📝 SummarXiv

Abstract

We analyze 15,097 blocks proposed for inclusion in Ethereum's blockchain over an 8-minute window on December 3, 2024, during which 38 blocks were added to the chain. We classify transactions as exclusive -- present only in blocks from a single builder -- or private -- absent from the public mempool but included in blocks from multiple builders. We find that exclusive transactions account for 84% of the total fees paid by transactions in winning blocks. Furthermore, we show that exclusivity cannot be fully explained by exclusive relationships between senders and builders: about 7% of all exclusive transactions included on-chain, by value, come from senders who route exclusively to a single builder. Analyzing transaction logs shows that some exclusive transactions are duplicates or variations of the same strategy, but even accounting for that, the share of the total fees paid by transactions in winning blocks is at least 77.2%. Taken together, our findings highlight that exclusive transactions are the dominant source of builder revenues.