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Permissionless blockchains such as Bitcoin have excelled at financial services. Yet, opportunistic traders extract monetary value from the mesh of decentralized finance (DeFi) smart contracts through so-called blockchain extractable value…

Cryptography and Security · Computer Science 2021-12-13 Kaihua Qin , Liyi Zhou , Arthur Gervais

Decentralized Finance (DeFi) leverages blockchain-enabled smart contracts to deliver automated and trustless financial services without the need for intermediaries. However, the public visibility of financial transactions on the blockchain…

Cryptography and Security · Computer Science 2025-10-20 Huned Materwala , Shraddha M. Naik , Aya Taha , Tala Abdulrahman Abed , Davor Svetinovic

Decentralized Finance (DeFi), propelled by Blockchain technology, has revolutionized traditional financial systems, improving transparency, reducing costs, and fostering financial inclusion. However, transaction activities in these systems…

Cryptography and Security · Computer Science 2023-12-22 Hou-Wan Long , Xiongfei Zhao , Yain-Whar Si

Maximal Extractable Value (MEV) refers to a class of attacks to decentralized applications where the adversary profits by manipulating the ordering, inclusion, or exclusion of transactions in a blockchain. Decentralized Finance (DeFi)…

Cryptography and Security · Computer Science 2025-10-17 Massimo Bartoletti , Riccardo Marchesin , Roberto Zunino

Traditional blockchain untraceability schemes, such as mixers and privacy coins, obscure the sender-receiver relationship by placing transfers within an anonymity set. This paper studies a stronger goal: whether the transfer event itself…

Cryptography and Security · Computer Science 2026-05-14 Eunchan Park , Kyonghwa Song , Won Hoi Kim , Wonho Song , Min Suk Kang

As the core technology behind Bitcoin, Blockchain's decentralized, tamper-proof, and traceable features make it the preferred platform for organizational innovation. In current Bitcoin, block reward is halved every four years, and…

Cryptography and Security · Computer Science 2022-02-22 Xiongfei Zhao , Yain-Whar Si

Traditional blockchains grant the miner of a block full control not only over which transactions but also their order. This constitutes a major flaw discovered with the introduction of decentralized finance and allows miners to perform MEV…

Distributed, Parallel, and Cluster Computing · Computer Science 2023-11-07 Orestis Alpos , Ignacio Amores-Sesar , Christian Cachin , Michelle Yeo

DEX, or decentralized exchange, is a prominent class of decentralized finance (DeFi) applications on blockchains, attracting a total locked value worth tens of billions of USD today. This paper presents the first large-scale empirical study…

Cryptography and Security · Computer Science 2024-01-23 Jiaqi Chen , Yibo Wang , Yuxuan Zhou , Wanning Ding , Yuzhe Tang , XiaoFeng Wang , Kai Li

Denial of Service (DoS) attacks are a growing threat in network services. The frequency and intensity of DoS attacks are rapidly increasing day by day. The immense financial potential of the Cryptocurrency market is a prevalent target of…

Cryptography and Security · Computer Science 2022-05-27 Mayank Raikwar , Danilo Gligoroski

Within just four years, the blockchain-based Decentralized Finance (DeFi) ecosystem has accumulated a peak total value locked (TVL) of more than 253 billion USD. This surge in DeFi's popularity has, unfortunately, been accompanied by many…

Cryptography and Security · Computer Science 2023-04-11 Liyi Zhou , Xihan Xiong , Jens Ernstberger , Stefanos Chaliasos , Zhipeng Wang , Ye Wang , Kaihua Qin , Roger Wattenhofer , Dawn Song , Arthur Gervais

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,…

Cryptography and Security · Computer Science 2024-06-21 Rasheed , Yash Chaurasia , Parth Desai , Sujit Gujar

Maximal Extractable Value (MEV) represents a pivotal challenge within the Ethereum ecosystem; it impacts the fairness, security, and efficiency of both Layer 1 (L1) and Layer 2 (L2) networks. MEV arises when miners or validators manipulate…

Cryptography and Security · Computer Science 2025-01-28 Zeinab Alipanahloo , Abdelhakim Senhaji Hafid , Kaiwen Zhang

In recent days, the proliferation of several existing and new cyber-attacks pose an axiomatic threat to the stability of financial services. It is hard to predict the nature of attacks that can trigger a serious financial crisis. The…

Cryptography and Security · Computer Science 2023-03-24 Pushpita Chatterjee , Debashis Das , Danda B Rawat

The need for data trading promotes the emergence of data market. However, in conventional data markets, both data buyers and data sellers have to use a centralized trading platform which might be dishonest. A dishonest centralized trading…

Cryptography and Security · Computer Science 2020-07-15 Guoxiong Su , Wenyuan Yang , Zhengding Luo , Yinghong Zhang , Zhiqiang Bai , Yuesheng Zhu

Blockchain has empowered computer systems to be more secure using a distributed network. However, the current blockchain design suffers from fairness issues in transaction ordering. Miners are able to reorder transactions to generate…

Cryptography and Security · Computer Science 2025-08-11 Yihang Fu , Zesen Zhuang , Luyao Zhang

Maximal Extractable Value (MEV) drives the prosperity of the blockchain ecosystem. By strategically including, excluding, or reordering transactions within blocks, block producers can extract additional value, which in turn incentivizes…

Cryptography and Security · Computer Science 2024-10-11 Tianyang Chi , Ningyu He , Xiaohui Hu , Haoyu Wang

Cross-chain interoperability is a core component of modern blockchain infrastructure, enabling seamless asset transfers and composable applications across multiple blockchain ecosystems. However, the transparency of cross-chain messages can…

Computational Engineering, Finance, and Science · Computer Science 2025-11-20 Chuanlei Li , Zhicheng Sun , Jing Xin Yuu , Xuechao Wang

User transactions on Ethereum's peer-to-peer network are at risk of being attacked. The smart contracts building decentralized finance (DeFi) have introduced a new transaction ordering dependency to the Ethereum blockchain. As a result,…

Cryptography and Security · Computer Science 2022-09-23 Lioba Heimbach , Roger Wattenhofer

DeFi, or Decentralized Finance, is based on a distributed ledger called blockchain technology. Using blockchain, DeFi may customize the execution of predetermined operations between parties. The DeFi system use blockchain technology to…

Cryptography and Security · Computer Science 2023-04-27 Wenkai Li , Jiuyang Bu , Xiaoqi Li , Hongli Peng , Yuanzheng Niu , Yuqing Zhang

Strategies related to the blockchain concept of Extractable Value (MEV/BEV), such as arbitrage, front-, or back-running create strong economic incentives for network nodes to reduce latency. Modified nodes, that minimize transaction…

Cryptography and Security · Computer Science 2025-02-10 Taro Tsuchiya , Liyi Zhou , Kaihua Qin , Arthur Gervais , Nicolas Christin
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