MEV & Block Production
PBS means "proposal-builder separation", that means that you allow a 3rd party to construct an optimal block for your validator and use it for a slot.
In this setup, you validator is the block proposal, and this 3rd party is a block builder.
That allows for more optimal block production (more txs per block), more fees, MEV extraction.
The full proposal includes both PBS and crList for making sure potential centralization of block building doesn't affect the platform neutrality. See crList proposal for more info.
MEV-boost
MEV-Boost is the current live implementation by Flashbots, that uses APIs of PBS to produce blocks for your validators. Just like with previous flashbots, the advantage is that your blocks get more transaction fees. On the downside, it means that your validator (since crList is not implemented now) doesn't have any influence on what goes into your block.
You can read more about MEV-Boost and how to set it up there:
MEV-Boost depends on relayers to build blocks. Relayers are not only controlled and hosted by Flashbots, there are also 3rd party providers. Relayers code is open source.
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