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Smart contracts led to the emergence of the decentralized finance (DeFi) marketplace within blockchain ecosystems, where diverse participants engage in financial activities. In traditional finance, there are possibilities to create values,…
This paper tackles the discovery of tMEV, that is, the Maximal Extractable Value on blockchains that arises from Token smart contracts. This scope differs from the existing MEV-discovery research, which analyzes application-layer contracts…
Maximal extractable value (MEV) in which block proposers unethically gain profits by manipulating the order in which transactions are included within a block, is a key challenge facing blockchains such as Ethereum today. Left unchecked, MEV…
In this article, we develop an interdisciplinary analysis of MEV which desires to merge the gap that exists between technical and legal research supporting policymakers in their regulatory decisions concerning blockchains, DeFi and…
The multi-chain future is upon us. Modular architectures are coming to maturity across the ecosystem to scale bandwidth and throughput of cryptocurrency. One example of such is the Ethereum modular architecture, with its beacon chain, its…
Recently, Decentralized Finance (DeFi) platforms on Ethereum are booming, and numerous traders are trying to capitalize on the opportunity for maximizing their benefits by launching front-running attacks and extracting Miner Extractable…
In this paper, we take a close look at a problem labeled maximal extractable value (MEV), which arises in a blockchain due to the ability of a block producer to manipulate the order of transactions within a block. Indeed, blockchains such…
Blockchain security is threatened by selfish mining, where a miner (operator) deviates from the protocol to increase their revenue. Selfish mining is exacerbated by adverse conditions: rushing (network propagation advantage for the selfish…
Bitcoin-NG is an extensible blockchain protocol based on the same trust model as Bitcoin. It divides each epoch into one Key-Block and multiple Micro-Blocks, effectively improving transaction processing capacity. Bitcoin-NG adopts a special…
This paper provides a comprehensive empirical analysis of the economics and dynamics behind arbitrages between centralized and decentralized exchanges (CEX-DEX) on Ethereum. We refine heuristics to identify arbitrage transactions from…
Ethereum has emerged as a leading platform for decentralized applications (dApps) due to its robust smart contract capabilities. One of the critical issues in the Ethereum ecosystem is Maximal Extractable Value (MEV), a concept that has…
We provide an economic model of Execution Tickets and use it to study the ability of the Ethereum protocol to capture MEV from block construction. We demonstrate that Execution Tickets extract all MEV when all buyers are homogeneous, risk…
Maximum extractable value (MEV) has been extensively studied. In most papers, the researchers have worked with the Ethereum blockchain almost exclusively. Even though, Ethereum and other blockchains have dynamic gas prices this is not the…
Mining processes of Bitcoin and similar cryptocurrencies are currently incentivized with voluntary transaction fees and fixed block rewards which will halve gradually to zero. In the setting where optional and arbitrary transaction fee…
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…
Selfish Mining is strategic rule-breaking to maximize rewards in proof-of-work protocols [3] and Markov Decision Processes (MDPs) are the preferred tool for finding optimal strategies in Bitcoin [4, 10] and similar linear chain protocols…
Decentralized exchanges (DEXs) allow parties to participate in financial markets while retaining full custody of their funds. However, the transparency of blockchain-based DEX in combination with the latency for transactions to be…
We develop a mixed control framework that combines absolutely continuous controls with impulse interventions subject to stochastic execution delays. The model extends current impulse control formulations by allowing (i) the controller to…
We study the feasibility, profitability, and prevalence of sandwich attacks on Ethereum rollups with private mempools. First, we extend a formal model of optimal front- and back-run sizing, relating attack profitability to victim trade…
Automated Market Makers (AMMs) are essential to decentralized finance, offering continuous liquidity and enabling intermediary-free trading on blockchains. However, participants in AMMs are vulnerable to Maximal Extractable Value (MEV)…