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The use of blockchains for automated and adversarial trading has become commonplace. However, due to the transparent nature of blockchains, an adversary is able to observe any pending, not-yet-mined transactions, along with their execution…

密码学与安全 · 计算机科学 2024-02-16 Kaihua Qin , Stefanos Chaliasos , Liyi Zhou , Benjamin Livshits , Dawn Song , Arthur Gervais

The rise of Ethereum and other blockchains that support smart contracts has led to the creation of decentralized exchanges (DEXs), such as Uniswap, Balancer, Curve, mStable, and SushiSwap, which enable agents to trade cryptocurrencies…

最优化与控制 · 数学 2021-07-28 Guillermo Angeris , Akshay Agrawal , Alex Evans , Tarun Chitra , Stephen Boyd

Recently, Decentralized Finance (DeFi) platforms on Ethereum are booming, and numerous traders are trying to capitalize on the opportunity for maximizing their benefits by launching front-running attacks and extracting Miner Extractable…

密码学与安全 · 计算机科学 2022-08-08 Xingyu Lyu , Mengya Zhang , Xiaokuan Zhang , Jianyu Niu , Yinqian Zhang , Zhiqiang Lin

This paper provides a comprehensive empirical analysis of the economics and dynamics behind arbitrages between centralized and decentralized exchanges (CEX-DEX) on Ethereum. We refine heuristics to identify arbitrage transactions from…

密码学与安全 · 计算机科学 2025-08-05 Fei Wu , Danning Sui , Thomas Thiery , Mallesh Pai

Blockchain introduces decentralized trust in peer-to-peer networks, advancing security and democratizing systems. Yet, a unified definition for decentralization remains elusive. Our Systematization of Knowledge (SoK) seeks to bridge this…

综合经济学 · 经济学 2023-08-21 Luyao Zhang , Xinshi Ma , Yulin Liu

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,…

密码学与安全 · 计算机科学 2022-09-23 Lioba Heimbach , Roger Wattenhofer

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…

计算机科学与博弈论 · 计算机科学 2023-02-08 Yogev Bar-On , Yishay Mansour

Non-Fungible Tokens (NFTs) have emerged as a way to collect digital art as well as an investment vehicle. Despite having been popularized only recently, NFT markets have witnessed several high-profile (and high-value) asset sales and a…

密码学与安全 · 计算机科学 2022-04-28 Dipanjan Das , Priyanka Bose , Nicola Ruaro , Christopher Kruegel , Giovanni Vigna

This paper presents the first comprehensive analysis of an emerging cryptocurrency scam named "arbitrage bot" disseminated on online social networks. The scam revolves around Decentralized Exchanges (DEX) arbitrage and aims to lure victims…

密码学与安全 · 计算机科学 2023-10-20 Kai Li , Shixuan Guan , Darren Lee

As the indispensable trading platforms of the ecosystem, hundreds of cryptocurrency exchanges are emerging to facilitate the trading of digital assets. While, it also attracts the attentions of attackers. A number of scam attacks were…

密码学与安全 · 计算机科学 2020-03-17 Pengcheng Xia , Bowen Zhang , Ru Ji , Bingyu Gao , Lei Wu , Xiapu Luo , Haoyu Wang , Guoai Xu

The advent of smart contracts has enabled the rapid rise of Decentralized Finance (DeFi) on the Ethereum blockchain, offering substantial rewards in financial innovation and inclusivity. This growth, however, is accompanied by significant…

社会与信息网络 · 计算机科学 2026-05-05 Shabnam Fazliani , Mohammad Mowlavi Sorond , Arsalan Masoudifard

Decentralized Finance (DeFi) is increasingly studied and adopted for its potential to provide accessible and transparent financial services. Analyzing how investors use DeFi is important for reaching a better understanding of their usage…

社会与信息网络 · 计算机科学 2024-08-23 Natkamon Tovanich , Célestin Coquidé , Rémy Cazabet

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…

密码学与安全 · 计算机科学 2026-05-14 Eunchan Park , Kyonghwa Song , Won Hoi Kim , Wonho Song , Min Suk Kang

Decentralized finance, powered by blockchain technology, is growing day by day. This field, which emerged a few years ago, today manages $70 billion in assets. In this study, the concept of decentralized finance is discussed and explained…

综合金融 · 定量金融 2023-04-05 Mansur Bestas

As cryptocurrency evolved, new financial instruments, such as lending and borrowing protocols, currency exchanges, fungible and non-fungible tokens (NFT), staking and mining protocols have emerged. A financial ecosystem built on top of a…

交易与市场微观结构 · 定量金融 2023-10-12 Priyanka Bose , Dipanjan Das , Fabio Gritti , Nicola Ruaro , Christopher Kruegel , Giovanni Vigna

Decentralized Finance (DeFi) services are moving traditional financial operations to the Internet of Value (IOV) by exploiting smart contracts, distributed ledgers, and clever heterogeneous transactions among different protocols. The…

综合经济学 · 经济学 2023-07-18 Teng Andrea Xu , Jiahua Xu

Decentralized Exchanges (DEXs), leveraging blockchain technology and smart contracts, have emerged in decentralized finance. However, the DEX project with multi-contract interaction is accompanied by complex state logic, which makes it…

软件工程 · 计算机科学 2024-05-16 Zongwei Li , Wenkai Li , Xiaoqi Li , Yuqing Zhang

The exploitation of smart contract vulnerabilities in Decentralized Finance (DeFi) has resulted in financial losses exceeding 3 billion US dollars. Existing defense mechanisms primarily focus on detecting and reacting to adversarial…

密码学与安全 · 计算机科学 2025-04-22 Shoupeng Ren , Lipeng He , Tianyu Tu , Di Wu , Jian Liu , Kui Ren , Chun Chen

Privacy-focused cryptocurrencies like Monero remain popular, despite increasing regulatory scrutiny that has led to their delisting from major centralized exchanges. The latter also explains the recent popularity of decentralized exchanges…

密码学与安全 · 计算机科学 2025-05-21 Yannik Kopyciok , Friedhelm Victor , Stefan Schmid

The properties of tokens within the Ethereum blockchain, such as their current prices, trade volumes, and potential future values, have been the subjects of numerous studies. Employing social networks and graphs, as powerful tools for…

社会与信息网络 · 计算机科学 2023-10-24 Aryan Soltani Mohammadi , Moein Karami , Amir Pasha Motamed , Behnam Bahrak