Miner extractable value (MEV) refers to any excess value that a transaction validator can
realize by manipulating the ordering of transactions. In this work, we introduce a simple …

Blockchain platforms attempt to expand their user base by awarding tokens to users, a
practice known as issuing airdrops. Empirical data and related work implies that previous …

Restaking protocols have aggregated billions of dollars of security by utilizing token
incentives and payments. A natural question to ask is: How much security do restaked …

Modern blockchains guarantee that submitted transactions will be included eventually; a
property formally known as liveness. But financial activity requires transactions to be …

Abstract Decentralized Finance (DeFi) has witnessed remarkable growth and innovation,
with Decentralized Exchanges (DEXes) playing a pivotal role in shaping this ecosystem. As …

Automated marker makers (AMMs) are a class of decentralized exchanges that enable the
automated trading of digital assets. They accept deposits of digital tokens from liquidity …

Automated market makers (AMMs) allocate fee revenue proportional to the amount of
liquidity investors deposit. In this paper, we study the economic consequences of the …