Loss of fungibility has implications for liquidity, and through its centralization of power / creation of information asymmetries, rent-seeking and public choic

Loss of fungibility has implications for liquidity, and through its centralization of power / creation of information asymmetries, rent-seeking and public choice theory. Maybe these effects could be modelled. I imagine monitoring it could be difficult because the presence of fungibility implies non-traceablility/privacy, meaning observation changes the phenomenon, sort of like the measurement problem of quantum mechanics.