How Does the Concept of ‘Proposer-Builder Separation’ (PBS) Relate to Flashbots?

PBS is a protocol-level design that formalizes the separation of block construction (building) from block selection (proposing). Flashbots was an early, centralized implementation of this idea, creating a private market for MEV bundles.

PBS is the decentralized, enshrined version that integrates the MEV auction directly into the blockchain's consensus mechanism.