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Building on ideas from online convex optimization, we propose a general framework for the design of efficient securities markets over very large outcome spaces. The challenge here is computational. In a complete market, in which one…
Blockchain enables peer-to-peer transactions in cyberspace without a trusted third party. The rapid growth of Ethereum and smart contract blockchains generally calls for well-designed Transaction Fee Mechanisms (TFMs) to allocate limited…
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 propose the Agent Economy, a blockchain-based foundation where autonomous AI agents operate as economic peers to humans. Current agents lack independent legal identity, cannot hold assets, and cannot receive payments directly. We…
Pricing is an important issue in mobile edge computing. How to appropriately determine the bid of end user (EU) is an incentive factor for edge cloud (EC) to offer service. In this letter, we propose an equilibrium pricing scheme based on…
Motivated by applications in online marketplaces such as ride-hailing platforms and payment channel networks, we study a single-server queue with state-dependent arrival control. The service operator dynamically chooses the arrival rate as…
Blockchain is the underlying technology for cryptocurrencies such as Bitcoin. Blockchain is a robust distributed ledger that uses consensus algorithms to approve transactions in a decentralized manner, making malicious tampering extremely…
In this paper we present and evaluate a general framework for the design of truthful auctions for matching agents in a dynamic, two-sided market. A single commodity, such as a resource or a task, is bought and sold by multiple buyers and…
Rollups have become the de facto scalability solution for Ethereum, securing more than $55B in assets. They achieve scale by executing transactions on a Layer 2 ledger, while periodically posting data and finalizing state on the Layer 1,…
Many sequential decision-making tasks require satisfaction of multiple, partially contradictory objectives. Existing approaches are monolithic, namely all objectives are fulfilled using a single policy, which is a function that selects a…
Ethereum block builders run sealed auctions among searchers, but nothing in the protocol forces a builder to honor the auction outcome after observing submitted bundles. This paper studies the commitment problem. We model a builder who…
The Ethereum blockchain has a \emph{gas system} that associates operations with a cost in gas units. Two central concepts of this system are the \emph{gas limit} assigned by the issuer of a transaction and the \emph{gas used} by a…
Arbitrage can arise from the simultaneous purchase and sale of the same asset in different markets in order to profit from a difference in its price. This work systematically reviews arbitrage opportunities between Automated Market Makers…
The prevalence of maximal extractable value (MEV) in the Ethereum ecosystem has led to a characterization of the latter as a dark forest. Studies of MEV have thus far largely been restricted to purely on-chain MEV, i.e., sandwich attacks,…
This position paper argues that agentic AI systems should be designed and evaluated as \emph{marginal token allocation economies} rather than as text generators priced by the unit. We follow a single request -- a developer asking a coding…
We study auction design in a setting where agents can communicate over a censorship-resistant broadcast channel like the ones we can implement over a public blockchain. We seek to design credible, strategyproof auctions in a model that…
To address the risks of validator centralization, Proposer-Builder Separation (PBS) was introduced in Ethereum to divide the roles of block building and block proposing, fostering a more equitable and decentralized block production…
Blockchains offer strong security guarantees, but they cannot protect the ordering of transactions. Powerful players, such as miners, sequencers, and sophisticated bots, can reap significant profits by selectively including, excluding, or…
Blockchain technology is widely expected to reduce transaction costs by automating contract enforcement and eliminating intermediaries; yet, the execution costs imposed by network congestion have received little attention in the operations…
This paper presents EDSC, a novel smart contract platform design based on the event-driven execution model as opposed to the traditionally employed transaction-driven execution model. We reason that such a design is a better fit for many…