We consider front-running to be a course of action where an entity benefits from prior access to privileged market information about upcoming transactions and trades. Front-running has been an issue in financial instrument markets since the 1970s. With the advent of the blockchain technology, front-running has resurfaced in new forms we explore here, instigated by blockchain's decentralized and transparent nature. In this paper, we draw from a scattered body of knowledge and instances of front-running across the top 25 most active decentral applications (DApps) deployed on Ethereum blockchain. Additionally, we carry out a detailed analysis of Status.im initial coin offering (ICO) and show evidence of abnormal miner's behavior indicative of front-running token purchases. Finally, we map the proposed solutions to front-running into useful categories. 1 A block in the stock market is a large number of shares, 10 000 or more, to sell which will heavily change the price.

Self-sovereign stablecoins are interesting and probably here to stay; however, they face numerous regulatory hurdles from banking, financial tracking, and securities laws. For stablecoins backed by a governmental currency, the ultimate expression would be a CBDC. Since paper currency has been in steady decline (and disproportionately for legitimate transactions), a CBDC could reintroduce cash with technological advantages and efficient settlement while minimizing user fees.

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Cryptography meets monetary policy.

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