Ethereum ePBS: Discussion on Capital Deposit and Relay Structure

In the Ethereum (ETH) block construction market, the capital deposit method for ensuring builder payments and the relay-based intermediary structure are being discussed. The proposed in-protocol proposer-builder separation (ePBS) is designed to divide the roles of validators proposing blocks and builders composing transactions. EIP-7732 allows builders to deposit Ether to guarantee payments and permits trust-based payments, and it is currently in the 'Review' stage. When protocol payments are chosen, the builder's payment commitments are communicated to the validators. Builders must secure the necessary Ether for bidding in advance, and the deposits cannot be used for other purposes. At the Lido governance forum, Jason Branek pointed out the costs of funds being unproductively locked and the need for reserves against high-cost 'tail risk' blocks. It remains uncertain whether relays will disappear after the introduction of ePBS, as relays can aggregate bids from multiple builders to operate public auctions. Ethereum's next major upgrade, Gelmsterdam, is currently being tested on the developer network, with the mainnet application expected in Q4 2026. Gelmsterdam proposes separating consensus verification and execution verification to provide more time for block propagation and verification. The Ethereum Foundation has presented FOCIL as a key component of future upgrades, which is designed to enhance transaction inclusion guarantees by allowing multiple validators to propose conditions for transactions to be included in the builder's block.

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