Yingdi Shan

Ao Zhang, Yunwen Liu, Ren Zhang et al.

This study investigates the rapid centralization of the Ethereum builder market under the Proposer-Builder Separation (PBS) architecture. We argue that existing research, by focusing predominantly on influential order flows, lacks a comprehensive evaluation of order flow behavioral patterns and economic purposes. To address this gap, we analyze Ethereum transactions from September 2023 to August 2025 to characterize Exclusive Order Flows (EOFs) and non-atomic Maximal Extractable Value (MEV) -- the missing components corresponding to these behavioral and economic dimensions, respectively. We introduce a novel exclusivity metric based on Kullback-Leibler divergence and employ supervised learning to identify 75 EOFs and 322 non-atomic MEV flows, which account for 71\% and 23\% of trading-related builder revenue. A longitudinal analysis of builder strategies across these dimensions delineates the market's evolution into four distinct eras, revealing that while EOFs were instrumental in establishing early dominance, incumbents have since decoupled market share from immediate EOF dependency by leveraging entrenched network effects. Ultimately, we conclude that builder centralization is an emergent property of the PBS framework itself, as the architecture systematically violates the fundamental prerequisites of a competitive market.

Xun Sun, Shaoyuan Chen, Pingchuan Ma et al.

Mixture-of-Experts (MoE) serving relies on wide expert parallelism (EP) to aggregate the memory capacity and bandwidth of many GPUs within one inference instance. This efficiency comes with a systems cost: every decoding step depends on token dispatch and combination across all active EP ranks, so even one rank failure can disrupt the entire service. Existing EP stacks handle such failures poorly because they treat membership as a fixed configuration established at initialization. The same rank set determines communicator state, expert placement, and the routing metadata baked into CUDA execution graphs, leaving the system with no way to shrink around a failure while keeping the instance valid. This paper argues that partial-failure tolerance should instead be formulated as a live EP validity problem. We present EEP, a communication and runtime substrate that represents membership as explicit, mutable runtime state. EEP repairs the specific state invalidated by a fault: it restores peer reachability without rebuilding the communication substrate, repairs lost expert coverage through a bandwidth-aware hierarchy, and reintegrates repaired ranks without forcing healthy ranks to recapture their CUDA graphs. We implement EEP in an EP serving stack integrated with SGLang and evaluate it under steady-state serving, failure recovery, and rank reintegration. The results show that explicit mutable membership preserves the steady-state fast path, staying within 4.4% of a fixed-membership DeepEP baseline under static serving, while turning a local rank fault from whole-instance downtime into two bounded interruptions. On a single-rank failure workload, EEP incurs an 11s recovery pause and an 8s reintegration pause, and restores throughput to within 95% of the pre-fault level within 52s, whereas a fixed-membership full-restart baseline remains unavailable until 348s.

Chengyu Qiu, Xiao Fu, Fengcun Li et al.

Attention--Feed-Forward Network (FFN) Disaggregation (AFD) is emerging as a promising architecture for serving Mixture-of-Experts (MoE) language models. While existing AFD systems improve the efficiency of disaggregated execution, they leave a deployment question unanswered: under the same model, workload, time-per-output-token (TPOT) service-level objective (SLO), hardware budget, hardware catalog, and runtime capabilities, does AFD provide higher throughput than the best collocated deployment? Answering this question requires jointly optimizing hardware assignment and deployment organization for both architectures, making exhaustive provisioning prohibitively expensive. We present AFD-Ledger, an offline analytical provisioning system that independently provisions AFD and collocated deployments using an analytical execution model and an evaluation-bounded hardware search. Across deployment spaces where exhaustive provisioning is feasible, AFD-Ledger reduces complete deployment evaluations by 68.8%--83.5% while still recovering the globally optimal deployment. On three physical LongCat 2.0 deployments, it preserves the correct architecture decision while predicting AFD-to-collocated throughput within 6.6%--9.6% of measurement. Using this validated framework, we show that homogeneous AFD improves fixed-budget throughput in only a minority of the studied settings, heterogeneous AFD requires deployment-level hardware complementarity rather than heuristic device selection, and role-specific hardware improvements matter primarily when they enable better deployment organizations by crossing deployment capability--price boundaries.