Delivery fairness in financial markets refers to the assurance that all participants receive trade execution and asset delivery without undue advantage or disadvantage based on factors like network latency or preferential access. It concerns the equitable distribution of assets or information, ensuring no party can systematically front-run or exploit others due to system design. This principle aims to uphold market integrity and equal opportunity. Achieving this is critical for transparent trading environments.
Context
In cryptocurrency and blockchain systems, delivery fairness is a central concern, particularly in decentralized finance (DeFi) and high-frequency trading. Issues like miner extractable value (MEV) or front-running exploits directly challenge the notion of fair delivery, as transaction order can be manipulated for profit. Discussions often involve protocol design modifications, such as fair ordering mechanisms or privacy-enhancing technologies, to mitigate these advantages. The ongoing pursuit of true delivery fairness remains a significant technical and ethical challenge within the digital asset ecosystem.
Introducing delivery-fairness, a new formal property, rigorously quantifies and mitigates the time-advantage vulnerability in randomness beacons, ensuring protocol-level fairness.
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