Watching a UI to see the order book flash on the right and update every 400ms is just magical
It looks and feels *identical* to a CEX, but underneath, it's a censorship resistant DEX
Welcome to the future
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How does Serum combat front running? Isnโt Solana only a handful of servers?
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Over 100 validators live on main net today, see solanabeach.io
Block times are 400ms so opportunities for front running are low
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Hmm but fundamentally thatโs the problem of an order book on Dex. The validators always have a first look at the market. Itโs MEV in a much bigger way than the AMMs
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400ms and everything makes the next block means MEV is < 10% of Ethereum's. It's tiny.
Why is it a bigger problem on order books than AMMs?
Perfect knowledge of the entire market before anyone trades and the ability to adjust order before anyone trades means that (eventually) the market wonโt work. 400ms is a very long time. AMMs work generally because people donโt expect them to be perfect and ordering is less imp
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How does a quicker block time mean less extractable value?
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All of this isnโt to diminish your accomplishment. Amazing work, cool UI and great go to market. Perfect is impossible. Order books are long term bad design as the space gets more advanced. AMMs were a great first step and we need more innovation.
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yup - but that doesn't change the dynamic. It's straight up "Flash Boys" (both 1.0 and 2.0) in a way where one side has 400ms (or more) and the other side has 0ms. Can manipulate who you buy or sell from completely.
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Plus, further ordering protection can be incorporated in the smart contracts.
