Abstract
Cryptocurrencies were conceived to break away from traditional finance and the dominance of central institutions. Yet in practice, building viable, scalable, and fair marketplaces has proven harder than expected. This paper identifies three core limitations—throughput, leverage, and fairness—that continue to constrain decentralized trading. We outline how these have historically pushed crypto back toward familiar TradFi tools and propose a new protocol that aims to restore the original vision: permissionless, fast, and fair markets with no centralized choke points. Our approach leverages network latency and cryptographic fragmentation to protect against front-running and manipulation, allowing for real-time, censorship-resistant execution at scale.
Contents
- From Dream to Deployment
- Three Foundational Limitations
- Introduction
- Our Proposal: A Fair, Fast, and Fully Decentralized Exchange Protocol
- Speed of Light and Geographical Fairness – a Simplified Example
- Market Microstructure and Incentives for Price Discovery
- Technical Overview
- Network Stack, Feasibility, and Network Throughput
- Security and Attack Vectors
The full paper — figures, equations and appendices — is in the PDF above. Authored pseudonymously by Imosuke Takakuni.