29 citations · 71 across the 5 of their papers we have counts for
6 papers
A2MM: Mitigating Frontrunning, Transaction Reordering and Consensus Instability in Decentralized Exchanges
Liyi Zhou, Kaihua Qin, Arthur Gervais
The asset trading volume on blockchain-based exchanges (DEX) increased substantially since the advent of Automated Market Makers (AMM). Yet, AMMs and their forks compete on the sam…
CeFi vs. DeFi -- Comparing Centralized to Decentralized Finance
Kaihua Qin, Liyi Zhou, Yaroslav Afonin +2
To non-experts, the traditional Centralized Finance (CeFi) ecosystem may seem obscure, because users are typically not aware of the underlying rules or agreements of financial asse…
An Empirical Study of DeFi Liquidations: Incentives, Risks, and Instabilities
Kaihua Qin, Liyi Zhou, Pablo Gamito +2
Financial speculators often seek to increase their potential gains with leverage. Debt is a popular form of leverage, and with over 39.88B USD of total value locked (TVL), the Dece…
On the Just-In-Time Discovery of Profit-Generating Transactions in DeFi Protocols
Liyi Zhou, Kaihua Qin, Antoine Cully +2
In this paper, we investigate two methods that allow us to automatically create profitable DeFi trades, one well-suited to arbitrage and the other applicable to more complicated se…
High-Frequency Trading on Decentralized On-Chain Exchanges
Liyi Zhou, Kaihua Qin, Christof Ferreira Torres +2
Decentralized exchanges (DEXs) allow parties to participate in financial markets while retaining full custody of their funds. However, the transparency of blockchain-based DEX in c…
Attacking the DeFi Ecosystem with Flash Loans for Fun and Profit
Kaihua Qin, Liyi Zhou, Benjamin Livshits +1
Credit allows a lender to loan out surplus capital to a borrower. In the traditional economy, credit bears the risk that the borrower may default on its debt, the lender hence requ…