Credible Decentralized Exchange Design via Verifiable Sequencing Rules. (arXiv:2209.15569v1 [cs.GT])

Trading on decentralized exchanges has been one of the primary use cases for
permissionless blockchains with daily trading volume exceeding billions of
U.S.~dollars. In the status quo, users broadcast transactions and miners are
responsible for composing a block of transactions and picking an execution
ordering -- the order in which transactions execute in the exchange. Due to the
lack of a regulatory framework, it is common to observe miners exploiting their
privileged position by front-running transactions and obtaining risk-fee
profits. …

decentralized design exchange rules