Explicit auctions are market mechanisms where participants openly declare their bids for an asset or service. Unlike implicit auctions, all bids are visible to all participants, fostering transparency in the price discovery process. These are commonly used in digital asset marketplaces and for allocating network resources.
Context
The design and implementation of explicit auction mechanisms are critical for fair resource allocation in decentralized systems. Discussions often center on their susceptibility to collusion, their efficiency in price determination, and their application in areas such as decentralized domain name systems or initial coin offerings. Understanding these mechanisms is key to grasping how certain digital assets or network access are distributed.
This research identifies MEV-driven spam as the primary scaling bottleneck, proposing programmable privacy and explicit auctions to unlock efficient blockspace.
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