Contrary to popular belief, price discovery can occur at decentralized exchanges instead of at centralized exchanges. We discuss the underlying economics and how this affects bidding for block space. We also discuss how private memory pools affect bidding behavior and the price discovery process.

Guests: Agostino Capponi (Columbia University), Ruizhe Jia (Stanford University), Shihao Yu (Singapore Management University)

Paper: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4236993