Ethereum co-founder Vitalik Buterin has unveiled plans to decentralize block building and address the issue of Maximum Extractable Value (MEV) through several initiatives. The strategy includes the implementation of enshrined Proposer-Builder Separation (ePBS), Fair Ordering Consensus Incentive Layer (FOCIL), and the use of encrypted mempools. These measures aim to enhance the network's security and fairness by reducing the influence of centralized entities in block production and mitigating the negative impacts of MEV on the Ethereum ecosystem.