The outcome of the ConstitutionDAO was somewhat predictable. With the max bid of the DAO being public information, any interested buyer was aware of the floor price and could make sure to have sufficient capital on hand to win the auction. Meanwhile, the DAO was unable to collect additional capital, even though it was clear it could have with more time.

Ken has made his fortune benefiting from exploiting asymetric information advantages in markets. His company, Citadel Securities, makes money by purchasing the exclusive right to see the state of retail orders before anyone else. Ironic to say the least.

Many crypto believers presume this behavior is impossible in defi. They take censorship resistance and equal opportunity for granted. What they fail to realize is that the defi ecosystem is shifting towards the tradfi model of finance at an

The outcome of the ConstitutionDAO was somewhat predictable. With the max bid of the DAO being public information, any interested buyer was aware of the floor price and could make sure to have sufficient capital on hand to win the auction. Meanwhile, the DAO was unable to collect additional capital, even though it was clear it could have with more time.

Ken has made his fortune benefiting from exploiting asymetric information advantages in markets. His company, Citadel Securities, makes money by purchasing the exclusive right to see the state of retail orders before anyone else. Ironic to say the least.

Many crypto believers presume this behavior is impossible in defi. They take censorship resistance and equal opportunity for granted. What they fail to realize is that the defi ecosystem is shifting towards the tradfi model of finance at an