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175 dokumentů
This account explains how publicly visible pending transactions can expose profitable opportunities to generalized frontrunning bots. The example is a recovery attempt for liquidity tokens accidentally sent to a Uniswap pool. Because anyone could call the…
The document frames financial technology as a force that changes market structure over time. It traces earlier electronification through episodes such as the 1960s securities paperwork crisis, which helped spur electronic trading and centralized securities…
This document examines whether decentralized auctions can remain competitive when one bidder can submit later and act on fresher market information. It models an order-filling auction with two bidders: an early bidder whose offer is hidden, and a later…
The research compares Uniswap v3 market depth with that of major centralized exchanges for ETH pairs and selected stablecoin pairs. It reports that Uniswap v3 had greater reported liquidity for ETH/USD, ETH/BTC, and ETH/mid-cap pairs, as well as for…
Paradigm’s amicus brief challenges the CFTC’s case against Ooki DAO and its theory that DAO members may be liable for the protocol’s conduct. The brief argues that the action raises due-process concerns because, in its view, the case lacked fair notice and…
This overview describes research on the legal and practical challenges of settling financial transactions through public blockchains. It argues that deterministic settlement finality is not a prerequisite for using public chains, challenging the view that…
Paradigm’s response to a CFTC request for comment prioritizes three crypto policy issues. It urges the Commission to create tailored relief for trading perpetual contracts through decentralized protocols, arguing that limiting them to centralized venues…
The document presents arguments for how the GENIUS Act should be implemented. It says the statute bars stablecoin issuers from directly paying yield or interest to holders but does not impose the same restriction on affiliates. The authors argue that…
The document argues that financial ethics rules can prevent public officials and agency staff from using crypto products, making it harder for them to understand the technology they regulate. It describes restrictions or disclosure obligations affecting…
The document summarizes two recommendations for the National Credit Union Administration’s proposed rules under the GENIUS Act. First, it objects to restricting federally insured credit unions from investing in payment stablecoin issuers licensed by another…
The document proposes a five-level framework for evaluating secure hardware used in programmable cryptography. It compares systems along three dimensions: execution speed relative to unprotected computing, developer experience, and the security assumptions…
Paradigm’s amicus brief supports Coinbase’s lawsuit seeking judicial review of the SEC’s refusal to issue crypto-specific rules. It argues that regulating crypto through enforcement actions rather than transparent rulemaking leaves market participants…
Paradigm’s comment on a CFTC rulemaking supports flexible, principles-based regulation of prediction markets. It opposes reviving an economic-purpose test developed for traditional agricultural futures, arguing that applying it to modern event contracts…
Paradigm’s amicus brief supports Kalshi’s challenge to the CFTC’s rejection of contracts tied to which party controls each chamber of Congress. It argues these contracts can serve both as hedges and as sources of information. For example, a crypto business…
Paradigm argues that CFTC rules for listing spot crypto assets on designated contract markets should also protect access to decentralized finance protocols. It describes DeFi trading as peer-to-peer activity in which users retain custody and interact with…
The document assesses ways to provide randomness for Ethereum applications such as lotteries and games. It defines desirable properties as unpredictability, resistance to bias, verifiability, and liveness, with low cost as an additional practical goal. It…
The document describes a researcher’s work on applying quantitative finance and mechanism design to crypto markets. It introduces loss-versus-rebalancing (LVR), a measure of the adverse selection experienced by automated market maker liquidity providers when…
The document summarizes an analysis of how widespread stablecoin adoption might affect bank deposits and lending. It compares two scenarios: one in which banks keep their current structure and stablecoins enter alongside them, and another in which banks’…
The article explains the funding challenge created by Bitcoin’s decentralized open-source model. Bitcoin software supports substantial economic value, yet development is carried out by a relatively small group without a central organization responsible for…
The document summarizes an amicus brief challenging the New York Attorney General’s allegations that ETH and other tokens traded by KuCoin are securities. Its central procedural argument is that a case against an exchange may leave token holders and other…
This account follows an investigation that began with an Ethereum node reporting a block execution mismatch. Comparing the transaction-level gas usage and inspecting contract state revealed that a restored node database was missing storage, explaining the…
The document explains how decentralized finance protocols obtain prices and why oracle design can create exploitable gaps. Off-chain feeds may depend on privileged reporters or delayed updates; on-chain exchange prices are current but can be shifted by…
The document explains EIP-2593, which lets a user specify a starting bid, a starting block, a maximum bid, and a final block. The bid rises over time until the transaction is included or reaches its limit. This automates the fee bumping users might otherwise…
The document explains how mistX submits decentralized exchange trades through Flashbots bundles instead of Ethereum’s public mempool. Because a bundle is executed atomically and placed at the start of a block, the approach can shield a trade from public…