouras, Karl Tuyls, Mark Rowland, Jean-Baptiste Lespiau, Wojciech\u00a0M Czarnecki, Marc Lanctot, Julien Perolat, and Remi Munos. 2019. \u03b1 -rank: Multi-agent evaluation by evolution. Scientific reports 9, 1 (2019), 9937."},{"key":"e_1_3_2_1_20_1","volume-title":"Who Wins Ethereum Block Building Auctions and Why?arXiv preprint arXiv:2407.13931","author":"\u00d6z Burak","year":"2024","unstructured":"Burak \u00d6z, Danning Sui, Thomas Thiery, and Florian Matthes. 2024. Who Wins Ethereum Block Building Auctions and Why?arXiv preprint arXiv:2407.13931 (2024)."},{"key":"e_1_3_2_1_21_1","unstructured":"Mallesh Pai and Max Resnick. 2023. Structural Advantages for Integrated Builders in MEV-Boost. arxiv:2311.09083\u00a0[econ.TH]"},{"key":"e_1_3_2_1_22_1","doi-asserted-by":"publisher","DOI":"10.1109\/SP46214.2022.9833734"},{"key":"e_1_3_2_1_23_1","volume-title":"Timing Games: Implications and Possible Mitigations. https:\/\/ethresear.ch\/t\/timing-games-implications-and-possible-mitigations\/17612. Accessed: 2024-04-23.","author":"Schwarz-Schilling Caspar","year":"2023","unstructured":"Caspar Schwarz-Schilling and Michael Nueder. 2023. Timing Games: Implications and Possible Mitigations. https:\/\/ethresear.ch\/t\/timing-games-implications-and-possible-mitigations\/17612. Accessed: 2024-04-23."},{"key":"e_1_3_2_1_24_1","volume-title":"Time is Money: Strategic Timing Games in Proof-of-Stake Protocols. arXiv preprint arXiv:2305.09032","author":"Schwarz-Schilling Caspar","year":"2023","unstructured":"Caspar Schwarz-Schilling, Fahad Saleh, Thomas Thiery, Jennifer Pan, Nihar Shah, and Barnab\u00e9 Monnot. 2023. Time is Money: Strategic Timing Games in Proof-of-Stake Protocols. arXiv preprint arXiv:2305.09032 (2023)."},{"key":"e_1_3_2_1_25_1","unstructured":"Thomas Thiery. 2023. Empirical analysis of Builders\u2019 Behavioral Profiles (BBPs). https:\/\/ethresear.ch\/t\/empirical-analysis-of-builders-behavioral-profiles-bbps\/16327. Accessed: 2024-04-23."},{"key":"e_1_3_2_1_26_1","doi-asserted-by":"publisher","DOI":"10.1007\/s10458-019-09432-y"},{"key":"e_1_3_2_1_27_1","unstructured":"Anton Wahrst\u00e4tter. 2023. mevboost.pics. https:\/\/github.com\/Nerolation\/mevboost.pics. Accessed: 2024-04-20."},{"key":"e_1_3_2_1_28_1","volume-title":"Time to Bribe: Measuring Block Construction Market. arXiv preprint arXiv:2305.16468","author":"Wahrst\u00e4tter Anton","year":"2023","unstructured":"Anton Wahrst\u00e4tter, Liyi Zhou, Kaihua Qin, Davor Svetinovic, and Arthur Gervais. 2023. Time to Bribe: Measuring Block Construction Market. arXiv preprint arXiv:2305.16468 (2023)."},{"key":"e_1_3_2_1_29_1","volume-title":"Analyzing Complex Strategic Interactions in Multi-Agent Systems. AAAI-02 Workshop on Game-Theoretic and Decision-Theoretic Agents","author":"Walsh William","year":"2002","unstructured":"William Walsh, Rajarshi Das, Gerald Tesauro, and Jeffrey Kephart. 2002. Analyzing Complex Strategic Interactions in Multi-Agent Systems. AAAI-02 Workshop on Game-Theoretic and Decision-Theoretic Agents (2002)."},{"key":"e_1_3_2_1_30_1","unstructured":"Michael\u00a0P. Wellman Karl Tuyls and Amy Greenwald. 2024. Empirical Game-Theoretic Analysis: A Survey. arxiv:2403.04018\u00a0[cs.GT]"},{"key":"e_1_3_2_1_31_1","doi-asserted-by":"publisher","DOI":"10.1109\/ICBC59979.2024.10634354"},{"key":"e_1_3_2_1_32_1","unstructured":"Sen Yang Kartik Nayak and Fan Zhang. 2024. Decentralization of Ethereum\u2019s Builder Market. arxiv:2405.01329\u00a0[cs.CR]"}],"event":{"name":"ICAIF '24: 5th ACM International Conference on AI in Finance","acronym":"ICAIF '24","location":"Brooklyn NY USA"},"container-title":["Proceedings of the 5th ACM International Conference on AI in Finance"],"original-title":[],"link":[{"URL":"https:\/\/dl.acm.org\/doi\/10.1145\/3677052.3698629","content-type":"unspecified","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/dl.acm.org\/doi\/pdf\/10.1145\/3677052.3698629","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,8,22]],"date-time":"2025-08-22T17:11:09Z","timestamp":1755882669000},"score":1,"resource":{"primary":{"URL":"https:\/\/dl.acm.org\/doi\/10.1145\/3677052.3698629"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2024,11,14]]},"references-count":32,"alternative-id":["10.1145\/3677052.3698629","10.1145\/3677052"],"URL":"https:\/\/doi.org\/10.1145\/3677052.3698629","relation":{},"subject":[],"published":{"date-parts":[[2024,11,14]]},"assertion":[{"value":"2024-11-14","order":3,"name":"published","label":"Published","group":{"name":"publication_history","label":"Publication History"}}]}}