Blockchain markets with discrete clearing and paid priority fees experience endogenous trader selection that biases prices, impairs liquidity, and risks market shutdown as competition rises.
De Frutos, M Ángeles, and Carolina Manzano, 2002, Risk aversion, transparency, and market performance,The Journal of Finance57, 959–984
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The Viability of Blockchain Markets under Discrete Clearing and Paid Priority
Blockchain markets with discrete clearing and paid priority fees experience endogenous trader selection that biases prices, impairs liquidity, and risks market shutdown as competition rises.