Related papers: Transaction Fee Mechanism Design for Leaderless Bl…
Following the recent literature on make take fees policies, we consider an exchange wishing to set a suitable contract with several market makers in order to improve trading quality on its platform. To do so, we use a principal-agent…
This study explores the design of an efficient rebate policy in auction markets, focusing on a continuous-time setting with competition among market participants. In this model, a stock exchange collects transaction fees from auction…
Blockchain consensus is a state whereby each node in a network agrees on the current state of the blockchain. Existing protocols achieve consensus via a contest or voting procedure to select one node as a dictator to propose new blocks.…
In cryptocurrencies, transaction fees are typically exclusively paid in the native platform currency. This restriction causes a wide range of challenges, such as deteriorated user experience, mandatory rent payments by decentralized…
According to the proportional allocation mechanism from the network optimization literature, users compete for a divisible resource -- such as bandwidth -- by submitting bids. The mechanism allocates to each user a fraction of the resource…
Trading on decentralized exchanges has been one of the primary use cases for permissionless blockchains with daily trading volume exceeding billions of U.S.~dollars. In the status quo, users broadcast transactions and miners are responsible…
We investigate the welfare loss of continuous and discrete order matching models in blockchain-based decentralized exchanges (DEX) that utilize order books to record outstanding orders. Continuous processing matches each incoming…
We describe a mechanism to create fair and explainable incentives for software developers to reward contributions to security of a product. We use cooperative game theory to model the actions of the developer team inside a risk management…
Blockchains are widely used for secure transaction processing, but their scalability remains limited, and existing multichain designs are typically static even as demand and capacity shift. We cast blockchain configuration as a multiagent…
We are interested in mechanisms that maximize social welfare. In [1] this problem was studied for multi-unit auctions with unit demand bidders and for the public project problem, and in each case social welfare undominated mechanisms in the…
Blockchains have witnessed widespread adoption in the past decade in various fields. The growing demand makes their scalability and sustainability challenges more evident than ever. As a result, more and more blockchains have begun to adopt…
This paper focuses on the coordination of a large population of dynamic agents with private information over multiple periods. Each agent maximizes the individual utility, while the coordinator determines the market rule to achieve group…
The cross-blockchain transaction remains one of the most challenging problems in blockchains. The root cause of the challenge lies in the nondeterministic nature of blockchains: A $n$-party transaction across multiple blockchains might be…
Transaction Fee Mechanisms (TFMs) study auction design in the Blockchain context, and emphasize robustness against miner and user collusion, moreso than traditional auction theory. \cite{chung2023foundations} introduce the notion of a…
Proof-of-stake (PoS) is a promising approach for designing efficient blockchains, where block proposers are randomly chosen with probability proportional to their stake. A primary concern with PoS systems is the "rich getting richer"…
Blockchain-based federated learning (BCFL) has recently gained tremendous attention because of its advantages such as decentralization and privacy protection of raw data. However, there has been few research focusing on the allocation of…
Blockchains have block-size limits to ensure the entire cluster can keep up with the tip of the chain. These block-size limits are usually single-dimensional, but richer multidimensional constraints allow for greater throughput. The…
We study data exchange among strategic agents without monetary transfers, motivated by domains such as research consortia and healthcare collaborations where payments are infeasible or restricted. The central challenge is to reap the…
Blockchain, an emerging decentralized security system, has been applied in many applications, such as bitcoin, smart grid, and Internet-of-Things. However, running the mining process may cost too much energy consumption and computing…
Data valuation is an essential task in a data marketplace. It aims at fairly compensating data owners for their contribution. There is increasing recognition in the machine learning community that the Shapley value -- a foundational…