Since 2024, validators have earned $1.36B in execution-layer rewards – and builders retained $404M in surplus. Where does that edge come from? Continuing our Block Building series, we trace it to exclusive orderflow relationships: why Titan builds half of all blocks but captures 80-85% of builder surplus, how the beaverbuild-to-BuilderNet transition reshuffled the market's most valuable flow, and why block building is a contest of bilateral, contestable relationships rather than platform lock-in.

Who actually pays for priority on Ethereum? Continuing our Block Building series, with the first half of a two-part deep dive into the state of Ethereum block building since 2024: The demand side.

This is a high-level explainer of the Ethereum transaction supply chain and market structure. It aims to set the stage for readers unfamiliar with these topics before using deep on-chain data to quantify the transaction supply chain and its key players in our forthcoming research series. See also the thematically structured glossary below.

$ARX, Arcium's network token, is live, with listings on Upbit, Bitget, Coinbase, Kraken and further exchanges. Greenfield backed Arcium in 2023 and has been operating an Arx node from day one of their testnet to help the team launch its encrypted supercomputer: a decentralized network that lets anyone compute on fully encrypted data – data that no one, not even the nodes doing the computing, can see. A token launch is a good moment to step back, revisit why we invested in privacy in the first place, and explain why we believe our original thesis has not just held up, but compounded and what it means in practice to back a network like this, not just with capital, but by also operating blockchain infrastructure.