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What decentralized exchanges can — and can’t — do about market manipulation
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Quick Takes
- Decentralized exchanges are a cornerstone of crypto markets and, in many ways, the cutting edge of disintermediated finance.
- That new technology is at the center of debates about the next generation of market manipulation, as well as potential regulatory response.
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While high-profile hacks get all the headlines, decentralized exchanges are facing a longer-term challenge: market manipulation.
With the promise of transparent on-chain trading, DEXs are, to advocates, an alternative to opaque and at times corrupt traditional markets.
At the same time, the novelty of decentralized exchanges has opened up new means of market manipulation. Researchers at the University of Luxembourg identified a total of 199,725 attacks and 1,580 attacker accounts using frontrunning across five years of the Ethereum blockchain, most of which were novel forms of manipulation enabled by the way DEXs interact with the blockchain.
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This post is commissioned by Copper and does not serve as a testimonial or endorsement by The Block.
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Bored Ape NFT floor price hits record high above $430,000
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The floor price of Bored Ape Yacht Club NFTs has hit a record high both in terms of ETH and USD. Early buyers of the collection are sitting on massive gains.
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As Congress weighs digital wallet regulation, focus turns to electronic cash proposal
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Congress held a hearing on Thursday titled “What’s in your digital wallet?” Consumer protections in electronic payments were front and center, as was a new proposal for the Treasury to issue its own electronic cash.
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Labor Department has ‘grave concerns’ over Fidelity’s 401(k) bitcoin plans
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The US Labor Department said it has “grave concerns” about a decision to offer bitcoin as an investment option. It has scheduled a meeting with Fidelity to discuss the matter.
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THIS NEWSLETTER IS BROUGHT TO YOU BY
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BitMEX, the pioneer of crypto derivatives, is expanding with the launch of BitMEX Spot in May. To celebrate, we’re introducing BMEX Token rewards for new and existing users:
- Register and verify: 5 BMEX
- Buy more than US$250 in crypto: 10 BMEX
- Buy more than US$1000 in crypto: 30 BMEX
- Receive BMEX Tokens when you trade: up to 50,000 BMEX per month
Please click here for a detailed overview of the new BMEX token and rewards schedule being introduced in conjunction with BitMEX Spotoffers
To learn more, visit our website here or follow us on Twitter and Telegram*
*BitMEX products and services are not available to US Persons and in other specified jurisdictions.
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This post is commissioned by BitMex and does not serve as a testimonial or endorsement by The Block. This post is for informational purposes only and should not be relied upon as a basis for investment, tax, legal or other advice. You should conduct your own research and consult independent counsel and advisors on the matters discussed within this post. Past performance of any asset is not indicative of future results.
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