The Enforcement Gap
Animate three governance regimes — ungoverned, constitutional, and institutional — and watch how only enforceable on-chain penalties drive LLM auction prices back toward the Nash equilibrium.
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The Constitution Won't Bind: Governing Collusion in On-Chain AI Agent Markets
LLMs collude in on-chain auctions even when written rules forbid it — only enforceable, automatic penalties slash severe collusion from 50% to 5.6%. Here's how governance graphs make that concrete.
7 min read ⬢ interactive