Notions of Fairness in Mysticeti
· 38 min read
Introduction
Blockchains have ushered in a new era where decentralization and fairness take center stage. Early DeFi primitives embraced these ideals, but as blockchains matured and were better understood, a supply chain focused on value extraction emerged. Simultaneously, builders recognized the challenges of constructing entirely on-chain solutions in an increasingly unfair environment. Consequently, much of modern "DeFi" has evolved into a mix of centralized off-chain infrastructure with on-chain custody. These off-chain solutions seemingly contradict the ethos behind blockchain, by reintroducing centralization, allowing for increased value extraction, and reducing the ability for competition.