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That’s what makes institutional DeFi a non-starter.” Non-public reads cover which users and apps are querying, corresponding to balances and positions. The privateness dialog in crypto has finally escaped the “anonymous money” framing that dominated the final cycle. That’s a scaling and market-fairness drawback rooted in market construction. On some Ethereum L2s, bots now burn over half the gas simply searching for MEV, and they don’t pay proportionally for it. Front-running in blockchain occurs when someone exploits the visibility of pending transactions to execute comparable transactions ahead of them.
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