Related papers: Understanding the Maker Protocol
Decentralized Finance (DeFi) is emerging as a peer-to-peer financial ecosystem, enabling participants to trade products on a permissionless blockchain. Built on blockchain and smart contracts, the DeFi ecosystem has experienced explosive…
Decentralized applications (dApps) consist of smart contracts that run on blockchains and clients that model collaborating parties. dApps are used to model financial and legal business functionality. Today, contracts and clients are written…
In this work, we investigate how the governance features of a managed currency (e.g., a fiat currency) can be built into a cryptocurrency in order to leverage potential benefits found in the use of blockchain technology and smart contracts.…
It is well known that users on open blockchains are tracked by an industry providing services to governments, law enforcement, secret services, and alike. While most blockchains do not protect their users' privacy and allow external…
Automated Market Makers (AMMs) are an integral component of the decentralized finance (DeFi) ecosystem, as they allow users to exchange crypto-assets without the need for trusted authorities or external price oracles. Although these…
The paper examines decentralized cryptocurrency protocols that are based on the use of internal tokens as identity tools. An analysis of security problems with popular Proof-of-stake consensus protocols is provided. A new protocol,…
Decentralized finance (DeFi) markets spread across Layer-1 (L1) and Layer-2 (L2) blockchains rely on arbitrage to keep prices aligned. Today most price gaps are closed against centralized exchanges (CEXes), whose deep liquidity and fast…
Blockchain-based cryptocurrencies have demonstrated how to securely implement traditionally centralized systems, such as currencies, in a decentralized fashion. However, there have been few measurement studies on the level of…
Transaction fee mechanism design is a new decentralized mechanism design problem where users bid for space on the blockchain. Several recent works showed that the transaction fee mechanism design fundamentally departs from classical…
Cryptocurrency has been extensively studied as a decentralized financial technology built on blockchain. However, there is a lack of understanding of user experience with cryptocurrency exchanges, the main means for novice users to interact…
Financial speculators often seek to increase their potential gains with leverage. Debt is a popular form of leverage, and with over 39.88B USD of total value locked (TVL), the Decentralized Finance (DeFi) lending markets are thriving.…
Decentralized Autonomous Organizations (DAOs), based on block-chain systems such as Ethereum, are emerging governance protocols that enable decentralized community management without a central authority. For instance, UniswapDAO allows…
Cryptocurrencies are poised to revolutionize the modern economy by democratizing commerce. These currencies operate on top of blockchain-based distributed ledgers. Existing permissionless blockchain-based protocols offer unparalleled…
A decentralized blockchain is a distributed ledger that is often used as a platform for exchanging goods and services. This ledger is maintained by a network of nodes that obeys a set of rules, called a consensus protocol, which helps to…
The Internet of Things (IoT) is experiencing explosive growth and has gained extensive attention from academia and industry in recent years. Most of the existing IoT infrastructures are centralized, in which the presence of a cloud server…
Blockchain technology as a whole is experiencing a dramatic rise in adoption, in no small part due to the developer-friendly Ethereum network. While the number of smart-contract powered distributed applications (Dapps) continues to rise,…
Decentralized Finance (DeFi) is built on a fundamentally different paradigm: rather than having to trust individuals and institutions, participants in DeFi potentially only have to trust computer code that is enforced by a decentralized…
Ethereum is the largest public blockchain by usage. It applies an account-based model, which is inferior to Bitcoin's unspent transaction output model from a privacy perspective. Due to its privacy shortcomings, recently several…
The advent of blockchain technology has led to a massive wave of different decentralized ledger technology (DLT) solutions. Such projects as Bitcoin and Ethereum have shifted the paradigm of how to transact value in a decentralized manner,…
This paper maps the emerging market for decentralized credit in which ERC 4626 vaults and third-party curators, rather than monolithic lending protocols alone, increasingly determine underwriting and leverage decisions. We show that modular…