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This study explores the intricacies of waiting games, a novel dynamic thatemerged with Ethereum's transition to a Proof-of-Stake (PoS)-based blockproposer selection protocol. Within this PoS framework, validators acquire adistinct monopoly position during their assigned slots, given that blockproposal rights are set deterministically, contrasting with Proof-of-Work (PoW)protocols. Consequently, validators have the power to delay block proposals,stepping outside the honest validator specs, optimizing potential returnsthrough MEV payments. Nonetheless, this strategic behaviour introduces the riskof orphaning if attestors fail to observe and vote on the block timely. Ourquantitative analysis of this waiting phenomenon and its associated risksreveals an opportunity for enhanced MEV extraction, exceeding standard protocolrewards, and providing sufficient incentives for validators to play the game.Notably, our findings indicate that delayed proposals do not always result inorphaning and orphaned blocks are not consistently proposed later thannon-orphaned ones. To further examine consensus stability under varying networkconditions, we adopt an agent-based simulation model tailored for PoS-Ethereum,illustrating that consensus disruption will not be observed unless significantdelay strategies are adopted. Ultimately, this research offers valuableinsights into the advent of waiting games on Ethereum, providing acomprehensive understanding of trade-offs and potential profits for validatorswithin the blockchain ecosystem.

Time Moves Faster When There is Nothing You Anticipate: The Role of Time in MEV Rewards