Price Discovery on Decentralized Exchanges
研究了去中心化交易所中，高费用交易更能促进价格发现，知情交易者通过高竞价获取优先执行权，并采用跳价策略来阻止竞争者。
Abstract Decentralized exchanges (DEXs) allow traders to express their willingness to pay for quick execution through a public priority fee bidding mechanism. We provide evidence that high-fee DEX trades are more informative and contribute more to price discovery. Using address-level blockchain transaction data, we show that informed traders persistently bid higher fees to secure early execution, revealing a strong willingness to pay for execution priority. Further, analysis of Ethereum mempool data demonstrates that informed traders employ a “jump bidding” strategy, placing high initial bids to deter potential competitors.