相关论文: Adversarial blockchain queues and trading on a CFM…

Modern blockchain applications benefit from the ability to specify sequencing constraints on the transactions that interact with them. This paper proposes a principled and axiomatically justified way of adding sequencing constraints on…

Decentralized blockchain platforms have enabled the secure exchange of crypto-assets without the intermediation of trusted authorities. To this purpose, these platforms rely on a peer-to-peer network of byzantine nodes, which…

This paper proposes a model that enables permissionless and decentralized networks for complex computations. We explore the integration and optimize load balancing in an open, decentralized computational network. Our model leverages…

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…

Trading algorithms that execute large orders are susceptible to exploitation by order anticipation strategies. This paper studies the influence of order anticipation strategies in a multi-investor model of optimal execution under transient…

Blockchains offer a decentralized and secure execution environment strong enough to host cryptocurrencies, but the state-replication model makes on-chain computation expensive. To avoid heavy on-chain workloads, systems like Truebit and…

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…

A growing body of literature is aimed at designing private mempools in blockchains. The ultimate goal of this research is addressing several phenomena broadly classed under MEV with sandwich attacks as the canonical example. The literature…

One of the fundamental applications for a practically useful system of money is remuneration. Information pertaining to the amount of compensation awarded to different individuals is often considered sensitive, commanding a certain degree…

Decentralized exchanges (DEXs) allow parties to participate in financial markets while retaining full custody of their funds. However, the transparency of blockchain-based DEX in combination with the latency for transactions to be…

We address the problem of executing large client orders in continuous double-auction markets under time and liquidity constraints. We propose a model predictive control (MPC) framework that balances three competing objectives: order…

We present an example where a distributed coordinated protocol supported by a blockchain-enabled monetary mechanism leads to achieving optimal information theoretic degrees of freedom gains. The considered setting is that of a linear…

Blockchain technology provides a tamper-proof mechanism to execute inter-organizational business processes involving mutually untrusted parties. Existing approaches to blockchain-based process execution are based on code generation. In…

With the widespread adoption of blockchain technology, the transaction fee mechanism (TFM) in blockchain systems has become a prominent research topic. An ideal TFM should satisfy user incentive compatibility (UIC), miner incentive…

Blockchain benefits are due to immutability, replication, and storage-and-execution of smart contracts on the blockchain. However, the benefits come at increased costs due to the blockchain size and execution. We address three fundamental…

Batch auctions are a classical market microstructure, acclaimed for their fairness properties, and have received renewed interest in the context of blockchain-based financial systems. Constant function market makers (CFMMs) are another…

The ``EIP-1599 algorithm'' is used by the Ethereum blockchain to assemble transactions into blocks. While prior work has studied it under the assumption that bidders are ``impatient'', we analyze it under the assumption that bidders are…

We consider a strategic M/M/1 queueing model under a first-come-first-served regime, where customers are split into two classes and class $A$ has priority over class $B$. Customers can decide whether to join the queue or balk, and, in case…

Maximal Extractable Value (MEV) is value extractable by temporary monopoly power commonly found in decentralized systems. This extraction stems from a lack of user privacy upon transaction submission and the ability of a monopolist…

Demand for blockchains such as Bitcoin and Ethereum is far larger than supply, necessitating a mechanism that selects a subset of transactions to include "on-chain" from the pool of all pending transactions. This paper investigates the…