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RESEARCH

Batch Auctions End Crypto’s Extraction Bottleneck

Batch auctions solve extraction where needed. Commit-reveal uniform-price design gives approximate honesty in large markets, sacrificing exact efficiency and finite-size strategyproofness. Crypto's binding constraint is demand-side: incentives reward casinos, liquidity follows. Technical wins sharpened tools but didn't shift targets. Positive-sum coordination exists; adoption lags.

ETHRESEAR.CH · JUL 22