คลังความรู้

The document explains miner extractable value (MEV) as profit available to block producers through transaction inclusion, exclusion, or ordering. Using decentralized exchange arbitrage, it shows how searchers compete for profitable transactions through fee…

The document describes an interactive dashboard and data set for examining on-chain minting and redemption of fiat-backed stablecoins. Its central question is how activity varies by time, issuer, and market conditions, and what those patterns might reveal…

This comment letter discusses the CFTC’s proposed framework for prediction market event contracts. It supports using the ordinary meaning of gaming and asks regulators to clarify how gaming differs from nongaming contests. It also endorses a multi-factor…

The document introduces the time-weighted average market maker (TWAMM), an Ethereum mechanism for executing large orders over time. It divides a long-term order into continuously accruing virtual trades that interact with an embedded constant-product AMM.…

This comment on a proposed CFTC rule considers how exchanges should regulate market makers affiliated with the exchange. It frames the tradeoff between conflict risks, such as self-dealing, and the need for liquidity providers to support new or thinly traded…

This account describes a smart contract flaw that allowed tokens to be minted without cost and exchanged for Ether held by a DeFi protocol. Because transactions sent publicly could be copied or front-run, the discoverers avoided both exploiting the issue…

Art Gobblers describes an on-chain art ecosystem built around collectible NFTs, artist-created pages, and Goo, an ERC20 token emitted by Gobbler NFTs. Goo production compounds: holdings produce more Goo, while Gobblers’ production capacity determines a…

The document explains Ethereum’s planned transition from proof-of-work consensus to proof of stake, called the Merge. It distinguishes miners, who compete using computing resources, from validators, who deposit stake and may lose it for misconduct. The…

The document presents Cosmos as a framework for building application-specific blockchains, or Zones, and connecting them through the Inter-Blockchain Communication protocol. Unlike a shared execution platform, each Zone chooses its own security arrangements…

The document introduces everlasting options as a way to maintain options exposure without repeatedly closing near-expiry contracts and opening later ones. It reviews European call and put payoffs, explains why an option can be worth more than its immediate…

The document describes a proof of concept that replaces Tendermint, Cosmos’s consensus engine, with Narwhal and Bullshark while retaining compatibility with Cosmos applications through an ABCI and RPC shim. It explains how a Cosmos node normally passes…

This policy proposal outlines how U.S. securities rules could accommodate tokenized stocks and public offerings conducted on blockchains. It recommends targeted, technology-neutral updates that account for crypto’s technical features, while maintaining the…

This policy statement argues that U.S. banking regulators should preserve safety and soundness while evaluating new practices on their merits. It challenges reliance on “generally accepted” operating standards as a universal test, asserting that this…

This article argues that the SEC’s traditional disclosure framework, designed for centralized companies issuing securities, does not match the structure of many crypto assets. Stocks and bonds generally represent legal claims against an identifiable issuer,…

This policy submission argues that proposed UK rules for stablecoins and crypto activities should better accommodate cross-border firms, decentralized protocols, and payment use cases. It calls for clearer coordination with other jurisdictions, a technical…

This article examines how NFT mint designs can expose buyers to unfair allocations, high transaction costs, and network congestion. It describes exploits that combine metadata analysis with weaknesses in randomness or mint controls: in examples involving…

In this podcast conversation, crypto investor Fred Ehrsam describes a possible progression from digital money to a new financial system and, eventually, a broad internet application platform. He connects this view to his experience in foreign-exchange…

This comment-letter summary challenges an IRS and Treasury proposal to expand tax reporting duties to a broad range of crypto entities. It says Congress intended reporting to apply to firms that cause on-chain transactions to be completed, while the proposal…

This paper argues that Ethereum’s shift to proof of stake does not make ETH, or staking ETH, an investment contract under the U.S. Howey test. It explains the test’s elements and focuses on the requirements for a common enterprise and profits derived from…

This document summarizes Paradigm’s amicus brief opposing the SEC’s case against Binance. It argues that the SEC is using its lawsuit to extend securities regulation to crypto secondary markets without clear congressional authorization or formal rulemaking.…

The document describes a formal analysis of Uniswap and other constant-product markets. It examines these markets and broader versions of the same design, asking when their simplicity can still produce prices close to those in a reference market. The central…

This summary of a comment letter on the FDIC’s proposed GENIUS Act rules supports reserve backing, public reporting, and issuer custody and exchange activity, while identifying burdens the authors believe could raise costs or create uncertainty. Its…

This comment-letter summary examines Treasury’s proposed process for deciding whether state stablecoin rules are substantially similar to the federal framework under the GENIUS Act. It supports the proposal’s general structure while arguing that four design…

This poll report examines crypto ownership, Bitcoin spot ETF interest, and crypto policy attitudes among 1,000 registered US voters surveyed online from February 28 to March 4, 2024. It reports differences by party, age, race and ethnicity, education, and…