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Crypto’s New Class of Kingpins Emerge After The Merge

Now that the Ethereum software upgrade is complete, a small number of ‘builders’ have more power in the cryptoverse.

Mining the World’s Second-most-valuable Cryptocurrency at Evobits I.T SRL
Photographer: Akos Stiller/Bloomberg

The Merge created a new class of blockchain participants, called “builders.” The software upgrade, which refers to the Ethereum blockchain switching to a system called “proof of stake” from “proof of work,” is a significant shift in the current decentralized ecosystem. And now there are a relatively small number of these builders who have a significant amount of power on the blockchain.

What exactly do these builders do? Why are critics so concerned?