Related papers: Second Thoughts: How 1-second subslots transform C…
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…
We investigate the behavior of liquidity providers (LPs) by modeling a decentralized cryptocurrency exchange (DEX) based on Uniswap v3. LPs with heterogeneous characteristics choose optimal liquidity positions subject to uncertainty…
Ethereum 2.0 is the second-largest cryptocurrency by market capitalization and a widely used smart contract platform. Therefore, examining the reliability of Ethereum 2.0's incentive mechanism is crucial, particularly its effectiveness in…
We propose a model suggesting that honest-but-rational consensus participants may play timing games, and strategically delay their block proposal to optimize MEV capture, while still ensuring the proposal's timely inclusion in the canonical…
Blokchain is used in a variety of applications where trustworthy computing is re-quired. Trade finance is one of these areas that would benefit immensely from a decentralized way of doing transactions. This paper presents the preliminary…
Can you imagine, blockchain transactions can talk! In this paper, we study how they talk and what they talk about. We focus on the input data field of Ethereum transactions, which is designed to allow external callers to interact with smart…
If financial markets displayed the informational efficiency postulated in the efficient markets hypothesis (EMH), arbitrage operations would be self-extinguishing. The present paper considers arbitrage sequences in foreign exchange (FX)…
Decentralised exchanges (DEXs) have transformed trading by enabling trustless, permissionless transactions, yet they face significant challenges such as impermanent loss and slippage, which undermine profitability for liquidity providers…
We identify a subtle security issue that impacts the design of smart contracts, because agents may themselves deploy smart contracts (side contracts). Typically, equilibria of games are analyzed in vitro, under the assumption that players…
This paper presents a study of the Poof-of-Stake (PoW) Ethereum consensus protocol, following the recent switch from Proof-of-Work (PoS) to Proof-of-Stake within Merge upgrade. The new protocol has resulted in reduced energy consumption and…
In multi-agent reinforcement learning systems, the actions of one agent can have a negative impact on the rewards of other agents. One way to combat this problem is to let agents trade their rewards amongst each other. Motivated by this,…
We consider issues of time in automated trading strategies in simulated financial markets containing a single exchange with public limit order book and continuous double auction matching. In particular, we explore two effects: (i) reaction…
Smart contract transactions demonstrate issues of performance and correctness that application programmers must work around. Although the blockchain consensus mechanism approaches ACID compliance, use cases that rely on frequent state…
A transaction fee mechanism (TFM) is an essential component of a blockchain protocol. However, a systematic evaluation of the real-world impact of TFMs is still absent. Using rich data from the Ethereum blockchain, the mempool, and…
Optimistic responsiveness -- the ability of a consensus protocol to operate at the speed of the network -- is widely used in consensus protocol design to optimize latency and throughput. However, blockchain applications incentivize…
Several recent proposals implicitly or explicitly suggest making use of randomized transaction ordering within a block to mitigate centralization effects and to improve fairness in the Ethereum ecosystem. However, transactions and blocks…
We study Arbitrum's Timeboost mechanism following the adoption of Kairos by its main users -- Wintermute and Selini Capital -- to understand how the emergence of a just-in-time secondary market affects the dynamics of an ahead-of-time…
Decentralized Exchanges (DEXs) are new types of marketplaces leveraging Blockchain technology. They allow users to trade assets with Automatic Market Makers (AMM), using funds provided by liquidity providers, removing the need for order…
Blockchain technology has revolutionized financial markets by enabling decentralized exchanges (DEXs) that operate without intermediaries. Uniswap V2, a leading DEX, facilitates the rapid creation and trading of new tokens, which offer high…
Understanding the economic intent of Ethereum transactions is critical for user safety, yet current tools expose only raw on-chain data or surface-level intent, leading to widespread "blind signing" (approving transactions without…