This paper considers the "DeFi intermediation chain"--the market structure that underlies the creation and distribution … of ETH, the native cryptocurrency of Ethereum--to examine how information asymmetry shapes intermediation rents. We argue …

market maker's entry drives all middlemen out of business, monopolizing the intermediation of trade in the market …

The theory of international trade has paid scant attention to market institutions. Neither neoclassical theory nor new … have developed a stylized but explicit model of intermediation in trade. In this short paper, we present a variant of this …

, suffer a loss, that is not offset by gains to the monopolist. This is the "deadweight loss" from monopoly, and in … conventional analysis the only social cost of monopoly. The loss suffered by those who continue to buy the product at the higher … cost is regarded merely as a transfer from consumers to owners of the monopoly seller and has not previously been factored …