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The asset trading volume on blockchain-based exchanges (DEX) increased substantially since the advent of Automated Market Makers (AMM). Yet, AMMs and their forks compete on the same blockchain, incurring unnecessary network and block-space…
Liquidity providers (LPs) on decentralized exchanges (DEXs) can protect themselves from adverse selection risk by updating their positions more frequently. However, repositioning is costly, because LPs have to pay gas fees for each update.…
Decentralized exchanges (DEXes) have evolved dramatically since the introduction of Automated Market Makers (AMMs). In recent years, solver-based protocols have emerged as an alternative venue aiming to introduce competition for routing,…
This paper studies the market structure impact of cheaper and faster chains on the Uniswap v3 Protocol. The Uniswap Protocol is the largest decentralized application on Ethereum by both gas and blockspace used, and user behaviors of the…
In blockchains such as Bitcoin and Ethereum, transactions represent the primary mechanism that the external world can use to trigger a change of blockchain state. Transactions serve as key sources of evidence and play a vital role in…
Ethereum clients execute transactions in a sequential order prescribed by the consensus protocol. This is a safe and conservative approach to blockchain transaction processing which forgoes running transactions in parallel even when doing…
Currently, Gasper, the implemented consensus protocol of Ethereum, takes between 64 and 95 slots to finalize blocks. Because of that, a significant portion of the chain is susceptible to reorgs. The possibility to capture MEV (Maximum…
Compact block, which replaces transactions in the block with their hashes, is an effective means to speed up block propagation in the Bitcoin network. The compact block mechanism in Bitcoin counts on the fact that many nodes may already…
We study a new "laminated" queueing model for orders on batched trading venues such as decentralised exchanges. The model aims to capture and generalise transaction queueing infrastructure that has arisen to organise MEV activity on public…
Despite the success in various scenarios, blockchain systems, especially EVM-compatible ones that serially execute transactions, still face the significant challenge of limited throughput. Concurrent transaction execution is a promising…
Optimistic rollups rely on fraud proofs -- interactive protocols executed on Ethereum to resolve conflicting claims about the rollup's state -- to scale Ethereum securely. To mitigate against potential censorship of protocol moves, fraud…
Consensus protocols are currently the bottlenecks that prevent blockchain systems from scaling. However, we argue that transaction execution is also important to the performance and security of blockchains. In other words, there are ample…
Ethereum's Gas mechanism attempts to set transaction fees in accordance with the computational cost of transaction execution: a cost borne by default by every node on the network to ensure correct smart contract execution. Gas encourages…
While Ethereum has successfully achieved dynamic availability together with safety, a fundamental delay remains between transaction execution and immutable finality. In Ethereum's current Gasper protocol, this latency is on the order of 15…
DeFi applications are vulnerable to MEV, where specialized actors profit by reordering or inserting transactions. To mitigate latency races and internalize MEV revenue, Arbitrum introduced Timeboost, an auction-based transaction sequencing…
We analyze 15,097 blocks proposed for inclusion in Ethereum's blockchain over an eight-minute window on December 3, 2024, during which 38 blocks were added to the chain. We classify transactions as exclusive -- appearing only in blocks from…
Ethereum is a permissionless blockchain ecosystem that supports execution of smart contracts, the key enablers of decentralized finance (DeFi) and non-fungible tokens (NFT). However, the expressiveness of Ethereum smart contracts is a…
Automated Market Maker (AMM)-based Decentralized Exchanges (DEXs) are crucial in Decentralized Finance (DeFi), but Ethereum implementations suffer from high transaction costs and price synchronization challenges. To address these…
This paper presents the results of a comprehensive empirical study of losses to arbitrageurs (following the formalization of loss-versus-rebalancing by [Milionis et al., 2022]) incurred by liquidity providers on automated market makers…
Ethereum blockchain uses smart contracts (SCs) to implement decentralized applications (dApps). SCs are executed by the Ethereum virtual machine (EVM) running within an Ethereum client. Moreover, the EVM has been widely adopted by other…