On-chain fairness refers to the equitable treatment of all participants and transactions within a blockchain network. This concept addresses issues such as front-running, censorship, and unequal access to transaction ordering, aiming to ensure that no single entity gains an unfair advantage through their position or capabilities. It promotes a level playing field for all users interacting with decentralized applications and protocols. Achieving fairness enhances trust and system integrity.
Context
On-chain fairness is a significant and ongoing debate in the cryptocurrency space, particularly concerning Maximal Extractable Value (MEV) and transaction ordering. News often covers new protocol designs and research efforts aimed at mitigating unfair practices and promoting a more equitable operating environment. Solutions seek to protect ordinary users from sophisticated market manipulation.
Introducing the Smooth-Running Auction, a mechanism using Time-Averaged Commitments to decouple block value from proposer revenue, stabilizing MEV and promoting decentralization.
A Distributed Verifiable Random Function, built with threshold cryptography and zk-SNARKs, creates a publicly-verifiable, un-biasable randomness primitive essential for secure leader election and MEV mitigation.
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