Explicit Bidding refers to a process in decentralized marketplaces or auction systems where participants openly declare their offers for an asset or service. Unlike implicit bidding mechanisms, explicit bids are directly observable and recorded on-chain or within a transparent ledger. This transparency allows all parties to see the current highest offer and the progression of the auction. It is a common feature in non-fungible token (NFT) marketplaces and certain decentralized finance protocols.
Context
The implementation of explicit bidding mechanisms is a subject of frequent discussion in the context of decentralized autonomous organizations (DAOs) and digital asset auctions. Debates often concern the optimal design of bidding protocols to prevent manipulation and ensure fair price discovery. Observing the application of explicit bidding in new decentralized applications provides insight into evolving market structures.
This research reveals Maximal Extractable Value as the primary bottleneck for blockchain scaling, proposing programmable privacy and explicit bidding for efficient resource allocation.
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