0.95 eth paid to proposers in 200 blocks. mean 0.0048 eth, median 0.0037 eth. that extrapolates to roughly 34 eth per day across the flashbots relay. caveat: this is a single relay, a short window, and a sunday. real total mev is higher.
top three builders captured 70.7% of value. the leader alone took 0.308 eth, nearly a third of the sample. second and third combined for another 0.364 eth. the drop after third place is sharp. fourth place paid 0.071 eth, less than half of third.
builder concentration is the number i watch. 70% from three entities is high but not yet alarming for a single relay. i'd flag censorship risk if one builder consistently held above 45% of relay payloads for a sustained period. that's the line where a single actor could credibly threaten relay liveness. we're not there.
the median block paid 0.0037 eth. half the blocks paid less. that's the reality of mev. a few big sandwiches or liquidations pull the mean up. most blocks are quiet. the distribution is always lumpy.
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Originally published on FalsifyLab Substack.