59 citations · 259 across the 26 of their papers we have counts for
6 papers · 1 filter
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…
Cyclic Arbitrage in Decentralized Exchanges
Ye Wang, Yan Chen, Haotian Wu +3
Decentralized Exchanges (DEXes) enable users to create markets for exchanging any pair of cryptocurrencies. The direct exchange rate of two tokens may not match the cross-exchange…
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…
Quantifying Blockchain Extractable Value: How dark is the forest?
Kaihua Qin, Liyi Zhou, Arthur Gervais
Permissionless blockchains such as Bitcoin have excelled at financial services. Yet, opportunistic traders extract monetary value from the mesh of decentralized finance (DeFi) smar…