Abstract Decentralized Finance (DeFi) is a new financial paradigm that leverages distributed
ledger technologies to offer services such as lending, investing, or exchanging cryptoassets …

Financial markets are undergoing an unprecedented transformation. Technological
advances have brought major improvements to the operations of financial services. While …

We consider an automated market maker (AMM) in which all trades are batched and
executed at a price equal to the marginal price (ie, the price of an arbitrary small trade) after …

Blockchain technologies have been rapidly adopted for the creation of cryptocurrencies and
have been explored for a myriad of applications. While this is of important economic interest …

Blockchains add transactions to a distributed shared ledger by arriving at consensus on sets
of transactions contained in blocks. This provides a total ordering on a set of global …

We consider an automated market maker (AMM) in which all trades are batched and
executed at a price equal to the marginal price (ie, the price of an arbitrarily small trade) after …

We argue that the transparent observability of pending transactions in public distributed
ledgers leads to suboptimal allocation of blockspace. We show that augmenting these …

This chapter explores the trade-off between using cryptography and incentives in blockchain
systems, particularly in the context of smart contracts. Cryptography provides security and …

In public blockchains, the visibility of pending transactions can lead to suboptimal
blockspace allocation. To mitigate this, users can submit their transactions through private …

In this paper, we focus on the security issues of decentralized exchanges (DEXs),
specifically on front-running attacks. Front-running attacks, which exploit the transparency of …