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That Is what makes institutional DeFi a non-starter.” Private reads disguise which users and apps are querying, corresponding to balances and positions. The privateness conversation in crypto has finally escaped the “anonymous money” framing that dominated the last cycle. That’s a scaling and market-fairness problem 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 happens when somebody exploits the visibility of pending transactions to execute related transactions forward of them.
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